The Chinese economy is slowing, with the People's Republic struggling to stem the precipitous drop in stocks and the yuan. But this could be India's moment, many in government are convinced. The global media agrees that India can benefit from the China crisis, provided it gets things right.Fast, fast, slow, slow. India's economy in physical form. It is an economy in need of reform and Prime Minister Narendra Modi insists he is the man to do it. And with China stumbling and global markets concerned that one Asian engine of growth could be in for a hard landing, can India, now growing faster than China, pick up the reins?Frankly, does it have the muscle to calm world economic jitters?Mr Modi will undertake an official visit to Britain in the autumn to sell the “Indian dream“.I am told that he quite fancies hiring Wembley Stadium for an event celebrating the generations of Indian immigrants who have made the UK their home.Stadium events aside, many argue that -if Mr Modi gets the reforms right -the country he leads could economically dominate the next two decades in the way that China's growth story has dominated the last two. ( BBC There is a complex web of interconnectedness between a slowing China, a recovering India, a restless exchange rate and elusive exports. However, as we parse through these, a single message emerges -structural reforms to strengthen domestic markets may more than offset possible disruptions caused by an economic slowdown in China.So everything points to one direction: undertake important structural reforms to ease domestic bottlenecks.This would not only create stronger domestic markets capable of delivering higher economic growth, but also make exports more competitive in the face of any global slowdown China may cause. A good start would be for the Narendra Modi government to reach out to different political parties and get a quality goods and services tax Bill passed, as that could transform India into one common national market, delivering huge efficiency gains. (Reuters)Seeing an opportunity in the recent turmoil in China's equity and currency markets, foreign media is saying India can overtake China as the driver of world economy.“ N ow In dia's re silient consumer spending is an advantage as demand decelerates almost everywhere else. It is luring companies to produce in India and, the government hopes, can help spark a belated industrial revolution in the country of 1.2 billion.“ says the Wall Street Journal in a report.“For years, growth in India has been fuelled more by domestic demand--not, as in China, by manufacturing goods for sale abroad, “ the newspaper said.It further said India hasn't been rattled as badly as Brazil, Russia or South Africa . Its international reserves are ample, and it isn't highly dependent on foreign capital to fund imports. (WSJ)India is among the best positioned in Asia to benefit from cheap oil, and it's partly shielded from China's economic tumult. That gives Modi additional time to focus on proposals that would be more difficult to pass if oil prices were stoking inflation.The plummeting price of oil has key benefits for India, which depends on imports for more than 75 %of its consumption. Foreign exchange reserves increased 13% during the past year, inflation more than halved since January of 2014 and the current account deficit narrowed by 93% in about 24 months.Moreover, India is less exposed to the Chinese slowdown than others in the region. While exports to China accounted for only 5.2% of India's total last year, the figures for Singapore, Vietnam and Indonesia were more than twice as high. ( Bloomberg