I have spent the majority of my life outside the USA. My view of the world is very different than most all people both in and outside the USA. One thing I have learned — that the perceptions or conclusions of a non-native writing on a country are almost certainly wrong. 

The facts discussed by non-natives will be correct, but when these dots are connected there are important dots not connected. I believe the USA (in fact all countries') intelligence agencies suffer from this defect. Therefore mostly what is concluded about another country is distorted. 

Still, I want to write on India which seems to exist to investors as being in the shadows of China. I am talking up India — not talking down China.  In fact, I think the pundits have underestimated China in the medium and long terms. Nothing will outperform a command economy even with misdirected spending or large debt — especially one which is well organized and is dedicated to continuous improvement.  When you spend a lot of money, you waste a lot of money (no guts, no glory). 

Based on USA tossed around, India is growing more slowly than China but much faster than the USA.

But the equity markets in India (red line in chart below) have outperformed both China and the USA

Here is the link to the above chart which is  interactive — and you can play with different timeframes to show the varying improvements.

According to the World Bank, here is the household final consumption expenditure expressed as a percent of GDP, followed by the definition of household final consumption:

Household final consumption expenditure (formerly private consumption) is the market value of all goods and services, including durable products (such as cars, washing machines, and home computers), purchased by households. It excludes purchases of dwellings but includes imputed rent for owner-occupied dwellings. It also includes payments and fees to governments to obtain permits and licenses.