The Center for International Development (CID) at Harvard University in its report said "after decades spent trailing the growth of its northern neighbor and economic rival, India now tops the projections of annual growth rates to 2023".
India is projected to record average annual growth rates of 7.9 per cent over the next eight years, nearly double of China's 4.6 per cent projected growth over the period.
Relative to China's 9.1 per cent annual growth of the past quarter century, this growth projection presents an important slowdown for China, but stands just below the 6 per cent growth rate in 2020 predicted by the IMF and China's leadership, the report said.
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CID's projections are also bullish on East Africa. Four East African countries - Uganda, Tanzania, Kenya, and Madagascar - rank in the top ten, with all predicted to grow at least 6 per cent annually.
The projections also favor Pakistan's potential, at 5.1 percent predicted growth, presenting a clear picture of South Asia and East Africa's positive growth outlook.
According to the report, outlooks for Europe and the US show little optimism. The US growth rate in 2023 is predicted to be 2.4 per cent, while major European players range from 2.3 per cent in Italy to 3.7 per cent in Spain.
"Countries accumulate productive knowledge by developing their respective capacity to make both more products, and products of increasing complexity-this underpins economic growth," said Hausmann.
"Countries like India, Kenya, and the Philippines have made important recent gains in diversifying their exports into more complex products. Historically, these gains in economic complexity have translated into higher incomes, which position them as the frontrunners globally for their growth prospects.