Excellent -with India set to further liberalize its economy (with the Congress Party in relatively unambiguous control), and China's growth rate beginning to falter, the stage is now set for India to not only catch up with China but also to surpass it.
Just think of the implications for both countries if this trend holds....
The problem with your thesis is that 'liberalization' has proven to be deleterious to growth and economic well being (notice the depression?).
Amusingly China and India were nearly economically equal in 1950.
