The Indian economy is smaller than that of Spain,a medium Western country,and about a third of that of China (and a twentieth of the US!),why do you call India an "economic titan"?
rajkiran Yes you are right that India lags behind Spain but I guess the author is talking in terms of PPP about China and India which in the top five and are booming with growth and also have huge foreign reserves in dollar terms.
http://en.wikipedia.org/wiki/List_of_countries_...)