How Good is India?
Here's an article from Business Week.
I'm torn on India. Although I see a lot of long term potential there, I question whether they've overheated in the short run. Note that the author of the above article is an MD at Mayfield who's making VC investments in India, so take what he says with some grain of salt.
The government cleaning up its act and improving infrastructure would go a long way. China is the polar opposite on infrastructure - they may have an overabundance, but it could be an important support for continued growth.