India might be on track to take over China in gross domestic product expansion, after 15 years in China's economic shadow.

Goldman Sachs investors see India's new government and high growth in markets like phones, transportation and energy as big factors in the next two years, ultimately surpassing China in 2016.

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India is expected to have a 6.8 percent GDP growth in 2016, slightly ahead of China's projected 5.7 percent GDP growth. The gap will continue to increase after 2016, as China's economy continues to slow and India's continues to grow.

China's economy is starting to slow in various markets, including the property market for the first time in 20 years. Industry demand in China is slumping both internally and externally, as new markets become available for global companies.

India should have a larger growth rate than Japan, Europe, Russia and even Brazil, another upcoming industrial powerhouse. The Indian population is also growing at a faster rate than the Chinese.

The state of Indian TV, broadband and mobile is still in the early stages of development. Newly elected Prime Minister Narendra Modi will be investing heavily in infrastructure for India and new industrial opportunities.

Several analysts believe India could have the same digital and cultural revolution as China, moving away from cheap technology and cultural norms. The Indian culture is a lot more based on the political and social movement of the country however, meaning it could take a few decades to see real change.

It is not all bad news for China, while industrial growth is on a slight decline, the economy is still wildly successful. China also has a lot more homegrown companies capable of making more money for the Chinese economy than multinational corporations.

India is also a questionable industrial powerhouse and even with the growth measurements, it is unclear if wages will be as high as in China.

TagsGadgets, Goldman sachs