Powerful images of India have emerged during the last fifteen years, after the country's economy was opened up in 1991. The economic rise of India started to grab the attention of global policy makers and economists recently. Little more than 15 years ago, this giant was virtually off the radar of many western countries. The era of skepticism is now over and the era of awe has begun. The global competitiveness of Indian industry and the role its knowledge capital is playing in the process of globalization and structural change in the world economy are the visible signs of India's empowerment. India is transforming the global economy in many ways that could not have been conceived a decade earlier. The world is coming to understand its success in information technology, off shore centers, and above all, the contributions of Indians in the hi-tech start up arena. India today is at the cusp of a paradigm change in its growth trajectory and its position in the world. This text is a discourse on India's recent rise, its present competencies and the future challenges the country needs to overcome, if it has to live up to the reputation as the next economic power house.