Global merchant banking firm Goldman Sachs said on Tuesday India can potentially be a 'bigger growth story' by growing faster than China after 2015 if it improves infrastructure and education system.

While economic growth in China is slated to taper off from 8.0 per cent annually during 2000-05 to 2.9 per cent in 2050, Goldman Sachs expected India to sustain over 5.2 per cent growth during the same time.

"If India could match China in quality of infrastructure and education, growth rates over the next five years could jump from an average 6.1 per cent to 8.1 per cent, hitting the government's target of 8.0 per cent growth," it said in its latest report on India.

Comparing the four fastest growing economies, Brazil, Russia, India and China, Goldman Sachs said, "India could be a bigger growth story than China over the long run."

India's GDP was slated to grow by 6.1 per cent during 2005-10, and then come down to 5.9 per cent in 2010-15, it said, adding that China's growth will come down from 7.2 per cent in 2005-10 to India's level at 5.9 per cent in 2010-15.

After 2015, India will surpass China with GDP growth at 5.7 per cent during 2015-25 and then accelerating to 5.9 per cent during 2025-30 and further rising to 6.1 per cent in 2030-35.

India's growth is slated to taper off from 2040 and come down to 5.6 per cent in 2040-45 and finally to 5.2 per cent in 2045-50. In contrast, China will see a much lower GDP growth at 3.5 per cent in 2040-45 and 2.9 per cent in 2045-50.

On whether India can become the 'next China,' Goldman Sachs said although both the nations witnessed strong growth over the past decade and have a large labour pool, the economic orientations of the two represent two different approaches to development.

While India's GDP growth was service-led, Chinese economy witnessed manufacturing-led growth.

Moreover, India and China are completely different in their approaches to investment and openness of the economy.

"India is about 10-15 years behind China in the reform process, suggesting that better growth is yet to come," it said.

With still much scope for reform, Goldman Sachs said, "India's healthy progress in liberalisation, private sector-led development and newly established political support for economic and structural reforms suggest that India could be setting up the necessary conditions to support the type of long-term growth path we project."