Aside from gold, where can you find investments that are likely to be winners in the next 10 years?

How about an economy that is growing twice as fast as the United States and three times as fast as Britain? How about one with more consumers than both Britain and America put together?

But this is not just another credit-juiced consumer economy waiting to fall apart. This is a place that makes things at competitive rates, whose manufacturing sector grew by 7.3% in 2004.

We're talking about India, of course. We don't know anything about the place; we've never been there, but we have in our hands a report prepared by the editors of MoneyWeek that makes us think we should learn more about it. If the world is rolling over on the Anglo-Saxon empire, what is rolling up the other side? China, from all we have read, is a centrally controlled economy, far too dependent on American consumers.  We've heard of people putting money into China; we've never heard of anyone getting it out. India, on the other hand, at least has a legal system that we're familiar with - one that imitates Britain's. It's not that you can expect any more justice in India than in China, but at least you know what injustice to expect. 

Unlike the United States, India's wages are growing along with the economy. Yes, there are millions of desperately poor people, but there are also millions of people who are desperately rich. They have money, and they're earning more every year. What they don't have is all the trappings of modern consumer society. New cars are selling at the rate of 100,000 per month. New mobile phones are flying off the shelf at the rate of two million per month. You name it; sales are sprouting wings.

People are educated, and willing to work. An ad placed by Google for its office in Bangalore drew 100,000 applicants. 

How do you invest in India? The report suggests buying stock in one of the country's leading banks. Only one in 50 people in India have a credit card. The potential for growth is huge, but the stock sells for only seven times next year's earnings. Again, this is not a recommendation. We don't know enough about it to make a recommendation, but it sounds as though it is worth looking into.

Bill Bonner is the President of Agora Publishing.  For more on Bill Bonner, visit The Daily Reckoning.