In the December quarter, growth came in at 6.1 per cent, and that's its slowest in almost three years, compared with Australia at 0.4 per cent.
But it has been battling with rising consumer prices, which has seen its central bank lift interest rates 13 times in the space of 18 months.
Late this afternoon though, the Reserve Bank of India cut interest rates for the first time in three years, by 50 basis points to 8 per cent.
Now that inflation is coming under control, the country's central bank can focus on stimulating growth, and that is good news for Australia.
In fact, India is Australia's fourth largest export market.
$15.8billion was pumped out to the subcontinent in 2010/11, just behind South Korea, Japan and China.
Australia actually exports more to India, than to the US and the UK combined.
How times have changed.
A lot of it has to do with demand for Australia's resources, as India looks for materials to fuel its industrialisation.
So, a cut in rates there, may in a small part help stimulate consumer and business spending, and in turn boost demand for Australia's commodities.
