When will demand ramp up?
"If India follows a similar pace of progress [to China], it would begin to emerge as a significant commodity net importer over the next few years," the economists said.
They noted China began to require large commodities imports in 2003, 25 years after major reforms were introduced. India's major reforms came in 1991.
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However, other experts aren't convinced and warn that growth impediments extend beyond India's leadership.
"If the government is willing to make difficult decisions about reform to labor markets, land and subsidies, money could be allocated to infrastructure but I doubt this will be on a scale as large as China demonstrated," said Gaurav Sodhi, analyst at the Intelligent Investor.
Is China a bigger factor?
"Slowing demand from China is a greater risk to commodities than a resurgent India is an opportunity," Sodhi said.
Many analysts have expressed concern about the potential impact of Beijing's rebalancing away from a manufacturing-driven economy towards consumption. Iron ore has been hit hard by slowing Chinese demand; prices are currently near 20-month lows.
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Warren Gilman, chairman & CEO of investment firm CEF Holdings, was equally pessimistic, calling HSBC's predictions "wishful thinking."
"Although the election results are potentially positive for economic growth, I remain 'from Missouri' (i.e. in need of proof) when it comes to the actual implementation of policy," he said.