A young boy with an armful of magazines stepped out into the traffic as we pulled up at the first set of traffic lights. He carried a bunch of the most popular Indian magazines; India Today, Sport Star and Bollywood News Daily.

There were a dozen rickshaws and cars sprawled at the traffic lights. Ignoring these, the boy made a direct line towards the white man sitting absent-mindedly in the back seat of a black and yellow Padmini taxi.

Seeing him approach, I tried to wind up the window, but the window winder was broken, leaving me permanently exposed.

Spreading his wares in front of me, the boy made his spiel in broken English and looked for any sign of interest. Upon showing a vague glimmer of interest in his solitary Time magazine, he folded up the others and offered me the magazine, quoting an inflated but still attractive price. Not having intended to buy a magazine, I refused.

Sensing my hesitation, the boy persisted.

Just as I was about to reiterate my adamant refusal for the umpteenth time, the lights went green, the engines roared, the boy halved his initial offer price, I fumbled for my wallet, and we swapped money for magazine just as the taxi pulled away from the lights. I glanced back to see the boy scramble back to the side walk just in time to avoid an oncoming bus.

The last time I had been blown away by the Indian entrepreneurial spirit had been two years earlier in the foothills of the Himilayas.

My friend and I had decided to do a day trek from Dharamsala to Triund, which is a scenic point sitting at an altitude of around 3000 metres. When we arrived, exhausted, we were surprised and delighted to find a little lean-to hut out of which a wrinkled Tibetan man sold Chai tea, Mars Bars, Coke, Limca and packets of Parle-G biscuits.

At a time when the US is reeling from the impacts of a sub-prime mortgage crisis and the crash on Wall Street, it is reassuring to know that, in India, the heart of the entrepreneurial spirit continues to beat as strongly as ever.