Becoming 'the next China' won't save India from 2023 economic slowdown

'It's hard to see 2023 as a great year for the urban middle-class as global tech-industry layoffs affect jobs and capital availability for startups. Rural demand is anyway sluggish'

It’s not immediately obvious that the global slowdown has also arrived in India: Investments in factories, roads, and other fixed assets are just shy of 35% of domestic output; they haven’t been this high in 10 years. Loan demand is growing so fast that deposits can’t keep up.
 

What’s driving India’s animal spirits amid a worldwide malaise? Some of it is a result of the economy reopening fully. Contact-based services like travel and hospitality came back sharply from their pandemic funk in the first half of the year, fueling optimism. The other oft-cited reason is what multinational corporations refer to