Land in any Indian city, such as Bangalore or Hyderabad, and you will be struck by its heady optimism. India’s economy may be in the early stage of a historic boom. Recently released figures show that economic growth roared to an annualised pace of 7.6% in the third quarter of 2023. In the past few weeks four international forecasters have raised their growth projections for the year, from an average of 5.9% to one of 6.5%. The National Stock Exchange of India is now neck-and-neck with Hong Kong’s stock exchange for the title of the world’s seventh-largest bourse.
