All the main Indexes continued to reflect the now well established picture of sustainable growth. Furthermore, expectations of overall growth in the fourth quarter of the year from the forward looking Business Confidence Index, continue to reflect a belief in continuing expansion.

In summary, India appears to be emerging, by some margin, as the fastest moving of the three big growth engines of the global economy. The Sales Managers Indexes suggest that neither China or the USA are likely to match Indian GDP growth in the remainder of 2023.

India's rapid economic growth has already lifted the economy into third place in the international GDP rankings, behind only China and the USA, once its large informal economy is taken into account. Further continued growth of a similar order will, probably within a decade, bring India's GDP to within striking distance of that of the USA.

There is evidence to suggest that official data does not take sufficient account of the problems faced by the very large unofficial informal economy. But employment is clearly growing at pace in the "official" non-informal giant Indian economy.

India (or Bharat as we may need to call the country soon) is clearly on the move again, with Covid problems receding rapidly in the rear view mirror.
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