India's economy is emerging from the trough, finally

A lookback at 2023 will show it to be the year when hope was restored. India climbed out from a series of economic disasters: pandemic lockdowns, the impact of the Ukraine war, inflation, and steep interest rate hikes. The stock market galloped to all-time highs, and everyone—from institutional investors to individuals—joined the equity rally. Even the normally conservative Reserve Bank of India raised its FY2023-24 growth estimate to 7%. One good year does not imply sustained growth, of course. But there were several growth-positive developments in 2023 that could give the economy some cheer going into the new year. 1….