India rebooting into a middle-income economy

The country was startled in a good way by the announcement of 8.4 per cent GDP growth for the third quarter of fiscal 2024. This was till December 2023, instead of the earlier estimated 6.5 per cent for the same quarter. This, of course, is in the so-called 'real economy' that is benefiting from multiple structural changes over the last decade and the lack of any big-ticket corruption. The Indian stock market, which has recently overtaken that of Hong Kong with a little over $4 trillion in market cap, reacted by reaching fresh all-time highs on the Sensex and Nifty….