The Indian economy retains solid momentum and multiple advantages compared with many other lower-middle-income countries, which should enable India to emerge relatively unscathed from the impending global economic downturn and intensifying financial volatility. Following the COVID-induced recession in 2020, India's economy rebounded very strongly in 2021 and has maintained solid growth ever since. India has also overtaken China as the fastest-expanding economy among larger emerging economies. While inflation remains high in India due to global energy and food price shocks, it is not overwhelming. And while the value of India's currency has dipped, the rupee has depreciated far less than currencies in other countries due to a combination of central bank monetary tightening and foreign-exchange market intervention....
