The activity data this week confirm that India’s economy is rude health and we now expect full-year GDP growth of 7.0% in 2023, with only a mild slowdown to 6.3% in 2024. A perennial downside risk to the outlook is power shortages, which the Energy Ministry is attempting to alleviate by ramping up underground coal mining over the coming years. India has previously been criticised in international circles for not doing enough to wean off its reliance on coal and the latest plans could prove to be a point of contention at COP28, which began in Dubai this week.
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