 | | While India can often still struggle to get the basics right, its annual economic output topped that of the U.K. in 2022 while its growth rate bested China's each of the last two years and likely will do so again this year and next.
In Richard Yetsenga's view, momentum has shifted decisively from China to India. He notes that portfolio capital has been leaving China and foreign direct investment inflows have been falling while India's numbers have been holding up.
"The COVID-19 era shifted global working patterns in ways India is uniquely placed to capture through its scale, technology capacity and English-speaking capability," writes the ANZ Banking Group chief economist.
While highlighting New Delhi's renewed commitment to building infrastructure, cleaning up soured loan books and signing trade pacts, he admits, "No doubt India has an unenviable to-do list." But he adds, "The to-dos are what give the upside."
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