2.4 INDIA

India’s economy grew by 7% during 2022, making it the fifth-largest in the world – overtaking the United Kingdom – according to the International Monetary Fund (IMF). The IMF sees India having the world’s fourth-highest GDP by 2027. During the year under review, depreciation of the Indian rupee (INR) with respect to the U.S. dollar reached 7 to 8%. In addition, an increase in the prices of raw materials also pushed up manufacturing costs.