At least some are raking it in.

"India's economy is off to a strong start in the new financial year with several high-frequency indicators holding firm despite multiple headwinds, bouncing back from tepid fourth quarter of FY22," ET. The Purchasing Managers' Index for manufacturing in May was 54.6 (above 50 is positive), "Core sector growth hit a six-month high of 8.4% in April..., while credit growth was up 11.9% year-on-year as of May 6." "India's merchandise exports rose by 15.46 percent to $37.29 billion in May on account of healthy performance by sectors like petroleum products, electronic goods and chemicals," but imports grew by 56.14% to $60.62 billion, so that trade deficit increased to $23.33 billion, ET. Petroleum and crude oil imports jumped 91.6% to $18.14 billion. On the other hand, "Indian private refiners such as Reliance and Nayara have been among the biggest buyers this year of discounted Russian supplies," ET. "We are making refining margins of more than $30 per barrel by processing Russian oil and earning huge profits through exports of refined fuel," said one official. All about swings and roundabouts. In May, "the fintech Open became India's 100th unicorn - a startup valued at over a billion dollars," wrote Ranjani Raghavan & Anuj Suvarna. "The flood of venture capital directed at Indian startups in recent years is drying up even as a stream of global investors including the likes of Sequoia Capital caution entrepreneurs about turbulent financial markets," ET. "Unicorn rounds that catapulted 42 companies to the once-elusive club, in 2021, have also come to a screeching halt." "Small investors, as suggested by individuals holding up to Rs 2 lakh (Rs 200,000) worth of shares, were seen raising stake in five new age companies in March quarter, even as institutional investors cut their stake in them amid a sharp fall in the value of such stocks. All the five companies later reported a deterioration in the bottom line for the quarter," ET. "In India, employees, as usual, have become the first casualties in the rush to cut costs as startups brace for the 'long winter'." "A few unicorns which had planned initial public offerings (IPOs) have postponed them. A few more have decided to get out of the unviable businesses they were in," wrote Vivek Kaul. "The India growth story that has been sold to us over the years can be summarized in one line: There are lots of Indians and we can sell them something. The trouble is that many Indians are not in a position to buy what fintechs or for that matter other startups sell." The situation is so bad that gig economy workers are unable to make any money, wrote Rahul Jacob. "First, poor working conditions and high fuel prices are making the retention of drivers and two-wheeler delivery personnel an uphill battle. Attrition at food delivery companies is estimated at around 40% every month." The Indian economy is predicted to grow at 7.5% in 2022-23 and at 8% next financial year by the Asian Development Bank, NDTV. Whatever grows, it won't be us. As usual.