Good news only in India.

"India's Chief Economic Adviser V Anantha Nageswaran is sanguine about India clocking better economic growth than what the IMF has projected for next year." ET. "The International Monetary Fund (IMF) has projected 6.8 percent real growth for this year and 6.1 percent for next year for India." Formalisation of the economy because of digital infrastructure could cause higher growth, "maybe there could be 0.5-0.8 percent addition to the 6 percent baseline numbers". Indeed, "The S&P Global India services Purchasing Managers' Index (PMI)....showed the service PMI rose to 55.1 in October from 54.3 in September." ET. "According to survey participants, sustained increases in new business boosted output." The Manufacturing PMI "rose to 55.3 in October from September's 55.1" "as demand and output remained solid, encouraging firms to hire workers at the fastest pace in nearly three years." ET. "Production of eight infrastructure industries that comprise the core sector recovered to grow at 7.9 percent in September - a three-month high - owing to a favorable base effect and double-digit growth in output of fertilisers, cement and electricity." BS. "The cumulative growth of the core sector in the first half of FY23 (April-September) was recorded at 9.6 percent." "Even as small-sized loans are accounting for bigger shares in bank credit portfolios, larger businesses increased their financing reliance on banks in September," so that "On a year-on-year (y-o-y) basis, non-food bank credit increased 17% in September 2022." ET. Naturally, "GST collections for the month of October stood at Rs 1.52 lakh crore (Rs 1.52 trillion), according to data shared by finance ministry." ET. Amidst this deluge of good news, "India's seasonally adjusted New Export Orders index also rose to its highest level since May," wrote Harsha Jethmalani. "This is a steep contrast to what some other Asian economies are experiencing amid fears of a global recession." "The moot question is for how long India can stay immune to the trend of slowing Asian exports," wrote Madan Sabnavis. "Our real economy is resilient because it is domestic-oriented. Growth emanates from consumption, which is largely domestic," so that "Our exports-to- GDP ratio at around 12.13% provides a shield, as slowdowns typically mean that export demand declines." " A negative of being less globalized, thus, has worked to our advantage." If Indian money is going round in circles, is it real growth? A recession in the West will still affect us. "Demand for software services would come down, and also the flow of remittances. These two have been major cushions for India's current account balance for several years." "India is not an outlier in its pursuit of local production aimed at import substitution." Mint. But, "Even if a single nation could somehow produce all its needs by itself, doing so would by punitively costly for its consumers. A failed attempt was the pre-1991 story of India, when we kept local producers shielded from global competition by high import duties and thus had to pay higher prices for worse products than people did in open economies." Maybe that's why we can't control inflation. And never will.