A flood of dollars.

"Goldman Sachs has reduced its current account deficit forecast for India following a $110 billion influx of foreign worker remittances in the previous year." TOI. "Goldman Sachs estimates net remittances at $104 billion in their current (2023) forecasts," and hence, "the investment bank significantly revises down the current account deficit forecast for 2023 to $50 billion, representing 1.4% of GDP compared to the earlier projection of 2.4% of GDP." "India's goal of becoming a global manufacturing hub is gathering momentum as more global companies continue to invest in the country." India Today. Amazon Web Services plans to invest $13 billion (over Rs 1 trillion) by 2030 to build cloud infrastructure, Apple has opened retail stores in Mumbai and New Delhi and intends to increase manufacturing in India, Foxconn is investing $500 million for a manufacturing plant in Telangana and almost $968 million in Karnataka, Cisco Systems intends to export $1 billion worth and Walmart plans to export worth $10 billion from India by 2027. "According to Knight Frank's 'The Wealth Report 2023', India's ultra-high-net-worth individuals (UHNWI), with net worth over $30 million, is estimated to rise by 58.4 percent in the next five years from 12,069 in 2022 to 19,119 individuals in 2027." BT. Billionaires will rise from 161 to 195 individuals and common or garden high-net-worth individuals (HNI) with assets of over just $1 million will grow by 107%, from 797,714 to 1.65 million. Meanwhile, "Nearly half of Gen Zs interviewed felt more concerned about the high cost of living followed by unemployment and climate change as they live from paycheck to paycheck, a survey has said." ET. "About 46 percent of Gen Zs and 37 percent of Millennials have taken on either a part or full-time paying job in addition to their primary job." As a consequence, "Sales of large quick-service restaurants, lifestyle, apparel and discretionary products have slowed in the March quarter as well as in April, with companies reporting either flat, low single-digit or declining growth, as consumers downtraded to lower price products amid higher inflation, moderation in pent-up demand and tighter financial conditions." ET. While the pan-India growth rate was at 6%, it was 7% in the south and 3% in the north. "Once billed as a 'gamechanger' in the Indian equity market, the big-bang listing of state-run Life Insurance Corporation (LIC) in 2022 has turned out to be a wealth destructor event for investors." ET. The stock is " now down around 40% from its IPO issue price of Rs 949 per share, taking the total erosion of market capitalisation to about Rs 2.5 lakh crore (Rs 2.5 trillion)." While mutual funds (MFs) have reduced their holding of the stock from 0.74% to 0.63% and foreign investors (FIIs) have reduced theirs from 0.12% to 0.08%, retail investors have increased their holdings from 1.88% to 2.04%. Instead of enriching people LIC has transferred Rs 2.5 trillion from ordinary people to the government. And the Reserve Bank (RBI) aims to do the same as it is expected to double its dividend to the government, ET, which it accrued by not controlling inflation. The foolish Indians - they still have hopes. When will they ever learn.