India's economic renaissance.

Will India's economy slow in 2023? The consensus: 2022 was an outlier with GDP growth nudging 7 percent, the highest among major economies. Even the normally conservative World Bank upgraded its forecast for Indian economic growth in 2022 from 6.5 percent to 6.9 percent. But according to most projections, Indian GDP growth in 2023 will sag to 6 percent or lower. There are three reasons advanced for this pessimistic outlook.

One, the Russia-Ukraine war will grind on relentlessly, exacerbating trade disruptions. India's merchandise exports, which account for around 12 percent of GDP, could be severely affected.

Two, recession in the West will trigger cuts in information technology budgets among large US and European firms, causing a...