ExplainSpeaking-Economy is a weekly newsletter by Udit Misra, delivered in your inbox every Monday morning. Click here to subscribe Dear Readers, Last week, it was announced that India overtook China as the world’s most populous country. According to the estimates of the United Nations, in April 2023, India’s population reached 1,425,775,850 people. This is a dubious distinction for a country that, notwithstanding its genuine credentials of being the fastest-growing major economy in the world at present, still belongs to the lower-middle income category (per capita income is around $2,200; one-sixth of China’s and even lower than Bangladesh’s). As such, this...