If one looks at the movement in stock indices over, say, the end of December, which was before Donald Trump took over as president, the progress has been remarkable across various global markets. The S&P 500 was up 13% as of September 24th, while the Nikkei 225 was up by 14.4%. Shanghai Composite increased by 15%, while FTSE 100 was up by 13.2%. In the Euro area, DAX (Germany) was up by 18.9%. However, the Sensex was up by just 4.6%. It was lower for SMI (Switzerland) at 3.3% and CAC 40 (France) at 6.1%. East Asian markets registered similar, if not higher, increases, with KLSE (Malaysia) being an outlier at -2.6%. Is there some logical explanation here?

The answer prima facie is no. India has shown the highest level of resilience to the external environment, which can be best described a

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