India’s services-led economy is under the scanner again. In its latest India Strategy report dated October 13, HSBC described the country as the world’s “anti-AI” market, a place defined by restraint, not exuberance. The brokerage said global investors are turning to technology-heavy peers such as Korea and Taiwan, drawn by the wave of artificial intelligence spending reshaping global markets. But CLSA, in its Happy Feet report released on October 17, took a more sanguine view noting that India’s fiscal discipline, controlled leverage, and credit-driven growth make it one of the few major markets anchored in fundamentals amid the global tech euphoria.

Yet in the same breath, analysts across the two reports conceded that India’s “slower” approach to automation has preserved jobs, supported

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