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Gone are the days when India attracted more than its fair share of foreign flows. Global funds’ India preference has dropped to the lowest since 2013 amid a deteriorating macro environment, with weakening of the rupee and surging crude oil prices.
Currently, the consensus ‘overweight’ on India vis-à-vis its weight in the influential MSCI Emerging Market (EM) index is around 100 basis points (bps), down from 800 bps in 2015. Even at the time of taper tantrum in 2013 when foreign investors were shunning EMs, funds were overweight 300 bps on India. The weight assigned to India by index provider
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