Covid hotspot India throws up world-beating stocks aided by easy money

The Reserve Bank of India is helping to fan a world-beating share market rally with record-low interest rates and huge injections of liquidity--even as inflation threatens to break back out of its target range.

Investors are betting the easy money won’t end anytime soon, with central bank Governor Shaktikanta Das keeping a lid on dissent as he nurses the economy back from its pandemic lows.

Overseas funds have poured $7.2 trillion into the nation’s equities this year and net inflows are expected to continue. The market for initial public offerings is on a tear, thanks to a frenzy of interest in startups,