The Nifty and the Sensex have gained 9.5 per cent since last Diwali, which is a reasonable return in uncertain circumstances. Smaller indices have done better. The NSE500 is up by over 12 per cent and the Smallcap index 40 per cent. India continues to be the fastest-growing large economy. This is hardly cause for celebration, however, because a combination of weak growth, high inflation, and geopolitical stress has affected growth across the globe. The Ukraine war continues and the renewed conflict between Israel and Hamas has led to fears of energy-supply disruption. The resulting spike in crude oil and