Last Updated: Mon, Dec 10, 2012 04:43 hrs

pThis past year has been one of gloom for India &ndash except apparently when it comes to the stock markets As Table 1 lays out the Sensex has massively outperformed pretty much all major indices China&rsquos major stock market index actually lost value this year the Sensex gained a quarter of its value at the beginning of this year It is the conventional wisdom that much of this is because of high foreign institutional investments into the Indian market If so whyppTable 2 provides part of the answer In spite of the catastrophic slowdown in growth India is easily outperforming most of its emerging-market peers &ndash save of course China and the recent breakout nation Indonesia Even the freeze in industrial output visible in Table 3 does not put it on the top of the list &ndash Brazil&rsquos industrial output has declined by 35 per cent year-on-year But then there&rsquos the high inflation some might say True but as Table 4 shows over 2012 so far India&rsquos wholesale price inflation doesn&rsquot look like too much of an outlier Russia&rsquos is higher Brazil&rsquos is closeppMeanwhile the macroeconomic numbers scary as they are probably aren&rsquot affecting international investors that much because they&rsquoll be looking at comparative statistics Table 5 shows India&rsquos debt-GDP ratio is well below the US and UK and even Brazil The only way India stands out among emerging markets is its fiscal deficit as a percentage of GDP That&rsquos thus a major concern &ndash but again as Table 6 demonstrates it&rsquos in the same ballpark as the US and the UK And Table 7 shows the current account deficit is not as bad as South Africa&rsquosa target_blank hrefhttpwwwbusiness-standardcomcontentgeneral_pdf121012_04pdfClick for tablesappEven the rupee in Table 8 has not swung against the dollar as much as have say the Indonesian or South African currencies or even Russia&rsquosp

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