Structural, Sustainable Growth
7.3%
FY26 GDP growth forecast Highest among top X economies by size
Source: IMF
August 4, 2026
India's Electronics Leap 2
7 min read
December capped a resilient yet uneven 2025 for Indian markets. Early in the year, emerging markets outperformed amid mixed global signals, but this divergence proved short-lived. By mid-year, uncertainty stemming from Trump-era tariff threats and shifting timelines around the US–India trade deal weighed on foreign flows, despite strong domestic fundamentals and central bank easing. Over the year, markets navigated these cross-currents, with MSCI India up ~3%. However, it lagged MSCI EM’s broader ~31% and MSCI DM’s ~19% gains, which were driven largely by AI, Technology, and semiconductor-led rallies that dominated global risk appetite.
December capped a resilient yet uneven 2025 for Indian markets. Early in the year, emerging markets outperformed amid mixed global signals, but this divergence proved short-lived. By mid-year, uncertainty stemming from Trump-era tariff threats and shifting timelines around the US–India trade deal weighed on foreign flows, despite strong domestic fundamentals and central bank easing. Over the year, markets navigated these cross-currents, with MSCI India up ~3%. However, it lagged MSCI EM’s broader ~31% and MSCI DM’s ~19% gains, which were driven largely by AI, Technology, and semiconductor-led rallies that dominated global risk appetite.
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December capped a resilient yet uneven 2025 for Indian markets. Early in the year, emerging markets outperformed amid mixed global signals, but this divergence proved short-lived. By mid-year, uncertainty stemming from Trump-era tariff threats and shifting timelines around the US–India trade deal weighed on foreign flows, despite strong domestic fundamentals and central bank easing. Over the year, markets navigated these cross-currents, with MSCI India up ~3%. However, it lagged MSCI EM’s broader ~31% and MSCI DM’s ~19% gains, which were driven largely by AI, Technology, and semiconductor-led rallies that dominated global risk appetite.
December capped a resilient yet uneven 2025 for Indian markets. Early in the year, emerging markets outperformed amid mixed global signals, but this divergence proved short-lived. By mid-year, uncertainty stemming from Trump-era tariff threats and shifting timelines around the US–India trade deal weighed on foreign flows, despite strong domestic fundamentals and central bank easing. Over the year, markets navigated these cross-currents, with MSCI India up ~3%. However, it lagged MSCI EM’s broader ~31% and MSCI DM’s ~19% gains, which were driven largely by AI, Technology, and semiconductor-led rallies that dominated global risk appetite.
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Policy reforms during the year reinforced this macro stability. Income-tax cuts and GST 2.0 rationalisation supported household affordability and facilitated price pass-through, strengthening the disinflationary impulse. Accounting for favourable base effects alongside these reforms, headline CPI eased to below 1% by November, while core inflation moderated to ~4.3%. Complementing this backdrop, liquidity conditions remained comfortable in December, supported by active RBI operations including open-market bond purchases and USD/INR swap auctions, helping preserve money-market stability and reinforce monetary policy transmission. For the broader market during 2025, earnings through the year pointed to a selective recovery.
Policy reforms during the year reinforced this macro stability. Income-tax cuts and GST 2.0 rationalisation supported household affordability and facilitated price pass-through, strengthening the disinflationary impulse. Accounting for favourable base effects alongside these reforms, headline CPI eased to below 1% by November, while core inflation moderated to ~4.3%. Complementing this backdrop, liquidity conditions remained comfortable in December, supported by active RBI operations including open-market bond purchases and USD/INR swap auctions, helping preserve money-market stability and reinforce monetary policy transmission. For the broader market during 2025, earnings through the year pointed to a selective recovery.
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Vikram Desai
President - DSP Group and DSP Investments
Kalpen Parekh
MD & CEO - DSP Mutual Fund
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Underrepresentation in Global Indices
1.9%
Of MSCI ACWI Under-represented despite contributing 4% of global GDP
Source: IMF