Atmanirbhar equity markets

By the standards of a decade or so ago, the Sensex should have been down to perhaps 30,000-35,000 points by now and the Nifty would definitely be below 10,000. Many Indian equity investors would have been wiped out and many others would have been scared off for years. The outflow from the capital markets would have scuppered many a corporate plan for raising equity and would have generally brought down a pall of gloom over Indian businesses for a few months or perhaps even an year or two. There's nothing strange about this scenario, we've all seen it several times. For example, after the dotcom crash of 2000 and then again in the aftermath of the global financial crisis of 2008. So you're probably wondering why I'm saying that the disaster scenarios of 2000 and 2008 could have been repeated but aren't? Simple - the balance of power between foreign and Indian investors has