Global equity markets have taken quite a beating from fears of a painful economic downturn, escalating geopolitical tensions and ballooning energy prices. Against this background, we look at how Indian markets have performed this year, and assess the long-term potential of a weakened growth fund category. India: A bright spot Looking at the Indian markets over the past year, some may feel they haven't been kind to them, considering the outstanding performance in 2020 and 2021. However, just like the Bhavachakra, i.e. the Wheel of Life, equity markets also have a cycle of peaks and troughs. One of the main contributors to Indian equities not doing well has been the exodus of foreign institutional investors (FIIs) money from the domestic markets. Foreign investors pulled their money to seek shelter in the safety of dollars after the US Fed hiked interest rates to rein in inflation. However, things look much better if you view Indian equity performance from a global perspective. Indian investors should feel fortunate that markets here have not undergone the kind of correction that major global markets have over the past year (see 'Silver lining'). One of the reasons for the Indian markets' resilience has been the steady increase of SIPs into equity funds. SIP contribution has increased from about Rs 10,500 crore in October 2021 to about Rs 13,000 crore in September 2022, a growth of more t
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