特讯！全球投资者，正以惊人速度从印度撤资！莫迪就这样被“资本”抛弃了？

Core Viewpoint - The recent capital market turmoil in India, marked by a withdrawal of over $17 billion in foreign investments, has led to a significant reassessment of India's status as the "next China" and has made it the worst-performing destination for foreign inflows in Asia [1][3]. Group 1: Capital Flight - The scale and speed of the capital withdrawal from India are unprecedented, with U.S. funds leading the way by pulling out $1 billion, followed by Luxembourg and Japan with $765 million and $365 million respectively [3]. - The allocation of global funds has shifted, with India's share in emerging market funds dropping to 16.7%, the lowest since November of the previous year, while China's share has risen to 28.8% [3]. Group 2: Factors Undermining Market Confidence - The U.S. government's trade policies, including a 50% tariff on Indian goods and increased H-1B visa fees, have severely impacted India's key industries, particularly exports and IT services [6]. - Corporate earnings in India are failing to keep pace with high valuations, with projected profit growth for listed companies at only 5% for 2025, down from 8% the previous year [7]. - The Indian rupee has depreciated over 3.7% against the dollar this year, raising import costs and inflation, which diminishes the attractiveness of Indian assets for foreign investors [8]. Group 3: Structural Issues - The long-term structural flaws in the Indian economy, including unpredictable policy environments and inadequate infrastructure, are causing investor apprehension [9]. - A recent survey indicated a decline in business confidence for the first time in the current fiscal year, reflecting concerns in the corporate sector following U.S. tariff increases [11]. Group 4: Economic Impact - The ongoing capital flight has triggered a negative feedback loop, with the Nifty 50 index underperforming the MSCI Asia Pacific index for five consecutive months, marking the worst performance since 2013 [12]. - Traditional sectors such as software services, pharmaceuticals, and textiles, which are crucial for employment, are experiencing varying degrees of impact from the market downturn [12]. Group 5: Government Response - In response to the crisis, the Indian government is implementing financial reforms aimed at easing foreign investment restrictions and expanding credit channels, though these measures are expected to have limited short-term effects [14]. - Market analysts suggest that investor confidence will only return with clear signals regarding the stability of U.S. trade policies, stabilization of the rupee, and a return to reasonable stock market valuations [14].