印度股市，为什么今年就不行了？

Core Viewpoint - The Indian stock market is underperforming compared to global markets, with a mere 1.4% increase in 2023, making it the worst performer among major economies and emerging markets [7][9]. Group 1: Market Performance - The Indian stock market has seen a significant decline in attractiveness, with over $17 billion in foreign capital fleeing by October 2025 [7]. - In contrast, the SENSEX30 index had a cumulative increase of over 270% from the end of 2013 to the end of 2023, leading to a surge in interest in index funds [7][9]. Group 2: Currency and Economic Concerns - The Indian Rupee has depreciated significantly against the US dollar, impacting foreign investments as returns in Rupees translate to lower amounts when converted back to foreign currencies [9][10]. - The International Monetary Fund (IMF) has rated the quality of India's GDP data as "C," raising doubts about the reliability of economic indicators [11]. Group 3: External Factors - The geopolitical landscape, particularly the relationship between India and the US, is strained due to India's continued trade with Russia amidst sanctions, which has drawn criticism from the US [13]. - Foreign direct investment (FDI) in India has drastically declined from over $43 billion in FY2020-2021 to an estimated $3.5 billion in FY2024-2025, indicating a loss of confidence among international investors [16].