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India's economic growth has outrun forecasts every quarter for the past year, and the gap between the macro picture and the market reality has only widened.
The country's key stock benchmarks have posted deeply disappointing performance over the same stretch.
Strong growth that consistently beats expectations should, in theory, filter through to earnings at the country's largest listed companies and from there to prices. The read-through has not arrived.
The case for Indian equities rested on exactly that logic.
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