I’ve taken a look at India and its recent run of bad fortune. Much of this is self-induced, with the government’s performance ever since the telecoms scandal broke being frankly abysmal. But it hasn’t been helped by factors beyond its control – eg global inflation issues and risk aversion.

Some of the cyclical issues – inflation, growth etc – should peak in the next few months. Politics is another matter; since I wrote the piece it’s begun looking almost certain that the proposed retail reforms will be abandoned. (As I explain in the article, allowing foreign investment would be more significant than it sounds.)

But the market is down substantially on all this bad news. If it falls a bit further, India probably will be very attractive for the long run.