immunity

http://www.livemint.com/Money/GoGBxXdpyKOPLf7lHSazzL/India-will-not-be-immune-if-global-volatility-increases-Tai.html

But investors are also becoming more realistic about the outlook. While the officially reported data show India’s growth rate outpacing that of China, sentiment at the ground level is subdued, as working through the sizeable corporate debt burden, a lacklustre export environment and complicated political dynamics have turned out to be much harder than expected. Market valuations have begun to reflect this recognition of reality, as neither the Indian stock market nor the rupee has led the EMs in recent months.

We welcome this coming-back-to-reality development. India is an excellent relative investment bet, but there are just too many headwinds present to allow a reversion to past trend of economic and asset price growth. India is not an alpha in the investment universe; it is, however, a low beta at a global downturn, given its sizeable domestic demand dynamic.