So you’re saying that a pause in interest-rate cycle in the US and the challenges to the AI supercycle would eventually result in FPIs returning to India?
The AI dynamic will change and losers will become winners because they will be the ones who are using AI in their own real economy and not the ones who have invested into the chips. When you look at GDP growth of emerging economies, particularly India, it’s way better than anywhere else. And when you look at the public finances, I mean, if you take a blind test… Say you take a few countries. You don’t show the name. You just put the metrics: debt to GDP, deficit, current account, reserves—all the economic metrics. I mean, you will say, okay, India is developed, while the US is developing.
