How India Outperformed China in 2022?

India had more than 50% of cumulative outperformance over a two-year period compared to the MSCI, emerging market or MSCI China. There were few India-specific factors, first and foremost, the recovery of economy coming out of COVID from the second half of 2021 was very strong. And last year, India had more than 7% real GDP growth. So, while it's tough to say what might happen to the markets in the very near-term, we are far more positive on India from a long-term structural growth perspective.