India's Economic Jugglery: How we fool ourselves.
https://www.business-standard.com/opinion/columns/fiis-vs-diis-reversing-roles-in-india-s-equity-market-after-25-years-125081402018_1.html https://www.business-standard.com/economy/news/net-fdi-falls-to-40-million-in-may-2025-on-higher-outflows-125072301466_1.html Let’s stitch together three reports and an opinion piece from Business Standard all recent—and read the tea leaves. In 1992, foreign institutional investors (FIIs) dipped their toes into Indian equity with a modest investment of ₹13 crore. Domestic players (DIIs) then sat fat with ₹45,000 crore. Fast forward to 2014: the equations flipped. FIIs had ballooned to ₹6.6 trillion, while DIIs were crawling at ₹42,000 crore. In 2025, they’ve switched again: FIIs at ₹10 trillion, DIIs overtaking them at ₹14 trillion. Janak Raj of the Centre for Social and Economic Progress hails this as resilience. But let’s not dress up this as a symbol of “Atmanirbhar Bharat”. Capital has no hews of colour. Now to the horror story: net FD...