On the last trading day of Samvat 2071, the Indian markets fell 1.5%, in line with other Asian markets. Observers know that the last Samvat trading year has not been good for Indian markets, with the Sensex losing almost 4%.

Yet, at the same time, India is held out as a shining spot when it comes to economic growth. Institutions such as the International Monetary Fund and Organisation for Economic Co-operation and Development have noted that the Indian economy is doing better than the others largely because the country is a commodities importer and so less vulnerable to the China slowdown.

But as the chart shows, this economic outperformance hasn’t been reflected in the markets.

India’s returns in Samvat 2071 are middle of the pack. The country has done better than MSCI Emerging Markets index largely due to Brazil’s performance. But it has done worse than the MSCI Emerging Asia index. So far, the markets seem to have taken the shining Indian economy story with a pinch of salt.