Daniel Tenengauzer, co-head of global emerging markets fixed income strategy and economics at BofA Merrill Lynch Global Research, is not convinced by the buzz surrounding India. ‘Compared to the rest of Asia, India is not the best story.’

‘My problem with the Indian story is fiscal. The government spends a lot of money which has increased the country’s current account deficit. The fiscal deficit for this year is -10.6% – China’s is half of that.’