Until a few months ago India had everything going for it. Despite the noise around global trade wars, India was basking in the glory of being the fastest-growing major economy. It had re-elected the ruling party to ensure policy continuity, the stock markets were at record highs and the pain of stressed assets had started to ease.
But the narrative has changed. Growth has slowed, consumer sentiment has turned sour, the stressed assets toxicity has spread from banks to the shadow banking system and an oil crisis is threatening to trip the economy further.