Over the last two years, the Indian equity market had one of its best phases, thanks to the liquidity injected by the US Federal Reserve and other global central banks, in a bid to help citizens overcome the pandemic-induced hurdles. This swan song period came to an end though when inflation started touching multiple-decadal highs in several parts of the world. The ensuing quantitative tightening and hiking of interest rates was a swift one to tackle the inflation menace which started off with the Russia-Ukraine conflict in February 2022. The equity markets, too, reacted sharply with double-digit corrections in several economies. Amid all this, India was relatively insulated because the Reserve Bank of India (RBI) and the government, through various policy measures, judiciously manoeuvred the challenging times. In the meanwhile, corporate India, too, deleveraged its balance sheets significantly. Credit growth took off and corporate profits-to-GDP improved to a decade-high, creating further headroom for capacity utilisation (currently at 72 per cent). The strengthening of India...