Look at one number. Alphabet, the parent of Google, is worth about $4.3 trillion, while every listed company in India put together is worth around $5 trillion. Its yearly profit of close to $160 billion sits in the same range as the combined profit of all our listed companies. That gap should worry us. A single American company is now almost as large as India's entire listed market.
For months, foreign investors have been steadily pulling money out of India. By March 2026, their ownership of NSE-listed companies had fallen to the lowest level in seventeen years, and during the last financial year they sold a record amount of Indian equities. This is not a one-off reaction to market volatility. It reflects a gradual shift in where global investors see the next decade of growth.
