On a relative basis, the India narrative remains attractive: a large domestic market; a government keen to undertake administrative, regulatory, and legislative reforms; improved external account developments on the back of declining energy prices; a credible central bank that is targeting low and stable inflation; and high levels of consumer confidence.

However, the industry outlook does not mirror this. While officially reported data shows India's growth rate outpacing that of China, sentiment at the ground level is subdued. Working through the sizable corporate debt burden, a lackluster export environment, and complicated political dynamics has turned out to be much harder than expected. Market valuations have begun to reflect this recognition of reality, as neither the Indian stock market nor the rupee has led the emerging markets in recent months.

We welcome the coming-back-to-reality development. India is an excellent relative investment bet, but there are just too many headwinds present to allow a reversion to past trend of economic and asset price growth.

Business thinkers and industry leaders share their plans and strategies to steer their respective companies to successive heights in this tumultuous environment.

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