The morning article of Akash Prakash is one of the most viral financial pieces of all time. Akash Prakash holds up an uncomfortable mirror to India. And the reflection isn’t flattering. 1) Foreign investors’ holdings in Indian equities have fallen from nearly $930 billion to $675 billion. 2) A decade of India’s rise, yet net foreign investment flows have been virtually zero. 3)Indian equities have underperformed emerging markets by roughly 180 basis points annually over the past decade. 4) The blunt question: Are we confusing India’s economic potential with the returns investors can actually earn? 5) A great country story doesn’t automatically make every stock a great investment. 6) Expensive valuations, disappointing earnings growth and weaker returns can push global capital elsewhere. 7) Capital is global. It doesn’t owe India loyalty. It goes where risk-adjusted returns look better. 8) The real challenge isn’t selling the India story. It’s delivering on it. The uncomfortable takeaway: India’s long-term prospects may remain strong. But the stock market cannot run on optimism alone. Earnings, valuations and returns eventually have to do the talking. But in the end Akash Prakash also makes a point that all of this makes a classical case for a contra bullish bet on India. Let’s see what happens next!!