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For six months, India's markets have slid as foreign investors pulled out, valuations remained high, earnings weakened and global capital shifted to China - wiping out $900bn in investor value since their September peak. While the decline began before US President Donald Trump's tariff announcements, they have now become a bigger drag as more details emerge.
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"Now, we are in the midst of a massive economic crisis for the middle-class. On the one side, white-collar job opportunities are reducing, and raises are low. On the other, the real inflation faced by middle-class households - as opposed to the average retail inflation that the government compiles - is at its highest in recent memory. A stock market correction at such a time is disastrous for middle-class household finances."
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This correction is a much-needed wake-up call for those who entered the market just three years ago, enjoying 25% returns - that's not normal," says Ms Halan. "If you don't understand markets, stick to bank deposits and gold. At least you have control."