Understanding the Ratio Chart
The chart compares India with the rest of the world using a ratio (see the image below).

It shows India’s market divided by global markets. This type of chart helps us see when India does better and when it does worse than other countries. The movement is not straight. It goes up and down in clear cycles.

What Up and Down Cycles Mean
An up cycle means India is doing better than global markets. A down cycle means global markets are doing better than India. These cycles keep repeating over time. This is normal and happens in all markets. No country stays on top forever.

Past Periods When India Did Well
India had a strong up cycle between 2013 and 2015. Another strong phase came from 2020 to 2023. During these times, India gave better returns than most global markets. Many investors felt confident about Indian stocks in these years.

The Current Phase
After 2023, the cycle changed. India moved into a down cycle. Right now, global markets are performing better than India. This is why many people are talking more about global investing. In such phases, global markets can give better results than Indian markets.

What This Tells Investors
The chart shows that the cycle is getting close to a support area.

This means the down phase may not last forever. In the coming years, there is a good chance the cycle will turn again. When that happens, India can start doing better than the rest of the world.

Looking Ahead
For now, India may not look very attractive compared to global markets. But once the cycle changes, the picture can improve fast. History shows that India often comes back strong after such phases. Patience is important, because market cycles always repeat over time.