Here is why Morgan Stanley Thinks India is Less Hurt from the Global Turmoil.
Policy certainty: India's policy environment is among the strongest in the world driving India's idiosyncratic growth story and, more importantly, likely creating a new profit cycle
Declining oil intensity in GDP: Oil consumption relative to GDP is at all-time lows and is steadily declining especially since 2014
Rising share of FDI to FPI in external balances: India used to rely primarily on foreign portfolio (FPI) flows to fund its current account deficit. FPI flows tend to react more aggressively to the effect of oil prices on shares and their actions feed into the macro creating a vicious cycle. However, since 2014, external funding has shifted dramatically to FDI which is more stable and less sensitive to oil price fluctuations
