The economy is in a mess. In the last four years the only thing good that happened was the low international price of crude. We are the 2nd biggest crude importer in the world I think - maybe 3rd biggest. Despite the lower crude prices, Indian public was paying the same price as 5 years ago when crude was over $100 per barrel. So the government mopped up a lot of liquidity. All this was played up n the media as "economic development". There has been zero economic policy.
Now the picnic is over. I expect the Nifty to go below 10000 in the next one year or so.