The Cleanest Dirty Shirt
Business Today India|November 13, 2022
In times of economic uncertainty, India stands out as the fastest-growing of the large global economies and the most resilient stock market this year
UDAYAN MUKHERJEE
The Cleanest Dirty Shirt

IT WAS WAY BACK in 1970 that the singer Kris Kristofferson coined the phrase 'cleanest dirty shirt' for one of his best-known songs, though it may be remembered better today as a Johnny Cash hit. Over the past decade, it went on to become a bond market classic, used by superstar bond fund managers like Mohamed El-Erian and Bill Gross. Of course, they used it to describe the US market, in the midst of a flailing global economy. Today, they would be hard-pressed to make such tall claims, with the US appearing to be no better than a soiled, stinking rag.

Most people in the business world agree rather that the epithet now sits more easily on the shoulders of India, the new kid on the block.

Just look at the evidence. Over the past year, the Sensex is down only 3 per cent, at the time of writing this piece. During this period, the mighty S&P 500 in the US is down 25 per cent and the Nasdaq, 35 per cent. The MSCI Emerging Markets index is down a staggering 30 per cent, with China plunging 17 per cent. And the stock markets are only pricing in hard economic realities. In 2023, China will be lucky to grow at 4 per cent, Japan 2 per cent, and the US, the UK and Europe will likely all be in recession, while India may still grow at over 6 per cent. This makes us the fastest-growing of the large global economies, and understandably the most resilient stock market this year. Not without its own problems though and, therefore, the cleanest dirty shirt.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM BUSINESS TODAY INDIAView all
The EV Craze
Business Today India

The EV Craze

The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly

time-read
5 mins  |
November 10, 2024
The Storage Boom
Business Today India

The Storage Boom

Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?

time-read
8 mins  |
November 10, 2024
India Beckons
Business Today India

India Beckons

Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before

time-read
4 mins  |
November 10, 2024
The Pearls of The Sea
Business Today India

The Pearls of The Sea

Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it

time-read
4 mins  |
November 10, 2024
66.Brand persona should define the core"
Business Today India

66.Brand persona should define the core"

I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.

time-read
1 min  |
November 10, 2024
Unwind in Style
Business Today India

Unwind in Style

Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury

time-read
3 mins  |
November 10, 2024
A Lifelong Affair with Inspiration
Business Today India

A Lifelong Affair with Inspiration

In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art

time-read
3 mins  |
November 10, 2024
Make it Bubbly
Business Today India

Make it Bubbly

Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles

time-read
4 mins  |
November 10, 2024
Palatial Splendour
Business Today India

Palatial Splendour

Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers

time-read
7 mins  |
November 10, 2024
Of Beaches and Cream
Business Today India

Of Beaches and Cream

GianChand Single Malt Whisky

time-read
1 min  |
November 10, 2024