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  "notes": "The chart uses a dual-axis line graph to compare the GS India Financial Conditions Index (inverted) against MSCI India returns with a 2-month lag.",
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      "text": "India muddled through two quarters of an economic and corporate earnings growth slowdown since 4Q24, driven by tight domestic fiscal and monetary policy. The first signs of bottoming have emerged after the Reserve Bank of India shifted to an accommodative policy stance. India is also less vulnerable to U.S. trade-policy volatility, given its low external exposure.",
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      "text": "Source: Bloomberg, Goldman Sachs, MSIM. As of May 21, 2025. For illustrative purposes only. Not a recommendation to buy or sell any security.",
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