"If we just look at data of the last five years of emerging market performance in dollar terms – it is negative, and India is about 7% to 8% positive in the dollar terms. It is negative is because China, Russia, etc., everything has disappointed. Overall, eventually people will realise that this basket approach of investing with BRICS or EMs, etc. in India, may not be working for them. It is probably not a scientifically constructed basket.."