New Delhi, Oct. 15 -- When markets turn unsettled, daily price movements can dominate the economic conversation. Foreign selling becomes a verdict on the country, a weaker currency feeds doubts, and individual disappointments become evidence of a wider problem. These signals deserve attention. But judging India's prospects also requires examining what businesses, borrowers and investors with longer horizons are doing.

Two recent developments provide that perspective. The government has approved a Fairfax subsidiary as strategic buyer for the proposed sale of a 60.72% stake in IDBI Bank for approximately Rs.52,878 crore. Separately, Blackstone's Jon Gray has outlined an ambition to increase the firm's India investments from about $50 bill...