India, Jan. 24 -- For months, analysts and investors have blamed rising tariffs and trade tensions, especially between the U.S. and its major trading partners, for the slow performance of Indian stocks.

Headlines often link Indian market weakness to global geopolitics, suggesting that external pressures are weighing on valuations and returns. While trade policies do matter, the numbers show that this story doesn't tell the full picture. Other emerging markets have performed well despite tariff worries, and India's relative lag points to bigger issues.

The Tariff Argument One of the most widely discussed bearish factors in 2025 and early 2026 has been the imposition of tariffs by the U.S. on a range of imports from countries including I...