PitchBook：2025年第三季度印度私募与风投市场更新报告（英文版）

India’s public markets faced bouts of volatility in 2025 as tariff tensions under the Trump administration, a softer rupee, and weak consumer demand weighed on sentiment. Even so, benchmark indexes recovered through H2 2025 as macroeconomic conditions stabilized, and India’s three-year total return outperformed both the Nikkei 225 and the S&P 500. This resilience underscored India’s status as a relative safe haven among emerging markets, supported by steady earnings and strong domestic pa