Engaging India is an online column analysing the issues, trends and forces behind the business and politics shaping India and its impact on the world. Engaging India appears Thursday mornings exclusively on FT.com India, a dedicated online section on India, and is written by Jo Johnson, the Financial Times’ South Asia bureau chief; Amy Yee, New Delhi correspondent; and Joe Leahy, Mumbai correspondent.

For Indian investors, probably the best way to describe this year’s Diwali - the “Festival of Lights” that marks the Hindu new year - would be with the old cliché “bitter-sweet”.