Foreigners tend to have two settings on China: bullish and super-bullish. For India, the only other top 12 economy actually growing, passions are more restrained. For the past few months investors have been anxiously watching the skies, fretting over the impact of the worst drought for decades. Put simply, the less it has rained, the worse India has performed against emerging market indices.

This may be overdone. There is no doubt that the feeble monsoon is hitting rural areas hard: about 60 per cent of crop land is not irrigated, and thus dependent on rainfall which, since the beginning of June, has been 25 per cent below the long-run average. But it would take a catastrophically poor yield to upset an economy that is increasingly resilient to shocks.