Arnab Das, managing director of market research and strategy at Roubini
Global Economics, tells CNBC that what's going on in India is a
combination of weak governance, bad politics and bad macro imbalances.
"People over invested in them, the stories were overhyped, too much capital went in, asset prices were too high and there was too much credit extension. And now we're going to see the pullback of that process,"
"One of the things going on here is a realization that the growth differential between emerging markets and developed countries is going to be narrower than it looked like in the immediate aftermath of the crisis," he said.
