Since the start of the fiscal year in April, India's industrial output has contracted in six of the 10 months till January, reflecting the weak state of the economy, which has been battered by a mix of domestic problems including high inflation and wide fiscal and current account deficits.

WSJ: India Industrial Production Rises

In 2011, high inflation in the emerging markets, including China, took investors out of the game and had them focused on bonds and U.S. equities.

FORBES: China Inflation On Its Way Down