Indonesia’s Moment of Truth Sets Scene for India-Style Rally

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By Gabrielle Ng, Rajesh Mascarenhas, and Abhishek Vishnoi

February 4, 2026 at 11:00 PM UTC

Updated on

February 5, 2026 at 2:37 AM UTC

A looming MSCI Inc. downgrade has plunged Indonesia’s stock market into a once-in-a-generation rout.

For investors and policy makers alike, it has also sharpened focus on a potential way out — one that mirrors India’s transformation from structurally constrained market into one of the world’s strongest emerging-market performers.