Shankar Sharma, founder of First Global and GQuant Investech, challenges the prevailing narratives regarding foreign institutional investor (FII) outflows from India. He argues that claims attributing these outflows to a lack of artificial intelligence (AI) exposure or high taxation do not hold up against data. Notably, markets such as South Korea and Taiwan have shown remarkable one-year returns of 149.6% and 96.6%, respectively, despite having minimal AI ecosystems. In contrast, India's Nifty 50 index has declined by 12.1%, and the Sensex by 14.5%. Sharma emphasizes that India has historically performed well without being tech-heavy, suggesting that the absence of tech cannot be the sole reason for its current underperformance. Additionally, he points out a weak correlation of 0.15 between FII investment and market returns since 1999, indicating that both inflows and outflows have occurred during periods of positive market performance. This data-driven approach highlights that market success is not strictly linked to foreign investment or taxation policies.