The bond market is so usually portrayed as a vigilante on the prowl that it’s simple to overlook these uncommon events when the nemesis turns into a buddy. India is experiencing one such second. Global debt buyers are coming to its assist after a tumultuous couple of weeks by which the most-populous nation’s relationship with the remainder of the world has been on a rollercoaster trip.

At first, issues had been triumphant. As the host of a profitable Group of 20 summit, Prime Minister Narendra Modi stitched up offers with the West and unveiled the blueprint for a rail and shipping corridor connecting India with the Middle East and Europe: a brand new silk route of world commerce.