In essence, India’s growth story remains as weak as it was at the time of the 2013 taper tantrum. The recent reverberations of war have, in fact, tilted the balance of risks downwards.
This cannot, of course, simply be the debtor acting alone - you cannot expect the protection of some form of bankruptcy simply by declaring it yourself, and similarly a country claiming to be unable to pay its debts will need something more than its own word to convince the international community that it is not unnecessarily defaulting on its debts.