Emerging markets like India could face headwinds as a structural shift in global capital flows gains momentum. The Deutsche Bank model cited in the article argues that governments’ rising ‘home-bias’ policies – driven by trade wars, industrial-strategy directives and security concerns – may prompt large-scale repatriation of capital. For India, that means staying competitive in attracting foreign savings will require stronger reforms and steady growth. The trend, if sustained, could tighten liquidity for risk-markets and favour domestic investor dominance.