Borrowing costs have surged as the central bank raised its policy lending rate 13 times between early 2010 and late 2011 to control inflation.

WSJ: India Car Sales Set to Fall This Fiscal Year

According to the World Bank, good monsoon rains this year and a stable local currency could further reduce inflation from current levels, allowing the central bank to further ease monetary policy after cutting its key lending rate twice already this year.

WSJ: World Bank: India's Economy Is Recovering

Just across the English Channel, a less-dovish European Central Bank (ECB) policy stance and the ongoing euro-lending indicator improvements has the Pound Sterling playing second fiddle.

FORBES: Momentum Suggests Investors Seeking Euro Exit