The rupee is down nearly 50% in the last three years. Stock markets are down only 12% to 15% from their peak in rupee terms. Thus, in dollar terms, India is in a bear market as it has fallen nearly 60%. But I don't think the Indian stock markets will fall to that extent in rupee terms.
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.