While according to many economists and analysts emerging markets remain vulnerable to any fallout from Greece, India with its improved economic outlook, remains shining light among darkness.

According to new methodology, India's growth rate has taken over China and the new government seems to remain committed towards reforms.

Economy at a glance -

As of latest, GDP grew 7.5% on yearly basis and 4.1% from previous quarter.

Inflation remain below multi-year low around 5%, Wholesale prices growth remains in negative, which for high inflation country like India is very good news.

Reserve Bank of India (RBI) has eased policy rates thrice this year by 25 basis points each to bring the main repo rate to 7.25%.

Debt to GDP ratio is high but within limits of control at around 67%.

While Greek's worst situation might lead to general exodus of fund of emerging market, Indian securities are likely to be on the receiver's end.

However, stability in Europe is likely to benefit India, since it stands as very large market.

The real risk to Indian economy is Monsoon related uncertainty, which as of now seems ok but not overwhelming.

India's benchmark stock index nifty is up 1% today, currently trading at 8453. USD/INR remains stable at 63.6, which is relatively stronger compared to most emerging market peers.