A better indicator of volatility is the confusion rampant in analyst recommendations throughout moneycontrol, CNBC etc. Even in US no one seems to be sure if we are in recession or this is just a cyclic downturn. Endless discussions of recession versus inflation. In the meantime more and more bad news keeps coming from sub prime, business foldings, inflation, global warming/weather related impact on economy and on and on.
In real terms the VIX has to be far greater than 50%, just look at the volumes. No one seems to have any conviction and that is a good indicator of volatility.
Happy Trading