Analysts anticipate the momentum to persist as general elections approach, with Prime Minister Narendra Modi expected to seek a rare third term. Despite the political landscape, investors seem unfazed, attributing the strong inflows to optimism surrounding India's economic progress and significance rather than perceiving the upcoming elections as a political risk.
Foreign investors are increasingly drawn to Indian markets for diversification amid concerns about China's economic growth slowdown and ongoing tensions between China and the United States. India's annual growth forecast of 7.3% for the fiscal year ending in March outpaces that of other major global economies. Indian shares have reached alltime highs, and the country's NSE Nifty 50 index surged by 20% in 2023. Foreign portfolio investors recorded record monthly purchases of equities in December, reinforcing hopes for political continuity following key state victories by Modi's Bharatiya Janata Party.
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