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Ben Laidler, Global Markets Strategist at eToro, commented on recent political developments in India. He noted that Indian Prime Minister Narendra Modi has been elected to an unprecedented third term. However, the scale of his victory has fallen short of investors’ high expectations. This has driven volatility across local stocks and the currency.
Indian stocks have outperformed the US stock market in recent years, attracting many investors. The India ETF (INDA) has become the 7th most owned on the eToro platform by UAE investors. It is also the most popular non-US-focused ETF. Optimism was high leading into the election, with the number of holders up 38% in the last three months.
A reset of these high investor expectations is to be expected. Any investment reallocation could benefit other emerging markets like China, which has recently returned to bull market territory. Nonetheless, India’s long-term investment outlook remains positive. Modi’s reform agenda might slow down, but it is not derailed. The GDP growth and demographic advantages still support a secure investment future for India.
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