India seen as a new locomotive taking the place of China, expect more FII flows in 2024: Swaminathan Aiyar
Swaminathan Aiyar, Consulting Editor, ET Now, says: “While others may disagree that there was some communalism in the state elections, I would say basically no. It was an argument about development. And we saw this in the Uttar Pradesh election when we went out there. I attended many of those rallies of Modi, of Adityanath. There was no communal message going out. The whole thing was, have we not performed well enough to be re-elected? And the electorate said yes. I think the same thing has happened in the state elections. So I imagine that is going to be the approach of the BJP in the general election too.”
Looking at how things have moved post the state elections, it looks like it is going to be a new sunrise. Yes, I would say that global investors are not particularly interested in the state elections. They look at the larger picture. I think they have already assumed that Mr Modi is going to win in 2024. This is a confirmation of what they were going to do, but I do not think it changes their view that Modi is going to win in 2024. And whether he wins by another 10 votes or 10 less votes, I do not think is the key thing.
Unlock Leadership Excellence with a Range of CXO Courses
Offering CollegeCourseWebsiteIndian School of BusinessISB Chief Technology OfficerVisitIIM LucknowIIML Chief Operations Officer ProgrammeVisitIIM LucknowIIML Chief Marketing Officer ProgrammeVisit
But yes, the markets like continuity. Particularly, they would have been worried if there was a Congress sweep, then something like the Adani shares might have had a question mark against them because of certain fears. But as it happens, there is continuity. It has to be said that the FIIs have not been all that keen on India. It is not that money
