struck a record high in December and is up 5% this year, joining an exclusive group of markets worldwide that rose in spite of interest rate hikes and slower growth. In contrast, MSCI's broadest index of Asia-Pacific shares outside JapanNext year's optimism for India is driven by strong corporate earnings, a post-pandemic retail boom andset to grow by 6% in the next fiscal year - which will make it the world's fastest-growing major economy in 2023.
Amit Khattar, head of Deutsche Bank's investment bank unit, said India has benefitted from predictability around large deals and confidence on the reforms agenda. "Global investors, sovereign funds and other institutions are looking to raise exposure to India in their emerging markets portfolios. Very large private players are looking to buy different businesses," Khattar said.
The world-beating stocks performance has helped India to double its weight in MSCI's emerging markets index to 16% from 2019, but overseas investors have missed out in the local rally. Foreign portfolio investors sold a net $18 billion this year of Indian assets but turned buyers in November and December.
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