India s weightage in the MSCI EM index has significantly increased from 6.4% to 16.3% over the past decade. The rising allocation to India in global equity indices is expected to continue if the economy maintains its resilience and healthy growth pace. However, it is crucial to keep an eye on China, the largest constituent of the EM indices. Inflows into the Indian markets in 2024 will be driven by domestic retail flows and the growth versus valuation equation for India compared to other key countries, particularly China.