Post-May, FIIs will see India as the next stable place for five years. Unlike China, India is still part of an EM allocation, but that may change soon. The government s fiscal prudence and focus on mid-income housing are positive for the market. Private capital is expected to invest in the infrastructure. PSU banks may benefit from fiscal consolidation and potential privatisation. The bond market is looking favorable. FIIs are waiting for the May election outcome and evaluating China s value play. India s potential as a country allocation is not far away.