In this edition:

  • Market overview: Indian equity & fixed income market insights from SBI FM’s CIO Team
  • Did you know? What stood out to us this month
  • Hot topic: Implications of newly formed coalition government at the centre to macro and markets

India, the largest democratic nation in the world, concluded its mammoth General Election with over 969 million eligible voters. Most exit polls predicted the incumbent BJP-led NDA government would return for a third consecutive term, with a massive majority1. However, the election results were surprising. The BJP fell short of a majority on its own and became dependent on other political parties to run the government.  

We foresee two main questions from investors - will the coalition government impact the reforms and policy directions of India? Can India continue to be the fastest-growing large economy?  

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Amundi Funds SBI FM India Equity
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Amundi S.F. - SBI FM India Bond
Amundi S.F. - SBI FM India Bond

1 Source: The Economic Times, 2 June 2024, “Lok Sabha Elections 2024: Exit Polls”

Unless otherwise stated, all information contained in this document is from Amundi Asset Management S.A.S. and is as of 4 July 2024. Diversification does not guarantee a profit or protect against a loss. The views expressed regarding market and economic trends are those of the author and not necessarily Amundi Asset Management S.A.S. and are subject to change at any time based on market and other conditions, and there can be no assurance that countries, markets or sectors will perform as expected. These views should not be relied upon as investment advice, a security recommendation, or as an indication of trading for any Amundi product. This material does not constitute an offer or solicitation to buy or sell any security, fund units or services. Investment involves risks, including market, political, liquidity and currency risks. Past performance is not a guarantee or indicative of future results.

Date of first use: 4 July 2024

Doc ID: 3675914