India emerged as a major beneficiary of global liquidity in 2023, witnessing a deployment of around $15 billion by global mutual funds into Indian equities, primarily in dedicated funds. According to Elara Capital, India, along with the US and Japan, received significant foreign flows, distinguishing itself amid weakening flows in most other countries. The report highlights that the majority of foreign inflows into India were directed towards large-cap funds, particularly in recent months. As of January 2024, Indian equities continued to attract strong inflows, with $270 million recorded in the week, maintaining a focus on large-cap funds.