Global investors continued to pare exposure to India even as broader emerging-market flows strengthened, with India-focused equity funds recording their 10th straight week of redemptions, according to Elara Securities’ Global Liquidity Tracker for the week ended November 14.

India-focused funds saw $230 million in outflows, while modest inflows of $68 million into India came entirely from Global Emerging Market (GEM) funds. Elara noted that GEM managers have been rotating out of India and into China since August 2024 — a trend that has deepened through 2025.

As of end-September 2025, India’s weight in GEM portfolios has dropped to a two-year low of 16.7%, while China’s allocation has climbed to an 18-month high of 28.8%, reflecting the sharpest shift in regional positioning in nearly two

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