Nearly one billion Indians have gone to the polls since April, in the largest democratic vote in history.
Hopes are high among the business community that present prime minister Narendra Modi will win again as, under his tenure, the economy has been growing at around 7% a year since 2014.
Gaining access to this growth is not easy for the average London-based investor but for those who want a piece of the action, then the Ashoka India Equity Investment Trust could be the answer.
Ashoka India was floated in London last year and the investment manager has been trawling through the Indian stock market to try to find some long-term winners. So far, it has invested in 40 firms that it believes it can deliver chunky returns given time.
The stocks cover a wide range of industries, including tech, healthcare, finance and energy and utilities. They include HDFC Bank headquartered in Mumbai, Nestlé India and car manufacturer Maruti Suzuki India, which is majority-owned by Japan’s Suzuki Motor Corporation.
The firm’s one caveat is that it will not back stocks which are owned or controlled by the government, an issue which plagues the Indian market and makes many stocks illiquid.
Prashant Khemka, who founded the firm, has a strong track record, having spent 10 years running a multi-billion-dollar Indian fund for Goldman Sachs. During his tenure the fund delivered a return of 118%, outperforming its peers by a significant margin.
Investing in India might feel risky but a look under the bonnet reveals big opportunities.
