Indian equities will likely receive a net inflow of $1.5 billion after changes by MSCI Inc. is set to boost the nation’s representation in its developing markets gauge to a record, according to Nuvama Wealth Management Ltd.

Nine stocks, including private lender IndusInd Bank Ltd. and wind-turbine maker Suzlon Energy Ltd., will be added to MSCI’s global standard gauge on Nov. 30, according to the latest re-balancing announced by the index manager.

Post changes, India will have 131 companies in the MSCI Emerging Markets Index, with the nation’s weight rising to an all-time high of 16.3%, analyst Abhilash Pagaria wrote in a note. The country’s representation in the index has more than doubled from the depths of the pandemic in March 2020, underscoring its appeal as one of the world’s fastest-growing economies with potential for solid earnings growth.

“India’s weight had to go up, its quite natural,” said Rakhi Prasad, an investment manager with Alder Capital. “From macro perspective, India is on a better footing compared with other emerging markets and interest from India-specific allocation is on the rise.”

Global funds have plowed more than $12 billion into Indian equities so far in 2023, the highest among emerging Asia, according to data compiled by Bloomberg.

China has the highest weight at 27% in the MSCI’s EM gauge, followed by India at 16% and Taiwan at 15%, the data show.