India's deal-making activity unfazed by elections: BNP Paribas' Murugaiyan

Underpinned by the country’s favourable macro, the outlook for India’s equity capital market (ECM), debt capital market (DCM) and mergers and acquisitions (M&A) remains positive, says GANESHAN MURUGAIYAN, head of corporate coverage and advisory, BNP Paribas India. In an email interview with Samie Modak, Murugaiyan, who oversaw close to a dozen ECM deals in 2023, says large sell-downs by private equity (PE) firms show the depth of the domestic market. Edited excerpts:

The past 12 months have proved quite a fertile ground for share sales. What according to you has underpinned this deal-making activity?

At present, India is in a