India has dropped out of the top 10 constituents of the MSCI Emerging Markets Index for the first time in 26 years, reflecting a shift in global investor focus toward artificial intelligence-driven companies. The benchmark is now dominated by technology giants from China, Taiwan and South Korea that have benefited from the global AI boom.
India’s highest-ranked company, Reliance Industries, now stands outside the top 10 by weight in the index. Despite strong domestic market performance and economic growth, Indian stocks have been overtaken by rapidly rising AI-related firms.
Analysts say the change highlights how global technology trends are reshaping investment flows and benchmark rankings across emerging markets.