Japan’s retail buyers are pouring cash into Indian shares amid bets the nation would be the next China.

Total property of India equity-focused funding trusts in Japan grew 11%, or ¥237 billion ($1.6 billion), in January, based on information compiled by Bloomberg. Factoring within the positive factors of Indian shares on the yen foundation final month, the figures recommend inflows of about ¥140 billion into India fairness funds, whereas Japanese inventory funds had nearly no web inflows.