Indian equities and relate exchange traded funds shot up after newly elected Prime Minister Narendra Modi came to office, and some argue that the rally is only the tip of the iceberg.

India ETFs, like the WisdomTree India Earnings Fund (NYSEArca: EPI), iShares MSCI India ETF (NYSEArca: INDA) and PowerShares India Portfolio (NYSEArca: PIN), have rallied since Modi’s win. Over the past three months, EPI has surged 24.5%, INDA increased 16.8% and PIN jumped 19.9%. [India ETFs Waiting on Modi to Make Good on Promises]

India is in a post-election “gold rush,” one senior investment banker at a global institution in Mumbai said, Financial Times reports. “There aren’t enough hours in the day to have meetings with people who want to talk about raising money.”

The new found interest comes after a weak spell in the capital markets. Only $4.7 billion of new equity was raised over the past six months, or half the level for the same period year-over-year, and far below the $25 billion raised in 2010.

“There is major pent up equity demand,” Vedika Bhandarkar, head of investment banking at Credit Suisse, said in the article. “Investors are feeling much more bullish… Over the next six to 12 months there will be substantial new equity raising.”

Moreover, analysts are still waiting on foreign capital inflows to support the revival in Indian primary markets.

“This thing is really going to take off when those big global endowment and pension funds say we want to allocate separate chunks of money to India, and that is starting to happen,” Ayaz Ebrahim, head of Asian equities at French asset manager Amundi, said in the article.