A revival in fundraising and record exits in the PE space since the Modi government came to power signal a clear revival for PE investments in India. According to Arpan Sheth, the leader of Bain's India Private Equity practice, "Surely, the government needs to follow up on reforms (goods and services tax, foreign direct investment norms, etc.), but loudly and consistently telling the story is important. It does not hurt that this has been a great year for exits."