Mumbai, April 12 -- As India prepares for a new government in May, domestic equity markets are expected to be turbulent, but most analysts see growth opportunities in fiscal year (FY) 2020. However, besides the elections, there are several challenges for India equities in FY20-liquidity condition, stability of the rupee, crude prices, the budget for the fiscal year tabled by the new government and the trade war between China and the US. At this juncture, recovery in corporate earnings growth is also very crucial for Indian markets. Delay in expected corporate earnings, profitability growth and a fractured mandate by voters in the general elections are major concerns for equity markets in FY20, said Harsha Upadhyaya, chief investment officer...