India’s reforms take hold

Article Excerpt

ISHARES INDIA 50 ETF $35.49 (Nasdaq symbol INDY; buy or sell through brokers; us.ishares.com) is an ETF that tracks the Nifty 50 index—the 50 largest, most liquid Indian securities. It began trading in November 2009. The fund’s top holdings are HDFC Bank, 9.8%; Reliance Industries (conglomerate), 7.6%; Housing Development Finance, 7.6%; ITC (conglomerate), 5.5%; Infosys (information technology), 5.4%; ICICI Bank, 4.2%; Larsen & Toubro (conglomerate), 4.1%; and Tata Consultancy (information technology), 3.6%. The fund has a high 0.93% expense ratio. Along with global markets, this ETF has dropped back from the all-time high of $39.29 it reached in January 2018. Still, Prime Minister Narendra Modi’s party continues to push through much-needed economic and political reforms. In July 2017, he successfully introduced a goods and services tax (GST). The Indian economy’s long-term outlook remains positive. In fact, the economy could grow by as much as 7.4% this year. iShares India 50 ETF is a buy. buy…