The Global Dow Index is the brainchild of Rupert Murdoch, and it’s an innovative new index for exchange traded funds (ETFs) to track on a global level. The index’s components will be selected by the editors of The Wall Street Journal, making this index feel even closer to home.

Murdoch, who is based in Mumbai, has this point-of-view on the innovation of the index: The world is changing and how we measure that change financially and economically is an opportunity and a challenge. There is a re-weighting of risk worldwide, and how we adapt to re-rating the world will be reflected in this index. Indian companies will have a place in this index, along with other emerging economies that have seen “economic emancipation” over the past two decades.

Robert Thompson, managing editor of The Wall Street Journal also adds that reflecting the global stock market is the goal, while recognition of the rapid rise of companies in countries such as India is also key. This is the beginning of a long-term trend that fundamentally changes the international corporate landscape, as we know it.

Up-and-coming sectors such as alternative energy will also be included as index components.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.