“Indonesia has acted swiftly as President Jokowi kept his election pledge and hiked fuel prices. This reduces the fiscal deficit and frees up funds for investment in infrastructure, which is positive for growth and currency strength,” said EGShares. “Prime Minister Narendra Modi has done the same in India, indicating the ability and willingness to undertake necessary economic reforms.”

Modi’s election and subsequent drive to firm up Asia’s third-largest economy has helped make India ETFs the shining stars of the BRIC quartet this year. [Buying the Dip in India ETFs]

Year-to-date, six of the top 10 foreign ETFs are India funds, a group that includes the EGShares India Consumer ETF (NYSEArca: INCO) and the EGShares India Small Cap ETF (NYSEArca: SCIN). INCO and SCIN are each up more than 39% this year.

Chart Courtesy: EGShares

Tom Lydon’s clients own shares of DEM and EEM.