“We agree that India’s economic fundamentals are improving with the government focused on boosting investment and productivity and the Reserve Bank of India focused on keeping inflation low,” Sonal Varma, chief India economist at Nomura, said in the article. “This policy combination should ensure growth with macro stability in the coming years and should make India stand out relative to its peers.”

Additionally, some believe the reforms could eventually lead to a ratings upgrade from the country’s current low-investment-grade rating, which would help reduce India’s borrowing costs.

WisdomTree India Earnings Fund

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Max Chen contributed to this article.