Global economic growth is expected to remain sluggish this year on a slowdown in major developing countries. However, India and country-specific exchange traded funds could lead the emerging markets.

India remains one of the best performing markets in the developing world. Over the past year, the WisdomTree India Earnings Fund (NYSEArca: EPI) rose 24.0%, iShares India 50 ETF (NasdaqGM: INDY) gained 26.9% and PowerShares India Portfolio (NYSEArca: PIN) increased 25.4%. [India ETF Plays to Capitalize on Moody’s Positive Economic Outlook]

The Indian markets could continue to outperform as the International Monetary Fund highlights the exceptional growth in India, Bloomberg reports.

The IMF now projects that India’s economy will expand at a 7.5% rate, up 1.2 percentage points from January’s forecast, potentially outpacing China’s expansion for the first time since 1999.

The country is turning around as reforms instituted by the Prime Minister Narendra Modi’s government helped bolster business investment and lower energy prices.

However, the Fund expressed growing concern over other key developing economies, including Russia, Brazil and South Africa.