In a year of strength for emerging markets stocks and exchange traded funds, India is proving to be one of the big drivers of the developing markets resurgence. For example, the WisdomTree India Earnings ETF (NYSE:EPI) and the iShares India 50 ETF (NASDAQ:INDY) are up an average of 23% year-to-date.

Those ETFs are among the largest and oldest India ETFs trading in the U.S. and are mostly focused on large-cap Indian equities. New Delhi projects India’s economy could expand between 6.75% and 7.5% in 2017-18 as the government shifts tactics on its economy.

India’s market suffered a blow at the end of 2016 after Prime Minister Narendra Modi yanked about 86% of all cash from the economy to fight so-called black money to fight back against the huge shadow economy. While the economy may experience a short-term setback from the move, the results of demonetization could usher in long-term benefits to the economy.

In addition to the encouraging fundamentals, the technical outlooks for EPI and INDY are appealing as well.

EPI “is forming a new base and is near a potential buy point at 25.57. It is a new pattern in a gentle advance that the ETF has mounted since hitting a low in February 2016. Meanwhile, iShares India 50 (INDY) is finding support in a pullback to the 50-day moving average. It’s the first time the ETF has touched the key 50-day line since a breakout in February,” reports Investor’s Business Daily.

Moreover, the Indian economy is set to implement other structural reforms, including a proposed Goods and Service Tax that could bolster growth by another 10%.

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