Related: Batch of US-listed India ETFs Embrace Booming Emering Market

Prime Minister Modi has also hinted at encouraging SMEs, or small and medium enterprises, with tax relaxation and new incentives offered toward small business owners. The government has brought a renewed focus on SMEs to capture a larger market space.

“More than 25% of iShares India 50 is weighted in banks, while 8% is in what the fund calls housing finance. More than 25% of WisdomTree India Earnings is in banks and other financials. Software accounts for about 10% of iShares India 50, and about 16% of WisdomTree India is invested in information technology shares,” according to IBD.

More aggressive investors who are confident about India may even look to a leveraged bullish play on Indian markets. The Direxion Daily India Bull 3X Shares (NYSEArca: INDL), which takes the 3x or 300% daily performance of Indian stocks.

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