• PowerShares India (NYSE: PIN) -- this fund tracks the performance of India's Indus index.
   
• WisdomTree India Earnings (NYSE: EPI)
   
• The aforementioned India Fund. After rising, falling and then rising at least 60% in 2007, 2008 and 2009, Morningstar notes that "this is not a fund for the faint of heart, but long-term investors should expect strong returns." And long-term returns won't be eaten up by overpriced fund managers: The fund's 1.32% total expense ratio is "among the lowest of all Asian equity closed-end funds. We believe investors are paying a fair amount to gain access to the Indian equity market via this experienced team," add the Morningstar analysts.

Risks to Consider: This is a highly volatile market with loads of potential that could easily fall further in the near-term if growth slows or inflation fails to cool. Investing in India is most suitable for long-term investors.

Action to Take --> One of the defining factors of the current global stock market climate is that emerging markets are getting hit even harder than more mature economies. Yet it's the emerging markets -- like India -- that appear best-positioned to post strong long-term growth rates. With Indian stocks off 40% in the past 11 months, this looks like a great time to establish a position in one of the key India funds.

-- David Sterman