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While China is what immediately dominates the conversation when investors talk about opportunities in Asia, there’s another huge Asian economy that deserves attention: India.

From a contrarian perspective, since the Indian stock market has underperformed the S&P 500 over the last five years, this may be a good time to revisit Indian stocks. The Indian economy is projected to grow by 7.5% this year and in 2017, according to estimates from the International Monetary Fund, compared with growth of about 6% for China, where official figures are often suspect.

Political Reforms

The election of Prime Minister Narendra Modi, who reformed the Indian state of Gujarat when he was its Chief Minister, is sending investors a signal that India is on the road to sloughing off the deadening blanket of socialism and cronyism that has prevented the country from achieving its potential.

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