NEW YORK (ETF Digest) — As one of the four BRIC countries (Brazil, Russia, India and China), with a quickly developing economy and an average growth rate at nearly 9% per year, India might look like an ideal investment opportunity.

This country of more than a billion people has made several moves to open itself up to foreign investment and liberalize its economy, including the privatization of publicly held companies, industrial regulation improvements and capital market reforms. Although more-developed economies were swooning during the 2008 financial crisis, India still managed a respectable 6% growth rate.

The Bombay Stock Exchange (BSE Sensex) was trading at a three-week high last week before tumbling on news from the Indian commerce ministry last Wednesday that wholesale price index inflation had risen a higher-than-expected 6.95% over last year.

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