India Inc.: How to Ride the Elephant

Indian stocks have taken a tumble. But here's why the country's long-term prospects remain bright--for Indians and investors

Not so long ago, there was no surer way to get rich in a hurry than to bet on Indian stocks. Millions of Indians were finally clawing their way into the middle class, creating a new domestic consumer market, while companies in Bombay and Bangalore emerged as global players in everything from outsourcing to pharmaceuticals. Investors went crazy. India's main stock index, the Sensex, has more than tripled in the past three years. One giddy investing show on Indian TV has even dubbed itself Sensex and the City.

How hot has India been? Foreign institutional investors poured $30 billion into the...

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