India's Good Karma

Despite many hurdles, the country's potential is huge.

It's the world's largest democracy, its technology sector is going gangbusters, and its stock market returned 34% annualized over the past five years. What could go wrong? As it turns out, plenty. So before you commit a nickel to investing in India, you'd best read In Spite of the Gods: The Strange Rise of Modern India (Doubleday, $26).

Smart investors know that stability, not profits, is the prerequisite for success in emerging markets. But you won't find a quick answer to the question of India's stability -- it's built neither on quicksand nor bedrock.

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Bob Frick
Senior Editor, Kiplinger's Personal Finance