India (EPI -0.3%) may seem a tasty contrary play after a tough run this year amid slowing growth, a falling currency, and a central bank in tightening mode, but Nomura isn't expecting better times. In addition to the above-mentioned issues, there's a closing window for political reforms as the election calendar gets busy in September. "Achieving the fiscal target will be challenging this year without slicing spending again - a strategy that would lead to a further growth slowdown." Other ETFs: INDY, PIN, INP, INDA, INXX, SCIF, SCIN, INDL. One local bank traded here, ICICI (IBN -1.7%) has struggled along with the broader market.