NEW YORK (TheStreet) -- The emerging market consumption story is compelling, but perhaps no market is as attractive as India's. According to Nick Smithie, chief investment strategist for Emerging Global Advisors, investors are "craving" reforms in emerging markets that will accelerate non-inflationary growth. 

    That's precisely the case in India, which has a falling fiscal deficit, declining current account deficit and falling inflation. Consumers in the country also have more money in their pockets, he said. 

    Don't forget about the sheer size of India's population, standing at more than 1.25 billion people. The consumption story is very compelling and will be a multi-year theme for the country, he explained. 

    As a result, Smithie likes EGShares India Consumer ETF (INCO) - Get Columbia India Consumer ETF Report


    EGShares India Consumer ETF INCO data by Charts

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    But there will be investors who don't want to buy into just India. That's why there's also EGShares Emerging Markets Consumer ETF (ECON) - Get Columbia Emerging Markets Consumer ETF Report . With over $1 billion in assets, it's a "concentrated fund based upon the consumer staples and consumer discretionary sectors," he said. 

    The ETF is diversified by country and gives investors direct exposure to emerging market consumers, with 30 large cap stocks. 

    For those investors who want more diversity, but still want exposure to the emerging market consumer, they can consider the EGShares Emerging Markets Domestic Demand ETF (EMDD)

    While maintaining exposure to the consumer discretionary and consumer staples sectors, investors will also gain exposure to the healthcare, utilities and telecom industries, Smithie concluded. 

    All three ETFs are positive over the past year, with the EMDD and ECON up 12.2% and 5.35%, respectively. The INCO has performed the best, up a robust 64% in the past 12 months. 

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    This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.