One of those names is Mahanagar Telephone Nigam ( MTE), which provides all types of telecommunications services in Delhi and Mumbai, India. It generates a dividend yield of 3.8%, which is paid twice a year. The company's trailing P/E is a reasonable 15, and its PEG ratio is 2.2. As of the end of the previous fiscal year, Mahanagar had $465 million in cash and no long-term debt. Another India stock that pays a relatively high dividend is Tata Motors ( TTM), which manufactures cars, trucks, buses and other vehicles. It pays a yield of 1.5%. Tata's trailing P/E is a reasonably low 14, its price-to-sales ratio is 0.9 and its PEG ratio is a very decent 0.7. Quarterly revenue growth for the company was in excess of 60% year over year, and quarterly earnings growth was over 30%. This is another stock owned by the Claymore/BNY BRIC ETF, and is also a Ken Fisher stock recommendation. Fisher, who is the founder, chairman and CEO of Fisher Investments, is a strong proponent of diversifying worldwide. His other recent recommendations can be found in the Ken Fisher portfolio on Stockpickr. To round out your India portfolio, take a look at Icici Bank ( IBN). This bank has over 670 branches and operates in more than 12 countries. It offers a dividend of 1.7%. Let's move on to Russia, the largest country in the world in terms of total area. Unfortunately, there are very few Russian ADRs that trade on the New York Stock Exchange, and those that do don't pay dividends. About the only way you can play the Russian market and receive a dividend is through the Central European and Russia Fund ( CEE). This is a closed-end fund that is managed by Deutsche Asset Management International GmbH and invests in a diverse group of sectors in Russia and Eastern Europe.