Economies tend do what they do in spite of the figureheads at the helm. Factors like economic cycles, demographics and global interest rates have a much more powerful effect on growth. India's economy will be a good bet for world-leading growth regardless of who's in charge.

But on the margin, things like a new goverment can matter. To the dispassionate American investor, these trends are unquestionably a good thing. Modi's policies will affect the tone and the psychology of Indian consumers and businesses.

There are several ways to play these new trends.

The largest India ETF, the WisdomTree India Earnings Fund (EPI), sports a P/E ratio just over 11x. That's pretty cheap for an economy that will be among the fastest growing in the world with the youngest, most attractive demographics, and a pro-growth nationalist at the helm.

The iShares MSCI India Index Fund (INDA) contains a slightly different portfolio, with an exclusive focus on large cap stocks. It's slightly more expensive at 14.5x earnings. But keep in mind that some of the stocks within these ETFs are trading with temporarily depressed earnings as India's economy has slowed down and flirted with recession in recent years.

Investors with strong stomachs can play India via small caps. The EGShares India Small Cap ETF (SCIN) trades at 9.6x earnings and 1.05x book value. That's cheap, folks. And that's after the fund is up 36% since early May. It'll be a volatile ride and more tightly leveraged to India's overall economic performance, but there's huge upside potential here.

American investors are severely underweight global markets. When it comes to picking and choosing the best of breed, India is currently worth a look.

At the time of publication the author had no position in any of the stocks mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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