FORM 4
[X] Check this box if no
longer subject to Section 16.
Form 4 or Form 5 obligations
may continue. See Instruction 1(b).
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section
17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the
Investment Company Act of 1940
1. Name and Address of Reporting Person
Ratan Tata
Tata Industries Limited
Bombay House, 24
Homi Mody Street
Bombay 400 001, India
2. Issuer Name and Ticker Symbol
The India Growth Fund Inc. (NYSE: IGF)
3. IRS or Social Security Number of Reporting Person (Voluntary)
Not applicable
4. Statement for 5. If Amendment, Date of Original
Month Year (Month/Year)
-------------
July 1998
6. Relationship of Reporting Person to Issuer
Director 10% Owner
____ ____
Officer X Other (specify below)
____ ____
(Give title below)
____ ____
______________________________________________________________________________
Table 1 - Non-Derivative Securities Acquired, Disposed of, or
Beneficially Owned
________________________________________________________________________________
1. Title of Security
Common Stock, par value $0.01
2. Transaction Date (Month/Day/Year)
Not applicable
3. Transaction Code (Instr. 8)
Not applicable
4. Securities Acquired (A) or Disposed of (D) (Instr. 3,4 and 5)
Not applicable
5. Amount of Securities Beneficially Owned at End of Month
(Instr. 3 and 4)
None
6. Ownership Form: Direct (D) or Indirect (I) (Instr.4)
Not applicable
7. Nature of Indirect Beneficial Ownership (Instr. 4)
Not applicable
Reminder: Report on a separate line for each class of securities owned
directly or indirectly. (Print or Type Responses)
Side 1
_____________________________________________________________________________
Table II - Derivative Securities Acquired, Disposed of, or
Beneficially Owned (e.g., puts, calls, warrants, options,
convertible securities)
1. Title of Derivative Security (Instr. 3)
Not applicable
2. Conversion or Exercise Price of Derivative Security
Not applicable
3. Transaction Date (Month/Day/Year)
Not applicable
4. Transaction Code (Instr. 8)
Not applicable
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr.3, 4 and 5)
Not applicable
6. Date Exercisable and Expiration Date (Month/Day/Year)
Not applicable
7. Title and Amount of Underlying Securities (Instr. 3 and 4)
Not applicable
8. Price of Derivative Security (Instr.5)
Not applicable
9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr.4)
None
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
Not applicable
11. Nature of Indirect Beneficial Ownership (Instr.4)
Not applicable
Explanation of Responses: On July 3, 1998, Mr. Ratan Tata submitted his
resignation from the Board of Directors of The India Growth Fund Inc. The Fund
accepted Mr. Tata's resignation on that date.
Dated: July 23, 1998
RATAN TATA
/S/ RATAN TATA
_______________________________________
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If
space provided is insufficient, see Instruction 6 for procedure.
