FORM 3 OMB APPROVAL
OMB NUMBER 3235-0104
EXPIRES: September 30, 1998
Estimated Average burden
hours per response.....0.5
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
INITIAL STATEMENT OF BENEFICIAL
OWNERSHIP OF SECURITIES
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
P.J. Nayak
Unit Trust of India Investment Advisory Services Limited
Commerce Centre 1,
World Trade Center, 8th Floor
G.D. Somani Marg
Cuffe Parade, Colaba
Mumbai, 400-005, India
2. Date of Event Requiring Statement (Month/Day/Year)
July 3, 1998
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Issuer Name and Ticker or Trading Symbol
The India Growth Fund Inc. (NYSE: IGF)
5. Relationship of Reporting Person to Issuer (Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Chairman of the Fund
6. If Amendment, Date of Original (Month/Day/Year)
Not applicable
___________________________________________________________________________
TABLE I - NON DERIVATIVE SECURITIES BENEFICIALLY OWNED
1. Title of Security (Instr. 4)
Common Stock, par value $0.01 per share
2. Amount of Securities Beneficially Owned (Instr. 4)
None
3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)
Not applicable
4. Nature of Indirect Beneficial Ownership (Instr. 5)
Not applicable
___________________________________________________________________________
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TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
1. Title of Derivative Security (Instr. 4)
Not applicable
2. Date Exercisable and Expiration Date (Month/Day/Year)
Not applicable
3. Title and Amount of Securities Underlying Derivative Security
(Instr.4)
Not applicable
4. Conversion or Exercise Price of Derivative Security
Not applicable
5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
Not applicable
6. Nature of Indirect Beneficial Ownership (Instr. 5)
Not applicable
___________________________________________________________________________
Explanation of Responses:
Not applicable
*** Signature of Reporting Persons
Dated: July 23, 1998
/S/ P.J. NAYAK
----------------------
P.J. Nayak
*** Intentional misstatements or omission 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.
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