<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 10
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000917100
<NAME> THE INDIA FUND, INC.
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 280851366
<INVESTMENTS-AT-VALUE> 294119255
<RECEIVABLES> 4104429
<ASSETS-OTHER> 175763
<OTHER-ITEMS-ASSETS> 3714109
<TOTAL-ASSETS> 302113556
<PAYABLE-FOR-SECURITIES> 799339
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 791034
<TOTAL-LIABILITIES> 1590373
<SENIOR-EQUITY> 34007
<PAID-IN-CAPITAL-COMMON> 471424988
<SHARES-COMMON-STOCK> 33965433
<SHARES-COMMON-PRIOR> 34007133
<ACCUMULATED-NII-CURRENT> (1413733)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (182308346)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13035464
<NET-ASSETS> 300523183
<DIVIDEND-INCOME> 4579642
<INTEREST-INCOME> 299452
<OTHER-INCOME> 0
<EXPENSES-NET> (5847937)
<NET-INVESTMENT-INCOME> (968843)
<REALIZED-GAINS-CURRENT> (14964557)
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<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (41700)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 24708724
<ACCUMULATED-NII-PRIOR> (444890)
<ACCUMULATED-GAINS-PRIOR> (167343789)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3175273
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5847937
<AVERAGE-NET-ASSETS> 288661232
<PER-SHARE-NAV-BEGIN> 8.11
<PER-SHARE-NII> (.03)
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</TABLE>
EXHIBIT INDEX
Exhibit A: Attachment to item 77B:
Accountant's report on internal control.
Exhibit B: Attachment to item 77Q1:
Copies of any new or amended Registrant Investment
Advisory Contract
- ---------------------------------------------------------------
Exhibit A:
Report of Independent Accountants
To the Shareholders and Board of Directors of
The India Fund, Inc.
In planning and performing our audit of the financial
statements of The India Fund, Inc. (the "Fund") for the year
ended December 31, 1998, we considered its internal control,
including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more
of the internal control components does not reduce to a
relatively low level the risk that misstatements caused by
error or fraud in amounts that would be material in relation to
the financial statements being audited may occur and not be
detected within a timely period by employees in the normal
course of performing their assigned functions. However, we
noted no matters involving internal control and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and use of
management and the Board of Directors of the Fund and the
Securities and Exchange Commission.
PricewaterhouseCoopers LLP
New York, New York
February 16, 1999
Exhibit B:
AMENDMENT TO COUNTRY ADVISORY AGREEMENT
Advantage Advisers, Inc.
One World Financial Center
New York, New York 10281
February 11, 1998
Infrastructure Leasing & Financial
Services Limited
ITTS House
5th Floor
28, K Dubhash Marg.
Mumbai, India 400 023
Dear Sirs:
This will confirm the amendment to the agreement dated November
3, 1997 (the "Agreement") among the undersigned (the "Investment
Manager"), you (the "Country Adviser") and the Fund (but only
with respect to paragraph 2, subparagraph 3(b) and paragraphs 7
and 8 of the Agreement) is hereby amended as follows:
1. Paragraph 5 of the Agreement is hereby deleted in its
entirety and the following paragraph is substituted therefor:
5. In consideration of the services to be rendered by the
Country Adviser under this agreement, the Investment Manager
shall pay the Country Adviser a monthly fee in United States
dollars on the fifth business day of each month for the previous
month at an annual rate of 0.20% of the Fund's average weekly net
assets. If the fee payable to the Country Adviser pursuant to
this paragraph 5 begins to accrue before the end of any month or
if this agreement terminates before the end of any month, the fee
for the period from such date to the end of such month or from
the beginning of such month to the date of termination, as the
case may be, shall be prorated according to the proportion which
such period bears to the full month in which such effectiveness
or termination occurs. For purposes of calculating each such
monthly fee, the value of the Fund's net assets shall be computed
at the time and in the manner specified in the Registration
Statement.
2. Counterparts. This Amendment may be executed in
counterparts, each of which shall be deemed to be an original,
but all of which together shall constitute one and the same
instrument.
If the foregoing correctly sets forth the Amendment to the
Agreement, please so indicate by signing and returning to the
Investment Manager the enclosed copy hereof.
Very truly yours,
ADVANTAGE ADVISERS, INC.
By: /s/ Alan Rappaport
Name: Alan Rappaport
Title: President
ACCEPTED:
INFRASTRUCTURE LEASING & FINANCIAL
SERVICES LIMITED
By: /s/ Ravi Parthasarathy
Name: Ravi Parthasarathy
Title: Vice Chairman and Managing Director
