The latest month has seen a global selloff and India and China have not been spared. Yet, despite this, “India and China are in the midst of the biggest economic transformation since the Industrial Revolution that shaped the world in the eighteenth and nineteenth centuries,” says Bhim Asdhir, president and CEO of Excel Funds Management Inc.

During the most recent quarter, GDP growth was a whopping 9.3% for India and 10.3% for China. “We suggest that this may be an exceptionally good entry point, as valuations have become more attractive. Indian equities are now trading at 13.5X FY07 earnings vs. the historical mean of 22X. Buyers should know that many bargains are beginning to appear in India,” says Asdhir.

Thursday saw the biggest single day gain in the history of the Bombay Sensitive Index with a rise of 515 points to close at 9,810.

In India, it is business as usual, with robust economic and market fundamentals continuing to lead the way. “Companies like General Electric Co., IBM, Microsoft, Intel, Cisco Systems, JP Morgan Asset Management and Motorola are investing billions of dollars in India.” says Asdhir.