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INDIA GROWTH FUND DECLARES DIVIDEND

 INDIA GROWTH FUND DECLARES DIVIDEND
 NEW YORK, Dec. 16 /PRNewswire/ -- The India Growth Fund, Inc.


(NYSE: IGF), announced today that its board of directors declared a distribution of $0.930 per share payable on Jan. 31, 1992 to shareholders of record on Dec. 27, 1991. Of the total amount of the distribution, $0.049 per share represents an ordinary income dividend derived from net investment income and short-term capital gains, and $0.881 per share represents a distribution of long-term capital gains. The board of directors declared the distribution payable in cash or in stock, so that participants in the fund's dividend reinvestment plan will receive the distribution in shares of the fund's common stock newly issued at a price equal to the greater of (a) the fund's net asset value on Jan. 31, 1992, or (b) 95 percent of the closing market price of the fund's common stock on the New York Stock Exchange on Jan. 31, 1992. All other shareholders will receive the dividend in cash. A brochure, explaining the plan, was mailed to each shareholder of the fund. Anyone wishing to participate in the plan can call 1-800-852-4750 and the fund's plan agent will provide you with the necessary information.
 The India Growth Fund, Inc. is a diversified, closed-end investment company which seeks long-term capital appreciation through investment primarily in equity securities of Indian companies. The fund's investment adviser is Unit Trust of India Investment Advisory Services Ltd., a wholly owned subsidiary of Unit Trust of India (India's largest mutual fund manager).
 -0- 12/16/91
 /CONTACT: Bruce D. Katz of India Growth Fund, 212-713-2928, or Vincent L. Pereira of Mitchell Hutchins Asset Management, 212-713-3041, for IGF/
 (IGF) CO: India Growth Fund, Inc. ST: New York IN: FIN SU: DIV


SM-OS -- NY075 -- 2640 12/16/91 16:13 EST
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Date:Dec 16, 1991
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