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THE INDIA GROWTH FUND INC. REPORTS EARNINGS

 THE INDIA GROWTH FUND INC. REPORTS EARNINGS
 NEW YORK, Sept. 2 /PRNewswire/ -- The India Growth Fund Inc.


(NYSE: IGF) is a closed-end, diversified management investment company seeking long-term capital appreciation through investments primarily in equity securities of Indian companies. Today, the fund announced its results for the quarter and for the fiscal year ended June 30, 1992.
 During the quarter ended June 30, 1992, the fund had a net investment loss of approximately $881,000, equal to $0.17 per share. Included in this amount is approximately $566,000, equal to $0.11 per share, in net realized foreign exchange losses. Net realized and unrealized capital losses for the quarter were approximately $56,749,000 equal to $11.30 per share. This compares with a net investment loss of approximately $351,000, equal to $0.07 per share (including $549,000 equal to $0.11 per share, in net foreign exchange losses) and net realized and unrealized capital losses of approximately $379,000, equal to $0.07 per share, for the quarter ended June 30, 1991.
 For the fiscal year ended June 30, 1992, the fund's total net investment loss was approximately $1,473,000, equal to $0.29 per share. Included in this amount is approximately $1,578,000, equal to $0.31 per share, in net foreign exchange losses. Total net realized and unrealized capital gains for the same period were approximately $28,501,000 equal to $5.67 per share. This compares with a net investment loss of approximately $664,000 equal to $0.13 per share (including $672,000 equal to $0.13 per share, in net foreign exchange losses) and net realized and unrealized capital gains of approximately $7,791,000, equal to $1.55 per share, for the year ended June 30, 1991.
 On June 30, 1992, total net assets of the fund were $93,314,463. The net asset value per share was $18.57 based on 5,024,584 shares outstanding. The net asset value per share decreased by approximately 38.2 percent from the net asset value per share of $30.04 as of March 31, 1992. Total net assets of the fund were $150,943,798 as of March 31, 1992. The net asset value per share increased approximately 31.5 percent from the net asset value per share of $14.12 based on 5,016,362 shares outstanding, as of June 30, 1991. Total net assets of the fund were $70,823,445 as of June 30, 1991.
 The India Growth Fund Inc. is traded on the New York Stock Exchange under the trading symbol "IGF." 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- 9/2/92
 /CONTACT: Vincent L. Pereira, 212-713-3041, or S. David Lentinello, 212-713-1251, both of Mitchell Hutchins Asset Management, Inc/
 (IGF) CO: India Growth Fund Inc. ST: New York IN: FIN SU: ERN


SM-LD -- NY068 -- 6134 09/02/92 17:41 EDT
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Date:Sep 2, 1992
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