For investors seeking momentum, VanEck India Growth Leaders ETF (GLIN Quick QuoteGLIN - Free Report) is probably on radar. The fund just hit a 52-week high and is up 19.66% from its 52-week low price of $30.06/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:

GLIN in Focus

The underlying The MarketGrader India All-Cap Growth Leaders Index consists of fundamentally sound Indian companies that exhibit attractive growth potential at a reasonable price. The product charges 80 bps in annual fees (See: all the Asia-Pacific ETFs here).

Why the Move?

India's GDP growth in 2023 was spectacular, rising to an astounding 7.2%. India's GDP grew to $3.75 trillion from almost $2 trillion in 2014, moving it up from the tenth to the fifth-largest economy in the world as a result of this rise. India's rapid economic growth and surpassing China as the world's most populated country have attracted attention. There is increasing interest in India's potential to leverage its demographic advantage. Additionally, the country's expanding labor force is another reason for optimism.

The Indian government's emphasis on strengthening the industrial sector and promoting exports through the development of free trade agreements has been welcomed on a global scale. These initiatives are anticipated to support the nation's ongoing growth, with Moody's Analytics forecasting a growth rate of 6-6.3% for the June quarter.

More Gains Ahead?

Currently, GLIN has a Zacks ETF Rank #3 (Hold). However, it might continue its strong performance given a positive weighted alpha of 44.80.