Other money managers see India's young population as a significant driver of the country's economy going forward.
The fact that 54 percent of the country's population is under 24 is a "setup for great investment," said Robert Lutts, president of Cabot Wealth Management, which manages money for high net worth clients.
One obstacle to growth is the government, which has hindered the movement of capital and investment in India, said Lutts. There is hope that the new prime minister will change that.
"Modi has the opportunity to instigate change in a country that is hungry for growth," said Lutts.
When evaluating India and broader emerging markets, "look at where there are difficulties and invest in the solution," said Lutts.
Read MoreIs India 'holding a gun to its own head'?
The analysts were speaking at an event last week hosted by the New York Society of Security Analysts' Global Investing Committee.
—By CNBC's Seema Mody