Indian stocks have been sliding since the New Year amid inflation fears, but there are still places where investors can get in, said Ron Shah, managing partner at Jina Ventures.

“Wholesale food prices are up 18 percent, and wholesale inflation rate is up over 8 percent, so these are alarming figures [that restrict] liquidity in the banking sector, so the government is taking ... sharp action,” Shah told CNBC. “We’re expecting a 1 percent interest rate hike this month.”