It is possible to invest in INdia by investing in Mutual Funds through ICICI. If you invest less than Rs 50,000 per fund you do not have to provide them with an income tax number.

Here's my2cents on investing in India

Every portfolio should have a certain percentage of assets invested in foreign funds to achieve diversification. Stock market growth is directly correlated to GDP growth. There are only 2 nations where growth rate is sizzling right now. India and China. It is very difficult to invest in the CHinese market right now. However the Indian market is relatively easy to invest in.

-----------------------------------------------------------------
I have only 2 cents to contribute, not a cent more, not a cent less ;-)