U.S. SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940 [X] Check box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). ________________________________________________________________________________ 1. Name and Address of Reporting Person* City of London Investment Group PLC (1) -------------------------------------------------------------------------------- (Last) (First) (Middle) 10 Eastcheap -------------------------------------------------------------------------------- (Street) London England EC3M ILX -------------------------------------------------------------------------------- (City) (State) (Zip) ________________________________________________________________________________ 2. Issuer Name and Ticker or Trading Symbol The India Growth Fund, Inc. ("IGF") ________________________________________________________________________________ 3. IRS Identification Number of Reporting Person, if an Entity (Voluntary) ________________________________________________________________________________ 4. Statement for Month/Year July 2002 ________________________________________________________________________________ 5. If Amendment, Date of Original (Month/Year) ________________________________________________________________________________ 6. Relationship of Reporting Person to Issuer (Check all applicable) [_] Director [X] 10% Owner [_] Officer (give title below) [_] Other (specify below) ________________________________________________________________________________ 7. Individual or Joint/Group Filing (Check applicable line) [_] Form filed by one Reporting Person [X] Form filed by more than one Reporting Person ________________________________________________________________________________ ================================================================================ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ================================================================================

* If the Form is filed by more than one Reporting Person, see Instruction 4(b)(v). Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY VALID OM CONTROL NUMBER. (Print or Type Response) (Over) Page 1 of 11 FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ================================================================================

Explanation of Responses: (1) Neither City of London Investment Group PLC ("CLIG"), City of London Investment Management Company Limited ("CLIM") nor City of London Quantitative Management Limited ("CLQM") are the beneficial owners of any shares of IGF as the term "beneficial owner" is defined in Rule 16a-1(a)(2). CLIG is the parent holding company of CLIM, which provides investment advisory services to the funds listed in notes 5 through 10 below, and CLQM, which provides advisory services to the fund listed in note 11 below. This filing shall not be deemed an admission by any of the listed funds that they are subject to reporting under Section 16(a). The funds listed in notes 6 through 11 below did not engage in any transactions in shares of IGF during July 2002. (2) Regarding CLIG: CLIG has no pecuniary interest in any of the shares owned directly by the funds listed in notes 5 through 11 below. (3) Regarding CLIM: CLIM has no pecuniary interest in any of the shares owned directly by the funds listed in notes 5 through 10 below. (4) Regarding CLQM: CLQM has no pecuniary interest in any of the shares owned directly by the fund listed in note 11 below. (5) These securities are beneficially owned by MP Emerging Markets Country Fund. (6) These securities are beneficially owned by The Emerging World Fund. (7) These securities are beneficially owned by Global Emerging Markets Country Fund. (8) These securities are beneficially owned by Investable Emerging Markets Country Fund. (9) These securities are beneficially owned by GFM (Institutional) Emerging Markets Country Fund. (10) These securities are beneficially owned by Tradex Global Equity Fund. (11) These securities are beneficially owned by Global Optimization Fondo de Inversion Internacional. City of London Investment Group PLC By: /s/ Douglas F. Allison August 9, 2002 -------------------------------------- ------------------ Name: Douglas F. Allison, Finance Director Date ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure. Page 2 of 11 JOINT FILER INFORMATION ----------------------- Name: City of London Investment Management Company Limited ---- Address: 10 Eastcheap ------- London EC3M ILX, England Designated Filer: City of London Investment Group PLC ---------------- Issuer and Ticker Symbol: The India Growth Fund, Inc. ("IGF") ------------- Statement for Month/Year: July 2002* ---------- Signature: City of London Investment Management Company Limited --------- By: /s/ Douglas F. Allison ------------------------------------------ Name: Douglas F. Allison, Finance Director * See disclaimer in note 1 to the Form 4. Page 3 of 11 JOINT FILER INFORMATION ----------------------- Name: City of London Quantitative Management Limited ---- Address: 510 Thornall Street, Suite 220 ------- Edison, NJ 08837 United States Designated Filer: City of London Investment Group PLC ---------------- Issuer and Ticker Symbol: The India Growth Fund, Inc. ("IGF") ------------- Statement for Month/Year: July 2002* ---------- Signature: City of London Quantitative Management Limited --------- By: /s/ Douglas F. Allison -------------------------------------- Name: Douglas F. Allison, Finance Director * See disclaimer in note 1 to the Form 4. Page 4 of 11 JOINT FILER INFORMATION ----------------------- Name: The Emerging World Fund ---- Address: IFSC House ------- International Financial Services Centre Dublin 1 Ireland Designated Filer: City of London Investment Group PLC ---------------- Issuer and Ticker Symbol: The India Growth Fund, Inc. ("IGF") ------------- Statement for Month/Year: July 2002* ---------- Signature: The Emerging World Fund --------- By: City of London Investment Management Company Limited Its: Investment Advisor By: /s/ Douglas F. Allison -------------------------------------- Name: Douglas F. Allison, Finance Director * See disclaimer in note 1 to the Form 4. Page 5 of 11 JOINT FILER INFORMATION ----------------------- Name: Global Emerging Markets Country Fund ---- Address: 10 Eastcheap ------- London EC3M ILX, England Designated Filer: City of London Investment Group PLC ---------------- Issuer and Ticker Symbol: The India Growth Fund, Inc. ("IGF") ------------- Statement for Month/Year: July 2002* ----------- Signature: Global Emerging Markets Country Fund --------- By: City of London Investment Management Company Limited Its: Investment Advisor By: /s/ Douglas F. Allison -------------------------------------- Name: Douglas F. Allison, Finance Director * See disclaimer in note 1 to the Form 4. Page 6 of 11 JOINT FILER INFORMATION ----------------------- Name: Investable Emerging Markets Country Fund ---- Address: 10 Eastcheap ------- London EC3M ILX, England Designated Filer: City of London Investment Group PLC ---------------- Issuer and Ticker Symbol: The India Growth Fund, Inc. ("IGF") ------------- Statement for Month/Year: July 2002* ----------- Signature: Investable Emerging Markets Country Fund --------- By: City of London Investment Management Company Limited Its: Investment Advisor By: /s/ Douglas F. Allison -------------------------------------- Name: Douglas F. Allison, Finance Director * See disclaimer in note 1 to the Form 4. Page 7 of 11 JOINT FILER INFORMATION ----------------------- Name: MP Emerging Markets Country Fund ---- Address: 10 Eastcheap ------- London EC3M ILX, England Designated Filer: City of London Investment Group PLC ---------------- Issuer and Ticker Symbol: The India Growth Fund, Inc. ("IGF") -------------- Statement for Month/Year: July 2002* ----------- Signature: MP Emerging Markets Country Fund --------- By: City of London Investment Management Company Limited Its: Investment Advisor By: /s/ Douglas F. Allison -------------------------------------- Name: Douglas F. Allison, Finance Director * See disclaimer in note 1 to the Form 4. Page 8 of 11 JOINT FILER INFORMATION ----------------------- Name: GFM (Institutional) Emerging Markets Country Fund ---- Address: 20 Queen Street ------- West Suite 3206 Toronto, Ontario, MSH 3R3, Canada Designated Filer: City of London Investment Group PLC ---------------- Issuer and Ticker Symbol: The India Growth Fund, Inc. ("IGF") -------------- Statement for Month/Year: July 2002* ----------- Signature: GFM (Institutional) Emerging Markets Country Fund --------- By: City of London Investment Management Company Limited Its: Investment Advisor By: /s/ Douglas F. Allison -------------------------------------- Name: Douglas F. Allison, Finance Director * See disclaimer in note 1 to the Form 4. Page 9 of 11 JOINT FILER INFORMATION ----------------------- Name: Tradex Global Equity Fund ---- Address: Clarica Centre ------- 50 O'Connor Street, Suite 1120 Ottawa, Ontario K1P 6L2, Canada Designated Filer: City of London Investment Group PLC ---------------- Issuer and Ticker Symbol: The India Growth Fund, Inc. ("IGF") ------------- Statement for Month/Year: July 2002* ----------- Signature: Tradex Global Equity Fund --------- By: City of London Investment Management Company Limited Its: Investment Advisor By: /s/ Douglas F. Allison -------------------------------------- Name: Douglas F. Allison, Finance Director * See disclaimer in note 1 to the Form 4. Page 10 of 11 JOINT FILER INFORMATION ----------------------- Name: Global Optimization Fondo de Inversion Internacional ---- Address: 510 Thornall Street, Suite 220 ------- Edison, NJ 08837 United States Designated Filer: City of London Investment Group PLC ---------------- Issuer and Ticker Symbol: The India Growth Fund, Inc. ("IGF") -------------- Statement for Month/Year: July 2002* ----------- Signature: Global Optimization Fondo de Inversion Internacional --------- By: City of London Quantitative Management Limited Its: Investment Advisor By: /s/ Douglas F. Allison -------------------------------------- Name: Douglas F. Allison, Finance Director * See disclaimer in note 1 to the Form 4. Page 11 of 11

INDIA GROWTH FUND INC 4