Prepared and filed by St Ives Financial

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number      811-08266                   
 
The India Fund, Inc.
(Exact name of registrant as specified in charter)
 
345 Park Avenue
New York, NY 10154
(Address of principal executive offices) (Zip code)
 
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, NY 10017
(Name and address of agent for service)

Registrant's telephone number, including area code:212-583-5344

Date of fiscal year end: December 31

Date of reporting period: March 31, 2006

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.
The Schedule(s) of Investments is attached herewith.

THE INDIA FUND, INC.

March 31, 2006 (Unaudited)

S chedule of Investments

INDIA (100% of holdings)                    
                           
NUMBER
OF SHARES		    
SECURITY		     PERCENT OF
HOLDINGS 		   
COST		    
VALUE		  
COMMON STOCKS (99.81% of holdings)                    
      Apparel Manufacturers     0.35 %            
482,300     Crew B.O.S. Products, Ltd.         $ 1,867,626   $ 1,959,936  
153,606     Gokaldas Exports, Ltd.           1,954,516     2,704,865  
               
 
 
                  3,822,142     4,664,801  
               
 
 
      Automobiles & Ancilliaries     0.19 %            
377,264     ANG Exports, Ltd.+           1,613,019     2,587,896  
               
 
 
                  1,613,019     2,587,896  
               
 
 
      Cement     0.58 %            
389,098     Associated Cement Cos., Ltd.           4,072,298     6,828,533  
258,500     India Cements, Ltd.+           523,295     956,795  
               
 
 
                  4,595,593     7,785,328  
               
 
 
      Computer Hardware     0.63 %            
788,627     HCL Infosystems, Ltd.           3,220,263     3,238,388  
1,010,150     NIIT Technologies, Ltd.           3,277,414     5,214,518  
               
 
 
                  6,497,677     8,452,906  
               
 
 
      Computer Services     0.22 %            
505,307     Allsec Technologies, Ltd.+           2,619,751     2,948,616  
               
 
 
                  2,619,751     2,948,616  
               
 
 
      Computer Software & Programming     13.14 %            
859,360     Geodesic Information Systems, Ltd.           417,002     4,266,429  
204,950     I-Flex Solutions, Ltd.           2,975,461     6,079,287  
1,560,458     Infosys Technologies, Ltd.           37,847,253     104,375,434  
347,964     KPIT Cummins Infosystems, Ltd.           1,298,558     3,059,179  
557,700     Patni Computer Systems, Ltd.           4,692,875     5,732,803  
1,925,596     Satyam Computer Services, Ltd.           20,767,802     36,692,833  
1,180,000     Wipro, Ltd.           6,379,552     14,789,386  
               
 
 
                  74,378,503     174,995,351  
               
 
 
      Computer Training     0.57 %            
966,171     SSI, Ltd.+           2,099,351     3,388,157  
1,300,000     SSI, Ltd.+           3,067,169     4,220,150  
               
 
 
                  5,166,520     7,608,307  
               
 
 
      Construction/Building Materials     2.47 %            
4,580,040     Hindustan Construction Co.           3,999,665     17,794,995  
2,189,180     IVRCL Infrastructures and Projects, Ltd.           4,740,071     13,643,997  
400,000     Prajay Engineers Syndicate           1,205,145     1,450,017  
               
 
 
                  9,944,881     32,889,009  
               
 
 
      Consumer Non-Durables     7.85 %            
7,413,930     Hindustan Lever, Ltd.           29,487,066     45,300,418  

1

The India Fund, Inc.

March 31, 2006 (Unaudited)

S chedule of Investments

                           
NUMBER
OF SHARES		    
SECURITY		     PERCENT OF
HOLDINGS 		   
COST		    
VALUE		  
COMMON STOCKS (continued)                    
      Consumer Non-Durables (continued)                    
13,538,195     ITC, Ltd.         $ 26,020,179   $ 59,222,958  
               
 
 
                  55,507,245     104,523,376  
               
 
 
      Diagnostic Equipment     0.42 %            
310,880     Vimta Labs, Ltd.           1,145,738     1,249,310  
1,165,395     Vimta Labs, Ltd.           4,983,683     4,354,574  
               
 
 
                  6,129,421     5,603,884  
               
 
 
      Diversified Financial Services     0.50 %            
758,200     Indiabulls Financial Service, Ltd.           2,883,042     4,350,314  
4,159,443     Reliance Capital Ventures, Ltd.+           567,756     2,319,357  
               
 
 
                  3,450,798     6,669,671  
               
 
 
      Diversified Industries     6.82 %            
203,232     Grasim Industries, Ltd.           3,206,548     9,384,972  
472,500     Lakshmi Overseas Industries, Ltd.           2,456,551     8,747,055  
3,991,393     Reliance Industries, Ltd.           25,403,333     71,314,859  
351,897     Zen Technologies, Ltd.           1,368,719     1,342,365  
               
 
 
                  32,435,151     90,789,251  
               
 
 
      Electronics & Electrical Equipment     10.41 %            
1,586,512     Bharat Heavy Electricals, Ltd.           15,009,309     79,991,319  
600,000     HBL Nife Power Systems, Ltd.           3,412,893     3,351,195  
720,300     Jaiprakash Hydro Power, Ltd.           503,096     475,998  
543,104     Jyoti Structures, Ltd.           1,213,813     6,647,281  
734,159     Mather & Platt Pumps, Ltd.+           3,629,938     3,146,513  
196,552     Siemens India, Ltd.           5,991,296     25,063,302  
508,153     Sterlite Industries (India), Ltd.           9,640,767     19,948,127  
               
 
 
                  39,401,112     138,623,735  
               
 
 
      Energy     0.62 %            
281,100     Suzlon Energy, Ltd.           3,260,798     8,217,594  
               
 
 
                  3,260,798     8,217,594  
               
 
 
      Engineering     6.96 %            
237,549     ABB, Ltd.           2,737,816     15,600,197  
987,160     Bharat Earth Movers, Ltd.           6,758,310     32,793,471  
496,795     Gammon India, Ltd.           2,454,731     6,036,452  
2,290,631     Jaiprakash Associates, Ltd.           8,883,694     24,191,304  
2,010,790     Thermax, Ltd.           1,481,800     14,050,488  
               
 
 
                  22,316,351     92,671,912  
               
 
 
      Extractive Industries     5.92 %            
2,516,741     Oil and Natural Gas Corp., Ltd.           46,186,685     73,952,033  
167,650     Sesa Goa, Ltd.           2,821,446     4,833,316  
               
 
 
                  49,008,131     78,785,349  
               
 
 
      Finance     13.44 %            
706,200     Bank of Baroda           4,147,957     3,649,453  
706,000     Canara Bank, Ltd.           4,515,631     4,228,237  

2

The India Fund, Inc.

March 31, 2006 (Unaudited)

S chedule of Investments

                           
NUMBER
OF SHARES		    
SECURITY		     PERCENT OF
HOLDINGS 		   
COST		    
VALUE		  
COMMON STOCKS (continued)                    
      Finance (continued)                    
1,249,508     HDFC Bank, Ltd.         $ 13,891,644   $ 21,687,298  
1,638,140     Housing Development Finance Corp., Ltd.           16,573,526     49,111,117  
2,362,091     ICICI Bank, Ltd.           11,301,341     31,232,181  
42,500     ICICI Bank, Ltd. Sponsored ADR           1,172,738     1,176,400  
3,877,279     Infrastructure Development Finance Co., Ltd.+           4,430,460     5,785,685  
374,076     Jammu and Kashmir Bank, Ltd.           2,943,631     3,789,025  
926,731     Punjab National Bank, Ltd.           9,684,875     9,798,623  
1,263,240     South Indian Bank, Ltd.+           2,043,919     1,747,532  
1,100,283     State Bank of India           4,828,675     23,900,571  
45,550     State Bank of India GDR           525,435     2,425,538  
2,817,100     Syndicate Bank           6,220,062     5,648,107  
1,353,250     UTI Bank, Ltd.           7,344,680     10,820,838  
500,000     UTI Bank, Ltd. 144A GDR           2,955,000     4,000,000  
               
 
 
                  92,579,574     179,000,605  
               
 
 
      Food     0.50 %            
1,159,871     Dhampur Sugar Mills, Ltd.           3,887,090     6,708,331  
               
 
 
                  3,887,090     6,708,331  
               
 
 
      Hotels & Leisure     0.64 %            
797,157     Hotel Leelaventure, Ltd.           755,185     6,224,854  
73,823     Indian Hotels Co., Ltd.           1,029,826     2,247,738  
               
 
 
                  1,785,011     8,472,592  
               
 
 
      Household Appliances     1.01 %            
594,360     Voltas, Ltd.           3,421,932     13,400,274  
               
 
 
                  3,421,932     13,400,274  
               
 
 
      Media     0.09 %            
279,200     Balaji Telefilms, Ltd.+           601,721     1,157,460  
               
 
 
                  601,721     1,157,460  
               
 
 
      Metal – Aluminum     0.88 %            
2,868,458     Hindalco Industries, Ltd.           8,209,360     11,743,524  
               
 
 
                  8,209,360     11,743,524  
               
 
 
      Metal – Diversified     0.91 %            
217,555     Ahmednagar Forgings, Ltd.+           988,763     1,011,498  
1,600,000     Ahmednagar Forgings, Ltd.+           5,796,579     6,933,872  
350,400     Hindustan Zinc, Ltd.           2,213,371     4,113,750  
               
 
 
                  8,998,713     12,059,120  
               
 
 
      Petroleum Related     1.26 %            
735,554     Gail India, Ltd.           4,581,027     5,252,778  
785,489     Indian Oil Corp., Ltd.           4,751,576     10,296,049  
272,362     Shiv-Vani Oil & Gas Exploration+           1,363,490     1,184,727  
               
 
 
                  10,696,093     16,733,554  
               
 
 
      Pharmaceuticals     3.02 %            
119,100     Aurobindo Pharma, Ltd.           1,692,670     1,824,650  

3

The India Fund, Inc.

March 31, 2006 (Unaudited)

S chedule of Investments

                           
NUMBER
OF SHARES		    
SECURITY		     PERCENT OF
HOLDINGS 		   
COST		    
VALUE		  
COMMON STOCKS (continued)                     
      Pharmaceuticals (continued)                    
1,180,745     Dishman Pharmaceuticals, Ltd.         $ 3,674,993   $ 5,140,010  
507,100     Dr. Reddy's Laboratories, Ltd.           13,890,928     16,161,430  
105,350     Lupin, Ltd.           2,288,993     2,407,932  
1,072,700     Orchid Chemicals & Pharmaceuticals, Ltd.           6,777,010     8,955,414  
292,712     Sun Pharmaceutical Industries, Ltd.           3,158,389     5,690,692  
               
 
 
                  31,482,983     40,180,128  
               
 
 
      Retail Stores     0.09 %            
929,400     SB&T International, Ltd.           1,851,444     1,179,346  
               
 
 
                  1,851,444     1,179,346  
               
 
 
      Shipping     0.83 %            
1,105,400     Bharati Shipyard, Ltd.           4,040,059     9,524,820  
151,577     CCL Products India, Ltd.           933,251     1,503,355  
               
 
 
                  4,973,310     11,028,175  
               
 
 
      Steel     3.51 %            
301,947     Jindal Saw, Ltd.           2,593,375     2,939,520  
619,195     Jindal Steel & Power, Ltd.           15,426,185     26,359,381  
496,310     JSW Steel, Ltd.           2,980,356     3,371,099  
428,700     Shree Precoated Steels, Ltd.+           2,092,607     2,535,741  
2,100,000     Sujana Metals Products, Ltd.+           2,969,552     3,726,422  
653,791     Tata Iron and Steel Co., Ltd.           5,844,338     7,869,258  
               
 
 
                  31,906,413     46,801,421  
               
 
 
      Telecommunications     5.90 %            
4,660,460     Bharti Tele-Ventures, Ltd.+           19,304,072     43,174,485  
4,437,821     Reliance Communication Venture+           20,313,539     30,760,528  
443,800     Videsh Sanchar Nigam, Ltd.           3,618,954     4,698,912  
               
 
 
                  43,236,565     78,633,925  
               
 
 
      Telecommunications Equipment     0.05 %            
195,803     GTL, Ltd.           626,805     642,571  
1     Shyam Telecom, Ltd.+           14     2  
               
 
 
                  626,819     642,573  
               
 
 
      Televisions     0.38 %            
348,022     Television Eighteen India, Ltd.           3,430,280     5,066,291  
               
 
 
                  3,430,280     5,066,291  
                 
 
      Textiles-Cotton     0.40 %            
673,950     Mahavir Spinning Mills, Ltd.           2,119,975     5,293,755  
               
 
 
                  2,119,975     5,293,755  
               
 
 
      Vehicle Components     1.46 %            
2,748,000     Amtek Auto, Ltd.           8,349,625     19,470,010  
               
 
 
                  8,349,625     19,470,010  
               
 
 

4

The India Fund, Inc.

March 31, 2006 (Unaudited)

S chedule of Investments

                           
NUMBER
OF SHARES		    
SECURITY		     PERCENT OF
HOLDINGS 		   
COST		    
VALUE		  
 
COMMON STOCKS (continued)                    
      Vehicles     7.79 %            
207,850     Bajaj Auto, Ltd.         $ 6,825,881   $ 12,811,237  
941,938     Hero Honda Motors, Ltd.           12,338,368     18,775,351  
1,432,570     Mahindra & Mahindra, Ltd.           8,115,654     20,158,525  
2,483,897     Tata Motors, Ltd.           27,696,207     51,979,857  
               
 
 
                  54,976,110     103,724,970  
               
 
 
      TOTAL COMMON STOCKS           633,280,111     1,329,113,040  
               
 
 
RIGHTS (0.19% of holdings)                    
      Metal – Aluminum     0.19 %            
1,165,239     Hindalco Industries Rights           635,296     2,562,401  
               
 
 
                  635,296     2,562,401  
               
 
 
      TOTAL RIGHTS           635,296     2,562,401  
               
 
 
      TOTAL INDIA           633,915,407     1,331,675,441  
               
 
 
      TOTAL INVESTMENTS*     100.00 % $ 633,915,407   $ 1,331,675,441  
             
 
 
  Footnotes and Abbreviations
  ADR – American Depository Receipt      
  GDR – Global Depository Receipts      
+   Non income producing.      
*   As of December 31, 2005, the aggregate cost for federal income tax purposes was $583,800,755.The aggregate gross unrealized appreciation (depreciation) for all securities was as follows:      
  Excess of value over tax cost $ 517,527,648  
  Excess of tax cost over value $ (3,869,399 )
   
 
    $ 513,658,249  
   
 

5

Item 2. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
     
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) The India Fund, Inc.
 
By (Signature and Title)* /s/ Prakash A. Melwani
 
  Prakash A. Melwani, President
(principal executive officer)
   
Date May 17, 2006  
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
   
By (Signature and Title)*

/s/ Prakash A. Melwani
 
  Prakash A. Melwani, President
(principal executive officer)
   
Date May 17, 2006  
   
By (Signature and Title)*

/s/ Brian S. Chase
 
  Brian S. Chase, Treasurer
(principal financial officer)
   
Date May 17, 2006  

* Print the name and title of each signing officer under his or her signature.