By John Ostapkovich

PHILADELPHIA (CBS) – India is a huge and largely untapped market for American firms, and a Center City law firm hosted a session yesterday on the ins and outs of investing there.

One of the speakers was Anand Mehta, of Mumbai-based Khaitan and Company, who says India, as a stable democracy with rule of law, is open for business.

“Unlike China, which is an export market, here’s a huge consumer market.  If the US corporations can penetrate, they can really rise.  Secondly, the returns are phenomenal. You could expect about 12 – 18 percent in some industries.”

Valerie Demont, a partner in corporate law at host Pepper Hamilton, says take a breath.

“Temper their expectations.  India is a long-term proposition, that you will do very well in Indian if you come in with your eyes wide open and temper your business model and build it for long-term prospects.”

Mehta says producing in India for India beats bringing goods in from elsewhere.