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Key Economic Data 
 
  2003 2002 2001 Ranking(2003)
GDP
Millions of US $ 598,966 515,000  481,400 12
         
GNI per capita
 US $ 530 480 470 160
Ranking is given out of 208 nations - (data from the World Bank)

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Update No: 081 - (31/10/10)

President Obama’s Forthcoming Visit
Obama is scheduled to make an official visit to India in the first week of November. There is speculation about whether Obama’s visit will mark substantial progress to the India-US relationship when compared to his predecessor George Bush’s visit. Even though Obama is unlikely to embark on a deal as large as the nuclear deal signed in 2005, there will be agreements on security and economic cooperation, a commitment to fighting terrorism and perhaps an arms sale as part of an ongoing defense relationship. Interestingly, leaders of both countries will have to address the state of affairs within Pakistan and its uncertain future.

The ongoing revelations of David Headley on the ISI's role in Mumbai 26/11, the internal instability, the growing power of the military, the inability to thwart militancy underscores how dangerous Pakistan is today. As part of the visit, Obama will arrive in Mumbai where he is likely to deliver a tribute statement at the Taj Hotel in Mumbai in remembrance of their terror victims. He will also attend the US-India Business Council summit, and meet with several entrepreneurs. As part of his Delhi trip, he will meet with Prime Minister Manmohan Singh, visit the Humayun’s Tomb and Rajghat and address a joint session of Parliament.

India’s Free Trade Agreements with East Asian Nations
India, this week, signed a comprehensive economic cooperation agreement with Japan and announced the successful conclusion of a similar agreement with Malaysia. India will be seeking similar Comprehensive Economic Cooperation Agreement (CECAs) - free trade agreements covering not only goods, but also services and investment, with the other two Southeast Asian countries, official sources said today. Moreover, India's relations with South East Asian nations are expected to witness growth, as both sides get ready to unveil a five-year Plan of Action at the India-ASEAN Summit which begins in Hanoi. Prime Minister Singh will attend the East Asia Summit where the US and Russia are expected to be included as members of the 16-nation grouping. The India-ASEAN and East Asia Summits will discuss a wide range of issues concerning the region and beyond, including security, energy, trade and connectivity. The ASEAN-India Trade in Goods (TIG) Agreement was signed in Bangkok on 13th August 2009 after six years of negotiations, and came into force on January 1st this year. Viewed as the world's largest Free Trade Agreement, with a market of 1.8 billion people and a combined GDP of USD 2.8 trillion, the ASEAN-India pact envisions tariff liberalization of over 90 percent of products traded between the two dynamic regions.

India-South Korea Nuclear Deal
India has finalized a civil nuclear agreement with South Korea. Indian National Security Advisor Shivshankar Menon made this announcement after a bilateral meeting between Prime Minister Manmohan Singh and South Korean President Lee Hyung-bak. The agreement now awaits signature. The agreement will add a further civil nuclear option for India's energy needs. Korea is a recent entry in the international nuclear power market. It recently won a large $ 20 billion contract to build a set of four reactors for the United Arab Emirates. Seoul has set a target of exporting 80 nuclear reactors by 2030. The standard Korean reactor, the APR-1000, is an improved version of the US-Japanese Westinghouse AP-1000. Because the latter still holds the license for the design, Koreans cannot sell these reactors without US permission. But Korea has a number of indigenous nuclear technologies in areas like fuel production and waste-handling, that would interest India. Korean officials say the text of the agreement is confidential until the agreement is signed. 
  

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