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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: 083 - (24/12/10)

India’s Recognition Grows Globally
Russian President Dmitry Medvedev is engaging India in what is being hailed as the opening of a remarkable chapter in Indian diplomacy. And in addition to Russia, the leaders of Britain, US, France, and China all planned trips to India this year in search of greater business partnerships and political alignments. Leaders of all these countries are acknowledging India's growing global stature and flourishing economy. Accompanied by large business delegations, they are signing deals to equip India with energy and military supplies. For example, President Obama left India with more than $10 billion worth of deals to help create jobs back in the United States; Wen Jiabao, the Chinese premier, claimed $16 billion worth of new business during a three-day visit to New Delhi. In return for such deals, the leaders of the five permanent members of the U.N. Security Council have offered recognition of India's standing as the world's largest democracy and pledged their support for a greater role for New Delhi in multilateral institutions - in particular, a future seat on the Security Council. Russia by itself is keen to be a "major energy power," and consequently Medvedev has stressed his country's role as a key energy supplier. He and Indian Prime Minister Manmohan Singh have signed 15 agreements which include a pact to align India's oil and gas companies with powerful Russian state-owned energy companies such as Gazprom and an agreement to cooperate in developing two nuclear reactors. He and Singh have also agreed on doubling bilateral trade to $20 billion within five years. In addition, leaders of both countries have pledged to jointly develop a fifth-generation fighter aircraft in a deal estimated at about $35 billion (€26.7 billion). The military and nuclear pacts will bring the allies closer. The former Soviet Union and now Russia has always been a principal material supplier for India since the mid-1960s, providing it with military goods worth nearly $40 billion.

India’s Look East Policy
India is now looking towards establishing and enhancing its economic ties with Singapore as part of a 'Look East policy.' Bilateral trade is expected to reach 30 billion Singaporean dollars (SGD) this year. According to Indian High Commissioner to Singapore, Dr. Raghavan, bilateral trade between the two countries fell last year to SGD 22 billion due to the global recession but climbed up to SGD 28 billion in 2008, having surged from SGD 12 billion in 2005 following the implementation of the Comprehensive Economic Cooperation Agreement. As the investment climate remains beneficial to this relationship, India's Commerce and Industry Minister Anand Sharma will lead a high level ministerial and CEOs delegation to Singapore for "The India Show". Some 80 Indian corporations will be displaying various exhibits at the show. The show is part of the Indian government's 'Look East Policy,' and is intended to familiarize business visitors with the latest Indian products and technology and offer them opportunities to invest in various sectors of the Indian economy. The 'India Symposium’ scheduled for January 14, is themed 'Indovations: Ideas for the World' and the program will highlight the innovation in the Indian manufacturing, services and infrastructure sectors. The Indian businesses participating in the show will work towards establishing a joint partnership with Singapore's small and medium enterprises and major corporations especially in sectors like water-technology and urban development expertise. ANTRIX, the Indian space research organization, will also be participating in the show to forge ties with scientists in Singapore.

India-South Africa
In a separate business venture with a different part of the world, Indian state-run companies are finding ways to buy coal mines in South Africa, Botswana and Mozambique to address the shortfall in domestic supply. These conclusions were made by Coal Minister Sriprakash Jaiswal said in a recent interview. India has two mines in Mozambique. Companies such as Coal India Ltd., the world’s biggest producer of the fuel, and Neyveli Lignite Corp., a miner and generator, are seeking deposits overseas to meet demand from power stations and steel mills. A major company like Coal India is also studying potential acquisitions in the U.S., Australia and Indonesia, and has set aside $1.3 billion for purchases this year. Coal India, in which the government sold 10 percent stake in October to raise 152 billion rupees ($3.4 billion), may miss its target to produce 461 million tons of the fuel this fiscal year. The Indian government is under pressure to provide electricity nationwide by 2012 and needs to increase installed generation capacity to 200,000 megawatts to sustain economic growth. And since more than half of the country’s current capacity of 167,278 megawatts is dependent on coal, it is critical to maintain high reserves of coal. According to various estimates, the country’s power plants may import 60 million tons of coal next financial year. And for all such purposes, Africa has turned out to be the ideal reserve to tap into.

India Expands Road and Rail Links with Bangladesh
India is now trying to expand its road and rail links between remote north-east regions and part of Bangladesh. According to officials, both from Dhaka and Tripura, Delhi plans to construct a bridge over the Feni river in southern Tripura to connect the Chittagong port for carrying goods and heavy machines to much of India’s northeastern region. Bangladesh's Chittagong Port is about 75 kilometers away from Sabroom, a southern border town of the Indian state Tripura. The two countries had agreed earlier during 2010 that Bangladesh will allow use of Mongla and Chittagong sea ports for movement of goods to and from India via road and rail. Moreover, Dhaka and New Delhi already signed a deal on November 30 to enable the transportation of heavy Indian equipment, including turbines for a power plant being set up by the Oil and Natural Gas Corporation in south Tripura's Palatana. The deal will help Indian cargoes to be transported from West Bengal to Ashugang in Bangladesh's Brahmanbaria district through river way and then Ashuganj to Akhaura by road. The proposed bridge over Feni river will cost approximately Rs 13 crore but will connect Sabroom with Bangladesh's Ramgarh. The rail-link expansion work is planned to be completed by 2014.
  

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