• Forex Reserves up $1.9 b
• India Eyes $1 bn FDI in Telecom
• Retail Boom in Small Cities, Rs 2,500 cr Investment Seen
• The Great Indian Debate
• India Exports 875 mw Wind Energy
• India Inc Positive on Growth
• Forex Reserves Swell by $2.7 b
• Infosys in Expansion Mode
• ONGC Bags 600-Million Barrel Oilfield in Egypt

• Reliance Bags Exploration Rights in Oman
• India gets Plum Role in Global Generics Script
• LSE Invites Indian Firms to Raise Capital
• India Climbs Up Networking Ladder
• India's Now a Backpackers' Paradise
• Tagore's Paintings, Sculptures to be Available Online
• Education Outsouring Wave set to Hit India
• Japan wants More of India
• Tata Sees Pakistan As Investment Destination

The country's foreign exchange reserves continued to surge ahead and for the third week in a row crossed the $1.5 billion mark. The forex reserves for the week ending March 4 rose by $1.9 billion to touch the $137.55 billion mark. These reserves stood at $137.559 billion, a rise of $1.901 billion over last week, according to the Reserve Bank of India's weekly statistical supplement. The inflows are mainly due to increased inflows from foreign institutional investors, intervention by the central bank in the forex market and revaluation of foreign currencies. Foreign currency assets also grew by $1.917 billion to touch the $131.761 billion mark. Gold reserves were pegged at $4.376 billion a fall of $14 million over last week due to revaluation, while Special Drawing Rights remained static at $5 million, it added. The country's reserve tranche position with the International Monetary Fund fell by $2 million to $1.417 billion. Loans and advances to the State governments declined by Rs. 1,564 crores to Rs. 648 crores while that to the Centre showed a nil balance. During the fortnight ending February 25, aggregate deposits went up by Rs. 23,586 crores to Rs. 16,93,862 crores. Demand deposits rose by Rs. 9,341 crores to Rs. 2,48,243 crores while time deposits were up Rs. 14,245 crores at Rs. 14,45,619 crores. Bank credit increased by Rs. 16,818 crores to Rs. 10,63,599 crores while food credit fell by Rs. 804 crores to Rs. 41,135 crores. Non-food credit rose by Rs. 17,621 crores to Rs. 10,22,464 crores, it added.

Courtesy: The Hindu, March 13, 2005

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Reliance Industries today acquired exploration rights to one of the largest deep-water blocks in the Sultanate of Oman. The exploration and production sharing agreement for block-18 was signed in Muscat on Saturday by Oman Minister of Oil and Gas, Mohammed Al Rumhy, and RIL President and CEO of Petroleum business, P. M. S. Prasad, the company said in a release. Block-18 is off the Batinah coast in the Gulf of Oman and is spread over 18,000 sq km. RIL would be the operator of the block with 100 per cent of working interest.

Courtesy: The Hindu, March 13, 2005

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India's telecom sector may attract about a billion dollars of foreign direct investment in the year ending March 2007 as global majors boost operations, Communications Minister Dayanidhi Maran said on Friday. Maran -- who met top officials of global telecom gear makers such as Nokia, Motorola and Alcatel at a recent 3GSM conference at Cannes -- said many global firms were positive about starting manufacturing in India. "You have Nokia and Elcoteq planning to set up units in India. So if all (these) investments fructify then the foreign investment should be around $1 billion in 2006/07," the 38-year-old economics graduate told Reuters in an interview. "India has a lot of growth potential and we need low cost manufacturing." India, Asia's fourth largest economy, has set a target of attracting $800 million in foreign investment in the year to March 2006. A combination of low wireless penetration of just 5 users in 100 people and rockbottom call rates of about 2 to 3 U.S. cents a minute have made India the fastest growing major mobile market in the world. There are about 52 million wireless customers in India and the number is widely expected to cross 80 million by December 2005. About 2 million new mobile customers are entering the galloping sector each month.

Courtesy: www.financialexpress.com, March 12, 2005

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The global generics story has been rewritten and India has now got a prime role in it. Top officials of generic majors such as Teva, Watson, Ivax and Pliva were in the country to test the waters, forge new alliances and look for investment opportunities. "We believe that if we've got to move the company forward, we have to be present in India," Robert Wessman, CEO of Actavis, a pharmaceutical company based in Iceland, said. Actavis established its Indian operations - Actavis Pharma, in '04. The company, with a turnover of over $590m, plans to look at opportunities in sourcing active pharmaceutical ingredients (API's), finished dosage forms, formulation development, contract research, clinical trials & contract manufacturing. It is also exploring new investment opportunities in India. Actavis recently acquired an Indian clinical research organisation, Lotus Pharma, for e20m. The generics company also has an agreement with Pune-based Emcure, under which the latter will carry out contract manufacturing for Actavis. The drugs made at the Pune plant will be exported to the US, Mr Wessman said. With nearly $45bn of drugs expected to go off patent over the next four years, Indian generic drug manufacturers are expected to gain in a big way. "With their tremendous chemistry skills, low costs and a seemingly uncanny ability to manufacture top-end formulations, Indian generics could well be the next big thing in the west where the generic market is growing in a big way," Ton Gardeniers, managing director & global head of healthcare and chemicals, ABN AMRO Bank said.

Courtesy: The Economic Times, March 12, 2005

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Making a strong pitch, the London Stock Exchange (LSE) has invited Indian companies to raise capital from the premier stock exchange. Martin Graham, director of Market Services at LSE, said western investors are keen to invest in shares of growing Indian companies. "Western investors are demanding more exposure to Asia's economic powerhouses and impressive businesses that are springing up here and elsewhere. It's no surprise that western investors want access to your companies," said Graham at the India Trade Investment Forum organised by Commonwealth Business Council and CII. Graham said India's economy grew by 6.9 per cent in 2004 in contrast to Europe's 1.8 per cent . "India is growing fast and everyone seems to want a piece of the action." LSE on Thursday appointed Hugh Sandeman as the head of business development for India. Industry leaders said this emphasises India's rise in the global space. There are currently 18 Indian companies, with a combined market capitalisation of $2.94 billion, listed on the LSE. "We believe there is an abundance of successful companies in India, with strong potential for listing on an international exchange. And this could give vital access to deeper pools of capital for expansion," said Graham. Graham said international listing helps firms funding expansion in their existing or new markets and raising capital for R&D to fuel future growth. Overseas listing also provides capital to fund cash-based merger & acquisition, with the ability to use shares as acquisition currency, he added. Meanwhile, Think London, a partner of the British Government organisation UK Trade & Investment released a report "Indian Communities in London" , which said Indian-owned businesses represent 5 per cent of London's economy. The report said India is the second largest investor in the UK from Asia and London attracts half of all Indian investments into Europe.

Courtesy: The Times of India, March 11, 2005

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India has moved up six notches to the 39th position in the Networked Readiness Index (NRI) according to the World Economic Forum's Global Information Technology Report, 2004-05. The report, released today, saw Singapore emerge as the global leader in the NRI rankings, with the US slipping to the fifth position, against the top slot that it held last year. Hong Kong and Japan moved into the top 10. China moved up 10 places to the 41st spot, while Brazil and Mexico dropped down the rankings. While Singapore led with a score of 1.73, followed by Iceland (1.66) and Finland (1.62), India posted a score of 0.23. While the NRI is an indicator of overall competitiveness in information and communication technology (ICT), the component indices consist of a list of variables. The environment component index takes into account the market, the political scenario and infrastructure. The indices of readiness and usage components are weighted against the individual, business and government. Factors that weighed in India's favour included the availability of scientists and engineers, where it topped the list of 104 countries. Similarly, it was ranked 11 for the quality of its maths and science education and six in terms of the quality of its business schools.

Courtesy: www.business-standard.com, March 10, 2005

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If India is shining it is surely in the tourism sector. A highly successful Incredible India campaign together with steps taken by the government have pushed India to the top of the heap. According to World Travel and Tourism Council (WTTC), tourism demand in India is growing at 8.8% a year, second to Montenegro, which is growing at 10.3%. Incidentally, China is the third fastest with 8.7% growth. "India as a destination has caught on in foreign tourists' imagination. And this is largely due to the Incredible India campaign that was launched by the tourism ministry in 2002. The campaign has been successful in branding India as a tourist destination," says an official from the ministry of tourism. The figures prove the success of "brand" India. Last year over 3 million foreign travellers visited India, a record high. That the world is taking note of India's tourism prowess is underlined by the fact that next month New Delhi will host the WTTC-promoted 5th Global Travel and Tourism Summit. WTTC represents over 100 of the world's most powerful private tourism companies. "Tourism should no longer be viewed as a luxury activity," says Subhash Goyal, president, Indian Association of Tour Operators, pointing out to the amount it earned since 1991. In 2004, the sector collected Rs 5,419.14 crore, a 12.1% increase over the previous year. "With proper implementation of the open sky policy, the figures are expected to go up even higher this year," says Goyal, who is also the chairman of Stic Travel Group.

Courtesy: The Economic Times, March 09, 2005

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The domestic retail industry is expected to attract about Rs 2,500 crore investments in the next two-three years and the retail boom will percolate to smaller cities with population less than 10 lakh, according to a new study by consulting firm KSA Technopak. The country is currently in a development phase marked by rapid pace of creation of retail infrastructure. Investments into the Indian retail sector are estimated at Rs 2,000-2,500 crore in the next two-three years and Rs 20,000 crore by 2010, as per the study by KSA Technopak and ICICI Property Services. The retail industry is currently at Rs 9,30,000 crore and estimated to grow at 5 % per year. Organised retail, which contributes only 3% at present, will grow by 25-30% annually from Rs 28,000 crore to Rs 35,000 crore by 2005 and Rs 1,00,000 crore by 2010, KSA Technopak said. The retail boom, 85% of which has so far been concentrated in the metros, would also percolate to tier-II cities with population of 5-10 lakh. These cities would see major retail format development of less than 100,000 square feet by 2006, it said, adding the contribution of these cities to organised retailing sales would grow to 20-25 per cent. Prominent tier-II cities which are likely to witness a pick-up in retail activity include Surat, Lucknow, Dehradun, Bhopal, Indore, Baroda, Nasik, Bhubaneshwar and Ludhiana. Availability of cheaper real estate options and brand acceptance among consumers in these cities is leading retailer and property developers to achieve break-even much faster as compared to larger cities, the study said. The study also forecast that over 90 shopping malls are expected to come up by 2006 across the top 14 cities that include National Capital Region, Mumbai, Bangalore, Hyderabad, and Pune among others. Of these, 30 malls would be launched in 2005 and the remaining in 2006, it said, adding over 300 malls would be operational by 2010. During 2005, almost 10 million square feet of mall space is expeced to come up across 11 cities, largely in northern region. In 2006, over 18 million square feet of mall space is likely to be set up across 12 cities.

Courtesy: www.financialexpress.com, March 09, 2005

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Services sector, barring labour, which recorded 174% growth in the first half of this fiscal will act as "engine of economic growth" in the coming years, a top finance ministry official said on Tuesday. "What is more significant is the GDP growth, which was pushed by dominant services sector in recent years, is now being supported by industrial sector and this balanced growth in these two sectors is a good sign for the economy," senior economic advisor HAC Prasad told PTI. In the first half of 2004-05, net non-factor services, barring labour services, registered a robust growth of 174% as against 81% in whole of 2003-04. Services sector has been showing a very high growth rate in the last decade with its share in GDP increasing from 45.8% in 197-98 to 52.4% lately. Industry has maintained a share of around 27% in the last two decade, where as agriculture share has fallen. "As long as agriculture which depend on erratic monsoon maintains at least moderate growth of say, 3 to 4%, the rising growth tempo is not likely to be disturbed," Mr Prasad said. Contrary to popular perception, share of non-IT sector including trade, hotels, transport and communication, in services has been on the rise, he said calling the category dynamic services. Miscellaneous services export was buoyant with a growth rate of 80%, of which software services exports registered a 28.7% growth, in the first half of 2004-05, he said. "This clearly indicates that it is other miscellaneous services reflecting the dynamic technical, professional and other business services as the main contributors to the high growth of services exports. This is also a reflection of their growing importance in the domestic sector as well," Mr Prasad said.

Courtesy: www.financialexpress.com, March 09, 2005

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The $600 billion Indian economy is set to make a huge splash on the international front. Set to expand at a phenomenal 6+ per cent in the near future (8.2 per cent in 2004) the unleashing of the Indian behemoth on an unsuspecting world has governments in the first world worried. Not that the USA is in for an overnight coup. Considering that the USA GDP is pegged at $11 trillion (2003) it will take India quite a while to overhaul the world leader. Having realised that their business interests are endangered, numerous agencies in Europe and USA have been commissioned to find out the nature of the threat as well as the deadline when India will start hitting them where it hurts. From the IMF to America's National Intelligence Council which represents a number of governmental spy agencies including the CIA, to the US Chambers of Commerce representing three million companies and even England's Chancellor of the Exchequer Gordon Brown have been forced to plead with their countries' businessmen to start preparing for the "growing strategic threat' to their markets. While India has already laid the basic foundation for its quantum economic leap, especially in the tech sector, the only thing that is acting as a weight is the fact that India does not have the money to pep up its infrastructure including electricity generation, railways, telecom and highways. In fact, India is set to drive its economic growth on the back of its technology. Also, India's very low R&D-spend is affecting its desire to spread its wings. The reason is not that the funds aren't there, the fact is that the money is being directed to unproductive sectors of the economy. To get its infrastructure up to par with Asian giants like China and perhaps Japan, India needs $150 billion till the year 2015. Not a huge amount by any standards but in an era of countervailing political pressure on the decision-makers for vote garnering and lining their pockets, getting that amount from the greedy hands of the assorted politico-bureaucrat nexus will be difficult. Anne Krueger, First Dy Managing Director at the International Monetary Fund has even gone to the extent of saying a double digit growth is possible provided Indian politicians can stop bickering and find the right mix of policies to attain that goal. All said and done, the question in the end is not whether India will rise, the query is actually when the sub-continental giant will reach its place in the Sun.

Courtesy: www.indianexpress.com, March 09, 2005

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India has emerged as one of the world's fastest growing wind energy producers during 2004 and is all set to replace Denmark to become the fourth largest player with total installed capacity of about 3,000 MW. The country added 875 MW generation capacity during 2004, posting a growth rate of 41.5 per cent. With a total installed capacity of 2,985 MW India will soon surpass Denmark, which added only 7 MW during 2004 and has a total capacity of 3,117 MW, to become the fourth largest globally, the World Wind Energy Association said in a release on Monday. India is also the leading country in Asia, accounting for more than half of the 4,726 MW total installed capacity in the continent. Japan with 896 MW and China with 764 MW are the other two leading producers of wind energy in Asia. Worldwide, 8,321 MW of generation capacity was added during the last year taking the total installed capacity to 47,616 MW. Germany is ranked at the top with an installed capacity of 16,628 MW followed by Spain at 8,263 MW and the USA at 6,740 MW. However, Spain grew faster during the year adding.

Courtesy: The Economic Times, March 08, 2005

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Skilled manpower in India is a major attraction for foreign entrepreneurs to set up operations here. Now, Indian entrepreneurs are latching on to the very people who give India its skilled manpower - namely, skilled teachers. Tuitions outsourcing is an opportunity that beckons India. Several countries are turning to providers who directly, or through their Indian arm, employ teachers for tutoring through the Internet. And it's not a small ripple. Analysts estimate the market for tutoring for competitive examinations in the US at $20 billion, while the education market itself is pegged at about $800 billion. "Various education processes are being outsourced within the US," said Mr Satya Narayanan R, Chairman of education service provider Career Launcher. These typically include curriculum design, academic pedagogy, content development and actual delivery. The US, which has always been at the forefront of innovation, is likely to be the biggest consumer of these services. "The US President, Mr George Bush's main plank has been the No-Child-Left-Behind plan. The goals for this set by the administration is directly linked to outsourcing of education services to private entities within the US. As they are hard pressed to generate resources to deliver on the promise, one may see a massive thrust on outsourcing outside the US, over the next 12-18 months," Mr Narayanan said. The billing rate for a US education service provider (ESP) is about $25 an hour, while in India it is $12. Considering that the cost to Indian service providers is only about $8-9 an hour, there is a whopping 22-25 per cent margin for the Indian players. For Career Launcher, the focus areas in the US are law school entrance examinations and the GRE. It also provides tutorial services in mathematics and science for students of grade 8 and 9. It has 10 tutors for the US market and plans to scale this to 20-25 by the year-end. The delivery model is user-friendly. Students are allotted windows that they log into at scheduled timings. Both the teacher and the student view the same screen and communicate with each other. A Chennai-based company, which did not wish to be named, said there were opportunities outside the US too. It sees business potential in coaching candidates appearing for IIT JEE. "Indian immigrants know the value of education at IIT and would like extra coaching for their children for IIT entrance exam," it said. The company has developed a module for its teachers to learn the nuances of English, while communicating with students overseas. "These modules can also be resold to students within India," it said. The chief of the company said the average age of its tutors is below 25. Its staff strength is around 150. West Asia, the US, the UK and countries to the east of India are all potential markets, she said.

Courtesy: The Hindu Business Line March 08, 2005

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India INC is positive on the prospect for growth of the GDP, despite of FRBM goals being put on hold for the time being, a CEO's snap poll conducted by Confederation of Indian Industries (CII) on its members revealed. CII said among the respondents polled, 87 per cent of the CEOs were optimistic that the economy would clock a growth of between 6-7 per cent in 2005-06, while 54 per cent of the respondents felt that in spite of putting the FRBM goals on a pause the fiscal targets would be met. On the issue of dividend distribution tax, a vast majority of 73 per cent of the CEOs felt the four-fold increase in surcharge on dividend distribution tax from 2.5 per cent to 10 per cent would not bring about any significant reduction in corporate tax, even though the corporate tax has been reduced to 30 per cent from 35 per cent. On the issue of the, by now controversial, fringe tax issue, the respondents were unanimous in saying that the tax fails to distinguish between routine business expenses and employee benefits. The respondents were evenly divided on the issue of reduction on depreciation allowance from 25 per cent to 15 per cent, and how it would impact the net outflow of taxes. When seen in the light of the drop in corporate tax rate, 52 per cent of the CEOs felt that there would be no additional outflow of tax. Cash withdrawal tax proved to be another commented subject as 90 per cent of the respondents felt that the proposed new tax would not be effective in keeping a check on the black economy. On the easing of the SLR and CRR norms, the CEOs were confident that this would not only boost investments but also would bring down interest rates of the loans in the priority sector.

Courtesy: The Pioneer, March 07, 2005

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Japan is preparing to pump in more investments in India and step up bilateral business co-operation, sending a clear message that it isn't going to lose out to South Korean and Chinese companies in India. Japan is also wooing Indian IT companies who are providing key support to Japanese manufacturing firms to become even more competitive. Japanese ambassador to India Yasukuni Enoki said his country's top businessmen are now seriously evaluating investment plans in India. "A second wave of Japanese investments in India is on. Within a couple of years, India will face its second boom phase of investment from Japanese firms," Enoki told The Times of India. Japanese firms operating in sectors like automobiles, pharmaceuticals, chemicals, construction and confectionery are firming up plans to increase investments in India. While the Japanese prime minister is likely to visit India in April, top Japanese business and political leaders will participate at a CII conference deliberating challenges and responsibilities for India and Japan as partners in the 21st century in Asia, on March 16. Industry leaders said Japan's investments in India are "too low" compared to Japan's FDI stock of $50 billion in South East Asia and $40 billion in China. Around 265 firms from Japan have invested in India, with total foreign direct investment of $2 billion. Enoki said better times are ahead. "India's investment environment is behind others, but we are supporting and appreciating that the general thrust is on the right track. India's economic structure is very much resilient against external shocks," said Enoki. Listing out new investments, ambassador Enoki said Suzuki has plans to set up a second factory for four-wheelers, diesel engines and two-wheelers. Daihatsu, a Toyoto company, will manufacture small cars in India as a contender to Suzuki. Mitsubishi Chemicals plans to double or treble its existing manufacturing capacity. Japanese confectionery manufacturer Lotte has decided to invest in Himachal Pradesh for manufacturing candies. Many construction companies are lining up to offer tenders for India's infrastructure projects. In pharmaceuticals, Japanese firm Eizai is already operating in Mumbai and other pharma firms are looking to strengthen their R&D facilities in India. Commenting on a key sector where Japanese firms have lost out to South Korean ones like LG and Samsung - consumer durables and appliances - Enoki said: "It depends on the business field. Each country has its advantages." Japanese firms in India, like Sony, Hitachi and Daikin, have significantly reduced manufacturing investments in India and prefer to import because of cheaper import duties. According to Enoki, disadvantages faced by Japanese firms in India include the slow pace of liberalisation, insufficient development of infrastructure, and labour laws. "While land prices and labour are cheap, the biggest problem faced by companies is that in order to start manufacturing they have to invest in their own generators. This is a huge cost," said Enoki. Despite all this, Japanese firms are bullish on investing late in India as the country's GDP is likely to grow constantly at 5 per cent till the middle of this century. Asianisation is emerging as a new trend. India's trade with the rest of Asia in the first five months of 2004-05 is higher than its trade with America and West Europe combined. Trade with Europe and the US together was pegged at $24.6 billion, while trade with Asia for the same period was estimated at around $26.5 billion.

Courtesy: The Times of India, March 07, 2005

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India's foreign exchange reserves swelled by over $2.6 billion to touch $135.65 billion for the week ended February 25. The reserves grew by $2.699 billion for the period under review to touch $135.658 billion, the Reserve Bank of India's weekly statistical supplement released here today said. The past two weeks have seen accretion of over $5.5 billion to the forex kitty. Foreign currency assets during this period also rose by $2.692 billion to $129.844 billion, the RBI said. Inflows from FIIs followed by intervention by the central bank in the forex market and revaluation of international currencies contributed to the growth in reserves, analysts said. Gold and Special Drawing Rights remained static at $4.390 billion and $5 million respectively, it said.

Courtesy: The Hindu, March 06, 2005

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Infosys Techologies is on an expansion mode and has sought from the Government 300 acres near the proposed Bangalore International Airport and another 50 acres in the proposed hi-tech city project, near the Electronics City. The Chairman and Chief Mentor of Infosys, N. R. Narayana Murthy, told presspersons that project proposals had been submitted and once Government clearances were through it would take about 8-9 months to put up structures. He refused to divulge the details on the investment, money as well as human resources. Mr. Murthy made this announcement after a visit of the Chief Minister, N. Dharam Singh, to the Infosys campus in the Electronic City. At present, about 45 per cent of the nearly 35,000 Infosys staff were in Bangalore, he said and clarified that the company had not put all eggs in one basket as it had development centres in nine places across the country. The Chief Minister also confirmed that the process of land acquisition was in the final stages and that the State Government would support fully the endeavour of Infosys as the company was the "pride of Karnataka". He also assured the IT bellwether chief that priority would be given to infrastructure development considering the revenues the IT-BT sectors were generating. The Chief Financial Officer of Infosys, Mohandas Pai, explained that the IT sector was growing rapidly and Infosys had revenues of $1.06 billion last year and had targeted $1.58 billion this year. The company had 35,200 employees and 434 clients and these numbers would continue to grow. About 10 lakh people applied for jobs every year with Infosys. Projecting employment potential in the IT sector, he said that it would double to about five lakhs by 2008 and software exports were estimated to touch Rs. 45,000 crores by 2008.

Courtesy: The Hindu, March 03, 2005

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ONGC's overseas investment arm, ONGC Videsh, has bagged an oilfield in Egypt's North Ramadan area, which is expected to have recoverable reserves of 600 million barrels of crude. ONGC Videsh bid for the Block-6 oilfield in partnership with IPR Energy Red Sea Inc, a subsidiary of US-based Texas Independent. The consortium has committed an investment of $20 million for developing the field. The field attracted highest number of bids from big MNCs in the first-ever global auction of prospective oilfields by Egyptian General Petroleum Corp. OVL succeeded against bids by such majors as British Petroleum, Petro SA, and Ludin. "Ramadan block paves OVL's entry into Egypt's hydrocarbon sector and the firm looks forward to successful development of the prospect," ONGC group chairman Subir Raha said. Block-6 field lies next to North July Development Lease, in production since 1991. It is spread across an area of 290 sq km in central part of Gulf of Suez state.

Courtesy: The Times of India, March 02, 2005

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Leading Corporate giant Tatas announced it would explore investment opportunities in Pakistan in areas like automobiles, hotels and software, saying a synergy between the neighbouring countries would be beneficial for the region. "It is an opportunity that we have. We will be very happy to play a role in that area," Tata group Chairman Ratan Tata, who is to participate in the Geneva motor show, said. Tata, who met Pakistan Prime Minister Shaukat Aziz in February as part of his exploratory mission to Islamabad for expanding business and investment in SAARC countries, said "We are waiting for the two governments to agree on a protocol which I am sure will happen in course of time." Tata group was awaiting for the two governments to come out with a concrete plan on this Front (trade and investment), he said. Stating that a synergy between India, Pakistan and Bangladesh on the economic Front would be beneficial for the region, he exuded confidence that the region would be really strengthened if these three countries could work together on the trade and commerce Front.

Courtesy: The Indian Express, March 02, 2005

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