Indian Economic Reforms in 2010

The reforms announced by the UPA government in 2009 have set the agenda to grow
India beyond the anticipated levels after a brief hiccup caused by the global slowdown
triggered by the financial meltdown in mid-2008. Pushed to a low of 6.7 % in 2008-09 by
the aftershocks of the worldwide slowdown, after averaging over 9 % in the preceding
three years, the Indian economy is projected to clock 8% in the current fiscal as indicated
by the 7.9 % growth recorded in Q3 2009, despite a poor showing by the agriculture
sector due to drought in some areas and floods in others.

According to the Finance Minister, achieving 9%-10% growth is very much within reach
in the medium term. The government has already identified 61 state-owned companies
for disinvestment and the process is likely to be completed by the end of FY 2009-2010
for four PSUs - National Thermal Power Corporation (NTPC), Rural Electrification
Corporation (REC), Sutlej Jal Vidyut Nigam and National Mineral Development
Corporation (NMDC).

FDI inflows topped $1.74 billion in November 2009, up 60% from November 2008 when
FDI inflows stood at $1.08 billion. However, the cumulative FDI during April-November
2009 declined to $19.38 billion from $19.79 billion in the corresponding period in the last
fiscal year.

Amendments to the Copyright Act would bring it in conformity with the World
Intellectual Property Organization (WIPO) Internet Treaties - WIPO Copyright Treaty
(WCT) and WIPO Performances and Phonograms Treaty (WPPT), which have set the
international standards in these spheres.