The monk may have sold his Ferrari, but Indians are just about to buy their first. We will arrive in India soon. It is too early to discuss, we should be in India only by 2009,” said Davide Kluzer, a Ferrari spokesperson, speaking to the Hindustan Times. Ferrari, owned by Italian car major Fiat group, may come cheaper to Indians, who pay a hefty 120 per cent import duty on it now. The iconic sportscar is yet owned by the priviledged few in India - Vijay Mallya and the Poonawallas.

Nissan Motor Co and Renualt have made a humble & late entry into the Indian automotive industry.

Backed by a strong vehicle line up, Nissan & partner Renault on Friday signed an agreement for a $1.0 billion car and engine plant in southern India after a local partner dropped out, and expect to commence production from 2010.

The US secretary of defence, Robert Gates, arrives in the Indian capital, New Delhi, next week to promote a $10bn jet fighter contract, underlining the country's emergence as one of the world's biggest military markets. To update its Soviet-era arsenal India says it will need to spend $45bn in the next five years, and it has been courted by western states that are barred by arms embargoes from selling to China, the other expanding Asian military power.

Trade ministers of India and China will meet in the first week of April in Beijing to consider the recommendations of the Joint Task Force on the India-China Free Trade Agreement. The ministers would discuss in what way the recommendations of the Task Force have to be worked upon and how to take the process forward, said Dinesh Sharma, Commerce Ministry, Joint Secretary. The Indian industry has been opposing an FTA with China, until it gets the market economy status by implementing transparent pricing mechanisms.