India has cut fuel prices taking advantage of falling crude prices in an effort to boost its economy amidst global financial slowdown.It is the country's first cut in fuel prices for 22 months. Officials also announced a probable cut in short-term interest rates over the weekend in a possible economic stimulus announcement.

India and Russia plan to sign a nuclear deal tomorrow aimed at the construction of four additional reactors at the Kudankulam nuclear power plant and the expansion of other nuclear power sites. The two countries might also sign an agreement that would allow Russia to supply nuclear fuel to Indian nuclear power plants.

Prime Minister Manmohan Singh confirmed that India's growth rate will continue to hover around 7.5% in 2008-09, despite economic turmoil in western countries. Due to the actions taken by the Central government, the export industry and credit availability would bear the minimum affect.

Exports increased by 27.1 percent in the first three months of the current fiscal year. The increase in exports to India constituted most of the upsurge as exports increased from .6 percent to 10.1 percent.

Pakistan wants to push for an economic union with India and is prepared to join its neighbor in the signing of a South Asian nuclear non-proliferation pact. After Pakistan parted with India in 1947, relations between the two countries have been weak and economic cooperation has been minimal. Both countries are now willing to open up borders and increase trade, marking a new chapter in the Indo-Pakistan relations.

Turkey has urged India to work together in bailing out small economies suffering from the negative impacts of the global financial crisis. Turkey wants both countries to increase investments, raise employments and strengthen bilateral trade between each other. Turkey wants India to join its efforts in raising investments in energy, iron, steel and construction sectors in less developed economies. India agreed that both countries have the means and should seize the current investment opportunities, while alleviating the impacts of the current financial meltdown. Moreover, Turkey and India expressed the need to increase bilateral trade by increasing collaboration in technology and science.

After signing a free trade agreement, trade between Pakistan and China has currently reached $6.54bn. Pakistan is investing $618million in China's coal mining to meet Pakistan's power shortages. China is investing in Pakistan's agriculture, energy, telecom, defense and health sectors. Moreover, Chinese mobile companies plan to invest around $800 million in Pakistan, which could increase trade to up to $7 bn in the near future.

The Reserve Bank Of India has decided to help the rapidly sliding real estate market by temporarily allowing some housing finance companies to raise foreign currency borrowing. This is one of several efforts to boost the country's economy.

The global economic slowdown can have a negative impact on Sri Lanka's ambitious goal of achieving $2 billion tea exports by 2020. Sri Lanka now aims to seek the support of its neighboring countries by promoting tea exports to maintain price stability. The tea industry accounts for more than two third's of Sri Lanka's agricultural export earnings, contributing about 4 percent to the GDP.

Pakistan has agreed to borrow $7.6 billion dollars from the IMF in order to avoid a deeper economic crisis. Pakistan is currently struggling with Islamic militants and the aftermaths of the October earthquake, while also experiencing extremely low economic growth and high inflation. Pakistan is expected to receive payments over a two -year period starting at the end of the month. The loan will carry an interest rate of between 3.5% and 4.5% and Pakistan is expected to pay it back in five years starting in 2011.