■"India IPO Rides Wave of Hope: National Thermal Deal Should Benefit From Economic Optimism," by Eric Bellman, Wall Street Journal, 1 October 2004, p. C20.

■[advertisement] "Advantage Tamil Nadu: India's Eastern Gateway to the World," Wall Street Journal, 1 October 2004, p. A7.

India's floating an Initial Public Offering with their state-owned National Thermal Power Corp. They're only putting up 10% for sale, and that's expected to raise a quick $1B. Who will these shares? International investors who see India's energy requirements growing dramatically over the long haul. Why is this important? It shows real investor confidence in the business-friendly atmosphere created by P.M. Manmohan Singh and the ruling Congress Party. Selling shares in a flagship state-owned energy company is about as connecting as it gets, because few things (especially in India) generate more nationalist and protectionist sentiments than such a transaction.

The second citation here is simply a multi-page advertisement in the Journal by the Indian state of Tamil Nadu. That's how open and confident India is becoming. Whereas most states in the world will run such an ad for the country as a whole, India is big enough in terms of investment opportunities for individual states that we're starting to see states run these ads on their own, which is a very good sign.