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India has set a bilateral trade target of $100 billion with Africa by 2015, the minister announced.
Fifty-two people have died in the worst affected northern Indian state of Uttarakhand.
India boasts a current population of 1.2 billion, with one in every six in the world being Indian.
Meteorologists say that the monsoon season may arrive early in some parts of the country.
The bill is likely to cost the country 1.3 trillion rupees ($23.9 billion) every year.
The rupee weakened below 57 to the dollar on Friday to approach a record low hit about a year ago.
In countries like China, India and Japan, Iranian oil constitutes more than 10 per cent of the total crude supply.
According to Cisco there were 138 million internet users in India last year.
The Indian finance ministry is keen to have more banks in the country to promote financial inclusion.
Total foreign investor investment in the country’s equity market has reached $15.35 billion since the beginning of 2013.
