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IFN News The India Fund, Inc. Announces Earnings for the Nine Months Ended September 30, 2006

NEW YORK--(BUSINESS WIRE)--The India Fund, Inc. (NYSE: IFN; the “Fund”), a closed-end management investment company that seeks long-term capital appreciation by investing primarily in equity securities of Indian companies, today announced unaudited results for the nine months ended September 30, 2006.

For the nine months ended September 30, 2006, the Fund’s net realized and unrealized gains were $288,166,123, equal to $6.42 per share, and net investment loss was $1,854,884, equal to $0.04 per share. For the same nine month period ended September 30, 2005, the Fund's net realized and unrealized gains were $287,143,470, equal to $9.03 per share, and net investment income was $2,833,361, equal to $0.09 per share.

On September 30, 2006, total net assets of the Fund were $1,798,064,810, and the NAV per share was $40.09 based on 44,852,335 shares outstanding. The Fund's common stock closed on the New York Stock Exchange on September 29, 2006 at $44.15 per share, representing a premium of 10.13% to the Fund’s September 30, 2006 NAV. On September 30, 2005, total net assets of the Fund were $1,175,287,154, and the NAV per share was $36.17 based on 31,805,638 shares outstanding. The Fund's common stock closed on the New York Stock Exchange on September 30, 2005 at $39.80 per share, representing a premium of 10.04% to the Fund’s September 30, 2005 NAV.

In April 2003, stockholders of the fund voted to adopt an interval fund structure, pursuant to which the Fund will conduct semi-annual repurchase offers for between 5% and 25% of the Fund’s outstanding common stock.

For the nine months ended September 30, 2006, the Fund conducted two semi-annual repurchase offers. The first repurchase offer commenced on February 24, 2006 and expired on March 17, 2006. In connection with the repurchase offer, the Fund purchased 150,937 shares of capital stock at a total cost of $6,223,543, less a 2% repurchase fee of $123,919. The second repurchase offer commenced on August 19, 2006 and expired on September 15, 2006. In connection with the repurchase offer, the Fund purchased 49,852 shares of capital stock at a total cost of $1,978,011, less a 2% repurchase fee of $39,264.

On September 30, 2006, investments in equity securities of Indian companies totaled $1,494,665,295 (or 83.1% of the Fund's net assets), investments in bonds totaled $10,016,331 (or 0.5% of the Fund’s net assets), investments in short-term securities totaled $165,095,083 (or 9.2% of the Fund’s net assets), and investments in cash and cash equivalents including foreign currencies totaled $154,267,334 (or 8.6% of the Fund's net assets). Other liabilities in excess of other assets totaled $25,979,233 (or –1.4% of the Fund's net assets), accounting for the remaining net assets.

For the nine months ended September 30, 2006, the Fund’s top ten holdings and sector allocations were:

The holdings and allocations listed were accurate as of the date shown and are subject to change without notice. Any securities discussed should not be a recommendation to buy or sell and there is no guarantee that these securities will be held nor should it be assumed that they were or will be profitable. Past performance does not guarantee future results.

The India Fund, Inc. is a closed-end management investment company that seeks long-term capital appreciation by investing primarily in Indian equity securities. The Fund conducts semi-annual repurchase offers and is traded on the New York Stock Exchange under the trading symbol “IFN”.

Blackstone Asia Advisors L.L.C. serves as the Investment Manager to the Fund. The Investment Manager is an affiliate of The Blackstone Group.

Information on the Fund can be obtained on the Blackstone website (www.blackstone.com) or by calling the Fund’s toll-free phone number at 1-866-800-8933.

This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking and can be identified by the use of words such as “may,” “will,” “expect,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Such forward-looking statements are based on the Fund’s current plans and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Additional information concerning such risks and uncertainties are contained in the Fund’s filings with the Securities and Exchange Commission.