THE INDIA FUND, INC.
                              ANNOUNCES TAX ACCRUAL

           NEW YORK, March 2, 2006 -- The India Fund, Inc. (NYSE: IFN; the
"Fund") announced today that due to a technical oversight discovered by the
Fund's auditors which occurred prior to The Blackstone Group assuming management
of the Fund, the Fund did not declare on a timely basis a dividend in respect of
its 2004 fiscal year earnings. That dividend was paid out to shareholders
recently together with a dividend in respect of 2005 fiscal year earnings, but
because the dividend was not declared prior to September 15, 2005, this resulted
in an accrual by the Fund of a potential U.S. federal tax liability of
approximately $25,500,000, or $0.80 per share (2.30% of the Fund's net asset
value). Management is notifying the Internal Revenue Service and will take all
possible steps to seek to have this liability reduced substantially given that
it was the result of a technical oversight.

           The Fund is a closed-end management investment company that seeks
long-term capital appreciation by investing primarily in Indian equity
securities. The Fund 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 L.P.

           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.

Contact:   Blackstone Asia Advisors L.L.C.
           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.