General Electric (NYSE: GE) has big plans in India. Speaking in New Delhi, GE CEO Jeffrey Immelt announced that the company plans to invest heavily in India, particularly in infrastructure. According to The New York Times, Immelt declared that "this is the era of the developing world and of emerging markets," and that GE can achieve higher growth by focusing on India and other high-growth economies.

Immelt was quoted, "If we can grow at the same pace as the Indian economy, we can be a great company." India's economy grew at a rate of 9.4% in the year ending March 2007, and is expected to grow at roughly the same rate this year. Given that the U.S. economy is barely growing at all right now, this strategy certainly makes sense.

Global demand for new infrastructure is staggering. Immelt claimed that over the next eight years, the global economy will require some $4 trillion in investment. GE plans to make India a central part of its global infrastructure strategy. In 2007, GE expects to generate $3 billion in revenue from India (out of $175 billion overall); by 2010, it expects $8 billion in revenue, based on $8 billion in Indian assets. Major projects include nuclear and conventional power plants, jet engines for Air India, health care facilities and real estate.

An article in Sunday's Times suggests that GE is a good international markets play. According to Michael Metz, the chief investment strategist of Oppenheimer & Company, "If you buy General Electric . . . you almost don't need a foreign stock fund." And if you are looking for a way to invest in the rapidly growing Indian economy, GE stock may be a good move.

When I look for value, I generally look for deep value, such as stocks trading near or below their liquidation value, or companies with assets that are understated on the balance sheet. But a piece in today's New York Times talks about the more common kind of value stock: companies with above-market dividend yields and low price/earnings ratios. Standard & Poor's investment strategist Sam Stoval says there is great value to be had in some of America's best-known blue chips, such as Citigroup Inc. (NYSE: C) and General Electric Co. (NYSE: GE).

Oppenheimer's chief investment strategist, Michael Metz, has an interesting explanation for the value some see in blue chips: The recent run-up has been driven by hedge funds and buyouts, neither of which have much interest in companies of that size. With the market soaring to new highs, it seems that blue chips are a little bit boring for many investors, and value investors may be moving in to seize the opportunity.

Investors are feeling good right now because everything's going well. When people are optimistic, they tend to shy away from defensive investments. But if the market takes a turn for the worse, scared investors may seek refuge in companies like Citigroup and General Electric. If they do, investors buying those stocks now could look pretty smart.