Microsoft and India's HCL Infosystems said they would work together to develop a Windows-based laptop PC that will be the cheapest available in any market worldwide. The system, called the MiLeap H Series, will run Windows XP Home and will sell for 17,000 Indian rupees, or about $425 (U.S.). The MiLeap H features a 30-GB hard drive and is "broadband ready," the companies said in a statement Friday. Microsoft chief operating officer Kevin Turner, at a launch event in Mumbai, said the offering is meant to "empower Indian consumers and businesses with the latest and best that technology has to offer." Microsoft, along with a number of other vendors, is eyeing the low-cost PC market as a major growth opportunity -- particularly in emerging markets where average incomes pale compared…