India - Partner In Growth
Welcome to the March 17, 2017  bulletin of key policy decisions and high-impact news, presented by the Embassy of India, Washington DC.
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KEY POLICY DECISIONS
Reserve Bank of India Lifts All Cash Withdrawal Limits
The Reserve Bank of India has (RBI) has lifted all restrictions on cash withdrawals from savings bank accounts imposed on November 8, 2016, after the withdrawal of Rs 500 and Rs 1,000 notes from the market. This follows RBI actions to remove curbs on withdrawals from current account, cash credit and overdraft accounts as well as ATMs. 

FM Jaitley Takes Over as Defense Minister
Arun Jaitley has taken over the additional charge as Defense Minister, with the former Defense Minister taking charge as the Chief Minister of Goa. On his arrival at the Ministry of Defense in South Block, Jaitley was received by Minister of State for Defense Dr. Subhash Bhamre, Defense Secretary G. Mohan Kumar and other senior officials.

 
Regulator Seeks to Improve Ease of Doing Business in Telecom Sector
Planning to iron out hurdles in doing telecom business in India, the Government telecom regulator is seeking comments from industry stakeholders on how to improve ease of doing business in the sector. Comments must be filed by April 11, 2017, and will be considered by the Telecom Regulatory Authority of India afterward.

Govt. OKs Sale of 24% Equity Holding of Indian Oil to Lubrizol USA 
The Government has given in-principle approval to permit Indian Oil Corporation Limited to sell its 24 percent equity in one of its joint venture companies, M/s. Lubrizol India Private Limited (LIPL), to Lubrizol Corporation, USA, the other joint venture partner. The sale will enable IOC to have a long-term association with its joint venture partner and allow LIPL to have access to the latest global additive technologies developed by Lubrizol Corporation, USA. 

Govt. Gives Marketing, Pricing Freedom to Coal Bed Methane Contractors 
The Government has given approval for marketing and pricing freedom to the Coal Bed Methane (CBM) Contractors to sell the CBM at arm's-length prices in the domestic market. While discovering the market price for arms-length sales, the contractor must ensure a fully transparent and competitive process for sale of CBM with the objective that the best possible price is realized for the gas without any restrictive commercial practices.

HIGH-IMPACT NEWS
BJP Victory in Uttar Pradesh Raises Hopes for Key Reforms
The sizable win for PM Narendra Modi's Bhartiya Janata Party (BJP) in the Hindi heartland of Uttar Pradesh state - combined with the perceived symbolism that this was a vote for development - will make it easier for the Government to push through key reform measures, officials say.
 
White House: We Want Deeper Ties with India
The Trump administration wants to build a deeper relationship with India, the White House has said, expressing confidence that the two countries will continue to grow their ties. President Trump "spoke very clearly and frequently about the relationship that we have and hopes to continue to grow with India," said White House Press Secretary Sean Spicer.
India Now Has More Than 10GW of Solar Power
India has surpassed the 10GW solar photovoltaic installation milestone, having tripled its capacity in less than three years, according to Energy and Mines Minister Piyush Goyal. As of the end of February this year, installations stood at  9,567MW . I ndustry members have applauded India's rapid solar progress. 

FM Jaitley: Rise in Bad Bank Assets Slows, Continues Trending Down

The rate of rise in non-performing assets held by Indian banks has slowed in the March quarter and the steel sector has started showing signs of improvement, Finance Minister Arun Jaitley said. The non-performing assets are largely clustered in the steel, power, infrastructure and textile sectors, Jaitley said.   
 


U.S. Treasury Secy.: India an Important Business Partner of U.S.

India is an important business partner of the United States, Treasury Secretary Steven Mnuchin told Indian Finance Minister Arun Jaitley during a phone conversation, the U.S. said. Jaitley and Mnuchin are expected to meet when the Indian Finance Minister travels to Washington next month to attend the World Bank/IMF spring meeting.



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