India - Partner In Growth
Welcome to the July 9, 2015 bulletin of key policy decisions and high-impact news from India, presented by the Embassy of India, in Washington D.C.
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India, U.S. Create $7.9 Million Fund for Clean Energy Innovation 

India and the U.S. have agreed to establish the $7.9 million PACEsetter Fund, which aims to accelerate commercialization of innovation in off-grid clean energy solutions. This is part of Prime Minister Narendra Modi's and President Obama's commitment to strengthening and expanding clean-energy ventures between the two nations.  




Govt. OKs 16 Defense Sector Proposals Worth $97 Million

The Government has cleared 16 proposals with a potential investment of $97 million in defense sector manufacturing. According to an official statement, the Department of Industrial Policy and Promotion expects that the initiatives under 'Make in India' program will give a boost to private participation in the vast opportunities available for defense manufacturing in India.


Competition Commission Easing Filing Rules for M&A Deals 

In a significant move, the Competition Commission has eased the filing requirements for entities seeking approval for M&A deals. The fair trade watchdog's action will help avoid undue delays as well as usher in more transparency into its decision-making process. 


Govt. Allocates $32 Million for National Online Agriculture Market 

The Government has allocated $32 million over three years to set up an online national agriculture market by integrating 585 wholesale markets across India -- a move that would help farmers realize better prices.  


Utilities Allowed Dollar-Linked Tariffs for New Solar Projects

The Government has allowed state-owned utilities NTPC and PTC India to charge dollar-linked tariffs for their new solar projects. The idea of developers getting dollar-linked tariffs from distribution utilities has been mooted to get grid parity for solar power. Distribution utilities are expected to quote tariffs in dollar-linked rates for 25-year contracts. 




Modi to U.S.: Happy July 4th; Our Ties Will Grow Even Stronger

Prime Minister Modi greeted the U.S. on Independence Day and expressed confidence that bilateral relations will get even better based on the renewed energy between the two nations. "The ties between India and the U.S. are time-tested and connected by shared values. We are both vibrant democracies and remain very proud of our democratic framework," he tweeted.


U.N.: India Leads South Asia in Foreign Investment with $34 Billion in 2014

India leads regional inflow of Foreign Direct Investment (FDI) in South Asia accounting for $34 billion during 2014 and the upward trend is likely to continue this year also, according to a United Nations report. 





World Bank: India Now a $2 Trillion Economy 

According to a World Bank report, India's GDP crossed the $2 trillion mark in 2014 and now stands at $2.067 trillion. In just seven years, India has added $1 trillion to its economy. India is among the world's fastest growing economies this year.




Indian Telephone Connections Pass 1 Billion; Nearly All Mobile

Telephone connections in India have crossed one billion mark with mobile phones accounting for about 978 million, Telecom Minister Ravi Shankar Prasad said. "We add 5-7 million new connections every month," he said.


Urban Minister Meets Top U.S. Firms, Explains New Govt. Plans

U.S. industry executives from the U.S.-India Business Council (USIBC) met with Indian Urban Development Minister M. Venkaiah Naidu in Washington D.C., to discuss opportunities emerging from recently launched Indian Government plans for urban development. Naidu met with firms including iTECH, IBM, Honeywell, Genworth, UTC, AECOM, Apple, AT&T, Dell, Qualcomm, Cognizant, Capital Novus, Moody's and Bank of America.