Welcome to the latest bulletin of key policy decisions and high-impact news from India, presented by the Embassy of India, in Washington D.C.
Key Policy Decisions

Textile Ministry Eyes 15-20% Rise in Exports


The Textile Ministry has made a comprehensive plan to increase export growth rate to 15-20 percent over the next five years. The Government's Planning Commission has already allocated $4.3 billion toward this effort and expects the value of India's textile exports to reach $64.4 billion by spring 2017.

Telecom Dept. to Set Up $166 Million App-Development Center

The Department of Telecom is planning to set up an application-development center with an outlay of $166 million over a three-year period. The center will provide testing facilities, support for launch and commercial run and storage capacities to selected entrepreneurs. The center will enable application developers to get access to customers across the country immediately from launch.  


Foreign Portfolio Investors Can Invest Up to $81 Billion in Debt Securities

Foreign Portfolio Investors, a newly created class for overseas investors, will be able to invest up to $81 billion in government and corporate debt securities in India. This would include investments up to $30 billion in government debt and up to $51 billion in corporate debt securities under the new rules, which would come take effect next month.

Exim Bank Could Get Higher Borrowing Limit 

The Government has asked the Reserve Bank of India to up the borrowing limit for Exim Bank, a key export finance institution. This would allow the bank to play a larger role in big-ticket, export-oriented projects. Exim Bank has asked for a 50% increase in its borrowing limit and a $10 billion line of credit from foreign exchange reserves.

Reserve Bank: OK for 10-Year-Olds to Have Bank Accounts
The Reserve Bank of India now allows children above 10 years old "to open and operate savings bank accounts independently if they so desire." The Reserve Bank also said banks are now free to set their own dollar limits on children's accounts. Until now, only those above the legal voting age of 18 were allowed to operate their accounts.

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High-Impact News

Overhauled Tariffs, Policies Lead to Boom in Ports Sector  

Investment in India's ports sector is up three times over last year, with a boom underway in current projects. Revised tariffs and attendant policy reforms over the past year have spurred the growth, which will add to the creation of 217 million tons of new harbor and berth construction.   



India in Global Top 5 for Number of Green Buildings

The U.S. Green Building Council ranked India as No. 3 on the list of top 10 countries outside the U.S. for the number LEED buildings. LEED - or Leadership in Energy & Environmental Design - is a voluntary set of standards that ensures building materials are made of eco-friendly, sustainable, non-toxic, identifiable components. Launched in the U.S., LEED is spreading around the world.




Report: Retail Sector to Grow at 17%, Hitting Recent High            

The Indian retail sector is expected to grow 17% in the current financial year, the highest rate over the past two years, on the back of expected higher gross domestic product growth, said a new report. Improvement in economic activity and rising confidence among consumers in fiscal year 2015 are expected to result in growing consumption spending and result in retail sector
development, said the Dun & Bradstreet report.



Microsoft Eyes 25 Million Indian Users for Office 365 Personal  


Microsoft said it will offer its Office 365 Personal software to Indian consumers for $5.50 a month, a move expected to result in 25 million users, many of whom will likely be on smart phones. The cloud-based Office 365 Personal is the fastest-growing product in Microsoft history.




Indian-Born Rajeev Suri Named Nokia CEO    


India-born Rajeev Suri has been appointed CEO of $18 billion communications giant Nokia -- the second Indian to be made head of a global technology company in less than three months, following Satya Nadella's appointment as Microsoft CEO in February. Suri, 46, is widely recognized as the man who turned around Nokia's ailing networking business.


Wipro Awards $1.19 Million Grant to Promote Science in U.S.

Indian IT giant Wipro has awarded a $1.19 million grant to promote science and teacher education leadership in the U.S. to two faculty members at New York's Mercy College School of Education. Mercy College said the goal is to keep good teachers in the classroom and develop their leadership skills as opposed to putting them in administrative roles.


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