India - Partner In Growth
Welcome to the June 30, 2016 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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Govt. Readies for Largest-Ever Spectrum Auction

The Government has approved the largest-ever auction of telecom spectrum, a move expected to generate $8.4 billion. The spectrum will allow telecom companies to better serve consumers. Up for auction are spectrum bands 700MHz, 800MHz, 900MHz 1,800MHz, 2,100MHz, 2,300 MHz and 2,500 MHz. 

Govt. Creates Fund of Funds to Support to Start-ups 

The Government has approved the establishment of a "Fund of Funds for Startups" that would extend funding support to start-ups, in line with Prime Minister Modi's Start-up India Action Plan. The fund will start with $75 million this year, with another $90 million earmarked for next year. 

Easier Rules for REITs, Relocation of Foreign Fund Managers
Market regulator SEBI has proposed easier rules for real estate investment trusts (REITs) to attract the interest of developers, and relaxed the rules for foreign fund managers to relocate to India. SEBI will allow REITs to invest a larger amount in under-construction assets. 

New Chemical Hubs to Set Up Across India

The Government has announced the creation of chemical hubs across the country, early environment clearances in existing clusters, adequate infrastructure and establishment of a Central Institute of Chemical Engineering and Technology. At the same time, Minister of Chemicals and Petrochemicals Ananth Kumar vowed the environment will be protected. 

Govt. to Set Up Grid-Connected Wind Power Projects

The Ministry of New and Renewable Energy will set up grid-connected 1,000 megawatts wind energy projects in order to supply power to non-windy states. The ministry will charge a price determined through a transparent competitive bidding process. The Solar Energy Corporation of India will implement the plan. 

India Launches 20 Satellites in a Single Flight 

The Indian space agency's Polar Satellite Launch Vehicle (PSLV) has launched the Cartosat-2 Series Satellite along with 19 other satellites. This is the 35th straight successful mission of PSLV. After a flight of 16 minutes 30 seconds, the satellites achieved a polar sun synchronous orbit of 315 miles.  

India to Host U.S.'s Global Entrepreneurship Summit 2017

The U.S.'s Global Entrepreneurship Summit, which focuses on promoting economic growth, inclusion and opportunities among entrepreneurs from across the world, will come to India in 2017. This comes at a time when Prime Minister Modi's Start-up India program is boosting India's thriving startup ecosystem.  

Secy. Kerry: Indian Firms in U.S. Help Strategic Partnership

When India sets up manufacturing bases in the U.S., it not only creates economic benefits, it deepens the India-U.S. strategic partnership, U.S. Secretary of State John Kerry said at the SelectUSA Investment Summit, A day earlier, President Obama mentioned an Indian company from Surat that opened its U.S. headquarters in St Louis.   

Report: India Ranks 10th in FDI Inflows

India continues to be among the top 10 countries in terms of foreign direct investment (FDI) inflows globally and the fourth in developing Asia, says the United Nations Conference for Trade and Development. India's FDI inflows have increased to $44 billion in 2015 as compared to $35 billion in 2014, and the growth has been across the board, the report said. 

Microsoft, TCS Collaborate for Start-up Mentorship

Microsoft Accelerator in India and TCS Co-Innovation Network have announced an initiative to create a platform that will boost the Indian start-up ecosystem. An open innovation framework will be created to mentor and engage with start-ups to bring their innovative solutions to market.