India - Partner In Growth
Welcome to the August 25, 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. Appoints Urjit Patel as New Reserve Bank Governor
The Government has announced Urjit Patel as the next governor of the Reserve Bank of India (RBI) for a three-year term, succeeding Raghuram Rajan. Patel, 52, is currently a Deputy Governor at the RBI and has also headed a committee on monetary policy reforms. 
Govt. Takes New Steps for Transparency in Power Sector  

Mr. Piyush Goyal, Minister for Power, Coal, New & Renewable Energy and Mines, took steps to enhance transparency in the power transmission sector by launching the "TARANG" mobile app and the "e-Trans" and "DEEP" e-bidding web portals. The steps will aid price discovery that will ultimately benefit power consumers in India. 

India Post Payments Bank Incorporated  
The India Post Payments Bank Limited has been incorporated, taking it one step closer to opening branches all over India by September of next year, the fastest rollout of any new bank. Government wants the India Post Payments Bank to become the most accessible bank in the world. 

Govt. Meeting with Stakeholders on Goods and Services Tax (GST) 

Continuing with its commitment to smooth roll-out of the Goods and Services Tax (GST) and recognizing the role of trade and industry as equal partners in this historic reform, both Department of Revenue and Central Board of Excise and Customs are holding interactive sessions with representatives of various sectors of the economy. More such sessions with trade and industry stakeholders are being planned. 
Govt. Launches $84 Million Namami Gange Projects 

Minister for Water Resources, River Development and Ganga Rejuvenation Sushri Uma Bharti has launched several projects worth $84 million under the Namami Gange program at Ganga Barrage. Bharti said "We will follow the due process for Ganga conservation. No decision will be taken in haste so that public money is not wasted." 

India is World's No. 1 Exporter of IT, Communications Tech 

India has been ranked the world's top exporter of information and communication technology in a UN agency report that recommended that the country leverage this lead to innovate in emerging areas where biology and materials sciences intersect with computing. The report said that India's culture of "frugality and sustainability" can help it capture global markets.

Number of Foreign Tourists Jumps 17% in July 

The number of tourists arriving in India jumped 17% in July over the same period in 2015. Bangladesh accounted for the highest share of tourist arrivals followed by the U.S. and the U.K. Tourists from Malaysia, France, Sri Lanka, Canada, China, Germany and Japan rounded out the top 10.  

Study: India is World's 3rd-Biggest Tech Start-up Hub

India is home to the world's third-largest number of technology-driven start-ups, following the U.S. and the U.K., according to a report by Assocham. Bengaluru is host to the largest share of technology start-ups in the country, followed by Delhi NCR and Mumbai, while Hyderabad and Chennai are also quite popular among budding tech entrepreneurs. 

WIPO Chief: India Can Crack Top 25 in Innovation Index by 2026

Francis Gurry, Director-General at the World Intellectual Property Organization, says what India needs to do in order to become known an innovator. "Better funding of universities for research and development would be one. Creating the linkages between industry and the research sector is important," he said.

India Inc's Foreign Investments Zoom 61% to $2.3 Billion in July 

Direct investments by Indian firms abroad rose by 61 percent to $2.3 billion in July, according to the Reserve Bank of India. That figure is up from $1.4 billion in the same month last year. The investments were in the form of issuance of guarantees, loans and equity.