India - Partner In Growth
Welcome to the October 13, 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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Start-ups can now take foreign currency loans via ECB route  
The Reserve Bank of India has said it will allow start-ups to access foreign currency loans of up to $3 million a year under the External Commercial Borrowing (ECB) route, either in rupees or in any convertible foreign currency or a combination of both. "Start-ups have the potential to play a significant role in economic growth and job creation by spurring innovation and injecting competition," the Bank said. 
Govt. launches Simplified Proforma for Incorporating a Company Electronically 
The Government has taken another initiative to make doing business easier by launching a Simplified Proforma for incorporating a company electronically via e-form. The main objective is to provide speedy incorporation related services within stipulated time frames that are in line with international best practices.

Govt. Approves Heritage Infrastructure projects worth 53 mn
The Government has approved spending $53 million to better help integrate India's many heritage sites with its ongoing urban-centered plans, including Smart City and AMRUT. The move is designed to aid development of India's tangible and intangible heritage assets, including its 32 World Heritage Sites, and create tourism-centered urban development. 

Govt. Amends New Coal Distribution Policy: Boost to Ease of Doing Business in India 
The Government has issued an order to increase the annual cap of coal from 4,200 tons per year for sale through State Nominated Agencies (SNA) to 10,000 tons per year as one of many steps it has taken to improve ease of doing business in the country and to make more coal available for small- and medium-sized businesses. 

Govt. Launches Enhanced Foreign Trade Data Dashboard 
As part of the Government's initiative to provide easy public access to India's export, import and balance of trade data in an analytical format, over time and space, the Commerce & Industry Ministry launched a new enhanced Dashboard on Foreign Trade Data. The technology will be used for transparent decision-making and reaching out to people using real-time data. 

Finance Minister Jaitley Attends IMF & World Bank Annual Meetings
Finance Minister Arun Jaitley visited Washington D.C. to attend the International Monetary Fund annual meetings and met with World Bank Group President Dr. Jim Yong Kim, where he acknowledged the long-standing and mutually beneficial relationship between the World Bank and India since the Bank's inception.  


Report: Mobile Advertisement in India to Touch $1.52 Billion by 2018 
Mobile advertisement in India has emerged as the third largest advertising medium after television and print, says a report on the mobile marketing ecosystem by Mobile Marketing Association. India is the fastest growing mobile market and will be growing at the rate of 15% than the global average of 5%. In a bid to tap this growing consumer base, brand marketers are increasing their adv. spending on mobile. 

Telcom Minister: Electronic & IT to help shape new India 
Electronic and information technology (IT) are set to shape the new India where all services will be available on citizens' door-steps in both rural and urban India. Ravi Shankar Prasad, Minister for Electronic & IT, Law & Justice, said Prime Minister Modi's Government is determined to create a knowledge based-society to improve efficiency and reach of the services. Unlike in the Industrial Revolution, India can take the lead in the ongoing Digital Revolution, he said. 

Spectrum Auction Ends, Govt Makes US$9.98 Billion
In five days, India's largest spectrum sale raised $9.8 billion in Government revenue. The money is just a fraction of the spectrum put up for sale. The Finance Ministry has pegged the revenue target from the telecom industry at $14.8 billion. "I think it is a successful auction and a big achievement," said Telecom Minister Manoj Singh.

World sees India as bright spot, experts expect more sunshine 
Most of the world sees India as an economic bright spot, but the country's policymakers and industrialists at the India Economic Summit of World Economic Forum say there's a lot of room to improve and lift growth to over 8 percent. The Indian economy is forecast to grow at a 7.6 percent rate, according to the latest assessment by the IMF. India's policymakers expect growth at near 8 percent.