India - Partner In Growth
Welcome to the September 8, 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. Approves Liberalization of FDI Policy in Various Sectors 
The Government has approved foreign direct investment (FDI) policy amendments meant to liberalize and simplify the policy to provide ease of doing business in the country. FDI liberalization has been implemented for food products, defense, modern technology and other sectors.
Govt. Okays Permanent Residency Status to Foreign Investors 
The Government has approved the grant of Permanent Residency Status to foreign investors subject to relevant conditions as specified in the Foreign Direct Investment Policy notified by the Government. The change is expected to encourage foreign investment in India and facilitate Make in India program.  

Dept. of Science & Technology Commits $78 Mn for Start-up India 
In order to realize Prime Minister Modi's ambitious initiative on Start-up India, the Department of Science & Technology has committed $78 million to implement new programs in the next few years to improve the speed and scale of India's start-up ecosystem. The program aims to provide technological solutions not only to the pressing needs of the society but also hopes to create new wealth and jobs. 

Govt. Working Toward Single Policy for Retail, E-commerce, FMCG
The Government is working toward bringing retail, the fast-moving consumer goods (FMCG) sector and e-commerce within a single policy framework, which will address all the concerns of industry and consumers, NITI Aayog CEO Amitabh Kant said. 
Govt. to Issue 5th Tranche of Sovereign Gold Bonds
The Government will issue the 5th tranche of sovereign gold bonds on Sept. 23, 2016. Applications for the bonds will be accepted from Sept. 1-9, 2016. The bonds will be sold through banks, the Stock Holding Corporation of India Limited, designated post offices and recognized stock exchanges. 

Incredible India Tourism Investment Summit Set for Sept. 21
The Incredible India Tourism Investors' Summit 2016, set to begin Sept. 21, is a platform for investors across the globe to explore opportunities within India's tourism sector as well as core infrastructure.

IMF: GST to Boost India's Strong Growth
The International Monetary Fund said the Indian economy is likely to continue to grow strongly, adding that the goods and services tax (GST) will provide a further boost when it is rolled out. "In India, high-frequency data suggest continuing strong growth, underpinned by private consumption," the IMF said. 

Report: India's Retail Market Expected to Double to $3.6 Trillion by 2020
Consumer spending in India is expected to reach $3.6 trillion by 2020, increasing India's share of global consumption to 5.8%-more than twice its current level, according to a new report. "Increasing disposable income levels and a rising number of sophisticated consumers have given rise to consumers seeking 'premium' products," the report said.

Tourism Added to India-U.S. Commercial Dialogue
India and the U.S. have agreed to add partnership in the travel and tourism sector to the existing bilateral Strategic and Commercial Dialogue. "Both sides recognize the huge potential for engagement in advancing bilateral trade in travel and tourism services and it was agreed to observe 2017 as the Travel and Tourism Partnership Year," Indian Commerce Minister Nirmala Sitharaman said.

Madhya Pradesh State Signs MoUs Worth $360 Million with U.S. Firms
Madhya Pradash state Chief Minister Shivraj Singh Chouhan said U.S. companies are expected to invest $360 million in his state, particularly in the infotech sector, following the signing of Memoranda of Understanding (MoUs) during his U.S. visit. "My U.S. visit was more productive than I had expected," he said.