India - Partner In Growth
Welcome to the June 18, 2015 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's 8 Key Steps to Boost Agriculture, Infrastructure 

From steps to check the rising price of pulse crops to ensuring a smooth supply of urea in southern states, the Government has approved a number of measures to boost agriculture, international highways and the sugar industry. Read about these key steps.




Non-Resident Indians Can Invest in Chit Savings Funds with No Cap 

The Reserve Bank of India has allowed non-resident Indians to invest in chit savings funds on a non-repatriation basis without any ceiling, a move that will encourage flow of capital into the country. The Bank also said the Registrar of Chits or a state government officer may permit any chit fund to accept subscription from NRIs on a non-repatriation basis. 


Govt. Will Rank States on Ease of Doing Business    

 The Department of Industrial Policy and Promotion has released a framework to rank states in terms of ease of doing business, a move aimed at triggering competition among states to attract investment.



Airlines' Offshore Loan Window Extended through March 2016

The Reserve Bank of India extended the window for airline companies to source working capital loans from offshore borrowing until March 31, 2016. The Bank also said eligible borrowers can access external commercial borrowings for affordable housing under the approval route, for the ongoing financial year 2015-16.  




Norms on Sale of Non-Performing Assets Relaxed    

The Reserve Bank has allowed financial institutions such as Exim Bank and Nabard to reverse the excess provision on sale of non-performing assets sold prior to Feb. 26, 2014, to asset reconstruction companies to their profit and loss account. The guidelines will be also applicable to National Housing Board and Small Industries Development Bank of India.


Ford India: The Key is a Bold, New Trade Strategy for India   

With the projected pace of Indian growth expected to surpass China's for the first time since the 1990s, and critical reforms underway, many believe, including the Ford team, that the Indian economy's time has come. The Government's focus on policy changes include raising foreign direct investment in critical sectors, launching new investments in public infrastructure and improving the ease of doing business.  



India Secures Top Ratings for Financial Market Rules

India's financial market regulatory framework has received top ratings from the global bodies of banking and capital market regulators, with the Reserve Bank of India and market-regulator SEBI being rated better than their peers in China and the U.S.   




A First: India leads World Bank's Growth Chart of Major Economies

With an expected growth rate of 7.5 percent this year, India will for the first time lead the World Bank's growth chart of major economies, according to the latest Global Economic Prospects report. China is projected to grow at 7.1 percent this year.



Foreign Investment Inflows in Services Up by 46% in 2014-15

With the Government taking steps to improve ease of doing business and attract investments, foreign direct investment inflows into the services sector grew by more than 46 percent to $3.3 billion in 2014-15. The services sector, which includes banking, insurance, outsourcing, R&D, courier and technology testing, had received FDI worth $2.2 billion in 2013-14.    

Global Demand for Indian Spices Pushes Exports to $2.4 Billion

Indian spices maintained their robust demand in the international market with their exports reaching $2.4 billion in 2014-15, compared to $2.3 billion a year earlier. Chilli, mint and mint products, cumin, spice oils and oleoresins, pepper, turmeric, coriander, small cardamom, curry powder and paste and fenugreek contributed substantially to the spice export basket