India - Partner In Growth
Welcome to the June 11, 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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India, U.S. Sign 10-Year Defense Framework

India and the U.S. have signed a strategically important 10-year defense framework pact that launches the two countries on joint projects involving hi-tech mobile power sources and protective equipment for soldiers, in addition to broadening avenues for continued exchange between the two forces. 




Govt. Eases Deposit, Remuneration Limits for Private Firms

The Government has allowed private companies to accept deposits without an offer circular while Government firms have been exempted from managerial remuneration limits. As part of its ongoing efforts to improve ease of doing business, the Corporate Affairs Ministry has notified changes that further relax compliance requirements for private, government and other companies. 




Govt. Forms Panel to Review New Companies Act 

The Government has constituted an eight-member panel, which includes members from industry as well as the judiciary, to review the new Companies Act. "There were about 50-odd provisions [in the Act] which were very hurting," Finance Minister and Corporate Affairs Minister Arun Jaitley said.



Govt. Plans to Integrate 36 Services with eBiz Portal

The Government has proposed to integrate 36 central and state government services, such as application for environment clearance, property tax and factories license, with the eBiz portal. The portal provides a one-stop clearance platform for investment proposals. 



Govt. Starts Work to Set Up Financial Redress Agency 

The Government will set up a task force to prepare a roadmap for Financial Redress Agency (FRA) which will deal with consumer grievances against all financial service providers. The Finance Ministry has begun preparatory work for establishing the FRA and the task force is being set up, the Ministry said in a statement.



India Joins Global Pact for Automatic Exchange of Financial Data    

India and five nations have signed an agreement to join 60 countries, including Switzerland, to exchange financial information automatically from 2017. The platform, called the Multilateral Competent Authority Agreement, was expected to tighten the noose on those hiding black money overseas.




USIBC: India-U.S. Business Poised to Grow Five-Fold 

Bilateral trade between India and the U.S. is poised to grow five-fold from the current $100 billion to $500 billion, the U.S.-India Business Council said. USIBC member companies are united in their efforts and actions to build the Indian and U.S. economies as attractive destinations for investment and to create jobs and opportunities for citizens to grow and prosper, the group said.


OECD: India Continues To See Stable Growth Momentum

Indian economy is witnessing "stable growth momentum" while mixed trends are seen in other parts of the world including China and the U.S., according to Paris-based think tank OECD. The assessment is based on the grouping's Composite Leading Indicators, which are designed to anticipate turning points in economic activity relative to trend.

Four takeaways from Defence Secretary Carter's visit to India

Here are the four key takeaways from Defence Minister Manohar Parrikar and US Defence Secretary Ashton Carter's talks.  They include the New Defense framework, two project agreements, Make In India and Future strategic partnership.  




Dun & Bradstreet Rates TCS as India's Best Company 

IT giant TCS has been rated as the best company in India by Dun & Bradstreet. The list of top 500 firms places Reliance Industries and ITC at the second and the third spots, respectively. Rounding out the top 10 list are ONGC, Coal India, Infosys, HDFC Bank, HDFC, Hindustan Unilever and State Bank of India.



Renault Launches New Budget Car, 'Kwid'

Renault has launched a new budget car in India, seeking to expand its foothold in the huge but highly competitive market. Renault Chief Executive Carlos Ghosn described the Kwid as "a car for conquest" designed to deliver high-volume sales as the French auto giant tries to increase its share of the Indian market.


Foreign Exchange Earnings from Tourism Up 24% in May 

Foreign exchange earnings (FEE) from tourism in the country grew by 23.6% year-on-year during May. The Government's e-visa facility, launched in November last year, has led to a huge growth in tourist arrivals to the country. According to an industry report released in 2013, FEEs from tourism are expected to touch $26 billion by 2015.