India - Partner In Growth
Welcome to the November 5, 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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Draft National Civil Aviation Policy Released  
Minister of Civil Aviation Mr. Ashok Gajapathi Raju released the Revised Draft National Civil Aviation Policy. Minister Raju urged all stakeholders to participate in the process of firming up the policy by giving their valuable suggestions to make it a dynamic one which can keep pace with the ever-changing demands of the sector.
Govt. Sets Up 10 Member Panel to Simplify Income Tax Law 
The Government has set up a 10-member panel to simplify the Income Tax Act, a move aimed at ensuring certainty in tax policy for ease of doing business. The panel, headed by retired Delhi high court Judge R. V. Easwar, will also identify provisions and phrases in the Income Tax Act which are leading to litigation based on different interpretations. 


Govt. Approves 16 Foreign Direct Investment Proposals Worth $721 Million
The Government has cleared 16 foreign investment proposals, including that of HDFC Capital and Ageon Religare Life Insurance Company, amounting to $721 Million. The investment proposals were approved following the recommendation for the same by the Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Shaktikanta Das.

Reserve Bank of India opens up National Pension System to Non-Resident Indians
The Reserve Bank of India said that non-resident Indians (NRIs) would be allowed to subscribe to the national pension system. In a notification, the central bank said the decision was made to provide old age income security to NRIs. 

Center Gives Green Nod to $458 Million International Airport in Goa 
The Center gave a green nod for development of a $458 million new international airport project  in Goa. The greenfield airport, to be developed in four phases, will have annual passenger capacity of 13.1 million within 30 years, by 2045. It will serve both the tourism and business markets. 

India and the U.S. Hold Trade Forum Policy Meeting
India and U.S. held the 9th Ministerial Meeting of the India-U.S. Trade Policy Forum in Washington DC. The meeting was co-chaired by India's Minister of State for Commerce & Industry, Ms. Nirmala Sitharaman and US Trade Representative, Amb. Michael Froman.  Both sides welcomed the substantive progress in promoting bilateral trade and investment and discussed future plans for continuing engagement for deepening economic and commercial cooperation in areas of mutual interest. 

India is the World's 7th Most Valued 'Nation Brand'
India has become the world's seventh most valued 'nation brand', with an increase of 32 percent in its brand value to $2.1 billion. The U.S. remains on the top, followed by China and Germany at the second and the third positions respectively, according to the annual report on world's most valuable nation brands compiled by Brand Finance. 

Dun & Bradstreet: India to See Average Growth of 8.8% in Next Decade
India's economic landscape is expected to undergo a major transformation over the next decade and is likely to achieve an average growth rate of around 8.8 percent, a Dun & Bradstreet report says. According to the report, this increase in growth rate would culminate into high per capita income over the years. 

Foreign Institutional Investors Turn Big Buyers, Invest $3.2 Billion in October
Foreign institutional investors (FIIs), have made net investments of about $3.2 billion in October in equity and debt markets, the highest since March. Overseas investors have bought more than what they sold in the equity markets for ten consecutive trading sessions, according to data with National Securities Depository Limited (NSDL). 

Zuckerberg: You Cannot Connect the World Without Connecting India
Facebook founder and CEO Mark Zuckerberg visited India last week, where he explained his keen interest in India. "If you really have a mission of connecting every person in the world you can't do that without connecting people in India," Zuckerberg said. India is Facebook's second-biggest market after the US, with about 130 million of its 1.5 billion worldwide users, making it critically important for the site.