Welcome to the June 4, 2015 bulletin of key policy decisions and high-impact news from India, presented by the Embassy of India, in Washington D.C.
KEY POLICY DECISIONS
Govt. Simplifies Defense Rules to Woo Foreign Firms
The Government has taken steps to level the playing field for defense contractors by withdrawing advantages enjoyed by Indian state-owned firms. It is hoped the move will encourage foreign players such as Boeing, Airbus and Lockheed Martin to explore business opportunities in the country.
Govt. OK No Longer Needed for Share Transfer Between Foreign Investors
Foreign investors will no longer have to seek the Government's permission to transfer shares to another overseas player in sectors where foreign direct investment (FDI) is allowed under the automatic route. This is aimed at improving ease of doing business and attracting FDI.
Reserve Bank OKs Banks to Invest in Infrastructure Bonds of Other Lenders
In a bid to boost infrastructure development, the Reserve Bank will allow banks to invest in long-term infrastructure bonds of other lenders. Banks can issue long-term bonds with a minimum maturity of seven years to raise resources for lending to long-term projects in infrastructure sub-sectors, and affordable housing.
M&As Can Now Proceed Without Board Approval
The Government said Foreign Investment Promotion Board approval will no longer be required for merger and acquisitions in sectors where foreign direct investment is allowed under the automatic route, a move aimed at further improving the ease of doing business in the country.
Govt.'s Digital India Plan to Offer Freelancing Opportunities
The Government will soon launch the Digital India Platform that will provide freelancing opportunities to computer literates in the country. Under the plan, all Government documents will be digitized with the help of people who can type on computer or mobile devices.
India's Economic Revival Confirmed By New Harvard Study
A research team at Harvard University has predicted that India could soon be growing at close to twice the annual rate of China. Unusual in its method, the Center for International Development uses "economic complexity" as found in a country's mix of exports, as a tool for tipping future growth.
Modi: High Job Potential Sectors to be Opened for Foreign Investment
Prime Minister Modi said areas with high employment potential and strong local talent will be the focus to seek foreign investment.
Five New Highway Road Projects worth $315 Million For Tamil Nadu
Five new highway road projects have been awarded to Tamil Nadu at an estimated cost of around $315 Million Union Minister Pon Radhakrishnan has said. The road projects are expected to cover over 400 km, he said.
Delhi Gets India's 1st Gap Store, Eyes $157 Million in 6 years
IGap's Indian franchisee Arvind Lifestyle Brands is targeting $157 million in sales in five to six years as it readies to debut in the country. The company is looking to open 10 stores by the middle of next year, focusing on Delhi, Mumbai and Bangalore.
Govt., USIBC Look to Boost Filming in India
Top officials of the Information and Broadcasting Ministry spoke with the U.S.-India Business Council in an effort to promote India as a filming destination and find collaborative avenues related to anti-piracy. The Government hopes to make India a film shooting destination and set up a Film Facilitation Unit to promote a single-window clearance for foreign filming in India.
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