India - Partner In Growth
Welcome to the October 15, 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. Approves $222 Million Project for Paradip Port 
The Government has approved a $222 million project for mechanization of three berths at Paradip Port for handling of thermal coal on BOT (build, operate, transfer) mode on a public private partnership (PPP) basis. 

Govt. Introduces Faster Exits, Flexible Hiring Rules for Encouraging Startups 
The Government plans to encourage more startups that would introduce flexibility in hiring norms and allow failed start-ups to wind up faster. Special incentives are also being planned to promote women entrepreneurs, including giving a preference to their enterprises in public procurement and making it easier for them to access capital. 


Govt. Allows Sharing of all Present, Future Mobile Spectrum
The Government has allowed sharing of all spectrum available at present, and similar norms will apply to radio wave frequencies in new bands which will be allocated in future. The guidelines issued by the Government allow telecom operators to share even traded spectrum, which means a company can sell the right to use spectrum to other companies and later share the same spectrum. 

Govt. Approves $357 million World Bank-Assisted Watershed Project 
The Government has approved a $357 million World Bank-assisted National Watershed Management Project "Neeranchal" aimed at enhancing farmers' access to irrigation facilities. The proposed project will be implemented at national level as well as in some states.

SEBI to Prune IPO Document to 10 Pages
The Securities and Exchange Board of India (Sebi) has indicated it will do away with wordy or incomprehensible Initial Public Offering (IPO) documents. "Very soon, we will come out with (rules for an) abridged prospectus...It will be really understandable for investors. Whatever (information) is required to take well informed decisions will be available in 10 pages," said P K Nagpal, executive director, Sebi.

India to be a Top-3 Pharma Manufacturing Country by 2020
The recent TechSci Research Report noted that India is expected to be a top three pharmaceutical manufacturing country with a turnover of $55 billion by 2020. The report was released at the Assocham and Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers conference on intellectual property rights in pharmaceuticals in Ahmedabad.

India's nation brand value has increased by a whopping 32 percent in 2015 to $2.14 trillion, compared with $1.62 trillion last year, shows a report by London-based Brand Finance, a leading independent brand valuation and strategy consultancy. Only three Asian nations - China, India and South Korea - rank among the top 20 most valuable nation brands. 

International Financial Bodies like IMF, World Bank Bullish on India
International financial bodies including the IMF, World Bank, and top US federal bodies like the Federal Reserve are "highly impressed" by India's growth at a time when emerging economies are slowing down. "For the first time, we are getting a very positive feedback on India. They say that India today is a shining star. They are highly impressed by how things are shaping up in India," stated G. Gopalakrishna, Director of the Reserve Bank of India's (RBI) Center for Advanced Financial Research and Learning (CAFRAL) at the conclusion of a three-day trip to the US Capital
Foreign Companies Selected for Preparing Smart City Plans 
According to Union Urban Development Minister M. Venkaiah Naidu, there is a huge global interest in India's Smart City mission. Companies from 14 countries including the US, Canada, UK, France and Japan have been selected for preparation of Smart City plans for 42 mission cities. 

Technology major Cisco has made its first acquisition in India by taking over Bengaluru-based IT security company Pawaa. Pawaa, which provides security solutions and cloud-based file-sharing software, will be integrated with Cisco's Software Platform Group.