Welcome to the latest bulletin of key policy decisions and high-impact news from India, presented by the Embassy of India, in Washington D.C.
Key Policy Decisions
Reserve Bank Simplifies Foreign Investment 

The Reserve Bank made foreign investment in India easier by simplifying regulations related to registration and operations. The new rules streamline                                 two investor categories into one.
Govt. OKs $75 Million Food Storage Facility

The Government's Cabinet Committee on Economic Affairs approved a $75 million facility to store up to 320,000 tons of grain in the country's northeastern region. The move will extend the region's food-storage capacity, which currently is limited to one month.
Finance Minister, Reserve Bank Close on GDP Growth Target

Indian Finance Minister Palaniappan Chidambaram said the central bank's board mostly agrees with him that the objective of monetary policy should be both price stability and economic growth.

Income Tax E-Filing to Be Simplified

The Government's tax agency, encouraged by a 40 percent surge in e-filing of income tax returns, vowed to take steps to further simplify the process for Indian taxpayers. "We are progressing very fast on this issue," the tax agency's head said. 
Govt. Lets More Banks Import Gold

The Government has allowed five private-sector banks to import gold, in what industry officials say could be a significant step toward easing of tough curbs on the precious metal imposed last year to cut the country's trade deficit.

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High-Impact News
Starbucks: India is the Fastest-Growing Market in Our History

With 40 stores opened in 17 months of operation, India is the fastest-growing market in the history of the Seattle-based iconic American coffee chain Starbucks, according to a company statement. Starbucks opened its first Indian store in 2012, in Mumbai.

Biotech Could Be $200 Billion Industry in Next Decade

Biotechnology could become a bigger industry in India than information technology in the coming decade, with far-reaching benefits for related sectors, said the head of India's National Innovation Council. Such a boom would require a sector investment of up to $40 billion, he said.

India Ready to Discuss IP Rights at WTO

India said it ready to discuss the issue of intellectual property rights with the U.S. anytime at the World Trade Organization because India is confident it has not breached any international agreements, said Commerce and Industry Minister Anand Sharma.

Supermarket Giant Tesco Coming to India


British supermarket giant Tesco has signed a deal to become the first foreign supermarket to enter India's $500 billion retail sector. Tesco's entry is a result of the Indian Government's lifting of a ban on foreign investment in Indian retail. Twelve supermarkets are initially planned.

India Shines Again in De Beers' Sight


Diamond giant De Beers has reaffirmed its commitment to doing business in India, the world's No. 1 diamond cutter, by establishing three new cutting-and-polishing centers in the country. De Beers' rough diamond distribution arm has 85 processing centers around the world, 41 of which are in India. Nearly three-quarters of the world's diamonds are processed in India.


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