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
India to adopt global financial standards in April 2015 
All Indian companies with a net worth of more than $161 million must adopt the International Financial Reporting Standards (IFRS) starting in April 2015. This move will align Indian firms with global standards, making them easier to understand and more transparent to international companies.
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Government approves liberal telecom M&A policy 

The government rolled out a liberal merger and acquisitions (M&A) policy to spur consolidation in the debt-laden telecom sector, creating an opportunity for companies on the hunt for spectrum. The new policy ups the combined allowed market share for merged companies from 35 percent to 50 percent.   


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Private equity funds eye ATM deposit


With only about 140,000 automated teller machines, India remains one of the least-penetrated ATM markets. This, coupled with the Reserve Bank of India (RBI)'s move to allow third-party (non-bank) ATMs, has made the sector attractive to India-focused private equity and venture capital funds and strategic investors. 

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Key 2013 foreign investment changes  

Changes and improvements to Indian foreign direct investment policy last year opened a number of key business sectors to increased investment and in several instances eliminated the need for foreign investors to obtain Indian government approval. Click Read More for a chart showing several major improvements in foreign investment policy across a number of sectors.

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Reserve bank OKs foreign investment in small business

The Reserve Bank has relaxed regulations on micro- and small-enterprises to allow them to sell stakes to foreign investors, if they de-register from small-scale industry status. The move is designed to help the small businesses attract funds. Such companies may issue shares or convertible debentures to foreign investors, the bank said.

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High-Impact News

India becomes largest U.S. defense customer 

India purchased $1.9 billion worth of military goods from the U.S. last year, displacing Russia as India's biggest defense supplier, according to IHS Jane's. Key purchases include the C-17 Globemaster III and the P-8I multi-mission aircraft, both made by Boeing.  


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$150 billion opportunity in defense, aerospace sector

The Indian defense aerospace sector could grow by $150 billion over the next five years, $100 billion of which will be available to domestic contractors, A. Sivathanu Pillai, CEO of BrahMos Aerospace, said. Companies that supply India's defense needs will also realize export opportunities in unmanned systems, military aircraft, land-based combat systems and communication systems, he added.


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Indian airlines may order 400 aircraft this year 

India's airlines will order as many as 400 aircraft in 2014, a year that is also expected to see growth return to aviation, an industry report said. This year is also likely to see the launch of a Tata Group airline in partnership with Singapore Airlines, the report said. Both domestic and international air traffic are up this year.


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Merck partners with Cipla to sell anti-HIV drug

U.S.-based Merck & Co, one of the world's largest drug firms, has partnered with Indian drugmaker Cipla Ltd. to sell its anti-HIV drug in India. "We want to ensure that all patients, particularly in developing countries, get access to the most innovative, breakthrough medicines available," said Cipla's Subhanu Saxena.

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Indian advertising, online retail and IT sectors surge

The future looks bright for the Indian high-tech and service sectors. Federal, state and regional governments will spend $6.4 billion on IT this year, up more than 4 percent from last year. The online retail market is expected to reach $8 billion by 2016, growing at an annual rate of at least 50 percent. And, for the first time, Indian advertising agencies won enough awards last year to push the country into the Top 10 internationally.  

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