India - Partner In Growth
Welcome to the January 7, 2016 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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India, U.S. to Implement Foreign Account Tax Compliance Act 
The India and U.S. have signed an agreement to implement the Foreign Account Tax Compliance Act. The Government of India has also joined the Multilateral Competent Authority Agreement for Automatic Exchange of Information as per Common Reporting Standard. 
Govt. Sets Up Online Monitoring System for Projects 
Seeking to expedite the implementation of projects, the Commerce and Industry Ministry has set up an online monitoring system for ongoing projects under the Industrial Infrastructure Upgradation Scheme. Implementing agencies are requested to upload physical and financial progress in the system online.

Cabinet OKs $752 Million to Promote Solar Rooftops 
The Cabinet Committee on Economic Affairs has approved $752 million to implement grid-connected rooftop solar systems between now and 2020 under the National Solar Mission. This figure is up from $90 million and will support the installation of 4,200 MW solar rooftop systems in the country over the next five years. 

Govt. Sets Up $6 Billion National Investment and Infrastructure Fund
The Govt. had launched National Investment and Infrastructure Fund (NIIF) aimed at funding development of infrastructure projects. International pension funds and sovereign wealth funds from foreign countries have expressed interest in participating in India's $6 billion NIIF, Finance Minister Arun Jaitley said. 

Minister: India Post's Payment Bank to Start In March 2017
Minister for Communications and IT Ravi Shankar Prasad saidthat the India Post Payment Bank will start operations in March 2017. He said that several foreign and Indian financial institutions such as the World Bank and Deutsche Bank have approached the state-owned postal department for a tie-up. 

Investors Look to India as Next Solar Power
Following the alternative energy targets announced by PM Modi, India is witnessing a surge of investment in solar power stations. Equipment suppliers see opportunity in country's massive renewable energy aspirations. 

U.K. Think Tank: India May be 3rd-Largest Economy after 2030
A new study has projected India's GDP in 2030 as $10,133 billion, making it the third largest economy in the world. A report by U.K. think tank Centre for Economics Business and Research (CEBR) says India will become the largest economy in the Commonwealth in 2019, when its economy overtakes that of U.K. 

Govt. Approves $451 Million for Fisheries Sector
The Cabinet Committee on Economic Affairs has given its approval for implementation of an umbrella plan for integrated development and management of fisheries at an outlay of $451 million for a period of five years. The plan covers development and management of inland fisheries, aquaculture, marine fisheries including deep sea fishing, mariculture and all activities undertaken by the National Fisheries Development Board.

Report: India's Pharma Sector May Hit $55 Billion by 2020
India's pharma sector is likely to grow over three-fold to hit $55 billion in the next five years, says a joint report by Assocham and TechSci Research. The current size of India's pharma export is $18 billion.  India is the largest supplier of medicine to the US and pharmaceutical exports from India rose from $3.44 billion in 2013 to $3.76 billion in 2014.

PwC: India One of Most Preferred Real Estate Markets in Asia Pacific
The Indian real estate market has won favor among foreign investors to become one of the most preferred destinations in the Asia Pacific, according to a report by PricewaterhouseCoopers India. Overseas funds accounted for more than 50% of all investment activity in India in the last one year, compared with just 26% for the whole of 2013, the consultancy firm said in a report.