India - Partner In Growth
Welcome to the May 28, 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. Launches Five Major Highway Initiatives 

The Government has launched five major highway initiatives, including the auctioning of public-funded roads, establishing radio traffic advisories for drivers, allowing developers to exit projects, the building of an ambitious east-west highway and the establishment of a road-assessment regime.






Mines/Steel Minister: If You Want to Invest in India, We Will Help You

As the Government began auctions for minerals, Minister of Steel and Mines Narendra Singh Tomar spoke about breaking the five-year deadlock in India's steel industry and moving forward with special purpose vehicles with the state governments for steel production. 



Govt. Eases Foreign Investment Rules for Non-Resident Indians, Others

The Government has liberalized foreign direct investment (FDI) rules for non-resident Indians (NRI), overseas citizens of India (OCI) and persons of Indian origin (PIO) as it aims to increase capital flows into the country. "The amendment in FDI for OCIs, NRIs and PIOs will lead to greater forex remittances and investment," a Government spokesperson said.




Market Regulator Sets Rules for Mutual Funds Managing Offshore Money

Simplifying rules for domestic funds to manage offshore pooled assets, market regulator SEBI has dropped the "20-25 rule," which required a minimum of 20 investors and a cap of 25 percent on investment by an individual, for funds from low-risk foreign investors. 



Govt. to Review Public-Private Partnership Risk Structure 

Govt. has established a committee to revisit and revitalize the public-private partnership mode of infrastructure development with an eye toward rebalancing risk. The committee will examine the sharing of project risk between the developer and the Government.



Govt. Will Not Regulate Airfares 

The Civil Aviation Ministry has dropped its plan to regulate airfares. The decision, which spells a relief for airlines, came after the ministry's analysis of lowest and highest fares showed fares have come down or only marginally increased in the past few years.



Piyush Goyal Highlights Govt.'s Ease-of-Doing-Business Strides

Highlighting the achievements in the first year of Prime Minister Modi's Government, Power Minister Piyush Giyal told the U.S.-India Business Council that India is taking significant steps to accelerate growth, revive the investment cycle, create a better business environment and empower citizens through financial inclusion. 


Google's Biggest Campus Outside U.S. to be in Hyderabad

Google will build its largest campus outside the U.S. in Hyderabad at a cost of $156 million, according to Telangana IT minister KT Rama Rao. "First campus in Asia. 2 million sq ft space would be four years employee size to double from 6,500 to 13,000," the minister Tweeted.


CRISIL: 'Modi Govt. Has Fast-Tracked Decision Making'

 "In the first year of the Government, the macro indicator has turned green, growth-inflation mix improved, the current account deficit is in check, which is a result of good policies, and one of the major gains is on the inflation front, which has eased," wrote Crisil's Chief Economist D.K. Joshi, in a report on the performance of the Modi Government. 




Assocham Launches U.S. Chapter to Improve Trade, Business Ties

Indian industry body Assocham has launched a U.S. chapter to strengthen trade and business ties between the two countries. Based in New York, the Assocham U.S. chapter seeks to further improve the India-U.S. trade and investment corridor and establish a strong relationship with the U.S.-based investors and companies.




Foreign Portfolio Investors Pump in $40 Billion in Modi's First Year

India's capital markets have caught the attention of overseas investors as they have pumped in more than $40 billion in equities and debt during the first year of the Modi Government. "Most foreign investors are finding India to be a far better choice that can generate returns in both short and long term," Axis Mutual Fund CEO Chandresh Nigam said. 


Nielsen: India Continues to Lead in Global Confidence Index 

For the sixth quarter in a row, India continued to lead a global confidence index in anticipation of improvement in the economy through reforms and stimulus announced by the Government, according to the Nielsen Global Consumer Confidence Index.