India - Partner In Growth
Welcome to the June 23, 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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PM Modi: India Now World's Most Open Economy for FDI

Prime Minister Modi said a new set of sweeping reforms makes India the world's most open economy for foreign direct investment (FDI). He said amendments in FDI policy would promote ease of doing business.  "In two years, Govt brings major FDI policy reforms in several key sectors... India is now the most open economy in the world for FDI; most sectors under automatic approval route," Prime Minister added.  

Major FDI Reforms: Most Sectors on Automatic Route for FDI 

The Government has radically liberalized the foreign direct investment (FDI) regime, with the objective of providing a major impetus to employment and job creation in India. Now most of the sectors will be under the automatic approval route. The Government has brought major FDI policy reforms in defense, construction development, insurance, pensions, broadcasting,  and several other sectors.  
New  Civil Aviation Policy Released

The Minister of Civil Aviation released India's first integrated civil aviation policy since independence, with the goal of making regional air connectivity a reality. The policy aims to make flying affordable and convenient, establish an integrated eco-system that will lead to the sector's growth and enhance ease of doing business through deregulation.

India, U.S. Ink Pact to Share Information on Import Alerts 

India and the U.S. have signed an agreement to facilitate the sharing of information relating to import alerts. The pact would allow India's Export Inspection Council to conduct quick cause analysis in time to support Indian exporters.  

Minister: India Poised to Become World's Clean Energy Capital

Piyush Goyal, Minister of Power, Coal, New and Renewable Energy, said it is the Government's mission to make India the clean energy capital of the world, focusing on renewable sources such as solar and wind. He also emphasized the need to restore the depleted forest cover  through massive tree plantings.  

Tata Advanced Systems, Boeing to Make Apache Helicopter Fuselages

India's Tata Advanced Systems and Boeing have laid the foundation for a new facility in Hyderabad to co-produce Boeing AH-64 Apache helicopter fuselages. The facility will eventually be the sole producer of AH-64 fuselages globally, boosting India's prospects in the aerospace and defense sector. 


Boston Scientific to Make India Biggest Dev. Hub Outside U.S.

U.S. medical devices maker Boston Scientific plans to make India its biggest research and development hub outside the U.S., as it plans to develop devices such as stents, catheters and pacemakers at its Gurgaon facility for the Asia Pacific, Middle East and African markets. 


India's Current Account Deficit Narrows to $300 Mn, Lowest in 7 Yrs

India's current account deficit narrowed to its lowest level in seven years, mainly due to a lower trade gap as both exports and imports fell. Reserve Bank of India data show that the current account deficit had shrunk to $300 million in the fourth quarter of the last fiscal year, down from $700 million a year earlier and sharply lower from $7.1 billion recorded in the previous quarter. 

Gartner: India to Spend $7 Billion on IT This Year

India is expected to spend about $7 billion buying information technology (IT) products and services in 2016, a 3.1 percent increase over the previous year, said a new report by research firm Gartner. This will include spending by state governments as well as the central Government on IT services, software, data centers, devices, telecom service and internal services.
Bharti Enterprises' Mittal Named International Chamber Chairman 

Sunil Bharti Mittal, Bharti Enterprises' founder and chairman, has been elected chairman of the International Chamber of Commerce (ICC). The International Chamber of Commerce is the world's largest business organization with more than 6.5 million members in some 130 countries. Mittal is the organization's third Indian chairman.