India - Partner In Growth
Welcome to the July 2, 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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PM Modi Launches Digital India Campaign

Prime Minister Modi has launched a comprehensive Digital India project, which aims to create a digitally empowered society and knowledge economy. "I dream of a Digital India where high-speed digital highways unite the nation....where 1.2 billion connected Indians drive innovation," Modi said.   


Govt. Makes it Easier for Start-Ups to List in India

India's markets regulator SEBI has announced rules that make it easier for start-ups to list in India, and for investors such as venture capital firms to sell their holdings through initial share sales. SEBI's move is aimed at preventing home-grown entrepreneurs from exploring offshore markets for capital and making it easier for new business ideas to flourish within India.


Govt. Launches $47 Billion Smart Cities Mission   

Prime Minister Modi has unveiled three significant projects aimed at developing cities and towns as new engines for growth. The three projects -- 100 smart cities, Atal Mission for Rejuvenation and Urban Transformation and Housing for All - will entail an investment of more than $47 billion over the next five years. 



Finance Ministry Agrees to Rupees for Foreign Institutional Investors

The Finance Ministry has agreed with the Reserve Bank of India's proposal to set the foreign institutional investment (FII) limit in Government securities in rupee terms, instead of U.S. dollar terms, as at present. If the proposal is implemented, FIIs could get more headroom for purchases. 





Five Major Projects OK'd by Govt. 

The Government has approved five major projects, including a new cost estimate for the country's East-West freight corridor, the approval of six new management institutes, a boost to the nation's solar industry, a new cooperation pact with Japan and agreements to continue selling high-grade iron ore to steel mills in Japan and South Korea. 




Govt. Proposes Tax Benefits for Debit, Credit Card Payments
The Government has proposed income tax benefits for people making payments through credit or debit cards and doing away with transaction charges on purchase of gasoline, gas and rail tickets with the cards. Finance Minister Arun Jaitley had announced theGovernment's intent to encourage cashless transactions in his budget speech as a way to curb the spread of black money. 





Report: India to be Among Top 3 Global Economies by 2030 

Emerging markets are expected to grow faster than developed economies, and India is likely to become the world's third largest economy by 2030 after China and the U.S., says a report by th e Economist Intelligence Unit.



India, U.S. Initiatives: One Year Later

India and the US have reviewed the implementation of initiatives taken durin the two summits between PM Modi and President Obama in the past one year. During his visit to Washington, Foreign Secretary Dr. S. Jaishankar had a series of meetings with the US officials and discussed issues ranging from ease of doing business to cooperation on terrorism and climate change.    




India, U.S. Sign Agreements to Boost Cooperation in Health Sector
India and the U.S. have signed memorandums of understanding on cooperation in cancer research and prevention, and occupational health and injury prevention; in addition, they penned a letter of intent on antimicrobial resistance research.   



Tata Consultancy Expands 'goIT' Program to 20 U.S. States 

Tata Consultancy Services has announced the expansion of its goIT student technology awareness program to 20 U.S states, ranging from Arizona to Illinois to North Carolina to New Jersey. Under goIT, Tata employees teach students design processes and computer programming and mentor youth to increase career awareness in the science, technology, engineering and math, or STEM, fields. 


India Now Facebook's 2nd-Largest User Base   

Facebook has added 13 million users over the past six months to take its user base to 125 million in India, its second-biggest market globally. Facebook has also launched a 2G-friendly mobile app called "Facebook Lite" to cater to a wider audience.



Govt. Launches Mobile App, Revamped Website 

As part of its plan to provide more information in electronic format and make trade easier, the Directorate General of Foreign Trade has launched a mobile initiative with an Android app ("DGFT"), through which most DGFT services can be accessed while on the go. The app would allow exporters/importers to access the foreign trade policy and other related documents in an easy-to-use searchable format.