India - Partner In Growth
Welcome to the May 19, 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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Parliament Passes Modern Bankruptcy Code

Following approval by the Lower House, the Upper House of Parliament has also passed the Insolvency and Bankruptcy Code, 2016. This is considered a significant economic reform, bringing India's legal and institutional machinery for dealing with debt default in line with global standards.   

Cabinet OKs IPR Policy to Unleash Innovation  
The Cabinet has approved a National Intellectual Property Rights (IPR) Policy that will lay the roadmap for intellectual property in India. The new policy aims to create an innovation-conducive environment, which stimulates creativity across sectors, and also facilitates a stable, transparent and service-oriented IPR administration.
India and WHO Sign Pact for Global Promotion of Traditional Medicine
India and the World Health Organization (WHO) have signed an historic agreement for cooperation on promoting the quality, safety and effectiveness of service provision in traditional and complementary medicine.

RBI Allows Foreign Banks to Invest Up to 10% in Local Private Lenders

The Reserve Bank India has allowed foreign banks to invest up to 10% in local private lenders and supranational institutions such as the Life Insurance Corporation as part of a sweeping set of measures expected to help shore up capital and possibly encourage consolidation. The new steps announced by the central bank could even cover rescues led by overseas banks.
Regional Directors Get More Power To Implement Companies Act 
To reduce procedural requirements, the Ministry of Corporate Affairs has given more power to its regional directors to scrutinize firms suspected of violating laws under the Companies Act.  

India's E-Commerce Triples in the last five years

India's e-commerce sector tripled over the past five years from $4.4 billion in 2010 to $13.6 billion in 2014.  According to an Associated Chambers of Commerce & Industry of India report, India's e-commerce market is expected to reach $38 billion in 2016. 

$13 Billion Invested in Renewable Energy Projects Over Past 3 Years 
Total estimated investment in renewable energy power projects during the past three years is estimated at $13 billion. According to the Central Electricity Authority, about 15,400 MU has been generated through solar energy during the past three years. 

Min: Over $4 Bn. FDI in Telecom Sector In Last Two Years 

The telecom sector attracted more than $4 billion worth of foreign direct investments since April 2014, Telecom Minister Ravi Shankar Prasad said. He emphasized that the Govt. has taken many proactive steps to promote growth in the sector.  

UN: Indian Economy to Grow 7.3% in 2016
A UN report said India's economy is gaining momentum, with an expected GDP growth of 7.3% this year and 7.5% next year. "...investment demand is supported by the monetary easing cycle, rising FDI, and government efforts towards infrastructure investments and public-private partnerships," the report said.   

India 3rd Globally in Renewable Energy Index Rankings
India's renewable energy sector has been ranked third in the world in the Renewable Energy Country Attractiveness Index. India's position is thanks to the strong focus of the Government on renewable energy as well as timely implementation of renewable energy projects.