Welcome to the July 16, 2015 bulletin of key policy decisions and high-impact news from India, presented by the Embassy of India, in Washington D.C.
KEY POLICY DECISIONS
U.S., India Agree to Share Tax Information
U.S. Ambassador to India Richard Verma and Indian Revenue Secretary Shaktikanta Das agreed to implement the Foreign Account Tax Compliance Act to promote transparency between the two nations on tax matters. The agreement underscores growing international cooperation to end tax evasion everywhere.
Commerce Ministry Launches Online Payment to Improve Ease of Doing Business
The Commerce Ministry has launched a facility for online payment of application fees through credit or debit cards and other electronic fund transfers. The move is aimed at improving ease of doing business for exporters and importers.
Govt. Lets Foreign Retail Investors Have More than One Joint Venture
Clarifying rules for single brand retail trading, the Government will allow foreign investors to conduct business through more than one joint venture in India. It has also clarified that the foreign direct investment policy on single brand retail trading equally applies to Indian brands seeking foreign investment.
GAIL Works to Attract Foreign LNG Shipbuilders to India
State-run natural gas producer GAIL India will offer foreign shipbuilders five years to make liquefied natural gas (LNG) carriers in India, double the time allowed to deliver ships from their home shipyards - a concession it hopes will attract foreign firms to locally manufacture ships proposed to be chartered by the Indian gas company.
Govt. OKs National Policy for Skills Growth and Entrepreneurship
The Government has approved the first integrated national policy for developing skills and promoting entrepreneurship at a large scale with speed and quality. Finance Minister Arun Jaitley said that the policy aims to bridge existing skill gaps and operationalize a quality assurance framework.
Indian firms invest $15 bn in US, employ over 90,000
Indian companies have invested over $15 billion across the US, creating an estimated 91,000 jobs, according to a new report, "Indian Roots, American Soil" released by the Confederation of Indian Industry (CII) at an event on the Capitol Hill. The event was attended by Ambassador Arun K. Singh, several members of the US Congress and a delegation ofCII member-company CEOs from India.
Amb. Singh: U.S. Will Play Ongoing Role in India's Transformation
The U.S. will continue to play an important role in India's transformation in the decades to come and going forward the two countries will join in addressing global challenges, the Indian Ambassador to the U.S. Arun K Singh said at an event organized by the Confederation of Indian Industry and Carnegie Endowment for International Peace.
For Investors, India's Solar Push Could Signal a Gold Rush
India's Government has set a new goal to build a solar power capacity of 100 GW, permitting 100 percent foreign investment and offering a series of tax breaks for the sector. The new target quintuplesthe the previous goal of 20 GW and is about 30 times the country's installed capacity.
Report: India to Become World's 2nd Largest Smartphone Market
Buoyed by growing sales, India will overtake the U.S. to become the world's second largest smartphone market by 2017, says a report by Strategy Analytics, which adds that global smartphone sales will grow from 1.5 billion units in 2015 to a record 1.7 billion by 2017.
PwC: Private Equity Deals See $4.3 Billion Push in April-June
Private equity investments stood at $4.3 billion in the April-June quarter and the deal momentum is likely to continue in the second half of this year, according to PwC. The consultancy also witnessed private equity exits worth $3.5 billion.
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