Welcome to the February 12, 2015 bulletin of key policy decisions and high-impact news from India, presented by the Embassy of India, in Washington D.C.
High-Impact News

Trade Between U.S. and India Hits Record Level   

 

Total 2014 trade between the U.S. and India was close to $67 billion - a new record between the two nations. Total imports from India to the U.S. last year came in at $45.2 billion, while exports from the U.S. to India weighed in at $21.6 billion.

 

  

U.S. Treasury Secretary Visiting India     

     

U.S. Treasury Secretary Jack Lew will participate in the India-U.S. Economic and Financial Partnership (USIEFP) meeting in India to further strengthen bilateral cooperation on economic issues. Lew will meet with Reserve Bank of India Governor Raghuram Rajan and other Indian business and financial leaders and will co-chair the fifth annual meeting of the USIEFP with Finance Minister Arun Jaitley

India Among Top 3 Nations in Generating Billionaires                    

For the first time India is among the top three nations in generating most billionaires in the world, as per the Huran Global Rich list report. This is the first time India is among the top three countries with the maximum number of billionaires. India trails China in second place, while the U.S. remains at the top of the list
 

  

UTC Aerospace Systems Gets FAA Approval to Sell Indian Product in U.S.
  
UTC Aerospace Systems has received approval from the Federal Aviation Administration to export and sell a four-person life raft to aircraft manufacturers in the U.S. "UTC Aerospace Systems is among the first aerospace companies to manufacture aerospace products in India for direct shipment to the United States," said UTC Aerospace Systems.
Forex Reserves Hit All-Time High of $328 Billion 
   
India's foreign exchange reserves have surged by $5.8 billion to hit an all-time high of $328 billion. Foreign currency assets drove the increase. Special drawing rights increased by $25 million to $4.1 billion, while India's reserve position with the IMF was up by $6.8 million to $1.1 billion.
 
Key Policy Decisions

FAQs on India-U.S. Nuclear Deal

      

India and the United States have reached an understanding on the issues related to civil nuclear liability and finalized the text of the Administrative Arrangement to implement the September 2008 bilateral 123 Agreement. This will allow both the countries to move towards commercial negotiations on setting up reactors with international collaboration in India and realize the significant economic and clean energy potential of the civil nuclear understanding of 2005-2008.


  

Reserve Bank Ups Remittance Level to $250,000/Person/Year   

 

The Reserve Bank of India enhanced the annual remittance level to $250,000 per person per year. "On a review of the external sector outlook and as a further exercise in macro prudential management, it has been decided to enhance the limit," Reserve Bank Governor Raghuram Rajan said. 


Quality Council of India Inks Pact with U.S. Body                    

 

The Quality Council of India has signed a memorandum of understanding with the American Society for Quality to improve the quality of goods and services provided by Indian small and medium enterprises. The memorandum is expected to help institutionalize new levels of quality in training and delivery processes in manufacturing, healthcare, education, service industry and public services.

To Ease Doing Business, Exporters Can Pay Fee with Credit Cards                   

 

To further improve the ease of doing business in India, the Commerce Ministry is taking steps that include allowing exporters and importers to make fee payments through debit or credit cards. "Once implemented the online system would be made mandatory," an official statement said.

Reserve Bank Eases Rules to Boost Foreign Investment                   

The Reserve Bank of India will liberalize foreign direct investment rules to allow greater flexibility in the pricing of instruments with a view to attracting more investments from overseas. The Bank said the move is aimed at meeting the emerging needs of foreign direct investment in various sectors with different financing needs and risk perceptions. 


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