India - Partner In Growth
Welcome to the July 28, 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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Govt. Partners with Westinghouse, GE for Nuclear Power Plants 
The Government has accorded "in principle" approval to designate two sites for nuclear reactors to be built by Westinghouse Electric and GE Hitachi Nuclear Energy. They will be built at sites in India, at Mithi Virdi in Gujarat and Kovvada in Andhra Pradesh. 

Rules Eased for Those Seeking Benefits under Start-up India Initiative

The Government has eased rules under which start-ups can seek benefits under the Government's Start-up India initiative. Benefits include faster and cheaper patent examinations and eligibility for the $1.5 billion "fund of funds" under the Government. 

Govt. OKs Building of New Dry Dock at Cochin Shipyard 

The Government has approved construction of a new dry dock at Cochin Shipyard Limited at an estimated cost of $270 million to augment the shipbuilding and repair capacity of the country. The large dry dock is a critical requirement to promote ship building and aligns with the Government's "Make in India" initiative. 

Govt.  Pushes Port-Led Development with Sagarmala Development Co.
The Government has approved the incorporation of Sagarmala Development Company, under the Ministry of Shipping, to provide equity support to the project Special Purpose Vehicles and funding support to the residual projects under the Sagarmala Programme. 
Approval for Setting Up IT Special Economic Zones 

The Government has approved a proposal for setting up IT/ITES (Information Technology/Information Technology Enabled Services) Special Economic Zones in many parts of the country. The Board of Approval has okayed 259 proposals for setting up SEZs relating to IT/ITES and Electronic Hardware sectors zones. 

Aviation Ministry Seeks $700 Million to Revive 50 Airports 

The Ministry of Civil Aviation has sought a budgetary provision of $700 million to revive 50 un-served and under-served airports and airstrips as it looks to boost regional air connectivity in the country. The expenses related to 32 Airports Authority of India owned aerodromes, where there was no aircraft movement, stood at nearly $2 million last financial year. 

India and U.S. will Train 1,500 Agricultural Pros from Africa, Asia 

India and the U.S. have launched the second phase of the Feed the Future India Triangular Training Program, bringing specialized agriculture training to 1,500 agricultural professionals across Africa and Asia. Thirty-two training programs of 15 days will be conducted in India and 12 training programs of 10 days will be conducted in African and Asian countries over the next four years. 

Govt. to Bid Out 18,600 Miles of Highway Projects in 3 Years

Government highways regulator NHAI is looking to bid out 18,600 miles of projects in the next two to three years, which include several new projects, such as Delhi-Jaipur, Hyderabad-Bengaluru and Delhi-Jammu. Most of the expressways are designed as new projects and will be access controlled with landscaping and the most advanced traffic systems.

Fitch: India's GDP to Grow at 7.7%, Ratings Affirmed

Global ratings agency Fitch has affirmed India's sovereign ratings at 'BBB-' as India exhibits one of the world's highest real GDP growth rates. The economic growth rate is expected to accelerate to 7.7% in the current fiscal year, the ratings agency said.

IPO Fundraising at 9-Year High in First Quarter
After several dismal years, funds mobilized through IPOs (initial public offering) have jumped to a nine-year high in the first quarter of fiscal year 2016-17. Companies raised $880 million through IPOs in April-June this year, the highest since 2007-08.