India - Partner In Growth
Welcome to the January 13, 2017 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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KEY POLICY DECISIONS
PM Modi Opens BSE International Exchange
Moving a step closer to realizing his dream of setting up an indigenous International Financial Services Centre at Gandhinagar similar to the Hong Kong, Dubai and Singapore exchanges, Prime Minister  Modi  struck an electric gong this week heralding the inauguration of BSE's international exchange at the new Hiranandani Signature Tower, Gujarat.
 
India, U.S. Agree to Cooperate on Cybersecurity 

India and the U.S. have signed a memorandum of understanding to cooperate on cybersecurity.  The pact intends to promote closer cooperation and the exchange of information pertaining to cybersecurity in accordance with relevant laws, rules and regulations of each economy.


Police Get Tool Kit to Tackle IP Crimes 

To strengthen the intellectual property ecosystem in India, police have been given a tool kit by the Commerce and Industry Ministry to help them tackle crimes such as trademark counterfeiting and copyright piracy. This tool kit will be provided to all state police departments across the nation. 


Govt. to Invest $1.8 Billion in Solar Power Transmission Lines 
The Government will invest $1.8 billion on lines to transmit power from solar parks to enable its goal of boosting clean-energy capacity to 175 gigawatts by 2022. The dedicated transmission lines, part of the green corridor project, will transmit 20 gigawatts of power capacity from 34 solar parks across 21 Indian states. 


India Unveils World's Largest LED Street Lighting Project 
The Power Ministry has unveiled the world's largest street light replacement program in South Delhi. A total of 1,500,000 street lights have already been replaced in the country with energy-efficient LED bulbs, which is resulting in energy savings of 206 billion kWh and reducing 171,000 tonnes of greenhouse gas emissions per year.        

HIGH-IMPACT NEWS
India Inc. Lines Up for Vibrant Gujarat Summit
Prime Minister Modi inaugurated the eighth edition of the Vibrant Gujarat Global Summit, which he founded, with many heads of state, top global and Indian CEOs and firms expected to attend. The state government anticipates investment proposals of more than $375 billion. This year, India's top 10 foreign direct investment contributors are joining the event as "partner countries" and will send political and business delegations. 
 
Indian Diaspora Celebrated at Convention
The annual global convention for the Indian diaspora, Pravasi Bharatiya Divas 2017, was held in Bengaluru earlier this month with a record participation. Fourteen states exhibited at the convention. Foreign dignitaries including Surinamese Vice-President Michael Ashwin Adhin and Portuguese Prime Minister H.E Antonio Costa attended the event.
Moody's Has Positive Outlook on Indian Economy
International rating agency Moody's has maintained positive outlook on India and said demonetization has the potential to raise Government revenues and provide fiscal space to support growth.  It said measures including relaxation of foreign investment restrictions, passage of the Goods and Services Tax and advancement of a workable bankruptcy code have potential to stimulate private sector investment.

Google India Announces Free Digital Training for Small Firms
Google CEO Sundar Pichai announced a digital training program for small- and medium-sized businesses at the Digital Unlocked event in New Delhi. The goal is to equip these businesses with essential digital skills that will enable them to get online and start using the power of the internet to grow their business. 

Demonetization Drives Digitization in India
In one of the most positive fallouts of demonetization almost $3.8 billion, or 15 percent of total cash-based transactions, have moved to digital sources in the past two months, according to a survey conducted by the State Bank of India.   At least 41 percent of people that SBI polled who already had point-of-sale machines saw an increase in their transactions post note ban.  


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