Welcome to the latest bulletin of key policy decisions and high-impact news from India, presented by the Embassy of India in Washington D.C.
Key Policy Decisions

Government to Set Up Single-Window Clearance System for Steel, Coal and Power Projects           


The Government signaled that it would set up a single-window clearance system for capital-intensive steel, coal and power projects, as it seeks to speed approvals for investments.


Govt. OKs $2.1 Billion in Power Transmission Projects 

In a bid to fast-track building of high capacity interstate power transmission lines, the Ministry of Power has approved nine new projects at a cost of more than $2.1 billion. Nationwide, the total inter-regional transmission capacity of about 28,000 MW will be added in the next three years so that the total capacity is enhanced to more than 66,000 MW by 2017.

No Bar on Foreign Firms Incorporating India Subsidiary           


Seeking to allay concerns of foreign companies with regard to the new Companies Act, the Government has said there would be no compulsion for them to register an Indian subsidiary only as a public company. The clarification has been issued by the Ministry of Corporate Affairs.  


India, U.S. To Implement Foreign Accounts Tax Compliance Act

India and the U.S. have reached an agreement to implement the Foreign Accounts Tax Compliance Act. Indian financial institutions would have until Dec. 31, 2014, to register with U.S. authorities and obtain a Global Intermediary Identification Number, said the Reserve Bank of India.       

Reserve Bank Extends Banking Services to Remote Areas

In a move designed to extend banking services to remote areas in India, the Reserve Bank of India is permitting banks to appoint non-banking finance companies (NBFCs), which do not accept deposits, as their business correspondents.    

Govt. Extends Tax Waiver, Relief for Auto Industry

The Government extended until December the cut in excise duty levied on the automobile industry. Extending the duty cut will reduce revenue in the short term, but help the economy in the long run, said Finance Minister Arun Jaitley.       

High-Impact News

Budget Will Simplify Tax System for Businesses    


The coming Government budget will ease conditions for doing business in India, says Commerce & Industry Minister Nirmala Sitharaman. "This budget will set a direction to increase the ease of doing business and restore confidence in the economy," she said.

Engineering Exports Set to Top $70 Billion This Year

Engineering exports would exceed $70 billion in the current fiscal year, growing by 15 percent over the previous year, as demand in key markets such as the U.S. and the UAE is on the rise. "We are hopeful that this would continue the rest of the year," said Engineering Export Promotion Council (EEPC) Chairman Anupam Shah.
Finance Secretary Arvind Mayaram said India would prefer foreign direct investment (FDI) over foreign institutional investment (FII) inflows if overseas resources need to be generated to spur economic expansion to its potential level. "I believe our potential growth rate is 8 percent," he said, "and that which we cannot generate domestically must come from outside. If it comes from outside then we prefer it in the form of (FDI) rather than (FII)."

U.S.- India Business Council Bullish About Indian Economy 

The U.S.- India Business Council is "quite bullish and upbeat" about the prospects of the Indian economy under the leadership of Prime Minister Modi, said Council President Ajay Banga, who led a delegation to India recently.


Ranbaxy to Launch Generic Diovan in U.S.
Ranbaxy Laboratories has received the U.S. Food and Drug Administration's approval to sell a generic version of Novartis's hypertension medicine Diovan. The company will enjoy 180 days of exclusive marketing rights for the drug in the American market. The company will launch the drug at the earliest. 

India to Invite Bids for Largest Solar Power Project

solar_panels_3.jpg India is about to launch the largest bidding of solar power projects of up to 1,500 MW in capacity under its flagship Jawaharlal Nehru National Solar Mission. In the first success story of uniting the coal, power and renewable energy ministries, solar power will be bundled with conventional power on a large scale.

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