Welcome to the June 25, 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
Finance Minister Jaitley assures US investors on reform process
During his visit to the US, Finance Minister Arun Jaitley held important meetings including with Treasury Secretary Jack Lew, Commerce Secretary Penny Pritzker and Trade Representative Mike Froman. Jaitley also held meetings with the management of New York Stock Exchange (NYSE) and select top CEOs of US Financial companies, apart from addressing business audience at Think Tanks.
India Sets New Solar Capacity Target of 100,000 MW By 2022
The Govt. has approved a five-fold increase in the country's solar power capacity target to 100,000 MW by 2022, entailing an investment of Rs 600,000 crore, to make India one of the largest green energy producers."The target will principally comprise of 40 GW rooftop and 60 GW through large and medium-scale grid-connected solar power projects," an official release said.
Government OKs 16 Foreign Investment Proposals Worth US$1 Billion
Government has approved 16 proposals of Foreign Direct Investment (FDI) amounting to $1.061 billion," Finance Ministry said in a statement.
Government OKs US$1.2 Billion Highway Projects
Govt. has approved US$1.2 Billion projects under its flagship road building programme National Highway Development Project (NHDP). "The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has given its approval for development of the four-laning of National Highway-6 in Maharashtra," an official statement said.
State Bank of India Launches e-forex Internet platform
State Bank of India has launched SBI e-forex, an Internet-based platform that enables customers to book their foreign exchange transactions online. The customers will be able to obtain forex rates without having to visit the branch, the bank said in a statement.
HIGH-IMPACT NEWS
Ambassador Singh: PM Modi Has Changed Terms of India-US Engagement
While speaking at the Asia Society in New York on "India Under Modi: One Year In" Ambassador Arun K Singh said that PM Modi's government has effectively laid the foundation for India's rapid transformation and purposeful diplomacy leading to new terms of India's engagement with the United States.
FDI Inflows Soar 112% in April To $3.6 Billion
Foreign direct investment inflows into India surged 112% in April to $3.6 billion from $1.7 billion in the year-ago period. The increase was 71% over the inflows in the previous month. The Department of Industrial Policy and Promotion ( DIPP) secretary Amitabh Kant said that he is confident that the country will receive record capital flows in the current fiscal owing to the slew of measures being undertaken by the government to make India an easier place to do business.
India Remains Investors' Top Choice Among Emerging Markets: BoFA
According to global financial major Bank of America Merrill Lynch, India topped the global emerging market investors' country preference chart followed by China and Poland in the second and third place, respectively.
'Make in India': Cisco To Invest $2 Billion This Year
US technology giant Cisco said that it is committed towards manufacturing in India and will invest $2 billion in the country this year. The company, which pumps in $1.7 billion every year, will invest additional $60 million in India on training and facility expansion.
India Has Fourth Largest Ultra-high-net-worth Households: Report
According to the report - Global Wealth 2015: Winning the Growth Game - India has the fourth highest number of ultra high net worth households in the world. India currently has about 982 UHNW households.
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