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Panel Formed to Simplify Business Startup Regulations
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In furtherance of Finance Minister Arun Jaitley's Budget speech, the Government has established a committee to recommend a simpler mechanism to replace the myriad permissions needed to start a business. The committee will examine the possibility of replacing required permissions with regulations, identifying necessary safeguards and drafting proposed legislation.
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India and U.S. Sign Memorandum of Cooperation
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India and the U.S. signed a Memorandum of Cooperation that aims to foster cooperative work on key issues of mutual interest for all modes of transportation, including highway transportation, urban transportation and rail transportation. Minister of Road Transport & Highways and Shipping Nitin Gadkari said that this initiative would enable India to make use of world's latest technology available with the USA for projects like developments of waterways and multi-modal hub.
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Govt., Steel Companies Agreed to Launch India's First Steel R&D
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The Government and the steel industry have signed a Memorandum of Agreement to establish research and development in the steel industry. Steel can play a major employment role in India, given the country's youthful demographics. The initiative aims to increase R&D investment in the steel sector from less than 0.3 % of revenue to up to 2% of sales.
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Govt. Clears Path for Real Estate Regulator, Improving Accountability in Sector
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The Government has cleared the way for setting up a regulator for the real estate sector that will protect property buyers' rights by establishing transparency and accountability in the private and commercial sectors. Such measures will enable the real estate sector to access capital and financial markets essential for its long-term growth.
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Govt. OKs Highway Projects Worth $1.5 Billion
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The Government has approved three highway projects worth $1.5 billion in Tamil Nadu and Uttar Pradesh that will improve and widen 282 miles of highway.
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In Germany, Modi Invites World to Manufacture in India
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India has the potential to become a global manufacturing hub, Prime Minister Modi said in Germany, as he and German Chancellor Angela Merkel inaugurated the India Pavilion at the Hannover Messe, the world's largest industrial fair. "Demography, democracy and demand are attracting the world to India," Modi said.
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U.S. Report: India May be 3rd-Biggest Economy by 2030
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India may become the world's third-biggest economy by 2030, trailing only the U.S. and China, according to the U.S. Department of Agriculture's latest macroeconomic projections. India, ranked eighth in 2015, will climb past Brazil, the United Kingdom, France, Germany and Japan to take third place in the world ranking, the report said.
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U.S. Upgrades India's Aviation Safety Ranking
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U.S. authorities have upgraded India's aviation safety rating, enabling Indian airlines to increase the number of flights they operate to the United States. The move will especially benefit Air India and Jet Airways.
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Moody's Lifts India's Outlook to 'Positive'
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International ratings agency Moody's Investors Service has upgraded the outlook on India's ratings to positive from stable. It retained the Baa3 issuer and senior unsecured ratings. Moody's made the upgrade because it believes that India's policymakers are establishing a framework that will likely allow the country's growth to continue to outperform that of its peers.
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U.S. to Offer Smart Transport Solutions for 3 Indian Cities
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The U.S. Department of Transportation will offer sustainable transport solutions for the cities of Allahabad, Ajmer and Visakhapatnam. Bilateral cooperation transportation was discussed during a meeting between the visiting U.S. Secretary of Transportation Anthony Foxx and Minister of Urban Development M. Venkaiah Naidu.
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