| 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. |
Modi to U.S. Defense Secy.: Let Us Jointly Develop Arms
 Prime Minister Modi told visiting U.S. Defense Secretary Chuck Hagel that India would like to work with U.S. defense firms on a joint development and co-production model as part of Delhi's efforts to achieve self-reliance and reduce arms imports.
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U.S. is India's Biggest Arms Supplier Past 3 Years
 Over the past three years, the U.S. has overtaken Russia as the largest supplier of weapon systems to India. During that period, India has spent $13.6 billion on foreign-produced weapons, with $5.3 billion going to U.S. firms and $4.1 billion going to Russia, Defense Minister Arun Jaitley said.
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India's June Factory Output Seen Rising for 3rd Straight Month
Industrial production in India likely expanded for a third consecutive month in June driven mainly by solid growth in infrastructure output, according to a poll of economists. Factory output in June likely rose 5.4 percent from a year earlier, faster than the 4.7 percent growth in May. "India's core sector growth touched 7.3 percent year-on-year in June supported by a significant pick-up in electricity, cement and coal production," said Rupa Rege Nitsure, chief economist at Bank of Baroda.
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Modi To Lay Foundation for $652 Million Special Economic Zone at Port
 Prime Minister Modi will lay the foundation stone for a $652 million multi-product special economic zone at Jawaharlal Nehru Port Trust in Mumbai, on August 16. The proposed industrial infrastructure is 684 acres with a total public and private investment of $652 million, and has the potential of generating 150,000 direct and indirect jobs, an official statement said.
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Commerce Minister: Govt. Readying Blueprint for Manufacturing Revival
The Modi Government is preparing a blueprint to revive the manufacturing sector, including a new framework for making special economic zones more attractive to investors by easing various restrictions, said Minister of State for Commerce, Corporate Affairs and Finance Nirmala Sitharaman.
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Govt. OKs 14 Foreign Direct Investment Proposals Totaling $249 Million
 The Government has approved 14 proposals for foreign direct investment in projects totaling $249 million. The projects include share allotment, expansion of equity participation and capital transfer.
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Govt. Considers Amendments to Minimum Wages Act
The Government is considering a proposal to amend the Minimum Wages Act of 1948 in order to include workers in certain occupations not covered under the Act.
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Automatic Clearance for Coal Linkage for New Power Plants
 Minister of State for Power, Coal and Renewable Energy, Piyush Goyal said that new power plants will be given automatic clearance for coal linkage and will be allowed to enhance capacity by up to 50%. "Replacing old plants will also help in protecting the environment besides increasing efficiency," he said, adding that the additional capacity will improve India's power generation.
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Finance Ministry Proposes Instrument for Rural Development
The finance ministry has proposed a Special Purpose Vehicle(SPV) in each State to ensure effective rollout of the ambitious Shyama Prasad Mukherji Rurban Mission rural development project, aimed at building integrated infrastructure projects in India's rural areas through public-private partnerships.
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Reserve Bank of India Keeps Key Rates Unchanged, Cuts Liquidity Ratio by 50 Basis Points
Reserve Bank of India Governor Raghuram Rajan kept interest rates unchanged for the third time in a row as expected, making it abundantly clear that his intent is to stay the course and slay the inflation demon once and for all, declaring that he has Prime Minister Modi's backing in his efforts to tame prices.
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