India - Partner In Growth
Welcome to the October 27, 2016 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
Reserve Bank Allows 100% FDI in Regulated Financial Services
The Reserve Bank of India (RBI) has opened the gates for more overseas investment coming to India by a series of steps liberalizing the foreign direct investment rules. The central bank has allowed 100% foreign investment through the automatic route to regulated financial services companies other than banks or insurance companies.
 
Logo Launched to Promote Intellectual Property Rights 
To promote India's intellectual property rights (IPR), the Ministry of Commerce & Industry has launched a logo for the Government's Cell for IPR Promotion and Management (CIPAM). Minister Nirmala Sitharaman said the Government is working toward creating public awareness about IPR and providing inventors with a platform to commercialize their IP rights.

Govt. Launches "UDAN" - a Regional Connectivity Plan
The Ministry of Civil Aviation took a major step toward making flying a reality for every Indian citizen. The Ministry has launched the Regional Connectivity Scheme "UDAN," an innovative plan to develop the regional aviation market. This first-of-its-kind plan globally will create affordable yet economically viable and profitable flights on regional routes. 

Govt. Drafts New Consumer Protection Bill  
India has drafted new consumer protection bill to ensure simplicity, speed, access, affordability and timely delivery of justice. It a transformative step toward strengthening consumer protection and giving a clear message by Prime Minister Modi that the "Consumer is the King."

Govt. Extends Deadline for Comments on Key Financial Resolution Bill
The Government has extended until October 31 the deadline for comments on the Draft Financial Resolution and Deposit Insurance Bill. A copy of the Report of the Committee, the Draft Bill and an explanatory note explaining the key legal provisions of the Bill is hosted on the home page of the Ministry of Finance at www.finmin.nic.in . 
 
HIGH-IMPACT NEWS
PM Modi Keen on Promoting India as Global Arbitration Hub
Prime Minister Modi wants to promote India as a credible hub for international arbitration. "An enabling alternate dispute resolution ecosystem is a national priority for India," Modi said. He added that India has extraordinary lawyers and judges, including a large number of retired judges, engineers and scientists who can also work as competent arbitrators in various fields.
 
India Urges U.S. to Move on Totalization Pact
India has "strongly" urged the U.S. to engage in negotiations for the Totalization Agreement or Social Security pact as its absence is restricting the movement of domestic IT professionals in America. "We have strongly urged the U.S. to engage in negotiations for signing of a Totalization Agreement. It is being heard and I hope there will be a positive response from their side," Commerce and Industry Minister Nirmala Sitharaman said.

India, U.S. Hold 10th Ministerial-Level Trade Policy Forum Meeting 
Minister of Commerce and Industry of India Nirmala Sitharaman and U.S. Trade Representative Ambassador Michael Froman met in Delhi for the 10th ministerial-level meeting of the India and U.S. Trade Policy Forum (TPF). The Ministers agreed that the TPF has greatly strengthened the U.S. - India engagement on bilateral trade and has increased trade and enhanced the overall economic relationship. 

Microsoft Opens First Cybersecurity Center in India
Microsoft India has launched its first full-scale Cybersecurity Engagement Center, which will function as a satellite to the company's Redmond Digital Crimes Unit. Located in Delhi, this first-of-its-kind center in India will bring together Microsoft capabilities to foster deeper cybersecurity collaborations with public and private sector organizations.   

IATA Forecast: India to Become No. 3 Aviation Market by 2026
India will become the world's third-largest aviation market, displacing the U.K., in 2026, the International Air Transport Association said in a passenger forecast. The 20-year forecast also says that China will displace the U.S. as the world's largest aviation market around 2029. 


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