India - Partner In Growth
Welcome to the November 11, 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
Govt. Cancels High Denomination Rs. 500, Rs. 1000 Bank Notes 
In order to curb financing of terrorism through the proceeds of Fake Indian Currency Notes and for eliminating black money, the Government will cancel the High Denomination bank notes of Rs.500 and Rs.1000 denominations issued by the Reserve Bank of India. 
 
New Real Estate Rules Ensure Timely Implementation of Projects 
To ensure timely implementation of real estate projects, the Real Estate (Regulation & Development) Agreement for Sale Rules, 2016 specify the rights and obligations of both promoters and buyers, including the right to terminate the agreement entered into by them in case of default by each other. 

Govt. Issues Bidding Guidelines for 1,000 MW Wind Power Projects 
The Government issued guidelines for the bidding process to set up of 1,000 MW of wind power projects connected to interstate transmission system. The wind power projects will be selected through open and transparent competitive bidding followed by e-reverse auction and the capacity may go higher than 1,000 MW, if there is demand from buying entities. 

Govt. Pushes to Electrify Railways, Reduce Emissions 
The Government has inaugurated the International Conference on Decarbonisation of Indian Railways -- Mission Electrification in order to reduce emissions. A mobile app called "RAIL SAVER" was launched by the Minister of Railways, which is expected to reduce energy consumption by 15% - 20%. The Ministry hopes to electrify another 24,000 kilometers of rail tracks, adding to to the existing 28,000 kilometers, in the next few years. 
 
HIGH-IMPACT NEWS
Ford Taps Indian Innovation with New Tech Center in Chennai
Ford will invest $195 million and hire 3,000 highly skilled employees to create a new Ford Global Technology and Business Center in Chennai that will serve as a hub for product development, mobility solutions and business services for India and the world. The eco-friendly campus will use solar panels, rainwater collection tanks, and heat and water recovery systems.
 
KPMG: Govt. Driving Reforms in IT, Electronics Manufacturing 
The Government is driving reforms in IT and the electronics manufacturing sector through major initiatives such as "Make in India" and by creating favorable policies to enable an investor friendly environment, said a report from consultant KPMG. The Electronic System Design & Manufacturing sector offers investors a wealth of opportunities for growth and is among the top five sectors in India attracting highest foreign direct investment. 

FDI in India Rises 30% to $21.6 Billion in April-Sept. 2016 
Foreign direct investment (FDI) into the country grew by over 30 percent to $21.6 billion during the first half of 2016-17. During April-September of 2015-16, India received FDI worth $16.6 billion. The sectors that receive maximum inflows include computer hardware and software, trading business, automobile industry and chemicals. 

Indian Manufacturing Growth Hits 22-Month High in October 
Growth in India's manufacturing activity hit a 22-month high in October, according to the Nikkei India Manufacturing Purchasing Managers' Index (PMI). Purchasing Managers' Index (PMI) is an indicator of the economic health of the manufacturing sector. A PMI of more than 50 represents expansion of the manufacturing sector when compared to the previous month. 


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