India - Partner In Growth
Welcome to the February 17, 2017  bulletin of key policy decisions and high-impact news, presented by the Embassy of India, Washington DC.
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KEY POLICY DECISIONS
Govt. Seeks Public Comments on Insolvency, Bankruptcy Rules
In order to create a more efficient bankruptcy system, the Government of India has invited public comments on draft regulations for insolvency and liquidation of businesses. These will facilitate implementation of the Insolvency and Bankruptcy Code, 2016.

Cabinet OKs Award of Contracts for Small Oil, Gas Fields
The Government has approved the awarding of 31 contract areas (23 on-shore and 8 off-shore) for oil and gas production. The award is expected to facilitate faster development of fields to enhance energy security for the fast growing economy. 
 
Task Force to Monitor Illicit Shell Companies
As part of its drive against black money post-demonetization, the Government of India has set-up a task force which will monitor action against illicit shell companies to prevent their misuse for money laundering and tax-evasion. Fewer than half of all registered companies in India file an annual return. While some may have genuinely gone out of business, others may be operating as shell companies that need to be monitored more strictly.

Govt. Debuts Pre-Loaded SIM Card for E-Visa Tourists
The Government has rolled out a pre-loaded SIM card for tourists arriving in India who use the E-visa program. This will allow all visitors to call overseas the minute they arrive in India and is expected to boost use of the E-visa and tourism to India. It will be launched at the Indira Gandhi International Airport in Delhi and expanded to nation's 15 other international airports.


'Operation Clean Money' an Overwhelming Success
"Operation Clean Money," the program of e-verification of large cash deposits, has been an overwhelming success. More than 500,000 taxpayers have submitted responses to Government's queries and cash deposits have been confirmed in 99.5 percent of all accounts. 


HIGH-IMPACT NEWS
India Space Program Launches 104 Satellites from a Single Rocket
Once again demonstrating its competence and efficiency, the Indian Space Research Organization has launched 104 satellites from a single rocket, the Polar Satellite Launch Vehicle. This was the reliable rocket's 38th consecutive successful launch. The satellites will be used for mapping, road monitoring, water distribution and other geographic functions. 
 
Ambassador Sarna: H-1B Visas Help U.S. Firms Stay Competitive
The H-1B visas, given to Indian skilled professionals, help make the U.S. firms globally competitive and support thousands of jobs locally. India's Ambassador to the U.S., Navtej Sarna, said in an interview to CNN, "The H-1B scheme has been crucial in making U.S. companies globally competitive, in increasing their client base, in increasing their innovation, and it is the Indian tech industry which has been creating jobs here." 
Aero India 2017 Takes Off at Bengaluru
The  Aero India, the biennial aerospace and defense exhibition, has kicked off in Bengaluru. For the first time, Aero India combines the defense and civil aviation sectors. The event showcases the present and future of the defense and aerospace industry in India.

New IMF Training and Technical Assistance Center Opens in Delhi
The Government has launched the South Asia (International Monetary Fund) Training and Assistance Center in Delhi whose goal is to help South Asian countries strengthen their institutional and human capacity to design and implement macro-economic and financial policies that promote sustained growth and alleviate poverty.


Record 27 Members of U.S. Congress to Travel to India
 A record 27 members of the U.S. Congress will visit India later this month, reflecting the increased efforts by American lawmakers to strengthen ties with New Delhi. The top lawmakers from both the Republican and Democratic parties are visiting India in two separate delegations.


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