India - Partner In Growth
Welcome to the May 1, 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
NITI Aayog Releases 3-Year Action Plan
Working with Indian States, Government think-tank NITI Aayog released a three-year action plan covering economic transformation of the agriculture, industries and services sectors; rural, urban and regional development; transport, digital and energy infrastructure; human and social development and initiatives to achieve sustainable growth. 

IT Minister: Apple Is Welcome to Make in India
Noting that 72 global telecom firms have started production in India over the past two years, India's IT Minister Ravi Shankar Prasad said, "I would soon be meeting the top officials of the U.S.-based firm [Apple] to discuss its plans to make mobile phones in India." 
 
Govt. Approves Six FDI Proposal
 
 
         
Based on the recommendations of the Foreign Investment Promotion Board, the Government approved six foreign direct investment (FDI) proposals on April 24, and recommended one proposal for the Cabinet Committee on Economic Affairs, thereby clearing most of the pending proposals in the drugs and pharmaceutical sector.

India's IPR Policy Speedier, More Efficient
Commerce and Industry Minister Nirmala Sitharaman said, "India's IPR policy is TRIPS compliant and forward-looking and the aim of the Government is to make the grant of intellectual property rights speedier and more efficient." The Minister made the remarks on World Intellectual Property Day at the 9th National Intellectual Property Awards Ceremony in New Delhi.


Govt. Approves 100,000 New House for Urban Poor
The Government has approved 100,537 more houses for the urban poor under Prime Minister Narendra Modi's Urban Housing Program. With the latest approvals, the Government has approved construction of 1,875,389 houses for Economically Weaker Sections under PMAY (Urban) in 2,151 cities and towns in 34 States and Union Territories, taking the total investment under the program to $15 billion.

HIGH-IMPACT NEWS
PM Modi Reviews Performance of Key Infrastructure Sectors
Prime Minister Narendra Modi has reviewed the progress of key infrastructure sectors including roads, railways, airports, ports, digital and coal. The highest-ever average daily construction rate of 81 miles of rural roads has been achieved and more than 16,155 miles of four- or six-lane National Highways have been built in FY 2016-17.  
 
FM Jaitley In Select Session at IMF-World Bank Meeting
During the IMF Plenary of the IMF-World Bank Spring Meeting in Washington D.C., Finance Minister Arun Jaitley spoke about the global economy, the Indian economy and the role of IMF. He stressed that the emerging risks to the global economy call for enhanced surveillance by the IMF to address the rising vulnerabilities in the global monetary and financial systems. 
IMF: India's Tax Reform Could Raise Growth Above 8% 
Tao Zhang, Deputy Managing Director of the IMF, said, "The Government [of India] has made significant progress on important economic reforms that will support strong and sustainable growth going forward. We expect that the Goods and Services Tax [GST], which is targeted to be applied starting in July, will help raise India's medium term growth to above 8 percent."

Reserve Bank Chief: Cash Ban Effect's 'Transitory'
Reserve Bank of India Governor Urjit Patel told an audience at Columbia University in New York that, "The accumulating evidence points to the effects of so-called demonetization as transitory. Credit is more important than currency, and credit was not affected at all."

India Is World's 5th-Biggest Military Spender
India's military expenditure grew by 8.5 percent in 2016 to reach overall spending of $56 billion, making it the fifth-largest spender, says the latest report from Stockholm International Peace Research Institute.