India - Partner In Growth
Welcome to the May 23, 2017  bulletin of key policy decisions and high-impact news, presented by the Embassy of India, Washington DC.
YouTube Facebook Twitter
KEY POLICY DECISIONS
FM Jaitley Launches 'Operation Clean Portal' for Tax Compliance
The Government has launched a new online portal called "Operation Clean" to investigate tax evaders. The portal, designed by the Central Board of Direct Taxes, will identify those who have made large deposits or purchases and which are not in line with declared income. This follows the Government's "Operation Clean Money," against black money. "It is time of reckoning for those who evade tax," Jaitley said.

Govt. OKs Convention to Catch International Tax Cheats 
The Government has approved the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. The Convention is an outcome of the OECD / G20 BEPS Project to tackle base erosion and profit shifting through tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low- or no-tax locations where there is little or no economic activity, resulting in little or no tax being paid. 
 
Govt. Approves Pharma Mission to Develop Bio-Pharmaceuticals  
 
 
 
 
 
 
 
The Government has approved a program for developing bio-pharmaceuticals through an industrial-academic collaboration, investing $225 million over five years. The program will focus on development of vaccines, biotherapeutics, medical devices and diagnostics.

Make in India: Govt. OKs 10 New Nuclear Reactors, Sees Job Surge
In a significant decision to fast-track India's domestic nuclear power program and boost the country's nuclear industry, the Government has approved the construction of 10 nuclear reactors, known as Pressurized Heavy Water Reactors (PHWR).  The total installed capacity of the plants will be 7000 MW, a significant increase to the country's overall capacity. This is a flagship "Make in India" project.

Reserve Bank OKs New Branch Banks 
In a bid to take banking services to the remote locations of the country, the Reserve Bank of India has permitted the opening of mini branches or banking outlets across the country for all domestic scheduled commercial banks except Regional Rural Banks, without requiring permission from the regulator on a case-by-case basis. 

HIGH-IMPACT NEWS
India Now World's 2nd-Best Country for Renewable Energy Investment
India has moved up to the second spot from third position in this year's Renewable Energy Country Attractiveness Index released by EY. This is primarily due to a combination of strong Government support and increasingly attractive economics, EY said. 

 

Tata Opens Drone Facility in Ohio
Tata Consultancy Services said it has opened its first research lab for drones in the U.S. at its Seven Hills Park Innovation Center located in Cincinnati, Ohio. The lab will address the rapidly expanding demand for unmanned aerial vehicles and business Solutions across industries, the Indian IT firm said.


Govt.'s E-Visa Program Spurs Rise in Tourist Arrivals 
During April 2017, a total of 114,000 tourists arrived on e-tourist visas as compared to 70,000 tourists during April 2016, registering a growth of 63 percent. There was 24 percent growth in the overall foreign tourists' arrival in April 2017, as compared to 10 per cent in April 2016.


Govt. Inaugurates World-Class Auto Test Track
The Government has inaugurated a world-class test track facility at Oragadam for automotive firms in Chennai. The facility was developed by the Global Automotive Research Centre Chennai. The facility is surrounded by major automobile manufacturers including Hyundai, Daimler, Renault, Nissan, Ford, BMW, Mitsubishi and component manufacturers. The facility has a full-fledged homologation test facilities including the test tracks to certify all categories of vehicles, systems and components to national and international standards.

A Quick Guide to India GST Rates in 2017
The Goods and Services Tax has caught the attention of markets because of its implications on company earnings. The Government has kept a large number of items under the 18 percent tax rate. Here is a quick guide to GST rates.


Have a business problem with India you need fixed?
Email us at: [email protected] or [email protected]