India - Partner In Growth
Welcome to the May 16, 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
Boost to FinTech: Mutual Fund Investment OK'd Via Digital Wallets
Indian market regulator SEBI has allowed investment in mutual funds via digital wallets. Now, any adult Indian with a digital wallet can easily invest in mutual funds. SEBI enacted this policy to encourage investment and saving among young Indian adults, a group that has a high user rate of digital wallets.

PM Modi Proposes Model Solar Cities
Prime Minister Narendra Modi has called for the establishment of model solar cities where power needs are fulfilled solely by solar energy, a move that will increase manufacturing of solar equipment and generate employment. PM Modi also called for greater emphasis on ethanol blending, as a way to help farmers and the environment.
 
India Seeks FDI in Food Processing Sector in High-Level U.S. Visit          
 
Pitching for foreign direct investment (FDI) in the food processing sector, India has asked U.S. companies to take advantage of liberalized foreign investment rules, ready-made infrastructure and an improving business environment in India. A high-powered team of Indian officials led by Jagdish Prasad Meena, Special Secretary in the Ministry of Food Processing Industries, promoted the sector during a two-day trip to Chicago.


Technology and Innovation Support Centers for IP Generation
In an effort to boost generation and commercialization of intellectual property, the Government and the World Intellectual Property Organization have joined hands to establish Technology and Innovation Support Centers (TISCs) in India. India will have access to the global network of more than 500 TISCs.


Govt. To Roll Out GST, Foreign Trade Policy Together
The Government will roll out its revised Foreign Trade Policy alongside the introduction of the Goods and Services Tax (GST), Commerce and Industry Minister Nirmala Sitharaman said. The focus of the revised trade policy will be promoting exports from small-and-medium-sized firms and high-employment potential sectors. 

HIGH-IMPACT NEWS
Ganga River Cruise Makes Travel Mag's Top Six to Take In 2017
Top U.S. travel magazine Conde Nast Traveler has listed a cruise on India's Ganga River as one of the "six river cruises to take in 2017." The Ganga cruise joins river excursions on the Mekong and Yangtze in China, the Amazon in South America, the Volga in Russia and the Irrawaddy in Myanmar. The Conde Nast endorsement will boost river tourism in India. 
 
U.S. Congressional Delegation Calls on PM Modi
An eight-member bipartisan U.S. Congress delegation led by House Democratic Leader Nancy Pelosi called on Prime Minister Narendra Modi. PM Modi said he appreciates the strong bipartisan support of the U.S. Congress in deepening the partnership between India and the U.S. He called for further enhancing exchanges with the U.S. Congress. 
India Jumps 73 Spots to No. 26 in World Bank's Power List
India has leaped from No. 99 to No. 26 on the World Bank's power list, reflecting the availability of electricity in every nation of the world, said Power Minister Priyush Goyal. He added that it is "satisfying for me that the Prime Minister's vision particularly to take electricity to every home, particularly to make electricity access very easy, particularly to make energy affordable is being furthered very rapidly."

Warren Buffett: India Open to Investment, Potential 'Incredible'
In a recent interview, Warren Buffett said that potential for India is "incredible" and that he is open to investing in the country. He added that India is too huge of a market for anyone to ignore. Buffet said that India's brainpower will create a better future for its citizens.

FDI to India Doubles in Just 3 Years
Inflows of foreign direct investment (FDI) to India doubled from $22 billion in 2013 to $46 billion in 2016. The initial spurt was led by investments into India's digital economy, which accounted for much of the incremental FDI in 2014 and 2015. Inflows are now increasing in physical economy sectors such as construction, electrical equipment, machinery, metallurgical industries and power.


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