India - Partner In Growth
Welcome to the January 4, 2018  bulletin of key policy decisions and high-impact news, presented by the Embassy of India, Washington DC.
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KEY POLICY DECISIONS
PM Modi: India Committed to Ensuring Gender Equality

Prime Minister Narendra Modi has drawn upon the teachings of Sree Narayana Guru, India's great social reformer of the 19th and early 20th centuries, to urge Indians to rid the nation of social evils and to promote positive growth, including gender equality and protecting the lives of women.



FM Jaitley: Bitcoin Is Not Legal Tender in India

Finance minister Arun Jaitley has clarified that bitcoin is not a legal tender in India and the Government is awaiting a report of experts on crypto-currencies before taking further action. The Government has recently cautioned investors to be wary of virtual currencies such as bitcoin, saying they are like Ponzi schemes with no legal tender and protection. 

 

Govt: Financial Revolution Set to Transform Rural Economy

The Indian Institute of Corporate Affairs has been entrusted with building the capacity of the India Post Payments Bank to create a financial revolution in the nation's rural economy. The head of the bank has called the program one of the largest financial literacy missions in the world. 

 
Govt. Creates Electoral Bonds to Cleanse Election Financing System

In a bid to clean up election financing, the Government announced new electoral bonds that donors can buy from the State Bank of India (SBI), which receiving political parties can cash in only through a designated bank account. The electoral bonds, which are being pitched as an alternative to cash donations made to political parties, will be available at specified branches of the SBI for 10 days each in January, April, July and October. 

 

Commerce Ministry: 'Make in India' Led to Record $60 Billion in 2017 FDI Inflow

The Government's Make-in India initiative has led to a record inflow of foreign direct investment (FDI) of $60 billion in the financial year 2016-17, the Commerce Ministry said. The Government is now increasing its Make-in-India focus on additional sectors, including biotechnology, aerospace and defense, new and renewable energy and information communication and telecom equipment manufacturing.

 
HIGH-IMPACT NEWS
India to host Mini-Ministerial to 'Revitalize' WTO

India will host a mini-ministerial meeting of the World Trade Organization (WTO) in February to help "revitalize" the trade body, said Commerce Minister Suresh Prabhu. "The objective of the meeting is to discuss ways to revitalise the WTO, which, we believe, is the best available multilateral institution to ensure predictable and transparent system of rule-making in the area of international trade," Prabhu said. About 40 member countries are expected to attend.

 
Indian Manufacturing Expands at Fastest Pace in 5 Years

The Nikkei India Manufacturing Purchasing Managers' Index, or PMI, rose to a 5-year high of 54.7 in December from 52.6 in November. A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction. "Strong business performance was underpinned by the fastest expansions in output and new orders since December 2012 and October 2016, respectively," said IHS Markit, which compiles the survey.

India-U.S. Relationship Made Great Strides in 2017

The relationship between India and the U.S. made great strides in 2017, with President Donald Trump keeping his electoral promise of being the "best friend of India" inside the White House. India was the only country for which the Trump administration came out with a 100-year plan; an honor not accorded to any of America's other allies. 


Wind Is Now Cheapest Clean-Energy Source in India

Wind is now the cheapest source of renewable energy in India. Auctions conducted in Gujarat on December 21discovered record-low tariffs, down nearly 8 percent from earlier tariffs. The decline comes at the heels of a recent announcement by the Government that resurrected the Indian wind power market after nearly a year of stagnation.




PM Modi's Website Now Available in 13 Languages

With the launch of Assamese and Manipuri language versions, Prime Minister Modi's official website, www.pmindia.gov.in , can now be read in 13 languages, underlining the PM's commitment to speak to all Indians and communicate in their own languages.