India - Partner In Growth
Welcome to the June 6, 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
Ease of Doing Business: Mutual Funds Can Now Register Online
To improve ease of doing business, market regulator SEBI has launched an online registration mechanism for mutual funds. The move will make it easier and faster for existing and new fund houses to complete their registration with SEBI in a cost-effective way. 

Mobile Congress in Delhi to Attract Investments 
India is set to have its first global event to attract investments in the telecom and mobile phone manufacturing sectors at the Indian Mobile Congress, set for Sept. 27-29 in Delhi. It will be modeled on the yearly World Mobile Congress held in Barcelona. India's version will be an annual event. Five thousand paid participants and 800 exhibitors are expected to attend.  
 
New One Rupee Note To be In Circulation Soon
New one rupee notes, colored pink-green on the front and a combination of colors on the reverse side, will be soon put into circulation. Printing of one rupee notes was discontinued in 1994 but was relaunched in 2015. 
 
All Indian States Agree to July 1 GST Rollout
All of India's states have agreed to the July 1 rollout of India's sweeping Goods and Services Tax, keeping the nation's largest and most important tax reform since independence on track. Last month, the GST Council placed more than 1,200 goods and 500 services in the tax brackets of 5, 12, 18 and 28 percent.  
 
Reserve Bank Pushes for Account Number Portability
Customers may soon get to seamlessly switch to another bank with the same account number without losing any transaction details - all thanks to Reserve Bank of India. With the increase in Aadhaar (national ID) enrollment and technology advancements, banks and stakeholders must start preparing for bank account number portability, the Reserve Bank said.
 
HIGH-IMPACT NEWS
PM Modi: India Remains Ideal FDI Destination
Participating in the St. Petersburg International Economic Forum in Russia, Prime Minister Narendra Modi reiterated his resolve to make India the ideal destination for investment. "India is among the top 3 favorable FDI destinations. At this moment, the world is looking towards India as the best place for investment," PM Modi said.
 
FPIs Buy $10 Billion in India Debt So Far in 2017
Foreign portfolio investors (FPIs) have bought Indian debt securities worth around $3 billion in May, taking their total to more than $10 billion for 2017 so far. In the first two months of the current fiscal year -- April and May - FPIs have already bought more than $5 billion in Indian debt. 
FM Jaitley Launches Mobile-Friendly Finance Ministry Home Page
Finance Minister Arun Jaitley has launched a mobile-friendly webpage for the Ministry of Finance to provide single-point access to all websites of the five departments under the ministry. "The new website also has features of in-built search options, enabling text-to-speech, language translation, and visitor analytics, among others," the Ministry said.

Mega Food Park Opens in Odisha
The first Mega Food Park in the state of Odisha, located in Rayagada, has been inaugurated by Harsimrat Kaur Badal, Minister of Food Processing Industries. This is the seventh Mega Food Park opened in the past three years by the Government. The food park will offer new opportunities for investors under the Make in India program while farmers will get recognition at the national and international levels.

First Made in India Jeep Compass Rolled Out
Fiat Chrysler's India arm has rolled out the first locally manufactured Jeep Compass SUV from its Ranjangaon facility in Pune. The vehicle was rolled off the assembly line in the presence of Maharashtra Chief Minister Devendra Fadnavis and officials from Fiat Chrysler.


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