India - Partner In Growth
Welcome to the June 13, 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
Govt. Adopts Common Tax Agreement
The Government has adopted a common tax agreement that could lead to uniform tax regulations for all investors, regardless of where they come from. The OECD multilateral convention was signed by India along with more than 100 other countries in Paris on June 8.  

NITI Aayog Launches 'SATH' Education and Health Program
Government think-tank NITI Aayog has launched SATH, a program providing "Sustainable Action for Transforming Human Capital" with State Governments. The program aims to transform the education and health sectors. SATH will identify and build three role model States for health systems.
 
Govt. Sets Up Twitter Handle, Phone Line for GST Questions
Prime Minister Narendra Modi has reviewed the status of the Goods & Services Tax, set for July 1 rollout, checking on IT readiness, HR readiness, training and sensitization of officers, query handling mechanisms, monitoring and so on. A Twitter handle (@askGst_GOI) was created to answer questions in real-time and a toll-free all-India phone number (1-800-1200-232) has been provided as well.
 
Pres. Mukherjee Launches 'Selfie with Daughter' App to Combat Gender Imbalance
President Pranab Mukherjee has launched the "Selfie with Daughter" mobile application, aimed at raising awareness about female feticide and sex selection. Pres. Mukherjee urged people to take photographs with their daughters and upload them to make the campaign a success. " 'Selfie with Daughter' has become a worldwide movement against female feticide and sex selection," the president said. 
 
Reserve Bank Keeps Repo Rate Unchanged, Cuts Inflation Outlook
The Reserve Bank has kept key rates unchanged, while lowering its projections for inflation after recent data showed consumer prices rising more slowly. Repo rate -- the rate at the which the central bank lends short-term money to banks -- stays unchanged at 6.25 percent. 

 
HIGH-IMPACT NEWS
India Joins World's Space Heavyweights
India has joined a select number of countries able to claim membership of the "heavy lift" rocket club after it successfully launched a communications satellite weighing more than three tons. Only the U.S., Russia, China, Japan and the European Space Agency have successfully launched satellites weighing more than three tons.
 
Samsung Plans $760 Million Investment in India
Samsung Electronics has said that it will invest about $760 million to double its production capacity for mobile phones and refrigerators in India, a critical market for the world's largest smartphone maker. Samsung's new investment will allow the company to potentially shave production costs in one of the few remaining global markets with robust growth prospects.
More Than 11.7 Million Trained Under Govt. Programs
Minister of State for Skill Development and Entrepreneurship Rajiv Pratap Rudy said that the ministry has trained more than 11.7 million aspirants in various skills through ministry schemes and programs since the inception of Skill India. "Skill India is a silent revolution that is underway and is a joint investment that the Government, along with private partners, is making for the growth of the country," said the Minister.

Reuters: Retail Inflation Seen Cooling to Record Low in May
Inflation in India is expected to have cooled to a record low in May, a Reuters poll found. The consumer price index likely rose 2.60 per cent in May from a year earlier, dipping from 2.99 per cent in April, due to a fall in the cost of pulses, cereals and perishable goods.

India's Seafood Export at All-Time High
India's seafood exports hit an all-time high of $5.8 billion in FY17 owing to robust demand for frozen shrimp and frozen fish in overseas markets. The country exported 1 million tons, valued at $4.69 billion. While the U.S. and Southeast Asia continue to be major importers, demand from the EU has gone up substantially.



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