India - Partner In Growth
Welcome to the November 7, 2017  bulletin of key policy decisions and high-impact news, presented by the Embassy of India, Washington DC.
YouTube Facebook Twitter
KEY POLICY DECISIONS
Govt: GST Filing System to Be Simplified, Fine Waived

The filing process for the Government's landmark Goods & Services Tax (GST) will be simplified and the late fine for the first three months will be waived, said Sushil Kumar Modi, head of the Goods & Services Tax Network. The GST is India's largest tax overhaul since independence.




VP Naidu: India to be 3rd-Biggest Aviation Market

India will become the world's third-biggest aviation market by 2026, Vice President M. Venkaiah Naidu said while inaugurating the 2nd Aero Expo India 2017. India became the world's fastest-growing domestic travel market for the 22nd time in a row recording a 26.6 percent year-on-year growth in January 2017, according to IATA.


 
FM Jaitley: India Unequivocally Supports Renewable Energy

India has demonstrated its commitment to new and renewable energy by signing a Joint Financial Partnership Declaration with the International Social Alliance and the European Bank for Reconstruction and Development. Jaitley said that India's energy requirements are huge and the country wants to make optimal use of new and renewable energy.


 
Reserve Bank: Large Corporate Borrowers Must Get ID Code

The Reserve Bank of India said that corporations seeking large loans must now obtain a 20-digit Legal Entity Identifier code, a move that is aimed at improving risk management and accountability.



 

Hasmukh Adhia Is New Finance Secretary

The Government has named Revenue Secretary Hasmukh Adhia as the new Finance Secretary. He takes over from Ashok Lavasa, who retired last month. Adhia, a 1981 Gujarat-cadre Indian Administrative Services officer, is seen as one of the driving forces behind goods and services tax (GST). 
 


 
HIGH-IMPACT NEWS
India Soars Up in 2017 Ease of Doing Business Ranking

Prime Minister Narendra Modi's regulatory reforms have led to India rocketing up 30 places in the World Bank's 2017 ease of doing business ranking to No. 100. The ranking measures such things as the number of steps required to set up or shut down a business, how hard it is to obtain electricity and so on. This represents India's biggest jump ever and the largest of any country in the ranking's history.

 
U.S. Lawmakers Advocate Strong Ties with India

A bipartisan group of top U.S. lawmakers have advocated strengthening ties with India and have asked the Indian-American community to chip in to find new opportunities for growth. "I have worked very hard on allowing more immigrants and particularly South Asia immigrants, people from India, to come to America," said Senate Minority Leader Chuck Schumer.

SEBI: 1,000+ New FPIs Registered in April-Sept.
 
 
 
 
 
 
 
 
 
 
 
 
More than 1,000 fresh foreign portfolio investors (FPI) were registered with market regulator Securities and Exchange Board of India in April-September 2017-18, primarily due to their continued interest in the Indian capital markets, latest data showed. This comes on top of close to 3,500 new FPIs registering with SEBI in the past financial year.



Startups in India Moving Beyond E-Commerce, Taxi Cabs


Business-to-business startups in the financial technology, health technology and other sectors have accounted for nearly half the startups founded in India this year, as the startup ecosystem matures and moves beyond early-stage business-to-consumer sectors, such as e-commerce and ride-hailing. Business-to-business startups now account for 40 percent of all Indian startups.


Govt: India to Attract $10 Billion in Food Processing Investment 


India will attract $10 billion in investment and generate 1 million jobs in the food processing sector over the next there years, the Government said, at the World Food India 2017 event in New Delhi. The event aims to transform the country's food economy and double the income of Indian farmers. Prime Minister Narendra Modi inaugurated the event.