India - Partner In Growth
Greetings from the Embassy of India in Washington DC!
Welcome to the  March 6, 2020, edition of our weekly newsletter, bringing you important policy and high-impact news about India.
I hope you find it useful.
-- Shambhu Hakki, First Secretary (Political & Press, Information and Culture)
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KEY POLICY DECISIONS
PM Modi, President Trump agree to promptly conclude trade negotiations

President Donald J. Trump paid his first Presidential Visit to India in February 2020. He and the First Lady were accorded a warm public reception in Ahmedabad exemplifying the strong people-to-people ties between India and the U.S. The visit advanced security and strategic cooperation as well as trade ties. President Trump and PM Modi agreed to conclude the ongoing trade negotiations promptly. 

The Department for Promotion of Industry and Internal Trade (DPIIT) has amended the foreign direct investment (FDI) policy to allow 100% FDI for insurance intermediaries, which includes insurance brooking, insurance companies, third party administrators, surveyors and loss assessors.


 
CCEA approves Creation of National Technical Textiles Mission

(CCEA)
The Cabinet Committee on Economic Affairs has given its approval to set up a National Technical Textiles Mission with a total outlay of $222 million, in order to position India as a global leader in technical textiles. The Mission's implementation period would run from FY 2020-21 to 2023-24.


 
The government will hold a global summit on artificial intelligence on April 11-12 to exchange ideas with industry and academia on the use of AI for social transformation, greater inclusion and citizen empowerment. The summit, called Responsible AI for Social Empowerment, will be inaugurated by Prime Minister Modi.


 
TRANSFORMING INDIA
India has bypassed France and the UK to jump into the global Top 5 economies, says the IMF.


 
HIGH-IMPACT NEWS
India and the U.S. have signed a $3 billion military helicopter deal during President Donald Trump's visit. President Trump described the deal for 24 MH-60 Sikorsky Romeo multi-role helicopters and six Apache attack choppers as a highlight of the visit and said it would contribute to interoperability.


As India's oil imports from U.S. are poised to reach $10 billion this year, both countries plan to deepen their energy partnership through technology exchange and investment partnerships. The next Ministerial meeting of the Strategic Energy Partnership between the two is scheduled in April this year for further deepening engagement.


 
The U.S. has surpassed China to become India's top trading partner, showing greater economic ties between the two countries. Trade experts believe that the trend will continue in the coming years as New Delhi and Washington are engaged in further deepening economic ties.


 
Close to a dozen chiefs of India Inc. who met the U.S. President Donald Trump lauded him for relaxing regulations that improved the business environment. Mukesh Ambani, chairman and managing director of Reliance Industries, said they were looking to invest close to $7 billion in the U.S.



A report by the Confederation of Indian Industry (CII) in association with the U.S. India Business Council (USIBC) has listed interventions in 13 areas which, if resolved, will provide a significant boost to trade between the two countries. CII and USIBC have launched the "$500 Billion Roadmap," a report that provides an assessment of current trends in U.S.-India trade and the policy reforms needed to set business ties on a faster growth trajectory.



Even in the midst of a volatile global economy, Special Economic Zones (SEZs) in India have shown resilience and have achieved $100 billion worth of exports in FY 2019-20.