Obama: Both U.S. and India Can Increase Trade and Investment
President Obama welcomed Prime Minister Narendra Modi’s efforts to cut red tape and make it easier for doing business in India. In an interview to PTI, Obama said that both countries can do even more to increase trade and investment that create jobs in both nations. “The United States continues to look at our export controls to make sure Indian companies have the same access to American technology as our closest allies,” Obama said.
Ambassador: Partnership Between U.S. Innovation, Indian Startups
There is a deep partnership between innovation in the U.S. and startups in India, Indian Ambassador to the U.S. Arun K. Singh said, days after Prime Minister Modi launched the ambitious Startup India program in New Delhi. “In the last couple of years, there has been a lot of energy in the startup domain in India,” Singh told in a recent interview.
Report: Foreign Investment to India Doubles to $59 Billion in 2015
Foreign Direct Investment (FDI) flow to India nearly doubled to $59 billion in 2015, largely boosted by steps taken by the Government to improve the investment climate, according to UNCTAD’s latest report on global investment flows. Globally, FDI flows surged 36 percent to an estimated $1.7 trillion, their highest level since the financial crisis of 2008-09.
Govt. To Organize India Investment Summit from Feb.4-6, 2016
The Finance Ministry will organize an “India Investment Summit” during February 4-6, 2016 in New Delhi. A large number of long-term investors are expected to participate in the Summit. Apart from infrastructure related Federal Ministries and Departments, many State Govts. will also take part.
International Solar Alliance to Have Headquarters in India
Prime Minister Narendra Modi and President of France Francois Hollande laid the foundation stone of the International Solar Alliance (ISA) headquarters in Gwalpahari, Gurgaon. The ISA is part of Modi’s vision to bring clean and affordable energy within the reach of all and create a sustainable world.
Govt. Creates Body to Speed Up Incorporation
The Ministry of Corporate Affairs has launched the Central Registration Centre with the objective of providing speedy incorporation related services within stipulated time frames which are in line with international best practices. The body will further automate the approval processes by utilizing advanced software tools and engines, rationalizing and modifying rules and engaging professionals to expedite the process of manual scrutiny.
Global Accounting Standards for Banks, Insurance Firms
The Government has issued the roadmap for implementation of globally accepted accounting standards for commercial banks, insurance companies and non-banking financial companies. The new accounting standards have been converged with International Financial Reporting Standards.
Cabinet OKs New Power Tariff Policy
The Cabinet has allowed amendments to the national tariff policy that provide for differential power prices in a day, and allow power companies to pass on central taxes to consumers and expand existing generation capacity by 100 percent. “The new amendment would allow consumers to become producers of electricity,” Power Minister Piyush Goyal said.
Shipyards Gain Infrastructure Status
The Government has granted infrastructure status to the shipyard industry, a move aimed at promoting the “Make in India” initiative. With the infrastructure status, the shipyard industry will be able to receive flexible structuring of long-term project loans, long-term funding from infrastructure funds at lower interest rates and other benefits.
IMF Keeps India Two-Year Growth Forecast at 7.5%
The International Monetary Fund (IMF) retained India’s growth forecast for the next two years in its latest update of the World Economic Outlook.The update released expects the Indian economy to grow 7.5% in Fiscal Years 2017 and 2018, the fastest among major economies.
