India - Partner In Growth
Welcome to the September 10, 2015 bulletin of key policy decisions and high-impact news from India, presented by the Embassy of India, in Washington D.C.
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No Minimum Alternative Tax on Foreign Institutional Investors
Foreign institutional investors will not face a minimum alternate tax (MAT) in India. The Govt. has accepted the recommendation of a special committee to clarify the inapplicability of MAT to FIIs/FPIs and has decided that an appropriate amendment to the Income-Tax Act will be carried out. Through the amendment the Govt. proposes to clarify that MAT provisions will not be applicable to FIIs/FPIs not having a place of business/permanent establishment in India, for the period prior to 1st April 2015. 

India to Join U.N.-Based 'Better Than Cash Alliance'  
India is joining the U.N.-based Better Than Cash Alliance, which promotes the transition from cash to digital payments to reduce poverty and drive inclusive growth, the Government said. The Better Than Cash Alliance is a partnership of governments, companies and international organizations.

E-Payment System Launched to Collect Funds for Increasing Forestation 
The Government has launched an e-payment gateway to receive payments for diversion of forest land from project proponents to speed up transactions and make them more transparent. The gateway will end delays in the deposit of such levies and back the Government's endeavor to simplify the administrative procedures without compromising environmental safeguards.

FM Jaitley Promises Ease of Doing Business, Tax Reforms at G20   
Promising a rational tax regime and easier business environment, Finance Minister Arun Jaitley has asked industry leaders to invest in India including in smart cities, textiles, food processing and renewable business sectors. In an interactive session on the sidelines of the G20 Meeting of Finance Ministers and Central Bank Governors, he said the Government has made significant progress in improving ease of doing business in India and much more is being done.

The Government has relaxed norms for sugar exports by doing away with the registration requirement with the Commerce Ministry. The industry said the move would help expedite sugar exports from India, which is saddled with surplus stock.   

IMF:  India Among Few Bright Spots in Global Economy
The International Monetary Fund said India is among the few bright spots in the global economy. The remarks from International Monetary Fund Chief Christine Lagarde came at the meeting of G20 Finance Ministers and Central Bank Governors in Turkey. 


Michael Dell: PM Modi's 'Make in India' Initiative is Welcome
Michael Dell, founder of computer giant Dell, raised ambitions from India, which is now the company's third biggest market after the U.S. and China. "The 'Make in India' initiative is very welcome - I think developing more of the supply chain... is a great thing and will only help us make in India more and to export," he said.  

Govt.'s 'Green Fund' to Transform 60,000 Miles of Highway into Green Corridor 
The Government is planning to create a "Green Highways Fund" under its policy to transform India's 60,000-mile network of National Highways under which it will be mandatory to set aside 1 percent of the total road project cost for planting greenery.


GE's Immelt: India Is Growth Engine of Asia 
With plans for more investments in line with the "Make In India" initiative, General Electric's Chairman Jeff Immelt is headed for India later this month. Describing India as a "growth engine for Asia," Immelt said there is huge manufacturing potential in the country.     

Commerce Minister: 'Make In India' Has Received $3 Billion in Investment Proposals
The Government has received investment proposals worth $3 billion under the "Make in India" initiative, Commerce and Industry Minister Nirmala Sitharaman said. "Make in India" aims at attracting domestic and foreign investments to make India a global manufacturing hub.