Monday April 23, 2018
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India Extends Hand towards Indian Diaspora Entrepreneurs and Professionals

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New Delhi: The Government of India, today decided to facilitate and attract young Indian Diaspora business professionals, towards its market by launching a year- long fellowship of ‘OIFC-ISB India Fellows Programme’.

It is a result of the public-private partnership between Government of India and the Confederation of Indian Industry (CII).  Overseas Indian Facilitation Centre (OIFC) combined with Indian School of Business (ISB) to initiate the plan.

A leading B-School, ISB, is the place where the young fellows will be taught various aspects of decision-making capacity, the structure of the Indian markets, etc. The fellowship will be offered under the OIFC’s India Connect Initiatives.

To give a detailed account of the program:

One can start with the point that it will be taught by globally renowned faculty from ISB with years of industry experience and also by government practitioners. The fellows will be learning about the subtle dynamics of the legal and regulatory environment, engagement and networking opportunities with Indian business tycoons.

The residential term in India will extend up to 12 days, which will include exposure to the Indian market, its investment policies, domain experts and potential networking with business partners.

The program will be available to anyone belonging to the Indian Diaspora between the ages of 21 to 39 years, with minimum 3 years of experience in the business sectors.

Scheduled to start from June of this year, the fee will amount to the introductory US $ 5,000 along with service tax. Fee includes the provisions of boarding and lodging, program related study materials, field visits and webinars. Although the candidates will have to bear the expense of travel and local conveyance.

After completing their program, the participants will become members of the OIFC India Entrepreneurship Fellows (OIEF) Club, which will also provide the alumni with necessary funds for their foray in the Indian market.

The fellows will be spending their term by residing at ISB’s campuses in Hyderabad, Mohali and at Delhi. (Input from agencies)

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Big reforms Led to India becoming the fastest growing major Economy globally: Garg

It also has enormous implications for emerging markets and developing countries

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The RBI building in Mumbai.
The RBI building in Mumbai. Photo credit: AFP/Sajjad Hussain

The major reforms undertaken by the Indian government for raising economic growth and maintaining macroeconomic stability have made the country one of the fastest growing major economies in the world, said Subhash Chandra Garg, Secretary, Department of Economic Affairs (DEA).

Garg was addressing the Special Event hosted by US-India Strategic Partnership Forum on ‘Indian Economy: Prospect and Challenges’ in Washington D.C on Friday.

Indian economy needs more reforms.
Indian economy needs more reforms.

He said the launch of the Goods and Services Tax (GST) represented an “historic economic and political achievement, unprecedented in Indian tax and economic reforms, which has rekindled optimism on structural reforms.” He further emphasized that India carried-out such major reforms when the global economy was slow.

“With the cyclical recovery in global growth amid supportive monetary conditions and the transient impact of the major structural reforms over, India will continue to perform robustly,” Garg said.

During his meetings, Garg highlighted that the digital age technologies have profound implications for policies concerning every aspects of the economy. It also has enormous implications for emerging markets and developing countries.

Also Read: Biggest Bank Frauds Which Shook The Indian Economy

He expressed that the response to such a transformation will have to shift from ‘catch up’ growth to adoption/adaption of digital technologies for development and growth.

Garg also informed that India has started adopting policies and programmes for transforming systems of delivery of services using digital technologies and connecting every Indian with digital technologies and access through Aadhaar and other such means.

Indian economy should be on rise.
Indian economy should be on rise. Image: Mapsofindia

While citing the example of expanding mobile data access, he mentioned that India is now the largest consumer of mobile data in the world with 11 gigabytes mobile data consumption per month. He informed that India is investing in digital technologies, encouraging private sector to adapt these technologies and also addressing the taxation related issues by introducing equalisation levy.

Garg is currently on an official tour to Washington D.C. to attend the Spring Meetings of the International Monetary Fund and the World Bank and other associated meetings. He is accompanied by Urjit Patel, Governor, Reserve Bank of India and other senior officials. IANS