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Despite a boost in the savings, the price control can hinder the development of new medicine in the country.
With Prime Minister Narendra Modi's leadership, India's economy is expected to grow further in the coming months.
American banks are looking into fintech firms to tap global consumers who are using apps for online payment.
The cabinet has given in-principal approval to set up an alternative mechanism for mergers of state owned banks.
The US-India Strategic Partnership Forum aims to deepen the relationship between the two countries.
The Indian government pronounced the cancellation of the current high-denominations, i.e. RS 500 and RS 1,000 notes from circulation by December 30, 2016.