India Business Newsletter May 01 - May 31, 2022

Greetings from Consulate General of India,

New York!

Welcome to the May 2022 edition of our newsletter, bringing you important policy and high-impact news.

We hope you find it useful.

US surpasses China as India’s biggest trading partner in FY22 at $119.42bn



The US surpassed China to become India's top trading partner in 2021-22, reflecting strengthening economic ties between the two countries. According to the data of the commerce ministry, in 2021-22, the bilateral trade between the US and India stood at $119.42 billion as against $80.51 billion in 2020-21. Trade experts believe that the trend of increasing bilateral trade with the US will continue in the coming years as New Delhi and Washington are engaged in further strengthening the economic ties.

In a move to boost the global economy and in response to an aggressively expanding China that has been accused of unfair trade practices and economic coercion, India has joined the Indo-Pacific Economic Framework, IPEF, that seeks to strengthen economic partnership among participating countries with the objective of enhancing resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region. Thanking the US President Joe Biden for steering the initiative, Prime Minister Modi has also called on the participating nations to find common and creative solutions to tackle economic challenges of the region. Besides India and the US, the IPEF consists of Japan, Australia, Brunei, Indonesia, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam.



Number of Unicorns in India have reached 100- mark, says PM Modi in 89^th edition of Mann Ki Baat

Prime Minister Narendra Modi on Sunday, May 29, 2022, addressed the 89^th edition of his monthly radio address Mann Ki Baat, where he spoke about India's start ups reaching new heights in the coming future. Noting that the number of unicorns in India has reached the 100–mark, Prime Minister Narendra Modi mentioned that even during the Covid pandemic, India's starts ups continued to create wealth and value. Emphasizing on the number of growing unicorns in diversified fields in India, he said that it reflected the spirit of ‘New India’ amid the advent of start-ups.

India-US relations a 'partnership of trust': PM Modi in a meeting with Joe Biden

Prime Minister Narendra Modi and President Joe Biden have vowed to work together for a more prosperous, free, connected and secure world. He said he is confident that the friendship between the two nations will continue to be a "force for good" for global peace and stability as well as for the well-being of mankind during a bilateral meeting in Tokyo, on Tuesday, May 24, 2020.

Virtual Roundtable on ‘India’s Energy Transition and Opportunities Therein on May 04, 2022 

The Consulate General of India, New York in partnership with United States-India Strategic Partnership Forum, organized a virtual round table on “ India’s Energy Transition and Opportunities Therein” on 4 May 2022. The session was moderated by Dr. Atul Arya, Senior Vice President & Chief Energy Strategist, S&P Global, and had participation from Ministry of New and Renewable Energy, Invest India , and private sector of both India and the United States. About 100 seniors to mid-management level executives from diverse companies attended the virtual round table. Deputy Consul General also attended the round table. 

Discussion on the Healthcare and IT Industry in India on 4 May 2022 

The Consulate General of India, New York in partnership with GAVS Technologies organized a discussion on the Healthcare and IT Industry in India on 4 May, 2022. GAVS Technologies N.A., Inc. is primarily engaged in providing computer programming services on a contract or fee basis. Establishments of this industry perform a variety of additional services, such as computer software design and analysis; modifications of custom software; and training in the use of custom software. Consul General addressed the event. Mr. Sumit Ganguli, CEO-GS Lab, GAVS Technologies gave the introduction. Dr. Nick Patel, CDO, Prisma Health, gave an overview on “The future of Technology in Healthcare” during the event.

 

Discussion on the Healthcare and IT Industry in India on 4 May, 2022 

The Consulate in partnership with Indian Institute of Technology, Kanpur, organized New York Alumni meet on 8 May 2022. Mr. Ranjan Tandon, Founder and Chairman of Libra Advisers LLC, Prof. Shivendra S. Panwar, Professor Electrical and Computer Engineering Department at the Tandon School of Engineering (Polytechnic Institute),New York University and Director of the New York State Center for Advanced Technology in Telecommunications (CATT), Dr. Dev Joneja, the Chief Risk Officer at Exodus Point Capital Management and Mr. Anil Bansal, President of First National Realty Management , got facilitated during the event.