India Business Newsletter (Feb 01

India Business Newsletter

February 01 - February 28, 2023

Greetings from Consulate General of India,

New York!

Welcome to the February 2023 edition of our newsletter, bringing you important policy and high-impact news.

We hope you find it useful.

A Forum for Indian Businesses in North East USA

(Covering: Connecticut, Maine, Massachusetts, New Hampshire,

New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont)

Biden invites PM Modi for state visit to US later this year: Report

US President Joe Biden has reportedly invited Prime Minister Narendra Modi for a state visit this summer, news agency PTI said citing sources. According to the PTI report, the Prime Minister’s Office has accepted the invitation in principle. PM Modi’s expected visit is currently in the early stages of logistical planning, with officials on both sides figuring out dates convenient for the two world leaders to meet on.

US courts India as technology partner to counter China

Officials from the United States and India agreed Tuesday to expand cooperation on advanced weaponry, supercomputing, semiconductors and other high-tech fields, as the Biden administration looks to strengthen its connections with Asian allies and offset China’s dominance of cutting-edge technologies.

Uttar Pradesh: PM Modi Inaugurates Global Investors Summit in Lucknow

Prime Minister Narendra Modi inaugurated the Uttar Pradesh Global Investors Summit 2023 in Lucknow on Friday. The three-day event is expected to be attended by several Union ministers and a host of leading industrialists.

Indian economy is expected to grow 5.9 percent in FY24: India Ratings

The Indian economy is expected to grow 5.9 per cent in FY24 amid normalising pent-up demand, headwinds for exports due to global growth slowdown, and credit growth facing tighter financial conditions, India Ratings and Research said in its FY24 Economic Outlook released Tuesday, February 21, 2023.

G20 members agree on joint efforts to achieve energy efficiency and security

The G20 member countries participating in the first Energy Transitions Working Group (ETWG) meeting in Bengaluru have agreed on collective efforts in priority areas to achieve energy security and diversified supply chains of new energy sources, the Ministry of Power said on Sunday.

Unpacking India’s Union Budget 2023 – 24

The Consulate hosted an interactive roundtable in partnership with US-India Strategic Partnership Forum, USISPF on 7th February 2023 to discuss the merits of the Union Budget 2023, its key policy proposals and tax provisions, and its impact on India’s macroeconomic outlook. Consul General delivered opening remarks in which he highlighted the key provisions of the Union Budget and stated that the budget provides a vision for the Amrit Kaal where the focus of the Govt. of India is on growth and job creation, and building a strong and sustainable macro-economic environment. Key panelists Mr. Uday Ved, Partner, KNAV, Mr. Sameer Narang, Head- Economics Research Group, ICICI Bank, Mumbai, Mr. Jigar Raval, first Secretary ITOU, Embassy of India in the United States, shared their insights and perspectives on the 2023 Union Budget and what it brings for the US-based companies and investors. Deputy Consul General and Consul (Trade) also attended the session.

Kerala Tourism Event

A roadshow on ‘Kerala Tourism’ was organized in Manhattan, New York on 7th February in partnership with the Department of Tourism, Government of Kerala. The state’s delegation was led by Mr. K.S. Srinivas, Principal Secretary (Tourism). Consul General spoke about the latest government initiatives to promote tourism including connectivity projects and new destinations. This was the first Indian tourism delegation to the US after March 2020 when the pandemic set in. The event showcased Kerala’s tourism offerings, including attractions under the ‘responsible tourism’ and ‘adventure tourism’ segments.

14th Edition India Diamond Week, February 6 – 9, 2023

Consul General and Consul (Trade) participated in the India Week Buyer Seller Meet jointly hosted by GJEPC India and Diamond Dealer Club Week, New York on 8th February 2023. The event provided an excellent platform for Indian jewelry manufacturers to explore international markets and present India's finest diamond jewelry and other gems. The participants included many gem and jewelry companies. Indian gems and jewelry industry have been making considerable strides in recent years. This event was an essential milestone for recognizing India’s strength in diamonds and other gemstones.

Air India Launch event for JFK – Mumbai Flight

Consul General participated in the inaugural ceremony of the JFK, New York to Mumbai non-stop flight on 14th February 2023, applauding the Air India team for their endeavor. Air India re-launched its non-stop flight from JFK Airport, New York to Mumbai. They have put a refurbished aircraft on the route leased from Delta, which has 28 business-class seats.

Webinar on Adventure Tourism in India

The Consulate hosted a webinar on Adventure tourism in India on 16th February 2023, showcasing India's numerous attractions and adventure opportunities. Deputy Consul General gave opening remarks on the adventure tourism landscape of India and the myriad adventure opportunities it offers. Consul General delivered welcoming remarks highlighting India's emergence as one of the world's most popular adventure tourism destinations. Captain Swadesh Kumar, Founder President of the Adventure Tour Operators Association of India (ATOIA) was the keynote speaker. He discussed wide-ranging elements of adventure tourism in India, comprising an extensive selection of land, air, and water-based activities, such as mountaineering, mountain biking, trekking, paragliding, hot air ballooning, wildlife safaris, camel safaris in the desert, river rafting, scuba diving, snorkeling, etc. The webinar was attended by about 75 guests from the tour and travel industry, hospitality sector, universities, members of Indian American community, and representatives of the media.

Inauguration of Jute Buyer Seller Meet by JPDEPC

Consul General inaugurated the Buyer Seller Meet in New York, organized by Jute Products Development and Export Promotion Council (JPDEPC) on 17th February 2023 at The Westin New York, Time Square. The event focused on promoting jute products, which are now becoming popular among consumers seeking "carbon-neutral products" in the United States. The Consul General praised the efforts of JPDEPC in bringing such meets to the United States and hoped that this initiative would increase the awareness of jute products and help boost the export potential of Indian jute products. The meet provided an excellent platform for buyers and sellers to interact and explore potential business opportunities.

India – Israel - AJC Event

The Consulate organized a panel discussion on India-Israel Tech entrepreneurship in partnership with the Consulate General of Israel and the American Jewish Committee (AJC) on 27th February 2023 at the Consulate. Dr. Suresh Kumar, Serial entrepreneur, Professor, and builder of inclusive Innovation & Economic Ecosystems; Ms. Liat Shetret, Director of Global Policy & Regulation at Elliptic; Mr. Leel Sinai, AJC lay leader, and Ms. Lata Setty, Chief Intellectual Property Officer, United Lex shared their insights on economic ties and bilateral relations between India and Israel. The panel also discussed various issues related to the start-up framework and the opportunities for technology-driven new businesses. The discussion focused on the partnership between India and Israel in various areas, including technology, agriculture, fin-tech, etc. Consul General delivered welcoming remarks and highlighted Govt. of India’s role in supporting the start-ups being launched in India. The event was attended by renowned business entrepreneurs and diplomats from India and Israel, and reporters from local and ethnic media. The event was attended by Deputy Consul General and Consul (Trade).