India Business Newsletter

March 01 - March 31, 2023

Greetings from Consulate General of India,

New York!

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

We hope you find it useful.

New Delhi welcomes Foreign Ministers for G20 meeting amid negotiations over agenda

  India is hosting the G20 Foreign Ministers’ Meeting, with negotiators beginning in-person negotiations in Delhi and officials hoping for a joint statement closer to the final G20 summit in September. Foreign ministers and delegations from over 30 countries attended the inaugural dinner on Wednesday, with discussions at the meeting divided into two sessions focusing on issues such as counter-terrorism, global skill mapping, and talent pool, and humanitarian assistance and disaster relief.

 US Secretary of State Antony Blinken visited India and met with External Affairs Minister S Jaishankar to discuss strengthening bilateral relations, the Quad alliance, and issues at the G20 Foreign Ministers Meeting. The meeting included discussions on global issues such as food, fertilizers, and fuel security and calls for consensus and resolution of differences in the G20.

India, US ink MoU on semiconductor supply chain with focus on R&D, workforce development

  The US has signed a Memorandum of Understanding (MoU) with India on the semiconductor supply chain and 'Innovation Partnership', seeking to establish a collaborative mechanism for semiconductor supply chain resiliency and diversification. The move is expected to help India with its semiconductor mission and promote the development of joint ventures and technology partnerships on mature technology nodes and packaging in India.

India-US ties, and the entry of a new envoy into the mix

  The US Senate has confirmed Eric Garcetti as the next ambassador to India, filling the diplomatic vacuum that existed since January 2021, marking the longest period without an envoy in New Delhi since the establishment of diplomatic relations between the two countries.

With a 38% jump, India's M&A activity touched an all-time high in 2022

  M&A deals in India reached a record high of $170.6 billion in 2022, with the financial and technology sectors being the top targets. However, the first few months of 2023 have seen a decline in deal-making activity due to various macroeconomic factors.

Apple supplier Foxconn wins AirPod order, plans $200 million plant in India

Foxconn, the world's largest contract electronics maker, has won a deal to manufacture Apple's AirPods and plans to build a new factory in India to produce the wireless earphones. Foxconn's decision to set up production in India was reportedly requested by Apple, as the company and its key suppliers seek to diversify production away from China and avoid potential impacts from Sino-U.S. trade friction.

Coffee Festival at Jacob Javits Center in partnership with Mr. Danny Johns, Chief Barista of Gems of Araku

New York Coffee Fest 2023 was held from March 5-7 at the Jacob Javits Center in New York. One of the highlights of the event this year was the India Pavilion, which featured the award-winning Araku Valley coffee. The Consulate General of India in New York and the Coffee Board of India presented the Araku Valley coffee at Booth No. 2421 of the India Pavilion. The Consul General inaugurated the India Pavilion, and Deputy Consul General and Consul (Trade) also attended the event. Visitors from over 50 countries participated in this event. Participants learned about the history and tradition of Araku Valley Coffee and the coffee-growing areas in India. The booth featured live demonstrations and sampling of Araku coffee by Mr. Danny Johns, Chief Barista of Gems of Araku, and discussions on sustainable coffee farming practices and the high-quality standards enforced by the Coffee Board of India. Consul (Trade) had one-on-one meetings with buyers, wholesalers, and distributors of coffee in the US market.

Boston Seafood Show, March 12 – 14, 2023

A Marine Products Export Development Authority (MPEDA) delegation attended the Seafood Expo North America (SENA), 12th – 14th March, 2023 in Boston. The India Pavilion showcased exquisite seafood and gourmet delights, with more than 16 Indian exporters and companies exhibiting their products. The renowned chef, Mr. Hemanth Mathur, also gave out samples and served delicacies during the event. The objective of the Expo was to provide North American seafood buyers with a one-stop shop to discover, sample, and source products, meet with industry colleagues, and network. Professional journalists and food bloggers were hired to cover the event comprehensively.



Showcasing and Tasting of Araku Coffee Event with Sherri and Danny Johns

The Consulate, in collaboration with Ms. Sherri Johns, Araku Coffee mentor, GEMS of Araku Head judge, and Mr. Danny Johns, President of WholeCup Coffee Consulting LLC, conducted a workshop on Thursday, 16th March 2023 at the consulate to promote Araku Coffee from India. The event aimed to increase awareness among Food and Beverage companies in the USA.

Round-table with Mr. Sanjeev Sanyal, Member of the Economic Advisory Council to the Prime Minister of India

The Consulate General of India in New York, in collaboration with the US-India Strategic Partnership Forum (USISPF), organized a business round-table networking event titled "India's Economic Transformation and Prospects for the Future" with Mr. Sanjeev Sanyal, an Indian economist and member of the Economic Advisory Council to the Prime Minister of India on 27^th March 2023. The event was attended by various high-level executives, policymakers, researchers, businesses, and potential investors. The Consul General delivered the opening remarks, and the Deputy Consul General gave the closing remarks and a vote of thanks.