India Business Newsletter

July 01 - July 31, 2023

Greetings from Consulate General of India,

New York!

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

We hope you find it useful.

India-US Bilateral Trade Likely To Touch $300 Bn In 2026-27

 According to a report by PHD Chamber of Commerce and Industry, India-USA trade is likely to touch $300 billion in 2026-27 from its current trade of $188 billion in 2022-23.

The External Affairs Minister of India, S Jaishankar, said that India’s semiconductor mission is not just about meeting domestic requirements but also aimed at contributing to global demand for trusted manufacturing. He also highlighted India’s growing cooperation in the critical technology domain with the US and mentioned a memorandum of understanding on semiconductor supply chain and innovation partnership that was firmed up during US commerce secretary Gina M Raimondo’s visit to New Delhi in March.

India's per capita income set to grow by 70% to $4,000 by 2030: Standard Chartered Bank report

In a recent research report, Standard Chartered Bank has said that it predicts India's per capita income is poised to experience significant growth, soaring by nearly 70% to reach $4,000 by fiscal 2030, up from $2,450 in fiscal 2023. This surge is expected to help the country achieve the status of a middle-income economy, boasting a GDP of $6 trillion. Notably, over half of this GDP will be fuelled by household consumption.

Chandrayaan-3 countdown starts with craft now 6 days from Moon

  India’s third lunar mission, Chandrayaan-3, is only around six days away from reaching the lunar orbit with another important manoeuvre - that will see Isro slingshot the spacecraft towards Moon - planned between 12am and 1am on August 1. The midnight trans-lunar injection (TLI) manoeuvre is expected to last between 28 and 31 minutes.

Nirmala Sitharaman, John Kerry discuss investment platform for greenfield renewable projects

 Finance Minister Nirmala Sitharaman met United States Special Presidential Envoy for Climate John Kerry and discussed the creation of an innovative investment platform for deployment of greenfield renewable energy projects in India.

CII Event with CGI NY on Diversity & Inclusion at Workplace

The Consulate, in collaboration with the Confederation of Indian Industry (CII), hosted a conference on Diversity & Inclusion for Sustainable Growth on 12th July 2023. The aim was to bring together key stakeholders from B20 countries to exchange best practices and discuss the issues impacting Diversity & Inclusion in all facets of the workplace. Representatives from the National Minority Supplier Diversity Council (NMSDC), Minority Business Development Agency, USA (MBDA), Dalit Indian Chamber of Commerce & Industry (DICCI), and the International Organization of Employers (IOE) were present to share their experiences of promoting minority groups to achieve supply chain diversity. The conference was led by Mr. Sougata Roy Choudhury, Executive Director of CIl, Vineet Bhardwaj, Deputy Director, and Shuchita Sonalika, Director and Head - North America, CIl. Approximately 80 thought leaders from industry, government, academia, think tanks, multilateral agencies, and other stakeholders attended the conference. Three panel discussions were held on Global & Cultural Diversity, Gender Diversity, and Supplier Diversity for Agility & Resilience.

Repatriation Ceremony of Indian Antiquities

The Consulate General of India organized a Repatriation Ceremony on 17th July 2023 for the return of over a hundred Antiques of Indian origin, including religious and culturally significant artifacts spanning several centuries. The ceremony was attended by members of the District Attorney's Office, Homeland Security Investigations, and Rockland County District Attorney's Office. Honorable Ambassador Shri Taranjit Singh Sandhu also graced the occasion and addressed the session. The Consul General delivered welcoming remarks, while the Deputy Consul General and Consul (Trade) were also present at the event.

Texworld Apparel and Home Textile Sourcing Show at Jacob Javits, July 18 – 20, 2023

The Ambassador of India to the United States, Shri Taranjit Singh Sandhu, along with the Consul General, inaugurated the India Pavilion at the Texworld Apparel and Home Textile Sourcing Show. The event took place from 18th to 20th July 2023 at the Jacob Javits Center in New York. More than two dozen Indian companies participated in the show, and TEXPROCIL and the Handloom Export Promotion Council jointly set up the India Pavilion. The Indian companies showcased a wide range of sustainable and natural products, including bamboo-based textiles and silk from Bhagalpur. Some of these products were exclusively produced by women. The showcased items received a positive response, creating new opportunities for Indian textiles throughout the country.

Upcoming Events

September 10th, 2023 - Join us at the Indian Consulate Booth in a unique experience, showcasing a variety of exceptional products from India, including specialty coffee from Araku Coffee and organic millet products on September 10th, 2023, to be held at the New Britain Football Stadium in CT.

Tuesday, September 19, 2023 - Roundtable discussion on clean energy transition in NY during Climate Week 2023

October 6 - 8, 2023 - Join us at the Indian Consulate Booth at The New York Coffee Festival at The Metropolitan Pavilion, 125 West 18th Street, New York, NY 10011