India Business Newsletter

August 01 - August 31, 2023

Greetings from Consulate General of India,

New York!

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

We hope you find it useful.

The moon: India lands spacecraft near the south pole of the moon in historic first

 India's Chandrayaan-3 mission showcases the nation's ability to achieve a successful moon landing on a budget of approximately $70 million, significantly less than what other countries spend on similar endeavors. Their resourcefulness, innovative strategies, and emphasis on learning from failures have propelled India's space program forward, setting an example for cost-effective and ambitious space exploration.

INDUS-X (India-U.S. Defense Acceleration Ecosystem), an initiative to build a defence innovation bridge by Innovations for Defence Excellence (iDEX) of the Ministry of Defence, and the US Department of Defence (DoD), began an exercise to begin the Indo-US CrossLinx accelerator programme to prepare defence start-ups to expand to the US markets.

India's space economy set to soar beyond $80 billion by 2040: Union Minister Jitendra Singh

India's space economy is poised for an expansion which is projected to exceed $80 billion by 2040, said Union minister Jitendra Singh on Monday. “Prime Minister Modi has broken the taboos of the past and sometimes I wonder why this couldn’t have happened earlier. At the same time, even at the physical level, it has increased funding, it has enthused the private sector and the industry. Within just 3-4 years we have more than 150 startups," he said in an interview to a news channel.

India's Q1 GDP growth may hit one-year high banking on capex spike, services activity: Economists

 According to the Economic Times, India’s economy in April to June likely grew at the fastest pace in a year, bolstered by central and state governments opening up their wallets for capex, stronger consumption demand and higher activities in the services sector.

Gems & Jewelry Promotion Council Delegation

Consul General and consul (trade) attended the 15th edition of India Week on August 23rd 2023, which was organized by diamond merchants from India at the diamond dealers Club in New York. The primary focus on this event was to showcase India's finest diamonds, with a particular emphasis on lab -grown diamonds.

A business delegation led by the Gems & Jewelry Export Promotion Council, comprising approximately 20- 25 Indian companies, participated in this event. The presence of these companies added significant value to the showcasing of India's diamond industry, highlighting the expertise and craftsmanship of Indian diamond merchants. The event provided a platform for networking, collaboration, and business opportunities, fostering stronger ties between the Indian and American diamond industries.

India- USA Buyers Sellers Meet

A trade delegation, led by the trade promotion council of India (TPCI),consisting of 25 food & beverage companies, visited New York from August 22nd and 23rd, 2023. Consul General Inaugurated the India- USA Buyers Sellers Meet on Food & Beverage products, organized by TCPI on 22nd August 2023 in New Jersey. This Buyers Sellers Meet showcased a wide range of high- quality, innovative, and organic products tailored for the large American market. These products included millet, rice, herbal tea, spices and more. The event provided a valuable platform for networking, collaboration, and business opportunities between Indian exporters and American importers in the food & beverage industry.

Upcoming Events

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

September 19- 21, 2023 - Council on Leather Exports, CLE's Magic Show at Jacob K Javits Center, New York.

October 01, 2023 - Join 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 at the New Britain Football Stadium in Connecticut.



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