India Business Newsletter

November 01 - November 30, 2022

Greetings from Consulate General of India,

New York!

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

We hope you find it useful.

G20 Presidency: Indonesia Hands Over the Baton to India

Indonesia on Wednesday, 16^th November 2022 handed over the G20 presidency to India for the coming year as the Bali summit of the grouping ended here with the member states finalising the joint declaration. Indonesian President Joko Widodo handed over the G20 presidency to Prime Minister Narendra Modi, who said taking over the Presidency of the grouping is a matter of pride for every citizen in India. “Together with every countries’ efforts, we can make the G20 summit a catalyst for global welfare,” Modi said. The handing over ceremony comes at the conclusion of the two-day G20 summit which ended with the member states finalizing the joint declaration. 

Even as the world is reeling under economic uncertainty, the Indian economy’s fundamentals are strong and the Indian economy clearly is attractive for investors across, said Finance Minister Nirmala Sitharaman. “There is a global situation of war, especially from countries which are a source of raw materials, whether it is fuel, fertilizers or food related raw materials. While this is causing a lot of insecurity in the world and while the challenges continue, India is being seen as an island of certain level of calm,” she said while speaking at the inaugural function of Invest Karnataka, 2022 Summit on Wednesday, 2^nd November 2022.

Central Bank Digital Currency is going to be a major transformation in the way business is done: RBI Governor Shaktikanta Das

Reserve Bank of India (RBI) Governor Shaktikanta Das said Central Bank Digital Currency (CBDC) is going to be a major transformation in the way business is done — the way transactions are conducted and highlighted that RBI is among the very few central banks in the world which have taken this initiative.

2022 huge year in US-India ties, 2023 going to be even bigger: White House

In the history of India-US relationship, 2022 has been a huge year and the next year is going to be even bigger, a top White House official said on Sunday. Principal Deputy National Security Advisor Jon Finer also applauded Prime Minister Narendra Modi for being instrumental in forging a consensus during the recently concluded G-20 Summit. “I’m grateful for this partnership that we have between the United States and India. I think it has been important in the past, but it will be even more important going forward,” Dr Murthy said. Reflecting his views on the India-US relationship, Finer reiterated the administration’s commitment to it and said 2022 and 2023 are two critical years for this. “The year 2022 was huge in US-India relations. We think we have an even bigger year ahead in 2023.

Yogi Adityanath calls upon investor community as Uttar Pradesh eyes ₹10 trillion investment

Uttar Pradesh chief minister Yogi Adityanath on Wednesday urged the investor community to invest in the state, as it looks to become India’s growth engine. Addressing an event to mark the countdown to the Uttar Pradesh Global Investors Summit (GIS) 2023 scheduled to be held in Lucknow 10-12 February, Adityanath called upon global and domestic industries to take advantage of the massive opportunities being provided by Uttar Pradesh and to participate in the project of making “New India" a prosperous and powerful country.

At COP27, India supports early warning systems on climate impacts

Climate finance for developing nations is a mirage and adapting measures such as early warning about extreme weather events will save lives, said India’s environment minister Bhupender Yadav at the UN’s annual climate-change summit in Egypt on Tuesday. “Early warnings for all play a part in not just containing the immediate physical impacts, but also mitigating the far-reaching long-term socio-economics implications that follow,” Yadav said. At the 27th session of the Conference of the Parties (COP27) Coalition for Disaster Resilient Infrastructure (CDRI), an international organization developing applications for climate forecast and early warning for reducing infrastructure loss and disruption in basic services will pitch a proposal to support the climate-change adaptation projects by island nations on November 17.  

IACC’s Investment & Business Delegation

The Consulate participated in the IACC’s Investment & Business Delegation which was held in collaboration with Indian Achievers’ Forum on 03^rd November, 2022 to promote bilateral trade and investments between India and USA. The reception was hosted by National President of IACC, Mr. Kapil Kaul. The event was attended by members of the Chamber, high profile business leaders and Government officials. Mr. Frank Wisner, Former Ambassador of the United States of America to India was the Guest of Honor. Consul General delivered welcoming remarks. Ambassador Mr. Kenneth Juster, Mr. John Mcaslin, American Broadcaster and author, Mr. Craig Hall, Senior Int’l Government Affairs representative-Asia Pacific, Ms. Jennifer Heemstra, Professor of Chemistry, Mr. Jonathan Ward, Principal Commercial Officer and Mr. Jerry Goldfeder, special Counsel at Stroock 7 Strook & Lavan LLP were felicitated at the event. Mr. George Sibley, Diplomat in Residence & Mrs. Lee- Alison Sibley participated virtually. Ambassador H.E Ms. Judy Rising Reinke, Ambassador of the United States of America to Montenegro also joined virtually. B2B sessions and presentations were hosted for Indian delegates to interact with US participants to explore business opportunities and to strengthen bilateral ties between the two countries.

Visit of IFSCA GIFT Delegation to New York, 7-9 November 2022

The Consulate participated in a Delegation led by Shri Injeti Srinivas, Chairperson of International Financial Services Centre Authority (IFSCA), Shri Pawan Kumar, Director, Ministry of Finance, officials of IFSCA and executives from leading multinational companies in New York from 7-9 November 2022. Chairperson, Shri Injeti Srinivas delivered keynote address on IFSCA and the opportunities there in for participants and their companies. Five sessions were curated to have focused deliberations on the various financial services subsets that IFSC caters to. IFSCA Chairperson and delegation met Mr. Kent Heggerud, Managing Director, Cerebrus Capital Management; Mr. James DeMare, Head of Global Markets of Bank of America, Mr. Matt Berke and Mr. Mike Davies of Morgan Stanley in the Consulate for one-on-one meetings. Minister(Economic) from Embassy of India Dr. Ravi Kota, Acting Consul General Dr. Varun Jeph and Consul(Trade), Mr. Manish Kulhary participated in the meetings. The first session held on 8^th November, 2022 focused on “Opportunities for Global Funds at IFSC, GIFT City.” The second roundtable was on “Banking and Global In-House Centre Opportunities.” Discussions were held on “Aircraft Leasing and Financing Opportunities” followed by a Roundtable interaction on the theme “Foreign University Project at IFSC at GIFT City.” The last roundtable was held on 09^th November, 2022 at the consulate with HNIs & members of Indian Origin "Opportunities for NRI Community in IFSC.” The Delegation also visited New York stock exchange (NYSE) and NASDAQ.

US India Jewelry Symposium

The Consulate in association with Indian Diamond & Colorstone Association, IDCA, conducted the US - India Jewelry Industry Trade Symposium led by Mr. Rajeev Pandya, President, IDCA, on Saturday, November 19^th 2022. The symposium focused on expanding the Gem & Jewelry trade between the USA & India as well as current trends in the global jewelry trade. Leading figures of the government, industry and the press from the US and India participated at this event. IDCA Honored Congresswomen Ms. Grace Meng, Consul General Mr. Randhir Jaiswal and Deputy Consul General Dr. Varun Jeph. Edward Mermelstein, Commissioner for International Affairs, NYC Mayor's Office addressed the gathering. Ms. Jamie Singleton, President & Chief Marketing Officer of Signet Jewelers - was the Keynote Speaker at the Symposium. Mr. Sunil Jain, Chairman-FEI, Mr. Sandeep Shah, President & CEO Sandeep Diamond Corp. and Mr. Tejas Shah, CEO, Unique Designs Inc. were also honored for their outstanding achievements in the US Gems & Jewelry Industry. Consul(Trade) attended the event.

Webinar on Madhya Pradesh Tourism

A webinar on “ Madhya Pradesh Tourism” was conducted by the Consulate on November 19, 2022 to promote 17th Edition of Pravasi Bharatiya Diwas to be held from 8-10, January 2023 in Indore, Madhya Pradesh. Deputy Consul General delivered welcoming remarks talking about Madhya Pradesh as a pioneer in a niche area of tourism. Consul General gave opening remarks inviting the Indian diaspora to explore tourism in its length and breadth in the state of Madhya Pradesh. Keynote speaker Shri Sheo Shankar Shukla, Principal Secretary – Tourism Managing Director, MP Tourism Board discussed PBD 2023 convention highlighting the culture, tourism, natural parks, wildlife sanctuaries and beautiful wilderness that the state of Madhya Pradesh offers. A video presentation on PBD 2023 was shared by MP tourism Board. Mr. Jitendra Muchhal of Friends of MP NYNJ spoke about warmth and beauty of Indore. Mr. Vahanty from Pennsylvania shared his insight on the religious importance of Ujjain and Bahranpur for the Bohra community. Mr. Senthur Kumaran, Assistant Director, India Tourism in New York proposed his vote of thanks.