India Business Newsletter

June 01 - June 30, 2023

Greetings from Consulate General of India,

New York!

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

We hope you find it useful.

What to Know About Modi’s Visit and U.S. - India Relations

 Prime Minister Narendra Modi's visit to the United States was marked by a warm reception, as he received a ceremonial welcome at the White House. During his visit, PM Modi and President Biden discussed a range of issues, including climate change, trade, and regional security. The leaders emphasized the importance of the U.S.-India relationship, with Biden referring to it as a "cornerstone of stability and prosperity" in the Indo-Pacific region. The visit aimed to strengthen ties between the two countries and foster cooperation on various global challenges.

Billing Prime Minister Modi’s state visit to the United States as the “most productive” ever, External Affairs Minister S. Jaishankar said the U.S.-India relationship was doing “exceptionally well”. “We have had the most productive Prime Ministerial visit [to the U.S.] in our history if you look at the outcomes. One part of that is that it was a state visit, and the first time an Indian Prime Minister has addressed the U.S. Congress twice,” Mr. Jaishankar told an audience at the India International Centre, citing agreements in areas such as defense, trade, people-to-people ties, space, and science.

India-US Partnership Cornerstone of Free & Open Indo-Pacific: Lloyd Austin

Lloyd Austin, the United States Secretary of Defense, emphasized that the partnership between India and the US is the cornerstone of a free and open Indo-Pacific region. Austin highlighted the shared commitment to a rules-based international order and the importance of maintaining a free and open maritime domain. The Secretary of Defense reaffirmed the strategic significance of the India-US partnership in promoting peace, stability, and prosperity in the Indo-Pacific region.

57% of power generated will be via renewable sources by 2027: Central Electricity Authority

  According to the Central Electricity Authority (CEA), India aims to achieve nearly 50% of its electric capacity from renewable energy sources by 2027. The CEA's Chairman stated that the country is on track to achieve its target of installing 450 gigawatts (GW) of renewable energy capacity by 2030. This shift towards renewables aligns with India's commitment to reducing carbon emissions and transitioning to cleaner energy sources.

India, UAE aim to double non-oil trade to $100 billion

  India and the United Arab Emirates (UAE) have set a target to double their non-oil trade to $100 billion. The two countries aim to achieve this goal within the next five years. The focus will be on enhancing bilateral trade across various sectors, including food, agriculture, healthcare, energy, infrastructure, and digital economy. The increased trade collaboration between India and the UAE reflects their commitment to strengthening economic ties and exploring new avenues for mutual growth.

International Yoga Day at Times Square, June 21, 2023

The Consulate General of India in New York, in partnership with Times Square Alliance (TSA), celebrated the Solstice in Times Square - 9th International Day of Yoga 2023 at the iconic Times Square on June 21, 2023. Approximately 10,000 people participated in yoga sessions held at Times Square throughout the day, and over 250,000 individuals visited the location. As part of the event, the Consulate showcased and gifted millet cookies, along with jute bags and SBI-sponsored T-shirts featuring the IDY Logo from India, to those who participated in the yoga sessions. Millet standee banners were also placed around the venue promoting the “International Year of Millets.” The yoga class, sponsored by the Consulate, was instructed by Ms. Ruchika Lal. Consul (Trade) delivered welcome remarks, highlighting the benefits of yoga and millet-based food while addressing the crowd.

India Pavilion at the 2023 Summer Fancy Food Show

Consul General inaugurated the India Pavilion at the 2023 Summer Fancy Food Show, New York, on 25^th June 2023 at the Jacob K Javits Center. Consul Trade and Joint Secretary, MoSME, were also present for the inauguration along with officials of the India Trade Promotion Organization (ITPO) and Agriculture and Processed Food Products Export Development Authority (APEDA). The Pavilion featured various food and agro-products-based businesses and entrepreneurs brought together by (ITPO) and (APEDA). Manufacturers/exporters from India participated in the Show with a variety of products like Rice, Tea, Wine, Snacks, spices, frozen food, cookies, etc. The main highlight of the pavilion was the Millets. The Consulate supported Janam Indian Tea, LLC, to set up a booth at the show promoting various Indian teas.