India Business Newsletter (Dec 01

India Business Newsletter

December 01 - December 31, 2022

Greetings from Consulate General of India,

New York!

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

We hope you find it useful.

A Forum for Indian Businesses in North East USA

(Covering: Connecticut, Maine, Massachusetts, New Hampshire,

New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont)

PM Modi thanks global counterparts for supporting India's G-20 presidency

On December 1, India took the helm of the G-20 in what has been called as a huge opportunity for the country. Prime Minister Narendra Modi on Monday thanked his global counterparts for extending their support to India as the country assumed the G-20 Presidency on December 1. PM Modi responded to US President Joe Biden, French President Emmanuel Macron, and Japanese Prime Minister Fumio Kishida's congratulatory messages on Twitter.

US seeks strong defense ties with India; pumps billions to counter China

The $858 billion Defense bill passed by the US Senate seeks to strengthen defence ties with India, including supporting efforts to reduce India's reliance on Russian-built military equipment and funds billions of dollars to take measures to address the challenges posed to America's national security by China. The National Defense Authorization Act, known as the NDAA, was approved by the Senate with 83-11 votes on Thursday. The bill was passed by the House of Representatives with 350-80 votes on December 8.

Plan to install 500 GW of renewable energy capacity by 2030 to cost ₹2.44 trillion

India’s plan to install 500 GW (gigawatt) of renewable energy capacity by 2030 will involve an investment of at least ₹2.44 lakh crore according to a committee constituted by the Central Electricity Authority (CEA). As part of its international climate commitments, India has said that it would source roughly half its energy needs from non-fossil fuel sources by 2030. Financing the energy transition of developing countries such as India is among the thorniest geo-political issues, with India having said multiple times at United Nations climate conferences that “trillions of dollars” will be required.

More Sectors to Be Covered Under PLI Scheme Soon: Goyal

Production linked incentive (PLI) scheme has found good acceptance and traction, has helped investments and most sectors to be covered in it soon, said Union Commerce Minister Piyush Goyal on Thursday in New Delhi. While speaking at CII Global Economic Policy Summit, he said that it is designed to support the industry where it is needed in the initial years.

Bank of America expects $10 billion in India green deals in 2023

India could attract close to $10 billion in renewable energy investment in 2023, a bright spot as public markets remain largely shut to big-ticket capital raising, according to Bank of America Corp.’s top executives in the country. India could attract close to $10 billion in renewable energy investment in 2023, a bright spot as public markets remain largely shut to big-ticket capital raising, according to Bank of America Corp.’s top executives in the country.

India has 350 million digital payment users, count set to double by 2030

India currently has around 350 million online transacting users across e-commerce, shopping, travel and hospitality, and OTT and the number is set to double by 2030, a new report showed on Wednesday.There are about 40-45 million mature users who spend a considerable share of their wallet online (more than 50 percent).

PM Modi's Building Boom - What It Means For India

With China's massive construction sector still in a funk and the US and Europe likely heading into recessions, India has emerged as a savior for flagging global steel demand. Poised to overtake China as the world's most populous country next year, India is in the midst of a building boom. Prime Minister Narendra Modi is seeking to modernize roads, rail networks and ports in attempt to vie with China as a manufacturing hub.

Telcos all set for 5G and more in 2023

The New Year is expected to further the 5G drive in India, with telcos, consumers and enterprises joining in for the ride. While 5G adoption is expected to ramp up, so are use cases on the enterprise front. The industry is also expected to see an increase in Average Revenue Per User (ARPU), and expansion of the telecom eco-system as demand for operational innovation rises.

PM Gati Shakti portal likely to be opened up to private companies

The union government may throw open its digital infrastructure tool PM Gati Shakti Master Plan to the private sector in order to fast-track implementation of key infra projects. The PM Gati Shakti platform is currently accessible only by government departments, state agencies and public private partnership (PPP) projects. Now, the plan is to give limited access to private sector companies which would share information on the availability of land and clearances required to take projects.

UP Delegation visit to New York

The Consulate hosted a five-member delegation led by Shri Suresh Khanna, Hon’ble Minister of Finance and Parliamentary Affairs of Uttar Pradesh to New York from 11-14 December, 2022 to promote UP Global Investors Summit (GIS), 2023 scheduled to be held in Lucknow from 10-12 February, 2023. Other members of the delegation included Shri Siddhartha Nath Singh, Hon’ble Member of UP Legislative Assembly, Shri Awanish Kumar Awasthi, Advisor to Hon’ble Chief Minister, Shri Arvind Kumar, ACS & Infrastructure & Industrial Development Commissioner and Shri Amit Singh, Secretary to Chief Minister. The Consulate organized a roadshow on ‘Investment Opportunities in Uttar Pradesh’ and GIS 2023 for the business community on 13th December, 2022. Consul General gave welcoming remarks. Ambassador Taranjit Singh Sandhu addressed the gathering. The interaction was attended by participants from wide ranging sectors such as finance, technology, healthcare, pharma, green energy, manufacturing, aerospace, data centers and startups. Several one-on-one meetings were held to discuss the investments opportunities in IT & electronics, Defence & Aerospace Health, Fintech, Startups, Digital currency, Brewery, and online financing programs.

Site visit at Sikorsky aircraft with UP Delegation

The Consulate organised a site visit to Sikorsky Aircraft Corporation (Lockheed Martin) for the UP delegation on 12th December, 2022. The delegation members - Shri Suresh Khanna, Hon’ble Minister of Finance and Parliamentary Affairs of Uttar Pradesh, Shri Siddhartha Nath Singh, Hon’ble Member of UP Legislative Assembly, Shri Awanish Kumar Awasthi, Advisor to Hon’ble Chief Minister, Shri Arvind Kumar, ACS & Infrastructure & Industrial Development Commissioner and Shri Amit Singh, Secretary to Chief Minister, met with Mr. William Blaire, Chief Executive, Lockheed Martin India Private Limited and Mr. Jeff White, VP Strategy & Business Development. Sikorsky leadership expressed interest in visiting the state of Uttar Pradesh in the run up to GIS 2023 to explore possible signing of MoU during the Summit.

Ambassador and Consul General’s visit to Ohio

India’s ambassador to the US, Hon’ble Taranjit S. Sandhu and Consul General visited Columbus, Ohio to attend Business events and meet with the CEO's of the fortune 500 companies with an objective to strengthen US – India partnership towards a sustainable future. They attended a business roundtable hosted by Kegler Brown Hill and Ritter, legal professional advisory firm, Columbus, Ohio on 17th December 2022 followed by a visit to Controlled Environment Agriculture Research Complex. During the tour of the Controlled Environment Agriculture Research Complex, the ambassador learned about critical research on sustainable food production as well as how Ohio State is striving to improve nutrient density and flavor in crops. Ambassador Taranjit Singh Sandhu and Consul General also attended a Business roundtable on 19th December, 2022 with Cincinnati Business Committee and discussed about investments, future plans and social initiatives taken by Proctor & Gamble. They also met with Shailesh Jejurikar, Chief Executive Officer, Fabric & Home Care sector, Proctor and Gamble. Gary Z. Lindgren, Governance & Public Responsibility Chair and Executive Director, Cincinnati Business Committee and Daniel Rajaiah, Director, Global Strategy & Partnerships at MasterCard highlighted greater opportunities for greater engagement in India for CEO's of several Fortune 500 companies in Cincinnati, Ohio. Cincinnati Mayor Aftab Pureval also was present at the event. On 19th December, 2022 Ambassador Taranjit Singh Sandhu and Consul General toured the TCS facility in Cincinnati, Ohio.