India Business Newsletter

May 01 - May 31, 2023

Greetings from Consulate General of India,

New York!

Welcome to the May 2023 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)

India's GDP grows 6.1% in Q4, FY23 growth pegged at 7.2%

Beating analyst estimates, India's gross domestic product (GDP) grew at 6.1 per cent in the last quarter of the previous fiscal. Further, the Centre now estimates the overall growth rate of FY23 to be 7.2 per cent, MOSPI data showed Wednesday. The Reserve Bank of India (RBI) estimated Q4FY23 real GDP growth to be 5.1 per cent while SBI Research expected a growth rate of 5.5 per cent. As per a Reuters poll, the Indian economy was expected to grow at 5 per cent in the January-March quarter on a year-on-year basis, due to steady urban demand and government spending.

India's defence exports skyrocket to all-time high surpassing Rs 16,000 crore in FY 2022-23

India's defence exports have reached an unprecedented peak, skyrocketing from Rs. 686 Crore in FY 2013-14 to an estimated Rs. 16,000 Crore in FY 2022-23, representing a remarkable twenty-three-fold increase. In a recent press release, the Ministry of Information and Broadcasting highlighted this surge as a testament to India's significant progress in the global defence manufacturing industry. The ministry emphasised that India's defence industry has demonstrated its prowess in design and development by exporting to more than 85 countries, with a staggering 100 firms currently engaged in defence product exports.

India & US close to mega defence deal: Pact for fighter jet engines 1st, ship engines likely next

After a wait of over a decade, India and the US are on the verge of signing a mega defence deal to facilitate state-run Hindustan Aeronautics Limited’s (HAL) partnership with American firm General Electric (GE) for jointly manufacturing indigenous jet engines of fighter aircraft. The proposed deal, which is likely to be announced during Prime Minister Narendra Modi’s state visit to the US in June, is one of the most definitive defence collaborations to take place between the two countries.

Centre invites applications for setting up Semiconductor and Display Fabs

The Government of India has decided to invite new applications for setting up of Semiconductor Fabs and Display Fabs in India from June 01, 2023, under the Modified Semicon India Program, according to an official statement issued by the Ministry of Electronics and Information Technology. The applications will be received by India Semiconductor Mission, the designated nodal agency entrusted with the responsibility of implementing the Modified Semicon India Program for the development of the semiconductors and display manufacturing ecosystem in India.

Roundtable with Telangana Delegation

The Consulate organized a round table discussion on new investment opportunities in focus sectors with Honorable IT and Industries Minister Shri K.T. Rama Rao On May 17, 2023. The main obiective of the visit was to showcase Telangana as a leading destination for foreign direct investment in India, strengthen existing partnerships with the USA, and attract fresh investments, particularly in the Life Sciences, Electronics, EV, Energy Storage, Aerospace and Defense, ITES, and Emerging Tech sectors.

During the event, Shri K.T. Rama Rao, Honorable Minister of IT, Industries & Commerce, Municipal Administration and Urban Development, Telangana, held one-on-one meetings with Mr. Sumit Ganguli, CEO of GAVS Technologies, Mr. Scott Foster, President/CEO of Delta Energy & Communications Inc., Mr. Amit Malik, Country Head of Bharat Electronics, Mr. Avi Basu, Founder of Wingsure, and Mr. Shailesh Upreti, CEO of C4V. The Consul General delivered the welcoming address, and the Deputy Consul General and Consul (Trade) also attended the event.

FIEO Business Delegation (B2B) Round table

The Consulate hosted a high-level member delegation led by Mr. Tumke Bagra, Hon'ble Minister of State, Industries Textiles and Handicrafts, Trade & Commerce, Govt. of Arunachal Pradesh, on Thursday, 13^th April 2023. During the visit, the Hon'ble Minister discussed investment opportunities and potential collaborations between India and the United States in the field of Textiles. He also met with the textile companies to discuss the promotion of silk fabric, including Eri and Ahimsa silk, traditional garments/scarves and bags, and handicraft products made of silk. The delegation also highlighted the opportunities in the food sector and tourism in the state of Arunachal Pradesh. The Consul General briefed the delegation about the US Market and the major trade shows being organized in New York in which products from Arunachal Pradesh may be displayed and the delegation from the State can participate. The Consulate facilitated meetings with Textiles Companies - Obeetee and Silk Sensation. A visit to a warehouse facility was also arranged in collaboration with Entry India.