India Business Newsletter June 01 - June 30, 2022

Greetings from Consulate General of India,

New York!

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

We hope you find it useful.

As Indian Mangoes Appear in U.S. Markets, Officials Working on More Gains Via India-U.S. Trade Policy Forum

With the re-appearance of Indian mangoes in the U.S. market, after the November 2021 U.S. India Trade Policy Forum (TPF) helped overcome a pandemic-induced hiatus in mango trade, officials are looking at what can be achieved at this year’s TPF session. For the U.S., exporting ethanol and an associated animal feed ingredient called DDGS to India is important. For India, the export of carabeef to the U.S., as well as table grapes are among the agricultural trade priorities currently under discussion.

Asserting that India’s dedication to climate commitments is evident from its performance, PM Modi hoped that rich countries of G-7 will support India’s effort in combating climate change and invited them to tap the huge market for clean energy technologies emerging in the country. In his remarks at the session on “Investing in a Better Future: Climate, Energy, Health’ at G7 Summit, Modi highlighted India’s track record and said it has achieved the target of 40% energy-capacity from non-fossil sources nine years before time and stressed how G-7 countries can invest in research, innovation, and manufacturing in this field.

India’s Serum Institute to Make Novavax’s COVID Vaccine for U.S. Market

Novavax Inc said that its COVID-19 vaccine, if authorized, will be manufactured by its Indian partner, the Serum Institute of India (SII). Chief Medical Officer Filip Dubovsky announced that all vaccines being distributed commercially across the world will be made “in a single facility by our partners SII and that includes the vaccines which are being deployed around the world as well as the ones that will be initially deployed in the U.S.” At the same time, Pune based SII is getting ready to work with its U.S. partner Novavax on an Omicron variant-specific vaccine for COVID-19.

India Could Be $20 Trillion Economy by 2040: Chief Economic Advisor Anantha V Nageswaran

The size of the Indian economy is projected to cross $5 trillion in 2026-27 and likely to become $20 trillion by 2050, says chief economic advisor Anantha V Nageswaran. Adding on, Nageswaran said that the structural reforms of the Modi government, such as the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC) will manifest their advantages and potential in the coming decade, once the current clouds of global political developments and macro monetary policy challenges dissipate.

India Gets World’s First Digital Vaccine Patent

Indian biomedical tech entrepreneur Bhargav Sri Prakash has been awarded the first patent globally by the U.S. patent office for a ‘digital vaccine,’ a platform that prevents real world health issues through the metaverse. Digital vaccines use applications via smart-phones, tablets, and other similar devices to nudge positive human behvaior through neurocognitive training. Sri Prakash called the receiving of the patent as “a milestone for the scientific field of digital vaccines” and representative of an “uncommon milestone for an Indian deep tech startup’s biomedical innovation on the world stage.”

Trustworthiness, Decisive Leadership Has Led to India’s Growth: Piyush Goyal

India’s economy has grown due to its trustworthiness, decisive leadership and democratic structure favouring transparency at all levels, Union Commerce, Industry and Textile Minister Piyush goyal said. “The country, which is now a $3 trillion economy, has announced a stable policy framework and respected every investment made across sectors,” Goyal added. Stating that Government of India’s reforms are empowering Indian industries to bring about global growth, he stressed on the importance of launching the Open Network for Digital Commerce, highlighting its potential to break barriers by empowering customers to engage with sellers of their choice seamlessly.

Made in India Smartphone Shipments Grow Amid Global Component Shortages

According to market research firm Counterpoint, Made in India smartphone shipments expanded in the first quarter of 2022 amid global component shortages. The shipments grew 7% year-over-year in Q1 2022, reaching more than 48 million units after crossing 190 million units in 2021. “The increasing smartphone demand in India, as well as increasing exports, are the major reasons for the continued growth,” Prachir Singh, Senior Research Analyst at Counterpoint, said in a statement. “Support has also come from the Indian government’s various initiatives to increase local manufacturing.”

8^th International Day Of Yoga at Times Square, June 21, 2022

The Consulate General of India in New York in partnership with Times Square Alliance (TSA) celebrated the 8th International Day of Yoga at the iconic Times Square on 21st June, 2022. Throughout the day around 10,000 people participated in yoga sessions held at Times Square and more than 250,000 visited the location during the time. The Consulate with the support from Invest India, Sikkim Government and Department of Animal Husbandry and Dairing (DAHD), Government of India, showcased and gifted One District One Product (ODOP) super foods sourced from different parts of India (turmeric, Temi Tea, ginger flakes, millet pasta noodles, Araku Valley coffee), to those who participated in yoga sessions. The Government of Sikkim had sent two of its popular products- turmeric powder and ginger flakes to be displayed. ODOP standees / Banners were also placed. Consul General delivered welcome remarks and spoke about the benefits of yoga while addressing the crowd. Acharya Swami Avdheshanand Giri Ji, Chairman, Hindu Dharma Acharya Sabha also addressed the yogis.

Reaching out to potential investors – IDBI Disinvestment

The Consulate in partnership with Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India, organized focused one-on-one meetings between investors in New York from 01st June till 3rd June, 2022. The delegation was led by Mr. Tuhin Kanta Pandey, Secretary (DIPAM). Consul General gave opening remarks at the event. Several one-on- one meetings were held with leading funds and banks during the visit. It was an opportunity to explore interest of investors, funds, banking institutions in the proposed Disinvestment of IDBI Bank in particular. 

Promoting Goa as a premier tourist destination

The Consulate hosted a Roadshow on “Goa” on 14th June 2022 to promote Goa as a premier tourist destination in India for tourists from the United States. The event was attended by about 70 stakeholders from the tour and travel industry, hospitality sector, universities, members of the Indian American community and representatives of the media. Consul General spoke about the multitude of tourism options that India offers, relaxation of travel norms, restoration of valid long-term tourist visas to India and resumption of commercial flights between India and the United States. Mr. Senthur Kumaran, Assistant Director India Tourism Office in New York gave a presentation on some of the tourist destinations in India. Mr. Sunder G Advani, CMD of Advani Group of Hotels, presented Goa as an ideal tourism destination for people of all ages. The roadshow was a part of the Consulate’s efforts in promoting three Ts- Trade, Technology and Tourism. 

American Jewish Committee (AJC) Asia Pacific Institue event

The Consulate hosted around 70 members of the American Jewish Committee (AJC) on 12th June 2022. Deputy Consul General gave an overview on India – US Relationship and strong connect between the Consulate and the American Jewish Community. The members discussed the continued strengthening of India and Israel relations as the two countries celebrate 30 years of establishment of full diplomatic ties and friendship this year and 75 years of India’s independence. 

India Pavillion ITPO Fancy Food Show

Deputy Consul General visited the 2022 Summer Fancy Food Show which was held at Jacob Javits Center, New York from 12th June till 14th June. Eight Indian food companies participated in this fair showcasing a wide variety of their unique specialty food items from all parts of India. Their participation was organized by the India Trade Promotion Organization (ITPO) led by Mr. Vasu Dev, Project officer, ITPO. 

Upcoming events

19th - 21st July, 2022

The Synthetic & Rayon Textiles Export Promotion Council ( SRTEPC), Mumbai, India is organizing participation of its member – companies in the forthcoming edition of Texworld New York city / Apparel Sourcing New York city in USA to expand textile trade between India and United States.

12th July, 2022

One District One Product (ODOP) Roadshow organized by Invest India, to be held at the Consulate General of India, New York.