India Business Newsletter

April 01 - April 30, 2023

Greetings from Consulate General of India,

New York!

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

We hope you find it useful.

India's foreign trade is set to cross the US$ 1.6 trillion mark this fiscal

  India's foreign trade is expected to surpass USD 1.6 trillion in the current fiscal year (2022-23), following last year's trade volume of USD 1.43 trillion. This growth is despite the global supply chain disruptions and the ongoing COVID-19 pandemic.

 India plans to purchase American weapons, including Hellfire missiles and Mark 54 anti-submarine torpedoes, to be fitted on 24 MH-60 helicopters. The deal is expected to be signed soon under the Foreign Military Sales route, and the weapons package includes precision-guided weapons that have been used by American forces against high-value targets.

At the G20 meeting, FM Nirmala Sitharaman stresses timely debt restructuring to address the global crisis

  Union Finance Minister Nirmala Sitharaman emphasized the need for timely debt restructuring to address the global debt crisis, which is closely intertwined with tackling the global poverty challenge. She discussed the progress made on strengthening multilateral development banks and also interacted with the US-India Strategic Partnership Forum and Federation of Indian Chambers of Commerce & Industry on topics such as digitization and production-linked incentives.

US Becomes India's biggest trading partner in FY23: Report

  The US has become India's top trading partner in 2022-23, with bilateral trade between the two countries increasing by 7.65% to $128.55 billion. India's exports to the US rose by 2.81%, while imports grew by about 16%, and experts believe the trend of increasing bilateral trade with the US will continue in the coming years.

Apple opens its first store in India as it looks for a new generation of iPhone users

  Apple has opened its first store in India, with another set to open in Delhi, highlighting the importance of the market to the iPhone maker's future. The move comes as Apple aims to boost sales and manufacturing of iPhones in India, with the country offering the opportunity to boost revenue and iPhone sales to levels seen in markets such as the US and China.

Arunachal Pradesh Delegation

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.

Panel Discussion-Impact of Blockchain Technology in Banking

The Consulate hosted a panel discussion in collaboration with Amity Education Group on the "Impact of Blockchain Technology in Banking and Finance" on 17^th April 2023. The panel discussion provided an excellent platform for educators and business leaders to participate in a high-level discussion about the impact of blockchain technology on banking and finance, best practices, and applications that are changing the world. The Consul General delivered welcoming remarks, and expert panelists included Mr. Ari Zoldan, CEO of Quantum Media, Mr. Sree Sreenivasan, CEO/Co-Founder of Digimentors, Mr. Sachin Narode, CEO of Xeni, Ms. Chitra Nawbatt, Venture Capital Investor, CEO & Board Advisor, Mr. Mike Fraietta, Founder of EmpireDAO, Mr. Arun Prasad, CEO and Founder of Block Convey, and Mr. Jay McKeage, Executive Vice President of New York Institute of Finance.

Meeting with NYC Mayor with Indian companies

The Consulate hosted a business roundtable on 18^th April, 2023, with New York City Mayor Eric Adams and CEOs of leading Indian companies in tech, health, finance, environment, and knowledge landscape. The event’s primary objective was to promote economic and commercial relationships between the two countries, build Brand India, disseminate information on India's G20 Presidency 2023, and discuss potential areas for engagement in the USA. The roundtable also presented opportunities to potential investors and business houses and addressed any issues faced by companies after the pandemic. The event was attended by several dignitaries, including Camille Joseph Varlack, Chief of Staff to the Mayor; Tiffany Raspberry, Director of Intergovernmental and External Affairs; Edward Mermelstein, Commissioner for International Affairs; Dilip Chauhan, Deputy Commissioner for International Affairs; Aissata Camara, Deputy Commissioner for International Affairs, Rana Abbasova, Director of Protocol, Kristen Kaufman, Deputy Commissioner, Mayors Office for International Affairs, and Rahul Agarwal, Deputy Chief Counsel, NYC Mayor. The Consul General and Deputy Consul General also participated in the event.



Round Table Discussion with Shri Suman Berry, Vice Chairman of NITI Aayog

The Consulate, in collaboration with Ms. Sherri Johns, Araku Coffee mentor, GEMS of Araku Head judge, and Mr. Danny Johns, President of WholeCup Coffee Consulting LLC, conducted a workshop on Thursday, 16th March 2023 at the consulate to promote Araku Coffee from India. The event aimed to increase awareness among Food and Beverage companies in the USA.

Webinar on Wellness Tourism

On 22^nd April 2023, the Consulate conducted a webinar on "Wellness Tourism in India," which was attended by around 60 participants. The Deputy Consul General provided opening remarks on India's wellness tourism landscape, highlighting the numerous wellness opportunities available in the country. The Consul General spoke on the significance of wellness, providing valuable insight on the subject. Keynote speaker Mr. Abhishek Ramesh, the Executive Director of Kairali Ayurvedic Group, gave a presentation on wellness and Ayurveda in India, highlighting India's rich cultural heritage and traditions. He also spoke about the Ayurvedic Group Kairali - The Ayurvedic Healing Village in Palakkad, Kerala, which offers traditional and authentic Ayurvedic therapies, treatments, and medications, along with yoga and meditation, making it a certified model of a wellness retreat. Mr. Senthur Kumaran, Assistant Director, India Tourism in New York, gave a vote of thanks to conclude the event.