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India Business Newsletter
December 16 - December 31, 2020
Greetings from Consulate General of India,
New York!
Welcome to the December 2020, edition of our newsletter, bringing you important policy and high-impact news about India.
We hope you find it useful.
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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)
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Prime Minister Modi pitches for FDI, sets $100 bn target in 2 years
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Prime Minister Narendra Modi once again packaged India as an attractive investment destination due to its low tax rates, sharp reduction in red-tapism and emergence of digital infrastructure. Addressing entrepreneurs with Assocham industry chamber through video-conferencing on Saturday, the Prime Minister juxtaposed the situation now and earlier to make the case for foreign funds to invest in India. |
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Defence Ministry approves acquisition of military hardware worth 3,830 Billion USD |
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The defence ministry on Thursday approved procurement of weapons and military equipment worth 3,830 Billion USD for the three services, officials said. “The Defence Acquisition Council (DAC) headed by Defence Minister Rajnath Singh approved proposals to procure equipment worth 3,830 Billion USD from domestic industry,” the defence ministry said in a statement. |
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Government all set to launch ‘Brand India’ mission
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The government is all set to launch a ‘Brand India’ mission, focused on the promotion of quality products that are manufactured in the country. The move, being piloted by the Piyush Goyal-led commerce and industry ministry, is based on similar policies in other countries, including the US, Switzerland, Germany and France, which regulate claims made to goods produced in their jurisdiction. |
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Budget 2021 | FSDC deliberates on measures to accelerate growth momentum
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The high-level FSDC (Financial Stability and Development Council) headed by Finance Minister Nirmala Sitharaman on December 15 discussed the additional measures that could be taken by the government in the next Budget to accelerate growth while maintaining financial stability. |
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India plans $60-bn investment in gas infrastructure: Dharmendra Pradhan
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Petroleum Minister Dharmendra Pradhan on Thursday said the government has planned a USD 60-billion investment for creating gas infrastructure in the country till 2024, and gas' share in the energy mix is expected to rise to 15 percent by 2030. Currently, gas accounts for 6 percent of the country's total energy mix. |
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Govt has received 120-130 FDI proposals from China since April: Sources
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The government has received over 120 foreign direct investment (FDI) proposals worth about 1,641 Billion USD from China since April, when it was made mandatory for a company from countries sharing land border with India to invest in any sector only after getting government approval, sources said. As per that decision, FDI proposals from China need government approval for investments in India in any sector. |
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Google's startup bets could help its Bharat push
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Search giant Google has made two back-to-back investments in the social network and short videos category through its $10 billion India Digitisation Fund, as it looks to strengthen its presence in the country’s burgeoning digital ecosystem.
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Aurobindo Pharma set to make COVAXX's potential COVID-19 vaccine for India, UNICEF
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Aurobindo Pharma Ltd said on Thursday it would make and sell U.S.-based COVAXX's COVID-19 vaccine candidate for supply in India and to the United Nations Children's Fund (UNICEF) under a licensing deal. The Indian drugmaker also has non-exclusive rights to sell the shot — which is currently undergoing an early-stage trial — in certain other emerging markets, the Hyderabad-based company said in an exchange filing. COVAXX, a unit of privately-owned United Biomedical Inc, plans to pursue mid- and late-stage trials for the vaccine candidate from early 2021 in Asia, Latin America and the United States.
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Transport minister Nitin Gadkari confirms Tesla’s entry in India by early 2021: Report
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Nitin Gadkari, the Union Minister for Road Transport and Highways and the Minister of Micro, Small and Medium Enterprises confirmed that electric vehicles manufacturer Tesla will make an entry in India by early 2021. According to a report by Indian Express, the transport minister claimed that Tesla will start operations in the country early next year. The confirmation comes days after a report suggested that Tesla will start bookings for the Model 3 in India from January and start deliveries by June next year.
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Consul General met with Ms. Carmela Mammas, Director, New York US Export Assistance Center of the U.S. Commercial Service on December 15, 2020
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Consul General met with Ms. Carmela Mammas, Director, New York US Export Assistance Center of the U.S. Commercial Service on December 15, 2020
The discussions included recent economic reforms in India and the complimentary interests of the two economies on Global Supply Chains. Consul General was accompanied by Consul (Trade) during the meeting.
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Address: Consulate General of India,
3 East 64th street (Between 5th and Madison Avenues),
New York, NY 10065
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