India Business Newsletter
February 01 - February 15, 2021
Greetings from Consulate General of India,
New York!
Welcome to the February 2021 edition of our newsletter, bringing you important policy and high-impact news about India.
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)
Prime Minister Narendra Modi on Monday spoke to U.S. President Joe Biden. It was the first conversation between the two leaders since Mr. Biden took office on January 20. “We discussed regional issues and our shared priorities. We also agreed to further our co-operation against climate change. President Biden and I are committed to a rules-based international order. We look forward to consolidating our strategic partnership to further peace and security in the Indo-Pacific region and beyond,” said Mr. Modi in a message after the call.
India exports COVID-19 vaccines worth about $51 million so far: Piyush Goyal

India’s exports of the COVID-19 vaccine stood at around $51 million till February 8, Commerce and Industry Minister Piyush Goyal said in the Rajya Sabha on Friday. The exports include grants of the vaccine doses to friendly countries and commercial shipments.
India exported 16 Million doses of COVID-19 vaccines as gifts

A significant part of coronavirus vaccines exported by India has been gifted to friendly countries. Between mid-January and the second week of February, India exported more than 16 million doses to around 20 countries.
Budget 2021 lays the foundation for a resilient economic recovery

Uncertain times call for unconventional wisdom. The Union Budget 2021-22 seems to strike the right chord as it strives to fill the huge gap created by the COVID-19 pandemic through focused and innovative approaches. The booster dose will not just speed up the pace of economic recovery but also pave a smooth path for a higher growth trajectory.
Niggling issues in India-US mini trade deal mostly addressed: Commerce Secy

Commerce secretary Anup Wadhawan on Wednesday said that negotiations over the India-US mini trade deal are ongoing and contentious issues have largely been addressed.
Budget 2021: FM Sitharaman puts focus on the solar energy sector

Finance Minister Nirmala Sitharaman in her Budget speech has put emphasis on the solar energy sector as part of the government’s larger focus on renewable energy. She announced a customs duty hike on solar inverters and lanterns which would have an impact on the rooftop, ground-mounted projects and distributed renewable energy sector.
Exports rise 5.4% in January; trade deficit narrows to $14.75 billion

In yet another sign of economic revival, India’s merchandise exports grew by 5.4 percent in January to $27.24 billion. This was the second consecutive month of growth, similar to imports, which grew 2.07 percent during the month. 
Reliance gets the world's first 'carbon-neutral' oil from the US

Billionaire Mukesh Ambani's Reliance Industries Ltd has sourced the world's first consignment of 'carbon-neutral oil' from the US as it looks to become a net zero-carbon company by 2035. Reliance, which operates the world's largest single-location oil refining complex at Jamnagar in Gujarat with a capacity of 68.2 million tonnes a year, got 2 million barrels of consignment Permian basin, the US supplier said in a statement.
RBI announces $3 billion open market operations on February 10

The Reserve Bank has decided to conduct the purchase of government securities under Open Market Operations (OMO) for an aggregate amount of $3 billion on February 10. This announcement comes in the wake of a sharp jump in yields of government bonds over the past two weeks.
Consulate General of India, New York in association with State Bank of India, New York organized a virtual discussion on The Pharma Industry Challenges & Opportunities on February 03, 2021

Consulate General of India, New York and The State Bank of India, NY organized a panel discussion on opportunities in the Pharma sector in India. India’s emergence as Pharmacy of World as well Vaccine Maitri leads the way for India to provide high quality and affordable health-care solutions for people around the globe.
Consul General of India, New York had a virtual interaction with senior leadership of Premier Inc. and GAVS on February 02, 2021

Consul General met senior leadership of Premier Inc. and GAVS Tech, two firms doing cutting-edge work in data analytics in the healthcare segment. Encouraged them to further expand their footprint in India & look at the numerous opportunities. India presents as the "pharmacy of the world".
Consul General of India, New York had a virtual interaction with Mr. Himanshu Patel, Founder & CEO of Triton EV LLCon February 11, 2021

Consul General met with Mr. Himanshu Patel, Founder & CEO of Triton EV LLC. The discussions involved sustainable mobility, green energy and Triton’s exciting new technologies.
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