India Business Newsletter (Jan 01

India Business Newsletter

January 01 - January 31, 2023

Greetings from Consulate General of India,

New York!

Welcome to the January 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)

Indian economy to grow at a robust 6.6% in FY24, says World Bank

The World Bank on Tuesday projected the Indian economy to grow at a robust 6.6 per cent in 2023-24 (FY24), slowing down from an estimated 6.9 per cent in 2022-23 (FY23), citing “limited spillovers” to Asia’s third-largest economy from a projected global slowdown. In its Global Economic Prospects, the Bank said global growth may decelerate sharply in 2023 to its third weakest pace in nearly three decades, cautioning that the world economy is “perilously close” to falling into recession.

India and US agree to focus on resilient trade, resolving WTO disputes bilaterally

At the 13th Trade Policy Forum (TPF) ministerial talks held in Washington DC, Union minister Piyush Goyal and US trade representative Katherine Tai hailed the fact that bilateral trade in goods and services had reached $160 billion in 2021, but also recognized that the full potential of the trade relationship remained “unfulfilled”. Committing themselves to expanding their already growing trade relationship, India and the United States (US) have decided to build on the environment of trust to create resilient supply chains, resolve their existing trade disputes at World Trade Organisation (WTO) through bilateral mechanisms, work on expanding market access for each other’s products, and intensify their engagement through meetings of specific trade-related working groups on a quarterly basis.

India's services exports to cross USD 300 bn target for this fiscal

Piyush Goyal said that on the merchandise front also, exports are so far registering healthy growth despite the world being under recession, huge inflationary pressure , and overstocking of various commodities. With all these stress, where every global leader is talking of "very" tough times, India's exports rose 9 per cent year-on-year during April-December 2022-23.

WHO officials hail India's G20 Presidency; say it should be a beacon for others to learn from

A WHO official on Friday termed India's presidency at the G20 Health Working Group meeting as an "exciting moment in history" and said it has bolstered the voice of the Global South. Ayoade Alakija, Special Envoy, ACT-Accelerator, WHO said she is keen to watch the Global South collaborations which can be put together in the new world order and expressed hope that this process will surely help it.

Visit of Hon’ble Minister of Commerce & Industry, Consumer Affairs and Food & Public Distribution, Textiles to USA, January 8 – 12, 2023

Consulate General of India welcomed the Hon’ble Minister of Commerce and Industry, Consumer Affairs and Food & Public Distribution, Textiles and leader of the Rajya Sabha, Shri Piyush Goyal and his delegates, Mr. Ravi Jha, PS to HCIM and Ms. Shruti Singh, Joint Secretary, DPIIT in New York on their official visit to the United States from 8 -12 January 2023. In partnership with USIBC and USISPF, the Consulate conducted several engagements for the Hon’ble Minister of Commerce and Industry and his team members. Visited. He visited The Tata Innovation Center at Cornell Tech in New York, participated in the business round-table of stakeholders from industry, think tanks, and academia at Council on Foreign Relations (CFR), a New York City based non-partisan Think Tank and had one-on-one meetings with business leaders and attended a Business Roundtable hosted by USIBC at NASDAQ in New York. Hon’ble Minister of Commerce and Industry, had one-on-one meetings with Mr. Michael Miebach, CEO of Mastercard, Mr. Henry Kravis, Co-Founder & Co-Executive Chairman of Kohlberg Kravis Roberts & Co., Mr. Josh Silverman, CEO, Etsy, Mr. Stephen Schwarzman, CEO and Chairman of Asset Management Group, Blackstone and Mr. George R Oliver, Chairman & CEO, Johnson Controls. The goal of these meetings was to discuss the expansion of India’s investment landscape, including infrastructure, renewables, developing sustainable buildings, developing security products through R&D, Internet of things & Artificial Intelligence, deepening of India’s capital markets and private equity landscape as well as creating investment opportunities in the Start-up and manufacturing sector.