India Business Newsletter
October 16 - October 30, 2020
Greetings from Consulate General of India,
New York!
Welcome to the October 2020, 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)
India receives highest ever FDI in
Apr-Aug FY21: Government
India, in April-August 2020, received the highest ever total Foreign Direct Investment (FDI) for the first five months of a financial year, the commerce and industry ministry said in a statement on Tuesday. The total FDI inflow into India in the first five months was $35.73 billion, 13% higher than that in the same period last fiscal.
Exports grow 6% in September
Already, presenting a less gloomy picture, the World Trade Organization this month expected global merchandise trade to fall by 9.2% in 2020 from last year, compared with the 12.9% drop projected in April. Merchandise exports grew 6% year on year in September, the first rise since February, and a contraction in imports narrowed to 19.6% from 26% in the previous month, suggesting a gradual return towards normalcy. Consequently, trade deficit narrowed to just $2.78 billion in September from $6.77 billion in the previous month, showed the quick estimate of the trade data released by the commerce ministry on Thursday.
Govt launches $1.34 billion scheme to boost healthcare infra
"By virtue of their strong presence in rural areas, cooperatives utilizing the scheme would bring revolution in comprehensive health care services," it said. Union Minister of State for Agriculture Parshottam Rupala on Monday launched a new scheme, Ayushman Sahakar, under which the National Cooperative Development Corporation (NCDC) would extend term loans of $1.34 billion to cooperatives for creating healthcare infrastructure in rural India. There are about 52 hospitals across the country run by cooperatives. They have cumulative bed strength of more than 5,000. The NCDC fund would give a boost to provision of healthcare services by cooperatives, NCDC Managing Director Sundeep Nayak said.
 India to manufacture a large portion of COVID vaccines: Gates Foundation CEO
India's private companies will play a huge role in manufacturing of covid vaccines for the world, and a very large portion of COVID-19 vaccines are likely to be manufactured in India through the country's strong and robust private sector partners, said Bill and Melinda Gates Foundation CEO Mark Suzman.
 Covid-19: Modi govt has set aside $6.7 billion for vaccination, says report
India’s government has set aside about 500 billion rupees ($7 billion) to vaccinate the world’s most populous country after China against the coronavirus, according to people with knowledge of the matter.
India’s insurance sector may go global soon;
likely to drive country’s economic growth
In an effort to promote India’s underperforming insurance sector, the International Financial Services Centres Authority (IFSCA) Expert Committee has recommended boosting international insurance activity under the IFSC. According to the recommendations, Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) may soon buy life insurance policies for themselves and their family members based in India and abroad from companies set up in the IFSC. Also, they can pay the premium in the currency of their choice, said a statement by the Ministry of Finance. After returning to India, NRIs and PIOs can buy portable life insurance policies that offer flexibility to pay the premium in INR or in foreign currency.
PM Narendra Modi exclusive interview in
the Economic Times today
The Prime Minister comes out strongly against his critics, says they just want to deny credit to the government. Far reaching reforms in agriculture and labour, he says, are a big signal to global investors. He also explains in the interview why the new labour codes are a win-win for both employer and employee. “It was often jokingly said that India had more labour laws than the labour in formal sector. Labour laws often helped everyone except the labour,” says the PM while making a pitch for India to become a global manufacturing hub. When asked on replacing China in the global supply chain, he said: “Our effort is not to becoming some country’s alternative, but to become a country which offers unique opportunities.”
The Consulate hosted a Business Roundtable with a select group of Business Leaders
Consul General spoke about the recent transformative economic reform measures introduced by GOI - taxation, education, civil services, labour, agriculture and select economic sectors. India remains committed to providing the best for foreign investors keen to set up global supply chains in the county. India and US business growing hand in hand.
The Consulate organized a Tea Tasting Event in association with Ms. Amy Dubin of Janam Tea
The event showcased the diversity and quality of Indian Teas as well as Tea Tourism in India. Master Blender, Mr. Rishi Deb, delivered a fascinating talk about the History of Tea.
India's first multi-modal logistics park to come
up in Assam
Union Minister Nitin Gadkari will lay the foundation stone for India's first multi-modal logistics park in Assam today. The multi-modal logistics park will be constructed at an estimated cost of ₹694 crore.
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New York, NY 10065