Welcome to the August 2022 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)
President Joe Biden Congratulates India on its
75th Independence Celebration by Highlighting India-US as Indispensable Partners
As India celebrated its 75th anniversary of independence, US President Joe Biden wished India and asserted the significance of the US-India relationship and called the countries indispensable partners. Biden emphasized the importance of India and the US have shared interests by averring that this year the US is also commemorating the 75th anniversary of diplomatic relations between the two great democracies. The thriving Indian-American population in the United States has made the US nation a more innovative, inclusive, and stronger nation.
How the US CHIPS Act will Aid India in Achieving Self-sufficiency in Semiconductor Industry
A USD 280 billion bipartisan bill to increase domestic high-tech manufacturing was signed by US President Joe Biden as part of his administration's effort. According to experts, as India works to become self-sufficient in semiconductor chips, this move will complement Indian efforts in this area and strengthen the Semiconductor India Program. Numerous nations contribute to the global nature of the semiconductor supply chain. India offers some of the best incentives in the world when looking at incentives from both a federal and state standpoint. As a result, the incentives offered by India will complement US efforts.
Apple Inc. plans to begin manufacturing the iPhone 14 in India about two months after the product’s initial release out of China, narrowing the gap between the two countries but not closing it completely as some had anticipated. The company has been working with suppliers to ramp up manufacturing in India and shorten the lag in production of the new iPhone from the typical six to nine months for previous launches, according to people familiar with the matter.
When the Commerce Department reported last month that U.S. economic output contracted for two consecutive quarters during the first half of the year, it raised fears the U.S. might be in recession, defined in a popular rule of thumb as two negative quarters of growth. New data sends a different message: rather than in recession, the economy might be in something closer to a stall.
Fed Officials See Need for Continued Interest-Rate Increases, but Less Certainty Over Destination
Federal Reserve officials agreed at their monetary-policy meeting last month they needed to keep raising interest rates enough to lower inflation, but signaled greater caution with the pace of coming increases. The central bank has raised rates this year at its fastest pace since the 1980s. Minutes from the Fed’s July 26-27 policy meeting, released Wednesday, showed officials were sensitive to two opposing risks as they weighed how and when to slow those increases.
Money Pours Into Funds Targeting Solar Power, Cell Towers and Data Centers
Investment companies such as KKR & Co. and Brookfield Asset Management Inc. are raising money at a record clip to invest in power plants, telecom towers, and data centers—businesses that can thrive even as inflation runs rampant. The fund will invest in core-infrastructure projects, such as utilities and telecom towers. Such funds can take months to raise, meaning that much of this year’s record-breaking haul isn’t directly related to the recent surge in inflation. But that backdrop is likely to increase the demand for infrastructure investment.
