US Business Newsletter
August 16 - August 31, 2021
Greetings from Consulate General of India,
New York!
Welcome to the August 2021 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)
The U.S. Could Be on the Verge of a Productivity Boom


The United States is currently experiencing a surge in worker productivity that could rival that of the tech boom 20 years ago — if it lasts. As companies and customers embrace new technologies, making it easier for Americans to produce more with fewer workers, a growing number of economists say this is not a blip and could turn into a boom — or, at least, a "mini boom" with wide-ranging benefits for years to come. Higher productivity is the economy's special sauce. Productivity refers to how much output a worker can do in an hour. When workers have better tools or the help of robots and artificial intelligence, they can make cars or process data much faster. Higher productivity typically leads to more goods and services available at a lower cost and increases in wages. Without it, economic growth is sluggish.
New York Art Fairs Are Returning, Eyes Open and Fingers Crossed

With artwork brought in from abroad, the showroom tidy, and tickets for the Armory Show ready to become the first major American art fair to return in the midst of a pandemic have begun. New location for Javits Convention Center. “We need to be prepared for everything,” Fair’s executive director Nicole Berry said in a telephone interview. “We are hosting this event and have plans A, B, C, D and E.” When the Armory Show plans were finalized earlier this year, Berry envisioned the fair as an anchor for the fall art season. This symbolizes the art world’s victory in face-to-face sales and smoothing. She plans to host an event with nearly full capacity, welcoming thousands of visitors to view the work of nearly 500 artists from more than 200 galleries in 37 countries.
TikTok adds in-app shopping, in a partnership with Shopify
TikTok is expanding in the e-commerce space with the addition of in-app retail features. It is part of an extension of the social network’s existing partnership with Shopify, which was first announced in October 2020. The collaboration initially centred around the creation of video ads that would link users to Shopify storefronts. But now, TikTok Shopping is to be piloted with a “select group” of existing Shopify outlets in the US, UK and Canada. The companies said that it will add new features that help Shopify merchants “create engaging, organic content” and steer customers directly to make purchases online. Blake Chandlee, president of global business solutions at TikTok, commented: “TikTok is uniquely placed at the centre of content and commerce, and these new solutions make it even easier for businesses of all sizes to create engaging content that drives consumers directly to the digital point of purchase.
Forbes plans to go public in a $630 million SPAC deal
Forbes Global Media, the business information brand that started with a 104-year-old magazine, is going public by merging with a SPAC — or special purpose acquisition company — in a deal that values the company at $630 million. The news hits amid a wave of digital media deals including a major one earlier today when German publisher Axel Springer announced it’s buying Politico. Nextstar Media acquired The Hill last week. Vox Media, owner of The Verge and New York Magazine, is acquiring Punch, an outlet that covers drinks and cocktail culture, and is said to be eying an IPO. So is Vice.
Rivian, Electric Truck Maker Backed by Amazon and Ford, Files for I.P.O.
Rivian Automotive, an electric-vehicle start-up backed by Amazon, announced Friday August 27, 2021 that it has filed a confidential draft registration form for an IPO. The size and price range for the IPO has not been determined, the company said in a release. Rivian did not immediately respond to CNBC’s request for comment. The news comes months after Bloomberg reported that the company had selected Goldman Sachs, JPMorgan and Morgan Stanley as underwriters for its IPO and could seek a $70 billion valuation. In recent months, the electric-vehicle company has reportedly begun scaling up production nationwide. Media outlets reported last month that the company was planning a second electric-vehicle assembly plant. The company’s existing U.S. plant is located in Normal, Illinois. Last month, the company also closed a $2.5 billion funding round led by Amazon, Ford Motor and T. Rowe Price. Since 2019, Rivian has raised about $10.5 billion.
The White House projects that inflation and economic growth will rise this year
The Biden administration on Friday August 27, 2021 said it expected economic growth and inflation to both reach their highest levels this year since the early 1980s, revising earlier forecasts to match the reality of the continued stimulus-fueled recovery from the recession.
In its mid-session review of the administration’s initial budget forecasts, the Office of Management and Budget said it expected inflation-adjusted growth to hit 7.1 percent for the year. That’s an increase from the 5.2 percent officials projected earlier this year, before Mr. Biden’s $1.9 trillion American Rescue Plan began to increase consumer spending by delivering direct payments to households, expanded safety net benefits and aid for state and local governments.
Address: Consulate General of India,
3 East 64th street (Between 5th and Madison Avenues),
New York, NY 10065