Greetings from the Embassy of India in Washington DC!
Welcome to the March 31, 2023, edition of our newsletter, bringing you important policy and high-impact news about India.
We hope you find it useful.
Press, Information and Culture Wing
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Prime Minister Modi and President Biden Reaffirm the Strength of U.S.-India Relationship
| President Joe Biden discussed with Prime Minister Narendra Modi of India the historic agreement for Air India to purchase over 200 American-made aircraft from Boeing. President Biden noted how the sale will support over one million American jobs across 44 states, and help Air India meet growing demands for air transportation in India. President Biden and Prime Minister Modi also discussed the importance of the strategic technology partnership between India and the United States. During the call, the two leaders reaffirmed the strength of the U.S.-India relationship and committed to continue working together and in groups like the Quad to advance economic growth for our two countries and expand cooperation on our shared priorities. | | Policymakers and Executives Hail India as “True Bright Spot” at World Economic Forum | With 2023′s World Economic Forum in Davos dominated by discussions of economic growth, or a lack of in most developed countries, India was often cited as a bright spot. India is doing “exceedingly well,” said Bank of Japan Governor Haruhiko Kuroda in a closing panel at the event, while highlighting acute challenges facing its neighbors Sri Lanka, Bangladesh and Pakistan. “We are very optimistic and very positive on India,” the chief executive of Tata Consultancy Services, Rajesh Gopinathan said. “The global economy and India’s size has ensured there is enough capital available,” Gopinathan said. “So you combine the demographics, the demand side, and the capital availability, I think the upside is significant. Of course it needs to be executed carefully, but it is there for realization.” | |
iPhone Maker Plans $700 Million Investment in India
| Apple Inc. partner Foxconn Technology Group plans to invest about $700 million on a new plant in India to ramp up local production. This will be built on a huge 300-acre site near the airport in Bengaluru, Karnataka, and should create around 100,000 jobs. The new facility means India might produce 10% to 15% of the world’s iPhones. | |
India’s New Small Satellite Launch Vehicle Flies 1st Successful Mission, Delivers 3 Satellites to Orbit
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A new Indian rocket, Small Satellite Launch Vehicle (SSLV) successfully delivered three satellites to orbit on February 9, 2023. In its second developmental flight, the SSLV-D2 vehicle placed EOS-07, Janus-1 and AzaadiSAT-2 satellites into their intended 450 km circular orbit. SSLV is the new small satellite launch vehicle developed by ISRO to cater the launch of small satellites up to 500 kg to Low Earth Orbits on ‘launch-on-demand’ basis. SSLV-D2 carried EOS-07, a 153.6 kg Earth Observation Satellite realised by ISRO; Janus-1, a technology demonstration satellite weighing 10.2 kg belong ANTARIS, USA; and AzaadiSAT-2, an 8.8 kg satellite realised by Space Kidz India by integrating various scientific payloads developed by 750 girl students across India.
It provides low-cost access to Space, offers low turn-around time, facilitates flexibility in accommodating multiple satellites and demands minimal launch infrastructure. With this successful launch, India has got a new launch vehicle which was aimed to commercialise the small satellite launches through Industry on demand basis. ISRO looks forward for catering to the increasing global need of launching smaller satellites into Space.
| | Union Budget 2023-24 Presented by Finance Minister Nirmala Sitharaman | In the 75th year of India’s Independence, the World has recognized the Indian Economy as a ‘bright star’ as the Economic Growth is estimated at 7 per cent, which is the highest among all major economies. The Finance Minister said that India’s rising global profile is due to several accomplishments like unique World Class Digital Public Infrastructure namely, Aadhaar, Co-Win and UPI; COVID-19 vaccination drive in unparalleled scale and speed; proactive role in frontier areas such as achieving the climate related goals, mission LiFE, and National Hydrogen Mission. This Budget hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100, which envisions a prosperous and inclusive India, where the fruits of development reach all regions and citizens | | United States and India launch Initiative on Critical and Emerging Technology, Elevate Strategic Partnership | President Biden and Prime Minister Modi announced the U.S.-India initiative on Critical and Emerging Technology (iCET) in May 2022 to elevate and expand the strategic technology partnership and defense industrial cooperation between the governments, businesses, and academic institutions of the two countries. The inaugural meeting of the iCET in Washington, DC took place on January 31, 2023. At the summit, the two sides discussed opportunities for greater cooperation in critical and emerging technologies, co-development and coproduction, and ways to deepen connectivity across our innovation ecosystems. They noted the value of establishing “innovation bridges” in key sectors, including through expos, hackathons, and pitch sessions. They also identified the fields of biotechnology, advanced materials, and rare earth processing technology as areas for future cooperation. | | India and U.S. Sign MoU on Semiconductor Supply Chain and Innovation Partnership |
A Memorandum of Understanding (MoU) on establishing semiconductor supply chain and innovation partnership under the framework of India – US Commercial Dialogue was signed between the two countries following the Commercial Dialogue 2023 held in New Delhi on 10 March.
On the invitation of Shri Piyush Goyal, Union Minister of Commerce and Industry, the US Secretary of Commerce, Ms. Gina Raimondo visited New Delhi. During this visit, the India-US Commercial Dialogue was re-launched to discuss cooperation in unlocking new trade and investment opportunities between the two countries. The MoU seeks to establish a collaborative mechanism between the two governments on Semiconductor Supply chain resiliency and diversification in view of US’s CHIPS and Science Act and India’s Semiconductor Mission.
U.S. Secretary of Commerce Gina Raimondo said, “As both of our great nations seek to create stronger and more secure supply chains, particularly in the field of semiconductors, this MOU will establish a collaborative mechanism between our two countries on semiconductor supply chain resiliency and diversification and will aim to create economic opportunity in the U.S. and India. This is a significant step in the coordination of both our countries’ semiconductor incentive programs and will strengthen mutual priorities, including promoting commercial opportunities, R&D, and talent and skill development.”
| | India Announces $4.3 Billion Investment in Clean Energy | The Indian government has pledged to invest $4.3 billion in green technology to clean up the country’s economy and create jobs. In the announcement, Indian authorities included a focus on solar power from the Himalayan region of Ladakh and green hydrogen production. Announcing her government’s annual budget, finance minister Nirmala Sitharaman told parliament: “We are implementing many programmes for green fuel, green energy, green farming, green mobility, green buildings, and green equipment, and policies for efficient use of energy”. | |
India’s Budget Creates Centers of Excellence for AI
| India will set up three centres of excellence (COE) for artificial intelligence (AI) at top educational institutions to develop cutting-edge AI solutions in the country, finance minister Nirmala Sitharaman announced while presenting the Union Budget for 2023-24. “For realising the vision of make AI in India and make AI work for India, three centres for excellence will be set up in top educational institutions. Leading industry players will partner in conducting interdisciplinary research and develop cutting-edge applications and scalable problem solutions in areas of agriculture, health, and sustainable cities,” Said the Finance Minister. | | India’s Budget to Bolster Emerging Semiconductor Ecosystem | With a 40% increase in allocation compared to last year, the Budget 2023-2024, presented by finance minister Nirmala Sitharam, has allotted significant funds for the Ministry of Electronics and Information Technology, reflecting cognizance of the accelerated demand for electronics in the post-pandemic era. | |
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