INDIA THIS WEEK FRIDAY FEBRUARY 3, 2023 1 A W e e k l y N e w s p a p e r Fe a t u r i n g N e w s & Tr e n d s f r o m t h e I n d i a n S u b - C o n t i n e n t P u b l i s h e d f r o m t h e U S C a p i t a l Website: www.indiathisweek.online Vol. 31 No: 5• WASHINGTON D.C • Phone: 301-445-0200; 301-917-4800 • e-mail: indiathisweekads@gmail.com • Friday • February 3, 2023 Union Budget 2023-24 presents vision for Meet Mangala Kanti Roy, 102, Amrit Kaal, proposes changes income tax slabs, steep hike in capital investment Padma Shri awardee in the field of ‘folk music’ New Delhi [India], February 1 (ANI): With a thrust on better logistics and infrastructure, ease of doing business and inclusive development, the union budget 2023-24 presented by Finance Minister Nirmala Sitharaman in Parliament on Wednesday sought to lay out the vision for Amrit Kaal and contained several new initiatives cutting across sectors. Sitharaman noted that the world has recognised the Indian economy as a ‘bright star’ which is expected to grow in the current year at seven per cent – the highest among all the major economies. She outlined seven Jalpaiguri (West Bengal) [India], January 27 (ANI): Mangala Kanti Roy, 102-year-old Sarinda Player from West Bengal‘s Jalpaiguri, was elated and expressed happiness to be one of the Padma Shri awardees whose names were announced on the eve of India’s 74th Republic Day. The centenarian was conferred with Padma Shri, India’s fourth-highest civilian award, in the ‘Art (Folk Music)’ category. “Ever since we came to know about the Padma award, I have been feeling very happy. I have been playing Sarinda since I was 4-5 years old. Have played Sarinda everywhere from Delhi, Kamakhya to Darjeeling,” Mangala Kanti Roy said. Roy is one of the oldest folk musicians in Remember: West Bengal and is famous for producing unique bird calls through Sarinda. He has been promoting and preserving the Sarinda instrument for 8 decades through workshops and performances. Achievers from a range of professions and diverse areas of the country figure in the list of 106 Padma awardees this year, with the majority, picked from the field of Arts. The list comprises six Padma Vibhushan, nine Padma Bhushan, and 91 Padma Shri winners. Nine of the awardees are women while seven will receive the award posthumously. The President confers the awards at a ceremonial function held at Rashtrapati Bhawan, around March or April every year. (ANI) “Ye have heard that it hath been said, An eye for an eye, and a tooth for a tooth: But I say unto you, That ye resist not evil: but whosoever shall smite thee on thy right cheek, turn to him the other also.” JESUS CHRIST priorities to act as “Saptrishi” to guide vision during Amrit Kaal, the 25-year-long period up to 2047 when India will celebrate the centenary of its independence. The vision for Amrit Kaal includes opportunities for citizens with focus on youth, growth and job creation and strong and stable , macroenvironment. The budget, likely to be the last full budget of the Modi government in its present term, proposed changes in personal income tax aimed at the middle class and initiatives for various sections of society, specially the youth, farmers and women. The country will face general elections in 2024 and nine states will go to the polls this year. The budget proposed to increase capital investment outlay steeply for the third year in a row by 33 per cent to Rs 10 lakh crore, which would be 3.3 per cent of GDP. It proposes 66 per BUDGET 2023 SEE PAGE 14 Maryland State Leaders join the Adventist Indian Community celebrating India’s 74th Republic Day By Elisha Pulivarti Silver Spring, MD (Jan 28): With 1.4 billion people India has the largest population in the world closely behind China. With 22 official languages and 121 mother tongues, and thousands of dialects, India is home to a culture that differs vastly from state to state. “What binds this diverse country together is its Constitution. A constitution that secures all its citizens justice, liberty, equality, and fraternity. So, it’s a great honor to be here to celebrate the world’s largest democracy in the world’s oldest democracy.” Lt. Governor Miller said addressing the Adventist Indian community in Silver Spring at the Southern Asian SeventhREPUBLIC DAY SEE PAGE 6 Secretary of State of Maryland Susan Lee, Dr John Daniel l, Lead Pastor, Ambassador Sripriya Ranganathan l, Embassy of India and Lt. Governor Aruna Miller, State of Maryland and Elisha Pulivarti, Director for Public Affairs, SASDAC.
February 3, 2023 Friday INDIA THIS WEEK NSA Doval, US counterpart Sullivan participate in ‘special reception’ hosted by Indian envoy Sandhu Washington [US], January 31 (ANI): National Security Advisor Ajit Doval, his American counterpart Jake Sullivan, US Secretary of Commerce Gina Raimondo and CEOs from both nations and leadership of prominent universities participated in a “special and unique reception” hosted by India’s Ambassador to the United States Taranjit Singh Sandhu. During the reception, the dignitaries held discussions on building bilateral cooperation in critical and emerging tech. Sharing glimpses of the reception at India House on Twitter, Taranjit Singh Sandhu wrote, “A unique & special reception in India House! Delighted to host India’s NSA Ajit Doval, US NSA @JakeSullivan46 Commerce Sec @GinaRaimondo, CEOs frm India & US & leadership of prominent Universities. Insightful conversations on building bilateral cooperation in critical & emerging tech.” Doval, who arrived in Washington on Tuesday, also met US Chairman of the Joint Chiefs of Staff General Mark Milley. During the meeting, the two sides held discussions on various aspects of bilateral cooperation. Indian Embassy in the United States tweeted, “General Mark Milley, Chairman of the Joint Chiefs of Staff @thejointstaff called on NSA Ajit Doval today. Fruitful discussion on various aspects of bilateral cooperation.” Earlier, National Security Advisor Ajit Doval participated in a Track 1.5 event hosted by the US-India Business Council at the US Chamber of Commerce, with his American counterpart Jake Sullivan and US Secretary of Commerce Gina Raimondo. The round table discussion was held on the sidelines of the official high-level dialogue of the Initiative on Critical and Emerging Technologies (ICET) on Tuesday. The top industry representatives from both India and the US participated in the event. The official dialogue between Doval and Sullivan took place on Tuesday afternoon. In the discussions that will be held at the White House, there would be a laser focus on aligning Washington and New Delhi’s strategic, commercial and scientific approaches specifically in the field of technology.
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February 3, 2023 Friday INDIA THIS WEEK India to witness 6 to 6.8 pc growth in 2023-24, high credit growth to MSMEs: Economic Survey New Delhi [India], January 31 (ANI): India is expected to witness GDP growth of 6.0 per cent to 6.8 per cent in 2023-24, depending on the trajectory of economic and political developments globally. The Economic Survey 2022-23 projects a baseline GDP growth of 6.5 per cent in real terms in the next financial year. The projection is broadly comparable to the estimates provided by multilateral agencies such as the World Bank, the IMF, and the ADB and by RBI domestically. The economy is expected to grow at 7 per cent in real terms for the year ending March 2023. This follows an 8.7 per cent growth in the previous financial year. The optimistic growth forecasts stem from a number of positives like the rebound of private consumption given a boost to production activity, higher Capital Expenditure (Capex), near-universal vaccination coverage enabling people to spend on contact-based services, such as restaurants, hotels, shopping malls, and cinemas, as well as the return of migrant workers to cities to work in construction sites leading to a significant decline in housing market inventory, the survey said. It said the positives also include strengthening of the balance sheets of the corporates, a wellcapitalised public sector banks ready to increase the credit supply and the credit growth to the Micro, Small, and Medium Enterprises (MSME) sector. Economic Survey was tabled by Finance Minister Nirmala Sitharaman in Parliament on Tuesday. The Survey said Indian economy is staging a broad based recovery across sectors, positioning to ascend to pre-pandemic growth path in FY23. Retail inflation is back within RBI’s target range in November 2022. Direct Tax collections for the period April-November 2022 remains buoyant. Enhanced Employment generation has been seen in the declining urban unemployment rate and in the faster net registration in Employee Provident Fund. It said National Green Hydrogen Mission will enable India to be energy independent by 2047. Private investment in agriculture increased to 9.3 per cent in 2020-21. The focus of government reforms includes creating public goods to enhance opportunities, efficiencies and ease of living, trustbased governance, enhancing agricultural productivity and promoting the private sector as a copartner in development. The Survey said cleaner balance sheets led to enhanced lending by financial institutions, there is growth in credit offtake, increased private capex will usher virtuous investment cycle and non-food credit offtake by scheduled commercial Banks has been growing in double digits since April 2022. India’s e-commerce market is projected to grow at 18 per cent annually through 2025. Merchandise exports were US$ 332.8 billion for AprilDecember 2022. India is the largest recipient of remittances globally receiving US$ 100 billion in 2022 It said growth is expected to be brisk in FY24 as a vigorous credit disbursal, and capital investment cycle is expected to unfold in India with the strengthening of the balance sheets of the corporate and banking sectors. Further support to economic growth will come from the expansion of public digital platforms and path-breaking measures such as PM GatiShakti, the National Logistics Policy, and the Production-Linked Incentive schemes to boost manufacturing output. Despite the three shocks of COVID-19, Russian-Ukraine conflict and the Central Banks across economies led by Federal Reserve responding with synchronised policy rate hikes to curb inflation, leading to appreciation of US Dollar and the widening of the Current Account Deficits (CAD) in net importing economies, agencies worldwide continue to project India as the fastest-growing major economy at 6.5-7.0 per cent in FY23. According to Survey, India’s economic growth in FY23 has been principally led by private consumption and capital formation and they have helped generate employment as seen in the declining urban unemployment rate and in the faster net registration in Employee Provident Fund. World’s second-largest vaccination drive involving more than 2 billion doses also served to lift consumer sentiments that may prolong the rebound in consumption. Still, private capex soon needs to take up the leadership role to put job creation on a fast track, the survey said. It also points out that the upside to India’s growth outlook arises from – limited health and economic fallout for the rest of the world from the current surge in Covid-19 infections in China and, therefore, continued normalisation of supply chains. The upside to India’s growth outlook also arises from inflationary impulses from the reopening of China’s economy turning out to be neither significant nor persistent; recessionary tendencies in major Advanced Economies (AEs) triggering a cessation of monetary tightening and a return of capital flows to India amidst a stable domestic inflation rate below 6 per cent. The survey says this is leading to an improvement in animal spirits and providing further impetus to private sector investment. The Survey said the credit growth to the Micro, Small, and Medium Enterprises (MSME) sector has been remarkably high, over 30.6 per cent, on average during Jan-Nov 2022, supported by the extended Emergency Credit Linked Guarantee Scheme (ECLGS) of the Union government. It adds that the recovery of MSMEs is proceeding apace, as is evident in the amounts of Goods and Services Tax (GST) they pay, while the Emergency Credit Linked Guarantee Scheme (ECGLS) is easing their debt servicing concerns. Dwelling on halt in construction activities during the pandemic, the Survey underscores that vaccinations have facilitated the return of migrant workers to cities to work in construction sites as the rebound in consumption spilled over into the housing market. This is evident in the housing market witnessing a significant decline in inventory overhang to 33 months in Q3 of FY23 from 42 months last year. It also said that the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) has been directly providing jobs in rural areas and indirectly creating opportunities for rural households to diversify their sources of income generation. The Survey noted with optimism that Indian economy appears to have moved on after its encounter with the pandemic, staging a full recovery in FY22 ahead of many nations and positioning itself to ascend to the pre-pandemic growth path in FY23. Yet in the current year, India has also faced the challenge of reining in inflation that the European strife accentuated. Measures taken by the government and RBI, along with the easing of global commodity prices, have finally managed to bring retail inflation below the RBI upper tolerance target in November 2022. The Survey cautioned that the challenge of the depreciating rupee, although better performing than most other currencies, persists with the likelihood of further increases in policy rates by the US Fed. The widening of the CAD may also continue as global commodity prices remain elevated and the growth momentum of the Indian economy remains strong. The loss of export stimulus is further possible as the slowing world growth and trade shrinks the global market size in the second half of the current year. The global growth has been projected to decline in 2023 and is expected to remain generally subdued in the following years as well. The Survey points out that factors like monetary tightening by the RBI, the widening of the CAD, and the plateauing growth of exports have essentially been the outcome of geopolitical strife in Europe. As these developments posed downside risks to the growth of the Indian economy in FY23, many agencies worldwide have been revising their growth forecast of the Indian economy downwards. These forecasts, including the advance estimates released by the NSO, now broadly lie in the range of 6.5-7.0 per cent. Despite the downward revision, the growth estimate for FY23 is higher than for almost all major economies and even slightly above the average growth of the Indian economy in the decade leading up to the pandemic. IMF estimates India to be one of the top two fast-growing significant economies in 2022. Despite strong global headwinds and tighter domestic monetary policy, if India is still expected to grow between 6.5 and 7.0 per cent, and that too without the advantage of a base effect, it is a reflection of India’s underlying economic resilience, the Survey said. The Survey said the finances of the public sector banks have seen a significant turnaround, with profits being booked at regular intervals and their Non-Performing Assets (NPAs) being fast-tracked for quicker resolution/ liquidation by the Insolvency and Bankruptcy Board of India (IBBI). It said RBI has projected headline inflation at 6.8 per cent in FY23, which is outside its target range. At the same time, it is not high enough to deter private consumption and also not so low as to weaken the inducement to invest. It also said that the global commodity prices may have eased but are still higher compared to preconflict levels and they have further widened the Current Account Deficit, already enlarged by India’s growth momentum. For FY23, India has sufficient forex reserves to finance the CAD and intervene in the forex market to manage volatility in the Indian rupee. Dwelling on the Outlook for 2023-24, the Survey said India’s recovery from the pandemic was relatively quick, and growth in the upcoming year will be supported by solid domestic demand and a pickup in capital investment. Global growth is forecasted to slow from 3.2 per cent in 2022 to 2.7 per cent in 2023 as per IMF’s World Economic Outlook, October 2022. A slower growth in economic output coupled with increased uncertainty will dampen trade growth. This is seen in the lower forecast for growth in global trade by the World Trade Organisation, from 3.5 per cent in 2022 to 1.0 per cent in 2023. On the external front, risks to the current account balance stem from multiple sources. The Survey underlined that inflation and monetary tightening led to a hardening of bond yields across economies and resulted in an outflow of equity capital from most of the economies around the world into the traditionally safe-haven market of the US. (ANI)
Now in Ashburn, VA ❖ Accounting and Bookkeeping Service ❖ Audit, Review, Compilation and Attestation Service ❖ Tax Service ❖ IRS Service ❖ Web Hosting ❖ Business Consultancy ❖ Dedicated Service with Smiling Faces ❖ Experienced and Reliable Staff Year Round ❖ Rely on 24 Years of Experience FRIDAY FEBRUARY 3, 2023 5 Tax Season is around the corner, are you ready ? Balagan Business & Tax Services Balagan Arumugaswamy, CPA, LL.M Tel: (301) 931-1040, (301) 931-1042 Main Office: 12100 Franklin Street Beltsville, MD 20705 (301) 595-4331; (703) 723-4488; (703) 723-4458 Fax: (703) 723-1140; (301) 595-4332 Branch Offices: 44335 Premier Plaza Suite#100, Ashburn, VA 20147 E Mail: balagancpa@msn.com Website: www.balaganfinancials.com Economic Survey: India’s foreign exchange reserves comfortable, external debt is low New Delhi [India], January 31 (ANI): India’s foreign exchange reserves are comfortable and external debt is low, according to the Economic Survey released by the government on Tuesday. The Survey also said India has the potential growth positive space as far as the external debt level is concerned. The Survey said India’s foreign exchange reserves stood at USD 532.7 billion as of Septemberend of 2022, covering 8.8 months of imports. “The reserves augmented to USD 562.7 billion as of December-end of 2022 covering 9.3 months of imports,” it said. According to Economic Survey, the country’s foreign exchange reserves was USD 577 billion during April-December 2020 while it was USD 607 billion during AprilDecember 2021 while it was USD 563 billion during April-December 2022. As of Novemberend of 2022, the Survey added India was the sixth largest foreign exchange reserves holder in the world according to data compiled by the IMF. “The import coverage of foreign currency reserves has declined since the pre-pandemic levels in most emerging market economies; however, that of India has increased from 95 per cent in Q4 2019 to 96.5 per cent in Q3 2022,” the Survey said. According to the document, India’s external debt, at USD 610.5 billion as of September-end 2022, grew by 1.3 per cent (USD 7.6 billion) over USD 602.9 billion as of September-end of 2021. However, external debt as a ratio to gross domestic product (GDP) fell to 19.2 per cent as of Septemberend of 2022 from 20.3 per cent a year ago. The Survey documents that the optimal threshold for India’s external debt is around 23-24 per cent of GDP. “Thus, India has the potential growth positive space as far as the external debt level is concerned,” it added. It said “While testifying to the prudent management of India’s external debt, this contrasts with the external debt distress unfolding in many peer countries, postCovid.” According to the Survey, the longterm debt was lower at USD 478.7 billion as of September-end of 2022 than USD 498.1 billion a year ago with the share of long-term debt falling to 78.4 per cent from 82.8 per cent during the same period. India’s foreign exchange reserves rose by whopping USD 1.727 billion to USD 573.727 billion in the week ending on January 20, according to Reserve Bank of India data. The reserves hit about six-month highs with the latest two consecutive weeks’ rise, the RBI’s Weekly Statistical Supplement Bulletin said. During the week that ended on January 13, the reserves rose by whopping USD 10.417 billion to USD 572.0 billion, earlier data showed. According to RBI’s latest data, India’s foreign currency assets, the biggest component of the forex reserves, rose by USD 839 million to USD 506.358 billion. (ANI)
February 3, 2023 Friday INDIA THIS WEEK Maryland State Leaders join the Adventist Indian Community celebrating India’s 74th Republic Day On the occasion, Susan Lee, the first Asian to be nominated for the top post, presented an official proclamation from Governor of Maryland, Wes Moore, declaring January 26, 2023, as Republic Day of India in Maryland. The proclamation read, “The celebration recognizing Republic Day of India is a long-cherished tradition throughout the world. Maryland is proud to join with the Indian American community in this annual observation of community spirit and harmony as we commemorate Republic Day of India Lee, who commended Miller for exceeding expectations and creating history stressed “I have to say it’s not because she is the first, it’s because she is the best of the best. Don’t you agree? That’s why Maryland is such a great state to live and work and educate our kids.” “When we celebrate the Republic of India and how we got here, and how freedom and justice prevail over a former colonial government, where we could take control, and we could form our own destiny,” Lee said, thanking the President of US-India SME Council, Elisha Pulivarti, and Pastor John Daniel for the invitation to celebrate. During his address, Elrich praised the civil rights movement and nonviolent resistance by Mahatma Gandhi and for Dr. Martin Luther King for adopting it as a model in the United States. “And that was clearly something that was inherited from the Indian tradition. So, you’ve played a role, not just within your own country... [but for] the rest of the world as a model for how to move forward and how to advance society. So, I want to thank you for all that...” he added REPUBLIC DAY FROM PAGE 1 Day Adventist Church (SASDAC) as Guest of honor on the occasion of India’s 74th Republic Day celebrations. The church was packed to capacity. Other Guests who addressed the crowd included Secretary of State Nominee Susan Lee, Montgomery County Chief Executive Marc Elrich and Ambassador Sipriya Ranganathan, Deputy Chief of Mission at the Indian Embassy in Washington DC. Aruna Miller (58) was born in Hyderabad, India, came to the United states at the age of seven with her parents, attended New York city public schools, and earned her Lt. Governor of Maryland, Aruna Miller addressing the gathering at the Southern Asian Seventh-day Adventist Church on B.S (civil engineering) January 28, 2023, in Silver Spring, Maryland. degree from Missouri elected to the Maryland the 6th Congressional Nominee for Maryland November 8, 2022 the University of Science House of Delegates in District, but lost the picked Miller as his Moore-Miller ticket swept and Technology. She 2010 where she served till Democratic primary to running mate in the to power. Miller is the first worked for Montgomery 2019 representing the 15th David Trone. Democratic Primary woman of Asian/Indian county public works District. In 2018 Miller ran In 2021 of 2022 Maryland descent to become the Lt. department, and was for Congress to represent Democratic Gubernatorial gubernatorial election. On Governor of Maryland. Addressing the crowd, Ambassador Ranganathan recalled the INDIA THIS WEEK- February 3, 2023 Address: P.O. Box 352, Bryans Road, MD 20616 sacrifices made by the Phone: 301-445-0200; 301-917-4800 Indian freedom fighters www.indiathisweek.online who fought against the by King Solomon colonial rule to make India India This Week is published every Friday by a reality. “And looking ADV Solutions Inc, 16 Better is little with the fear of the Lord than great back over these 75 years Views expressed in this paper are those of the individual writers treasure and trouble therewith. of our journey, we can see and not necessarily of India This Week. India This Week accepts no 17 Better is a dinner of herbs where love is, than a stalled how far we’ve come... And liability for the errors in advertisements or in any of its reports. For ox and hatred therewith. remedial actions any errors should be brought to the attention of I think in that context it is 18 A wrathful man stirreth up strife: but he that is slow to the editor by the information provided below. a matter of utmost pride anger appeaseth strife. to me as a woman, that Publisher: Dr. Babu Stephen 19 The way of the slothful man is as an hedge of thorns: the women of India have Chief Editor: Rajan George but the way of the righteous is made plain. made immense strides. Contributing Editors: Saju Mathew 20 A wise son maketh a glad father: but a foolish man This is Isaac George despiseth his mother. Asst. Editors: Manu Jacob something that we take 21 Folly is joy to him that is destitute of wisdom: but a man Sherena Panjikkaran not only a lot of comfort, of understanding walketh uprightly. Special Business Correspondent Elisha B. Pulivarti but also draw a lot of Business Coordinators Rajan C. George 22 Without counsel purposes are disappointed: but in the confidence.” Ranganathan Jithu Johny Panjikkaran multitude of counsellors they are established. congratulated Miller on Dr. Renuka Misra, 23 A man hath joy by the answer of his mouth: and a word her historic election and Special Correspondent: Geeta Goindi spoken in due season, how good is it! emphasized, “Indian Community Coordinator: Prof. Vinod Goel diaspora in the United India Office Manesh Krishna 24 The way of life is above to the wise, that he may depart States is really our pride Columnists: Anadi Naik from hell beneath. and strength,” while World Religions Dr. Sam Prasad Jillella 25 The Lord will destroy the house of the proud: but he will seeking the diaspora’s Photo Journalist: Mathew Karmel, establish the border of the widow. System Admn. & Maintenance: Rajan C. George continued support in 26 The thoughts of the wicked are an abomination to the Layout & Graphics: Prinston Samuel, strengthening the US-India Lord: but the words of the pure are pleasant words. Business Affairs: Mrs. Molly George partnership. 27 He that is greedy of gain troubleth his own house; but he CALL US that hateth gifts shall live. • 301-445-0200 • 301-917-4800 28 The heart of the righteous studieth to answer: but the “If ye continue in my word, then are ye my disciples mouth of the wicked poureth out evil things. e-Mails: 29 The Lord is far from the wicked: but he heareth the indeed; And ye shall know the truth, and the truth Advertisements: indiathisweekads@gmail.com prayer of the righteous. shall make you free. ” Press Releases: indiathisweekpress@yahoo.com 30 The light of the eyes rejoiceth the heart: and a good JESUS CHRIST Web: www.indiathisweek.online report maketh the bones fat. From The Poet’s Pen INDIA THIS WEEK Proverbs Remember:
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February 3, 2023 Friday INDIA THIS WEEK “US, India iCET platform to accelerate strategic convergence and policy alignment” says Sullivan Washington [US], January 31 (ANI): Ahead of the launch of the USIndia Initiative on Critical and Emerging Technologies (iCET), US National Security Advisor Jake Sullivan said on Monday (local time) that iCET will “accelerate our strategic convergence” and policy alignment. He said this while addressing a meeting, hosted by USIndia Business Council (USIBC), in the presence of US Secretary of Commerce Gina Raimondo and National Security Advisor Ajit Doval. The meeting was hosted in advance of the inaugural launch of the iCET. Addressing industry executives, NSA Sullivan said that “iCET is about much more than technology cooperation, it’s a platform to accelerate our strategic convergence and policy alignment.” Highlighting the work ahead for both governments, Sullivan added that the United States and Indian governments “want to establish a list of ‘firsts’,” “firsts in removing barriers– on both sides–to enable greater ambition by all of you.” S u l l i v a n highlighted how iCET will accelerate the United States’ strategic technology partnership with India and advance the two countries’ shared democratic values. He also recognized the pivotal role that businesses, educators, and investors play, urged attendees to be ambitious in deepening business and academic ties, and committed to working with NSA Doval to remove barriers on both sides. Ambassador Atul Keshap, President of the US-India Business Council and the former Charge d’affaires to India, welcomed the Indian and American delegations, including Indian Ambassador Taranjit Singh Sandhu, on behalf of the US Chamber. Announced during US President Joe Biden and Prime Minister Narendra Modi’s bilateral talks in Tokyo last May, the iCET is spearheaded by the National Security Councils of both countries and focuses on strengthening the US-India partnership on the technologies that will drive global growth, bolster both countries’ economic competitiveness, and protect shared national security interests. In support of the iCET, the US Chamber of Commerce held a roundtable with industry executives across the spectrum of advanced technologies, including semiconductor design and manufacturing, commercial electronics, advanced telecommunications, commercial space, aerospace and defence, and information technology services. Leadership from academia and venture capital firms also participated. In his welcome remarks, Ambassador Keshap expressed that “the US and India are not only Quad partners, but members of a high-trust ecosystem underpinned by converging interests and shared values. The iCET is a tremendous forum for our two democracies to coordinate on sustaining a free, open, and secure global economy that can ensure the future happiness of humanity.” Ambassador Keshap added, “both governments convening the iCET with such a strong industry presence at the US Chamber of Commerce demonstrates their recognition that business plays an essential role in bolstering the security and prosperity of both nations.” US Secretary of Commerce Gina Raimondo attended the roundtable to highlight the central role the US and India would play in shaping the development of advanced technologies. Roundtable participants discussed opportunities to promote the development of critical and emerging technologies such as quantum computing and artificial intelligence, with a special focus on how to increase academic and government research exchanges and strengthen their linkages with the private sector. A key theme throughout the roundtable was how both governments could facilitate deeper alignment on technology issues, including encouraging semiconductor supply chain resilience, deepening the two countries’ research and development collaboration, strengthening workforce and education connectivity, and promoting co-investment and co-development. NSA Ajit Doval and Ambassador Sandhu highlighted India’s remarkable capacity for technology development and absorption and emphasized India’s use of technology not only as an enabler of economic growth but as an instrument of social inclusion. Both officials commended the launch of the iCET, given the natural complementary strengths of the Indian and American economies and the growing strategic convergence between both nations. Both officials also emphasized India’s growing role as a trusted supply chain partner and contributor in the global technology value chain and underlined the importance of easing export control measures to facilitate technology access, co-production, and codevelopment between India and the US. In one of the sessions, the roundtable discussed microchips as a critical technology and the important role the USIndia relationship could play in building a reliable semiconductor supply chain. Sanjay Mehrotra, President and CEO of Micron Technology, discussed the importance of governmentindustry collaboration in this effort. “It is promising to see the US and India prioritize the necessary discussions and investments that will enable greater semiconductor leadership within and among partner economies. The US Chamber of Commerce, as a major advocate for the CHIPS and Science Act and now the host of the US-India iCET dialogue, is creating compelling opportunities for the publicprivate partnership that will ultimately strengthen our economies. Micron looks forward to continuing to work with both governments, the Chamber, and industry as part of this key forum,” said Mehrotra. Vinayak Dalmia, as part of the Government of India’s business delegation, stated “the potential is limitless for both India and the US to come together to create a semiconductor highway to serve the world. This is a real possibility of a win-win–all that is needed is some imagination and a bold political will and we have both of that today.” Rajan Mittal, Vice Chairman and Managing Director of Bharti Enterprises, remarked on the success of the iCET in progressing conversations around 5G. “iCET successfully deliberated on the deployment of Open RAN technology for 5G to create trusted sources, trusted networks, and trusted partners,” said Mittal. Edward Knight, Executive Vice Chairman of NASDAQ, and Chair of the USIBC Global Board of Directors stated that “both governments choosing USIBC to host this dialogue only reaffirms its position as the leading convener of public-private consultation in the U.S.-India Corridor.” Knight added, “the US and India pursuing this initiative on critical and emerging technologies demonstrates their growing alignment and sends signals of confidence to the investment community.” Other discussion topics included defence and spacetechnology;roundtable participants underlined the importance of greater cooperation between government, industry, and academia to build a stronger innovation ecosystem that supports American and Indian competitiveness in both traditional and novel defence domains. Participants also discussed the critical value that startups and VCs play in accelerating innovation and the commercialization of new technologies. Industry representatives noted that shared resolve to facilitate the movement of highly skilled workers and scientific personnel, as well as to ease export control measures and protect intellectual property frameworks, would be key to further developing the USIndia innovation ecosystem. The US Chamber of Commerce will continue conversations on critical and emerging technologies with India as part of its close engagement with its G20 agenda, and as a chair of the B20. The US Chamber of Commerce is the world’s largest business organization representing companies of all sizes across every sector of the economy. Formed at the behest of the US and Indian governments in 1975, the USIBC has represented top global companies operating across the United States, India, and the Indo-Pacific for the past 48 years. Amid dynamic growth within the US-India commercial partnership, USIBC serves as the premier voice of the industry and creates connections between businesses and governments across both countries. Recognizing that US-India trade is increasingly driven by new business hubs, USIBC is also focused on strengthening connections between cities and states across the world’s largest and oldest democracies, for the happiness and prosperity of all of our 1.7 billion citizens. (ANI)
FRIDAY FEBRUARY 3, 2023 9 India’s G20 plan for the world, global south is promising: UNGA President By Ayushi Agarwal New Delhi [India], January 30 (ANI): United Nations General Assembly President Csaba Korosi here on Monday hailed India’s presidency of the G20 and said that India’s plans for G20 are promising for the world and for the Global South. “As far as I could discuss some related matters with the Government of India and as far as I could read some of the plans the Government of India is pursuing for this year, it’s very promising for the world, for the global south, and for this country as well,” he said in an exclusive interview with ANI when being asked about how India can play a crucial role at a time when the world is going through a global turmoil. “I wish all the best to the Government of India to run a successful presidency in the G20,” he added. Stressing the point that the Russia-Ukraine conflict hasn’t seen its end yet, the UNGA President said that countries including India aren’t aware of any concrete negotiations. “It’s up to the Indian government to tell what role it can play or will play. I cannot decide on behalf of India. Unfortunately, this conflict is still not at the end, unfortunately, this war is still going on and unfortunately, the killing in Eastern Ukraine is demanding heavy casualties every day. I am sure that many countries may be India included, offering good services but are not aware of any concrete negotiations where peace negotiations would be now on the table” he said. Earlier in the day, the UNGA President also commended India’s role in the Russia-Ukraine conflict highlighting how the Indian government assured the safety of Indian students studying in Ukraine at the time when war broke out. “We’re approaching the 1st anniversary of the war in Ukraine that caused suffering and displacement. A war that has unleashed an energy & food crisis across the globe. I commend India for your calls for peace in Ukraine and across the world”, he said while addressing a lecture at the ICWA early today. “A war that even rolled back an unconditional and unconscious road. I know many Indians were studying in Ukraine when the war broke out and I salute your country and your country’s government for their commitment to safety and security”, he added. Pointing out the deficiencies of the United Nations Security Council, the President added that he is fully aware of the sanctions India is particularly interested in related to counter-terrorism and that he is happy that some progress was made in the last couple of months. “Here we come again, to the deficiencies of the Security Council because UN sanctions can only be issued and imposed by the Security Council. The more the council is divided, the more are the chances that on certain issues of sanctions or other big challenges, there will be no agreement and no decisions in the Security Council” he said. “I am certainly fully aware of those types of sanctions India is particularly interested in related to counter-terrorism and I am very happy that there was progress in the last couple of months in that field as well”, he added. On being asked if he had any discussion on counter-terrorism with Prime Minister Narendra Modi, Korosi said that he did not discuss this issue with the Prime Minister but he is “fully aware of the fact that it is an important issue in this country and other parts of the World”. On his first visit to India, UNGA President met with Prime Minister Modi and discussed the importance of conserving,m. and optimising global water resources. “Happy to welcome UNGA President Csaba Korosi on his first visit to India. Reaffirmed India’s commitment to multilateralism, including at the UN. We discussed the importance of conserving and optimising global water resources. Welcomed his support for G20,” tweeted PM Modi. Earlier Korosi also met External Affairs Minister S Jaishankar, who hosted him for a millet lunch. The two diplomats discussed UN reform, the Ukraine conflict and the G20 agenda. Jaishankar also assured him of India’s support in ‘developmental progress and reformed multilateralism’. (ANI)
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