India Bulletin | Consulate General of India
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INDIA CONSULATE GENERAL OF INDIA BULLETIN PERTH OCTOBER 2020 ISSUE - 10 New India believes in market forces, will be the most #IndiaFightsCorona: preferred investment destination: PM Modi India continues to be among the countries with lowest per million cases & per million deaths, and very high testing. Sustains trend of consistent low level of Active Cases. Prime Minister Narendra Modi believes India can still achieve $5 trillion economy target by 2024 despite Covid- 19. In his first interview, after the outbreak of the pandemic, Increasing gap between COVID19 Recovered & Active the PM says his reforms drive will continue but states must cases of India (June 01, 2020 to October 28, 2020). also compete to attract investment. India followed a preemptive, proactive, graded, whole-of-government and whole-of-society approach to tackle the pandemic. India has taken a science-driven approach in response to Covid- 19 pandemic in the country. Read More: https://economictimes.indiatimes.com/news/politics-and- nation/we-should-assess-our-coronavirus-fight-against-the-metric- of-how-many-lives-we-are-able-to-save-pm-narendra- modi/articleshow/78922895.cms?from=mdr INDIA BULLETIN | CONSULATE GENERAL OF INDIA India receives highest ever FDI of $35.73 billion during India will overtake Japan to become 3rd-largest first 5 months of FY21 economy by 2050: Lancet study India will overtake Japan to become the third-largest economy in the world behind USA and China by 2050 and continue to occupy the slot till 2100, according to a study published by medical journal Lancet. Read More: https://thefederal.com/business/india-will-overtake-japan- to-become-3rd-largest-economy-by-2050-lancet-study/ Karnataka a preferred destination for investors; attracted highest FDI amid COVID-19, says CM “Karnataka continues to be the most preferred destination India received a total of $35.73 billion Foreign Direct for investors and has attracted the highest FDI inflow in the Investment (FDI) inflow during April-August 2020 and this is country in Apr-Jun 2020 quarter. The state received the highest ever for first five months of a financial year, said investments worth Rs.10,255 crore ($1,350million) in these the Union Ministry of Commerce and Industry. The ministry three months amidst pandemic.” The Chief Minister said said that the FDI inflow during April-August this fiscal is 13 India’s first sector-specific investment Rs 3,540 crore percent higher as compared to first five months of 2019-20 Consumer Electronics and Durable Goods cluster will come ($31.60 billion). The ministry said that the total FDI inflow up in Hubbali. grew by 55 percent in the past six years between 2014 and 2020. Accordingly, the FDI grew from $231.37 billion in Read More: 2008-14 to $358.29 billion in 2014-20. FDI equity inflow also increased by 57 percent from $160.46 billion during https://www.financialexpress.com/economy/karnataka- 2008-14 to $252.42 billion (2014-20). most-preferred-destination-for-investors-has-attracted- highest-fdi-inflow-amid-covid-cm/2112517/ Read More: VC investments in India more than doubled in https://www.ibef.org/news/india-receives-highest-ever-fdi- September quarter: KPMG report of-3573-billion-during-first-5-months-of-fy21 Venture capital (VC) investments during the July-September Manufacturing growth puts India among top three quarter was robust world over, despite the pandemic-led emerging economies disruptions, according to Venture Pulse – a quarterly report published by KPMG Private Enterprise. In India, VC The manufacturing growth reflected in the first year-on- investments grew to $3.6 billion in July-September from year rise in exports in seven months, and the highest $1.5 billion in the June quarter, powered by mega deals that reading of the purchasing managers’ index in over eight included the $1.3 billion raised by online retailer Flipkart. years. In September, India’s merchandise exports rose 6% on-year to $27.6 billion. Read More: Read More: https://www.livemint.com/news/india/vc-investments-in- india-more-than-doubled-in-september-quarter-kpmg- https://www.livemint.com/news/india/manufacturing- report-11603369377507.html growth-puts-india-among-top-three-emerging-economies- 11603260893668.html INDIA BULLETIN | CONSULATE GENERAL OF INDIA Pharma: India is one of the largest manufacturers and exporters of generic medicines across the world: Shri DV Third Phase Human Trial of Covid-19 Vaccine To Begin Sadananda Gowda In Bhubaneswar Soon Union Minister for Chemicals and Fertilizers Shri DV Sadananda Gowda has said India is one of the largest manufacturers and exporters of generic medicines across the world. During initial phase, he said, HCQ and Azithromycin was identified as one of medicines under treatment protocol for covid-19 in emergency cases. Referring to India supplying these medicines to more than 120 countries across the world; he underlined that India thereby earned the reputation of reliable supplier of medicines. India is the only country with largest number of US-FDA compliant Pharma plants (more than 262 including APIs) outside of USA with exports $ 20 billion worth of pharma products to various countries including high The indigenous vaccine, being developed by ICMR and standards complying countries like US and Europe. Bharat Biotech has received the approval of the Central Drugs Standard Control Organization (CDSCO) for initiating Read More: the third phase trial. After completion of the first and second phase of the trial with demonstrable safety profile https://www.ibef.org/news/india-is-one-of-the-largest- and immunogenicity, the large-scale efficacy trial involving manufacturers-and-exporters-of-generic-medicines-across- thousands of volunteers has been planned now. The third the-world-shri-dv-sadananda-gowda phase of the human trial of the indigenous vaccine against Aarogya Setu app helped identify coronavirus clusters, COVID-19, COVAXIN, will commence at a private hospital expand testing: WHO chief lauds Covid tracker app soon. Director-General Mr. Tedros Adhanom Ghebreyesus of the Read more: World Health Organization praised India's Aarogya Setu https://www.ndtv.com/india-news/coronavirus-third-phase- app, saying it was used by the government to alert users human-trial-of-covid-19-vaccine-to-begin-in-odishas- about Covid-19 infections. The WHO chief also said that bhubaneswar-soon-2315786 one of several technical resources to help public health authorities identify clusters and extend research in those Dr Reddy's launches generic product in US to treat areas is the coronavirus contact tracing app developed by gastroesophageal reflux disease the Government of India. Mr. Tedros spoke of new innovations that help make these "tried-and - tested tools Dr. Reddy's Laboratories said it had launched the over the for public health much more effective," such as mobile apps counter (OTC) medication Famotidine tablets on the to support contact monitoring efforts. He said, "Aarogya American market, used to treat gastroesophageal reflux Setu app from India has been downloaded by 150 million disease. Famotidine tablets are used to avoid and alleviate users and has helped city public health departments to acid indigestion and sour stomach-related heartburn identify areas where clusters could be anticipated and caused by consuming or drinking certain foods and drinks. expand testing in a targeted way". Read More: Read More: https://www.ibef.org/news/dr-reddys-launches-generic- https://www.ibef.org/news/aarogya-setu-app-helped- product-in-us-to-treat-gastroesophageal-reflux-disease identify-coronavirus-clusters-expand-testing-who-chief- lauds-covid-tracker-app INDIA BULLETIN | CONSULATE GENERAL OF INDIA Exports / Imports: Infrastructure: India offers exporters $38 billion opportunity for World’s longest highway tunnel opened in Himachal bilateral trade growth: StanChart Pradesh Prime Minister Narendra Modi inaugurated the Atal Tunnel Global businesses can increase exports to India by more at Rohtang at an altitude of above 3,000 metres in than 21 billion dollars annually, according to the latest Himachal Pradesh. The tunnel would provide new strength Chartered Trade Opportunity Report. The study, which to the country’s border infrastructure. The 9.02 km-long- included 10 of India's key trading partners, also found that tunnel, built by the Border Roads Organisation (BRO), is the Indian exporters could boost exports to these markets by world’s longest highway tunnel and connects Manali to an estimated 17 billion dollars, bringing the total bilateral Lahaul-Spiti valley. It provides all-weather connectivity to trade opportunity to 38 billion dollars. the landlocked valley of Lahaul-Spiti, which remains cut-off for nearly six months in a year as the Rohtang Pass is uually Read More: snow-bound between November and April. https://www.livemint.com/news/india/india-offers- Read More: exporters-38-bn-opportunity-for-bilateral-trade-growth- stanchart-11602580102795.html https://www.thehindu.com/news/national/pm-modi- inaugurates-atal-tunnel-at-rohtang/article32757824.ece Indian exports to US, China on rise in 2020 Make in India: According to data collected from the Centre, India's exports to the USA amounted to USD 5.1 billion in September 2020, Indian Railways PU, Rail Wheel Factory (RWF), created 15.5% more than the figures for the corresponding month history by rolling its 4 millionth wheel (USD 4.4 billion) in 2019. Indian exports to China increased by 26.3% to hit USD 10.6 billion in the above-mentioned period, a substantial increase from USD 8.4 billion for the period April-September 2019. In the period from April to September this year, imports from China, one of the largest producers of commodities across industries, decreased to USD 27.4 billion. Therefore, imports have decreased by 24.5% from the USD 36.3 billion amount for the same duration last year.