USIBC Newsletter (May 31, 2019)
Message from the President
This week, many of us were glued to our seats – or our screens – as the pomp and pageantry of Prime Minister Modi’s inauguration and swearing in of the Council of Ministers unfolded. As we noted in our snap elections analysis last Thursday, the BJP-led NDA alliance beat all expectations to win an even more sweeping victory than 2014.
With Ministerial portfolios just announced, the Cabinet list is set to include a number of familiar faces, as well as some new names. Among the most prominent and highly-anticipated was the induction of BJP President Amit Shah into the Council of Ministers. Returning from retirement, Dr. S. Jaishankar is another welcome new addition to the Union Cabinet. Ministers not continuing for second terms included three key players from the first Modi administration: Minister of Finance Arun Jaitley, Minister of Foreign Affairs Sushma Swaraj, and Minister of Commerce & Industry Suresh Prabhu. Overall, this is shaping up to be a highly experienced Cabinet, with a strong mandate from Prime Minister Modi to execute on significant reforms. A complete list of Cabinet Ministers is available here.
As the new government looks ahead, USIBC is working with India-based law firm Shardul Amarchand Mangaldas to prepare a document outlining key recommendations for PM Modi’s first 100 days in office. We just wrapped up a feedback call, but are still accepting comments from members on industry priorities in the next few months. Please contact Amy Hariani to get a draft copy of the document or provide inputs.
Amid all of this preparation, we are just weeks away from our India Ideas Summit on June 12-13. The Summit – which will draw U.S. Secretary of Commerce Wilbur Ross, DPIIT Secretary Ramesh Abhishek, and several other senior officials from both the U.S. and Indian Governments – will be the first opportunity for officials to publicly discuss the future of the U.S.-India relationship post-elections.
We are filling seats at the Summit quickly, so register now to be part of our discussions on the future of work, financial connectivity, ESG & shared value, data security, healthcare reform, defense cooperation and more!
ADVOCACY & EVENTS
USIBC President Nisha Biswal joined a fantastic lineup of speakers at an event on the U.S.-India trade and strategic relationship, hosted by the Association of Women in International Trade (WIIT), Pillsbury and the Atlantic Council’s South Asia Center. Panelists included Ambassador Richard Verma, Arvind Panagariya and Mark Linscott. The conversation focused on how both countries can foster stronger trade ties amid global and political headwinds. Held just a week prior to Indian elections, panelists broadly agreed that U.S. and foreign investors are primed to invest in India, provided the new government creates the kind of stable, pro-business environment that attracts new business.
For more information contact Sandeep Maini.
USIBC partnered with Nishith Desai Associates on both the annual NDA Lifecycle of India focused Funds Conference and an evening reception the evening of May 16. The conference brought together thought leaders in the funds market for a conversation on the opportunities and challenges for funds operating and investing in the Indian market. Major topics included fund formation to attract global investors, the regulatory and tax environment that impacts India-focused funds, structural alternatives for funds, and emerging trends in social-impact driven funds investing. USIBC members joined the conference to share insights and hear predictions from funds market leaders on trends to watch for post-Indian elections.
USIBC partnered with Albright Stonebridge Group (ASG) to host a closed-door assessment of Indian elections. Held mid-afternoon on the 24th, the discussion took place amid the closing hours of vote counting, but after the extent of Prime Minister Modi’s historic electoral success was made clear. USIBC President Nisha Biswal joined former U.S. Secretary of Commerce and ASG Chair Carlos Gutierrez and ASG Senior Counselor Pramath Sinha for a discussion of the BJP’s significant electoral success and implications for global investors.
Roundtable with Invest India at BIO International Convention 2019
Registration open for BIO & non-BIO members here.
Roundtable on Indo-Pacific Space Cooperation with
Major General Charles Bolden
For more information, contact Jay Gullish
India Ideas Summit & 44th Annual Meeting
For registration information, click here.
June 20, 2019
4th Annual USIBC/FTC Workshop on Stopping Indian Call Center Fraud
at the AT&T Technology Forum
For more information, contact Jay Gullish.
Life Sciences Roundtable with the states of Punjab, Haryana, and Himachal Pradesh
For more information, contact Sandeep Maini or Mayank Rohgati.