India – Latin América and the Caribbean Conclave

The Confederation of Indian Industry (CII), in partnership with the Ministry of External Affairs (MEA), Government of India, the United Nations Economic Commission for Latin America and the Caribbean (UN ECLAC) and the Government of Jalisco, Mexico, is organizing the India-Latin America & Caribbean (LAC) Conclave on 28-29 November, 2016 in Guadalajara, Mexico.

This is the first time that the conclave will take place in the region of Latin America, making it a good opportunity for business.

All information regarding this event can be found at

Hope will be of interest and can participate.

India, a window of opportunities

Last 7th September, a talk about India and business opportunities was held at the Hotel NH Royal in Cali.

The event was well attended by people from various sectors of the industries of Valle del Cauca, who attended to hear from experts in India.

The panel was composed of Mr. Guillermo Acevedo – Manager of Quantum, Arturo Mantilla – Fanalca Advisor, Mr. Prabhat Kumar- Ambassador of India, Michel Leib – manager Essel Group, Mauricio de Miranda – PhD University Javeriana de Cali – Director of the Center for Studies on the Pacific Rim, Alejandro Ospina- Manager Hotel NH Royal Cali, Jaime Mantilla – President India-Colombia Chamber of Commerce y Cristhian Salamanca – Director India-Colombia Chamber of Commerce.

India, Farmacy of the World

Seminar on “INDIA, FARMACY OF THE WORLD” and Buyer Seller meet by a 26 company delegation led by PHARMEXCIL, 26 August 2016.

Embassy organized a conference on Indian Pharmaceutical sector on 26 August in collaboration with the Bogota Chamber of Commerce and the Colombia India Chamber of Commerce. Around 100 people participated in the event including 30 from India.

Vice minister of Health, Mr. Fernando Ruiz Gómez (VCF) was the special guest for the event. VCF spoke regulation of generics and biosimilar sectors and challenges in the Colombian Pharamceutical industry.

Ambassador briefed the strengths of Indian Pharmaceutical industry. He also spoke on length about the policies initiated by the government to ensure price control and health accessibility emphasizing India’s specialization in Generic sector. Mr. Javier Humberto Guzmán, Director General of INVIMA (regulatory authority in the Pharmaceutical sector) gave a brief overview of the rules governing registration and import of medicines to Colombia and the process of sanitary registration of Indian laboratories.

Mr. Abhay Sinha, Regional director of Pharmexcil s´poke about the Indian health sector in general and discussed various collaboration opportunities between Indiana dn Colombia in this sector. His presentation was followed by short presentations by Cipla, Dr. Reddy’s and NirLife on their products ranges in Colombia. All three companies have established offices in Colombia and have been growing steadily.

The conference was followed by a Buyer Seller Meet in the afternoon, in which more than 26 Indian companies had business matchmaking appointments with around 210 companies. 43 Colombian vendors and buyers participated.

India’s central bank cuts key interest rate to 6.75%, more than expected, to boost growth

India’s central bank lowered interest rates more than expected to bolster the economy as China’s slowdown threatens global growth and a commodity rout contains inflation.

Governor Raghuram Rajan cut the benchmark repurchase rate to 6.75 per cent from 7.25 per cent, the Reserve Bank of India said in a statement in Mumbai on Tuesday (Sept 29). The move was predicted by one of 52 economists in a Bloomberg survey. Forty two expected a quarter-point cut and nine saw no change.

«The weakening of global activity since our last review suggests that commodity prices will remain contained for awhile,» Mr Rajan said.

Stronger domestic demand is needed to substitute for weaker global growth, he said, adding that «monetary policy has to be accommodative to the extent possible» in current conditions.

«Investment is likely to respond more strongly if there is more certainty about the extent of monetary stimulus in the pipeline, even if transmission is slow,» he said.

Mr Rajan had faced growing pressure from Prime Minister Narendra Modi’s government to reduce one of Asia’s highest borrowing costs as Indian growth and price pressures slowed. Rajan is looking to keep inflation within 6 per cent by January, 5 percent a year later and near 4 per cent by early 2018.

Mr Rajan said the January target «is likely to be achieved» and «the focus should now shift to bringing inflation to around 5 percent» by March 2017. The bank will be vigilant for signs monetary policy adjustments are needed to stick to the deflationary path, he said.

«While the Reserve Bank’s stance will continue to be accommodative, the focus of monetary action for the near term will shift to working with the government to ensure that impediments to banks passing on the bulk of the cumulative 125 basis points cut in the policy rate are removed,» Mr Rajan said.

While markets have transmitted policy actions via commercial paper and corporate bonds, the median base lending rates of banks have fallen by only about 30 basis points «despite extremely easy liquidity conditions,» he said.

India also relaxed curbs on foreign ownership of its debt, giving global funds increased access to Asia’s best-performing bonds.

Consumer-price gains slowed to 3.66 per cent in August – below Rajan’s target for a 12th month as oil has tumbled below US$50 a barrel and global food costs fell.

The central bank projected consumer-price inflation at about 4.5 per cent in September, according to a separate report. The figure will average 5.8 in the first three months of 2016, below the target of 6 percent by January, and 4.8 per cent in the first three months of 2017.

India is a bright spot compared with other emerging markets, with economic growth set to surpass a decelerating China this year. The US move to retain near-zero interest rates earlier this month eased concerns of capital outflows.

The RBI forecast gross-value added growth at 7.4 per cent in the year through March 2016, and 7.8 per cent in the following 12 months.

Finance Minister Arun Jaitley told Bloomberg Television last week that inflation is under control and India needs lower interest rates. While Modi’s administration has taken measures to prevent a food-price spike caused by below-average rainfall, it has struggled to pass a national sales tax and backed off from plans to overhaul land and labor laws.

The benchmark stock index has fallen about 3 per cent over the past month and the rupee tumbled to a two-year low as exports continue to fall and India’s largest companies struggle to recover from a record drop in profits. Interest rate swaps had signaled a cut in the key rate to 7 per cent by year’s end.


Silicon Valley sees better investment opportunity in India with PM Modi’s visit

Welcoming Prime Minister Narendra Modi to the Bay Area in California, US-India Business Council president Mukesh Aghi said ‘Digital India’ is a vast and expansive vision and the key to fulfilling the economic and social progress of the nation.

All of the Prime Minister’s programmes ultimately have a digital focus, he noted. USIBC is hosting a dinner for Modi in San Jose, California on September 26 which would be attended by almost all CEOs of major IT firms in the Silicon Valley.

This will provide Silicon Valley-based companies an opportunity to interact with the Prime Minister and promote avenues for future collaboration with India, a media release said.

The event will also host incoming USIBC chairman John T Chambers, who is the executive chairman of Cisco.

«We are honoured to be part of the Prime Minister’s visit to the west coast of the United States,» Aghi said.

«Modi will be looking for investments, jobs, and a platform to tell the world that India is open to do business – especially in the technology field, where it already has an impressive USD 100 billion IT industry,» he said.

«We absolutely agree with the Prime Minister’s goal of making India a top 50 country for ease of doing business. Such a climate will be instrumental to attracting greater foreign investment to the country,» Aghi said.

US companies, especially those located in the Silicon Valley, have a great deal to bring to these efforts, beginning with their technology, capital, intellectual property, and desire to be long-term players in India’s future, he asserted.

Observing that around 15 per cent of startups in Silicon Valley have been founded by Indians, Aghi said they represent a cross border flow of ideas, information and knowledge as well as the progress of the US-India partnership in recent years.

«This community is eager to be a part of India’s growth story and as a result, the Silicon Valley is perfectly poised to help transform India into a more networked and connected society,» he said.

USIBC and member companies are eager to support Prime Minister Modi’s initiatives in all ways possible, he said.

«Together we can provide jobs, opportunity, and prosperity to both of our countries and this is the time to seize the opportunities and potential of our relationship,» he added.


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