Morning Briefing
ModiWatch: Prime Minister Narendra Modi will visit Jharkhand on Wednesday to launch projects worth ₹83,300 crore ($9.96 billion). He will also inaugurate and lay the foundation stone for multiple projects under Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN), a scheme to improve the socio-economic conditions of Particularly Vulnerable Tribal Groups (PVTGs), worth over ₹1,360 crore ($163.2 million).
Modi will also launch and lay the foundation stone for projects related to sanitation and cleanliness, worth over ₹9,600 crore ($1.15 billion) during the tenth anniversary of the Swachh Bharat Mission.
Strengthening diplomatic ties
Foreign Minister to meet US Secretary of State: External Affairs Minister, S. Jaishankar will meet his US counterpart Antony Blinken today. The talk is said to be focused on bilateral and global issues, including the Ukraine war and the West Asia crisis. He will also attend a conversation with Mariano-Florentino (Tino) Cuellar, president of the Carnegie Endowment for International Peace, to discuss the future of US-India relations.
Navy chief holds talks in Greece: Navy Chief Admiral Dinesh K. Tripathi held discussions with officials in Greece. According to a statement from the Navy, the talks focused on “strengthening strategic and operational ties, enhancing bilateral military cooperation, and tackling evolving maritime challenges through a collaborative approach towards a stable and secure Mediterranean and Indian Ocean Region”. During talks with Greece’s Deputy Minister of Defence Ioannis Kefalogiannis, he focussed on the need for open sea trade routes.
Government delegation scheduled visit Mongolia: A delegation from India will leave for Mongolia next month to discuss trade opportunities in the import of coking coal. The government is pushing hard to source coking coal from Russia and Mongolia.
Jamaican PM visits India: Jamaican Prime Minister Andrew Holness will pay a four-day visit to India to solidify bilateral ties in trade and investment.
Change in leadership
New air force chief: Air Marshal Amar Preet Singh took charge as the new Indian Air Force Chief on Monday.
New Chief Justice of Delhi High Court: Justice Manmohan took oath as the new chief justice of the Delhi High Court.
Announcements by government
Centre launches ‘Cruise Bharat Mission’: Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal, launched the ‘Cruise Bharat Mission’ from the Mumbai port. The move aims to capitalise on the growing cruise tourism in India by doubling passenger traffic in the next five years.
Extension in FCRA dates: Home Ministry has extended the validity of Foreign Contribution Regulation Act (FCRA) registration for non-governmental organisations (NGOs) with pending renewal applications until December 31.
Priority to Tamil Nadu: Minister of State for Information, Broadcasting, and Parliamentary Affairs, L. Murugan, said that the Centre has prioritised Tamil Nadu and launched many government initiatives boosting infrastructural growth during its governance's last decade. He also pointed out, that over ₹6,300 crore ($759 million) was allocated for projects in Tamil Nadu in the 2024-25 Railway Budget.
Increasing national economy
GE Aerospace to increase sourcing from India: US-based GE Aerospace plans to increase sourcing components from India, a growing aviation market. The company has a manufacturing facility in Pune and the John F Welch Technology Centre in Bengaluru.
Production linked incentives to increase: According to Minister for Commerce and Industry, Piyush Goyal, investments under the Production Linked Incentives (PLI) are said to increase to ₹2 lakh crore ($24.1 billion), which stood at ₹1.46 lakh crore ($17.6 billion) in August 2024. He added, that PLIs have already resulted in production/sales worth ₹12.5 lakh crore ($150.6 billion) and employment generation of around 9.5 lakh (direct and indirect).
India to boost crude oil refining capacity: According to CRISIL Ratings, oil marketing companies are said to increase the country’s crude oil refining capacity by 35-40 million tonnes by the end of 2030. The expansion will cater to the projected growth in domestic oil consumption.
Indian Biogas Association aiming ₹1,600 crore investments: The Indian Biogas Association (IBA), the country’s leading body representing biogas operators/manufacturers/plant-planners, is expecting around ₹1,600 crore ($192.8 million) in investments during the Renewable Energy India Expo (REI) 2024.
Indian army signs deal: The Indian Army has signed the eighth contract through Innovations for Defence Excellence (iDEX) today for the procurement of ‘Generation of Quantum Secure Key (Quantum Key Distribution)’ with QuNu Labs in New Delhi.
Read more:
India’s Government Has Ambitions for Surging Defence Exporters
India has been a growing defence exporter in international trade, increasing its exports 30-fold in the last decade. This growth is steered by government policies that ease the licensing systems and approvals.
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SEBI controversy
SEBI committee meeting on Hindenburg allegation: The Securities and Exchange Board of India (SEBI) will convene the first assembly since US-based Hindenburg Research and India's Congress party accused chairperson Madhabi Puri Buch of having a conflict of interest. The board is also likely to discuss several proposals, including easing norms related to rights issuances, introducing a new asset class, and implementing mutual fund-lite regulations for passive funds.
Decline in production
Decline in the Index of Eight Core Industries: There has been a 1.8% decline in the combined Index of Eight Core Industries (ICI) in August 2024 as compared to the Index in August 2023. The ICI measures the combined and individual performance in the production of eight core industries including cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products and steel.
Delhi Today: Warm with plenty of sun.
Rajya Sabha: Not in session.
Lok Sabha: Not in session.