ModiWatch: Prime Minister Narendra Modi addressed the Indian community at an event in Long Island, New York. Addressing the gathering, PM Modi spoke of the changes in India in the last decade, “from creation of next-generation infrastructure to pulling 250 million people out of poverty, India’s economic growth and going from being the 10th largest economy to the 5th largest, and now aiming at becoming the third largest economy in the world.” He also announced plans to open two new Indian consulates in Boston and Los Angeles and a Thiruvalluvar Chair of Tamil studies in the University of Houston to further strengthen ties between India and its diaspora in the U.S.

Speaking at the United Nations (UN) Summit of the Future in New York on the final day of his US visit, PM Modi said that humanity's success depends on collective strength, not conflict. He advocated for a human-centric approach called for reforms in global institutions to ensure peace and progress and reiterated India's offer to share its digital public infrastructure with the world.

PM Modi met with chief executive officers of major American technology companies in New York, urging them to capitalise on India's economic growth. He highlighted India's commitment to intellectual property protection and technological innovation, particularly in electronics, information technology manufacturing, and semiconductors. PM Modi also said the Initiative on Critical and Emerging Technologies (ICET) is central to India-U.S. strategic partnership. He also assured business leaders that his government aims to establish India as a global hub for semiconductor manufacturing.

India-US semiconductor fab project: India and the US have agreed to set up a semiconductor fabrication plant to make chips that will be used in national security, next-generation telecommunications and green energy applications. The project will be enabled by support from Bharat Semi, 3rdiTech and the US Space Force. The fab titled “Shakti” (Power) would be the first technological partnership between Indian businesses and the US Space Force and also in the Quad, a 4-country strategic security partnership including Japan and Australia.

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Google CEO praises Modi's vision for India's tech future: After their round-table meeting, Google CEO Sundar Pichai praised PM Modi's commitment to transforming India through the Digital India vision. Pichai noted that PM Modi is pushing for companies to manufacture and design in India, noting that Google's Pixel phones are now produced locally. He said the Prime Minister's focus is on how artificial intelligence (AI) can be used for sectors like healthcare, education, and agriculture, while also addressing infrastructure needs such as data centres and energy.

Atishi and her new cabinet: On her first day in office, Atishi announced her plans to stay as the Chief Minister of Delhi only till the next assembly elections. In her new cabinet, Saurabh Bharadwaj has been given eight departments under him, the highest after Atishi, including those of health, tourism, art & culture. Mukesh Ahlawat has been assigned labour, scheduled castes & scheduled tribes, employment and land-building departments. Meanwhile, Gopal Rai has retained development, general administration department, environment & forest ministry and Kailash Gahlot retained transport, home, administrative reforms, women & child development ministry.

Piyush Goyal promotes investment in Sydney: On his first day in Sydney, Union Minister for Commerce and Industry Piyush Goyal engaged with Australian stakeholders, encouraging business leaders to tap into India’s growing economy. At a roundtable hosted by the Business Council of Australia, Goyal urged Australian CEOs to explore opportunities in sectors like renewable energy, fintech, and agritech. He also met with Australian pension fund representatives, highlighting India’s reform agenda to boost investor confidence. Meetings with Minerals Council of Australia CEO Tania Constable and AirTrunk CEO Robin Khuda focused on critical minerals and digitalisation. Before heading to Adelaide, Goyal will attend a reception hosted by the Australia-India Business Council (AIBC) and New South Wales (NSW) Parliamentary Friends of India.

Sitharaman to sign investment treaty and attend AIIB meeting in Uzbekistan: Union Finance Minister Nirmala Sitharaman will lead an Indian delegation to Uzbekistan from September 24-28, where she will attend the Ninth Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) in Samarkand. India, the second largest AIIB shareholder, will engage in multilateral talks on global development issues. Sitharaman will also meet Uzbekistan's President Shavkat Mirziyoyev and sign a Bilateral Investment Treaty. Additionally, she will participate in the India-Uzbekistan Business Forum and meet the Indian diaspora.

I&B minister calls for job creation in film industry: Union Minister for Information and Broadcasting, Ashwini Vaishnaw, visited the National Film Development Corporation of India (NFDC) campus in Mumbai to review the activities of the Central Board of Film Certification (CBFC) and NFDC. He called for the creation of commercially viable plans that boost employment in the film sector and noted the growing role of animation and visual effects in Indian entertainment.

Deloitte chief says India is set for 7% growth despite global headwinds: India remains a bright spot amid global challenges, with the country set to achieve 7% growth this fiscal year, according to Romal Shetty, CEO of Deloitte South Asia. Shetty noted that inflation is under control, rural demand is rising, and vehicle sales are improving. Despite geopolitical tensions in the Middle East and Ukraine and a slowdown in the West, Shetty believes India remains relatively resilient, although not entirely decoupled from global factors. Deloitte projects growth to slow to 6.7% next year, following 8.2% growth in 2023-24.

India’s crude oil and condensate production declines by 3.4%: According to a report by the Petroleum Planning Analysis Cell, India’s crude oil and condensate production declined by 3.4% in August 2024. Despite the monthly decline, there was a reported growth of 0.3% in total crude oil production from April to August. Export of Petroleum, Oils and Lubricants (POL) products also declined by 13.7% in August 2024 and 2.8% from April to August.

Indian non-bank lenders thrive amidst regulatory reforms: India's Non-Banking Financial Companies (NBFC) sector continues to strengthen under the Scale-Based Regulations (SBR) framework, introduced in October 2022, according to the Reserve Bank of India (RBI). As of December 2023, the sector recorded double-digit credit growth, maintained adequate capital, and improved asset quality, with low delinquency ratios.

Delhi Today: Very warm and humid with hazy sunshine.

Rajya Sabha: Not in session.

Lok Sabha: Not in session

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