ModiWatch: Prime Minister Narendra Modi, speaking at the Global Fintech Fest 2024 in Mumbai, highlighted India's dominant position in the global fintech landscape. He noted that India accounts for half of the world's real-time digital transactions, emphasising the sector's role in democratising financial services and enhancing transparency. The industry's growth is evidenced by a record $31 billion investment and a 500% increase in start-ups over the past decade.

PM Modi virtually flagged up three new Vande Bharat Express trains, strengthening connectivity across India on the Meerut—Lucknow, Madurai—Bengaluru, and Chennai—Nagercoil routes. PM Modi highlighted that these trains mark a new chapter in India's development, linking key cities and historic towns, and moving the nation closer to its vision of a prosperous “Vikist Bharat.”

PM Modi, addressing the ET World Leaders Forum, positioned India as the world's prime destination for opportunities. He promised investors facilitation, reforms, policy stability, and high growth, urging them to focus on innovation and quality. He emphasised initiatives in cutting-edge sectors like green hydrogen and semiconductors, alongside efforts to boost healthcare, tourism, and food exports.

PM Modi is set for a three-day diplomatic mission to Brunei and Singapore starting September 3. In a historic first, PM Modi will make India's inaugural bilateral prime ministerial visit to Brunei, coinciding with the 40th anniversary of India-Brunei diplomatic relations. The trip, initiated by Brunei's Sultan Haji Hassanal Bolkiah, will be followed by a visit to Singapore at the invitation of Prime Minister Lawrence Wong.

India-Malaysia tourism pact: India and Malaysia have signed an MoU to enhance cooperation in tourism, focusing on promoting and marketing tourism products, expanding research and training, encouraging investment in tourism infrastructure, and fostering collaboration between stakeholders. The agreement also aims to boost medical and business tourism, as well as promote community-based, eco, and responsible tourism.

India's defence and economic prowess: Defence Minister Rajnath Singh outlined key measures taken by the Indian government to strengthen the defence sector, including the establishment of Defence Industrial Corridors in Uttar Pradesh and Tamil Nadu, and the issuance of five Positive Indigenisation Lists covering over 5,500 items. He highlighted the progress in domestic production, noting that 65% of defence equipment is now made in India, with GE-414 engines soon to be manufactured locally. Singh emphasised the Ministry's goal to reach ₹1.75 lakh crore in defence production this fiscal year and ₹3 lakh crore by 2029. 

Additionally, he pointed to India's strong economic growth, with the nation becoming the fifth largest economy and expected to become the third largest by 2027. Singh also noted significant achievements in the start-up ecosystem, which has grown from under 1,000 start-ups before 2014 to over 100,000 today, making India the third largest start-up ecosystem globally.

India’s core industries index grows by 6.1% in July 2024: India's Index of Eight Core Industries (ICI) grew by 6.1% in July 2024 compared to 2023, with six out of eight sectors showing positive growth. Steel led the pack with a 7.2% increase, followed by electricity at 7.0%, coal at 6.8%, and petroleum refinery products at 6.6%. Cement and fertilisers also saw growth, while crude oil and natural gas production declined. The cumulative growth rate for April-July 2024-25 stood at 6.1%. These eight industries, comprising 40.27% of the Index of Industrial Production (IIP), serve as key indicators of India's economic health.

Delhi’s new chief secretary: Senior Indian Administrative Service (IAS) officer Dharmendra has been appointed as Delhi's new Chief Secretary. The Union Home Ministry announced that Dharmendra will transition from his current role as Arunachal Pradesh's Chief Secretary to become the principal advisor to Delhi's Chief Minister on state administration.

India's trade balance: India recorded a trade surplus with 151 countries, including the U.S. and the Netherlands, during the first half of 2024, totalling $72.1 billion. However, a significant trade deficit with 75 nations, notably China and Russia, amounted to $185.4 billion, driven by high imports of industrial goods. The Global Trade Research Initiative (GTRI) urges India to focus on reducing these imports to protect economic sovereignty while continuing to import essential resources like crude oil and coal.

India to boost electronics ecosystem: Information and Broadcasting Minister Ashwini Vaishnaw announced plans for a new scheme to strengthen India's electronics component ecosystem. Highlighting the country's technological progress, he noted that over 99% of mobile phones used in India are now manufactured domestically, with Apple set to produce its latest model in the country. The value of India's electronics manufacturing has surged to $105 billion in 2022-23 from $29 billion in 2013-14.

Delhi Today: Cloudy with widely separated thunderstorms.

Lok Sabha: Not in session.

Rajya Sabha: Not in session.