Morning Briefing
ModiWatch: Tamil Nadu Chief Minister, M K Stalin visited Prime Minister Narendra Modi in Delhi on Friday. Stalin likely pushed for the early release of central funds critical to several state projects like the Chennai Metro Phase-II and Sarva Shiksha Abhiyan (SSA), a universal education initiative.
PM Modi on Sunday laid the foundation for projects in Maharastra worth over ₹11,200 crore ($133.8 million) via video conferencing. He inaugurated the Pune Metro section of District Court to Swargate which will also mark the completion of the Pune Metro Rail Project (Phase-1). He devoted, Bidkin Industrial Area, an initiative under the National Industrial Corridor Development Program encompassing 7,855 acres to the nation. The Prime Minister also inaugurated the Solapur Airport and laid the foundation stone for the Memorial for Savitribai Phule’s First Girls’ School at Bhidewada.
India on the international stage
India and UN Security Council seat: Several United Nations (UN) countries, including permanent members France, the United Kingdom, and the United States, made it clear during the high-level week that they supported India's admission as a permanent member of a revamped Security Council. Bhutan and Russian Foreign Minister Lavrov also supported India to attain a permanent seat at the UN Security Council (UNSC).
External Affairs Minister meets counterparts: During the seventy-ninth session of the United Nations General Assembly, Foreign Affairs Minister S. Jaishankar met with his counterparts from the United Arab Emirates, Singapore, Uzbekistan, and Denmark. The meetings focused on bolstering ties between India and these nations.
India and Uzbekistan sign investment treaty: India and the Republic of Uzbekistan signed a bilateral investment treaty in Tashkent. The treaty will ensure that investors from the Republic of Uzbekistan and India are suitably protected in both countries.
India-US commercial dialogue meeting: Minister of Commerce and Industry, Piyush Goyal, will visit the US for the India-US CEO Forum and the sixth India-US Commercial Dialogue (Oct. 2-3). Both meetings will address ways to generate sustainable economic growth, improve the business and investment climate and deepen ties between the Indian and American business communities. Goyal is likely to discuss investment opportunities in India with the CEOs and supply and trade of critical minerals with Secretary of Commerce, Gina Raimondo.
India to steer GlobE committee: India was elected to the 15-member, G20-initiated, GlobE Steering Committee on combating corruption during the plenary session held in Beijing.
Deals driving the economy
Fighter jet deal on the cards: DK Sunil, chairman and managing director of Hindustan Aeronautics Ltd, said India is likely to finalise the terms and sign a deal to acquire advanced fighter jet engine technology this year. The step is envisaged to support the manufacturing of next-generation Light Combat Aircraft.
Lohum Cleantech’s $30 million joint venture: Lohum Cleantech Ltd, India’s largest producer of sustainable critical minerals, entered a joint venture with US-based ReElement Technologies Corporation and American Metals LLC to establish the first fully integrated battery recycling and critical material production facility in Indiana, US. The facility will have a capacity of 15.5 GWh and is being developed with an initial investment of $30 million.
Adani and TotalEnergies joint venture: Adani Green Energy Ltd has completed signing a 50:50 joint venture with TotalEnergies, a French multinational integrated energy and petroleum company. TotalEnergies invested $444 million to acquire a 50% stake in Adani’s solar projects located at the world’s largest renewable energy plant in Gujarat.
State government inks ₹47,500 crore MoUs in renewable energy: Maharashtra government signed MoUs worth ₹47,500 crore ($5.7 billion) with Satluj Jal Vidyut Nigam Limited (SJVN), MahaGenco Renewable Energy Ltd, REC Power Development and Consultancy Limited (RECPDCL), Tehri Hydro Development Corporation (THDC) and HPRGE-HPCL.
Read our latest:
Reserve Bank Opens Privatisations to Foreign Investors
The government’s disinvestment plan for FY 2024-25, reportedly for $59.8 million, has a special focus on the banking sector. IDBI Bank, formerly a public-owned bank, is a significant test case for the New Public Sector Enterprises Policy, which aims to boost the private sector’s capacity to foster business expansion
Daanish Narayan
Ambitious target for manufacturing industry
Textile industry targets $350 billion: Textiles Minister Giriraj Singh, predicted that by 2030, the textile industry will provide millions of jobs and grow to be worth $350 billion. For this, India targets silk cultivation to reach 50,000 MT by 2030.
Import and export
India will not buy LNG from Russia: Oil Secretary Pankaj Jain announced that India will not buy liquefied natural gas (LNG) produced from Russia's Arctic LNG 2 project, sanctioned by Western countries.
Meeting of India-Myanmar joint trade committee: Joint Secretary, Department of Commerce, Siddharth Mahajan and Director General, Department of Trade, Myanmar, Myint Thura attended the eighth meeting of the India-Myanmar Joint Trade Committee. Shipping, Textile, Health, Indian Pharmacopoeia, Power, Transport & Connectivity, ICT, 5G Telecom Stack and MSME Sector were discussed as important sectors for collaboration.
Export ban removed on non-basmati white rice: The Centre has revoked the ban on the export of non-basmati white rice that was put in place last July. However, it has set a minimum export price of $490 per tonne. In another notification issued on Friday, the Ministry of Finance reduced the duty on parboiled rice from 20% to 10%.
India’s innovation journey
India climbs innovation index: India rose to the thirty-ninth position in the Global Innovation Index 2024, released by the World Intellectual Property Organisation (WIPO).
Delhi Today: Humid with hazy sun
Rajya Sabha: Standing committees were constituted in a notification released by the Rajya Sabha Secretariat. Bhartiya Janata Party (BJP) held back 11 out of 24 department-related committees, while its allies have received chairs for four other committees. Indian National Congress (INC) leaders head four committees. BJP portfolio includes Finance chaired by Bhartruhari Mahtab, Home Affairs chaired by Radha Mohan Das Agarwal and Defence chaired by Radha Mohan Singh. INC’s Shashi Tharoor will chair External Affairs.
Lok Sabha: Not in session.