ModiWatch: Prime Minister Narendra Modi met the President of Laos, Sonexay Siphandone, on the sidelines of the India-ASEAN summit. The two leaders discussed capacity building, disaster management, renewable energy, heritage restoration, economic ties and defence collaboration. 

PM Modi met the Prime Minister of Thailand, Paetongtarn Shinawatra, to discuss cooperation, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). The PM also had a brief exchange with Canadian Prime Minister, Justin Trudeau.

Making moves globally

MoUs signed with Laos: India signed a Memorandum of Understanding (MoU) between the Indian Ministry of Defence and the Ministry of National Defence of Laos concerning defence cooperation. Prasar Bharti, a state-owned public broadcaster, also signed a MoU with Lao National Television regarding cooperation in broadcasting.

ASEAN nations to link payment systems: In a joint statement the ASEAN Nations and India declared they would explore collaboration of cross-border linkages between payment systems through digital solutions. India will share its expertise and experiences in deploying Digital Public Infrastructures (DPI) like Aadhaar and Unified Payments Interface (UPI).

Agendas for German Chancellor’s visit to India: Germany’s Ambassador to India, Phillip Ackermann, stated that Olaf Scholz, the current German Chancellor, will visit India and focus on key areas such as green development, strategic policy, military, defence, and migration. The agenda will also address the dynamics of German and Indian businesses.

India-Bhutan sign MoU: The Chief Justice of India, DY Chandrachud signed four memoranda of understanding with Lyonpo Chogyal Dago Rigdzin, his counterpart from Bhutan, to enhance judicial and legal cooperation between the two countries.

Read more on India building relations with the East:

India-ASEAN Relations Under PM Modi’s Third Term

Summary of major developments, initiatives, and partnerships as outward looking India continues to strengthen its ties with ASEAN nations during Prime Minister Narendra Modi’s third term.

Delhi BriefingAmal Anzari

India silent on Middle East

India silent on UN Secretary-General ban from Israel: India didn't sign the letter, signed by 104 countries, including European and African nations that “condemned” Israel for banning the UN Secretary-General from entering Israel.

New chairman for Tata Trusts

Noel Tata elected chairman of Tata Trusts: Following the demise of the renowned industrialist Ratan Tata, Noel Tata, the late industrialist's half-brother, was unanimously elected to lead Tata Trusts.

Infrastructure projects announced

Defence minister inaugurates 75 border infrastructure projects: Defence Minister, Rajnath Singh, virtually inaugurated 75 infrastructure projects, across 11 states and union territories, built by the Border Roads Organisation (BRO) at a total cost of ₹2,236 crore ($268 million). 

Leadership for states

Omar Abdullah to be the new J&K CM: On Friday, National Conference Vice-President Omar Abdullah met with Jammu & Kashmir (J&K) Lieutenant Governor Manoj Sinha at the Raj Bhawan to assert his claim to lead the government, with 54 members expressing their support.

Haryana government swearing-in ceremony: The swearing-in ceremony of the new BJP government in Haryana will be held in Panchkula on October 17. Nayab Singh Saini will take oath as the chief minister.

Economy and deals

Rupee drops to lowest value ever: The Indian National Rupee (INR) dropped to 84.0525 against the US Dollar for the first time, under pressure from concerns about the recent spike in oil prices and the flight of foreign capital from the equities market. 

Foreign investors withdrawing portfolio investments: Rising tensions between Israel and Iran, increasing crude oil prices, and strong performance in the Chinese market have prompted foreign investors to withdraw shares valued at ₹58,711 crore ($698.7 million) so far this month.

Automotive sector sees $1.9 billion investments in Q3: According to a report by Grant Thorton, investments in the Indian automotive industry surged in Q3 of CY 24 amounting to $1.9 billion in valuation, driven by mergers and acquisitions, private equity, initial public offerings, and qualified institutional placements. The report also suggests a 30% growth in deal values compared to the second quarter of 2024.

Suzlon secures 400 MW wind order from Jindal Group: Suzlon Group secured a 400 MW wind order from JSP Green Wind 1 Pvt. Ltd., a subsidiary of the Jindal Group. This deal marks the largest commercial and industrial order in the wind industry.

Edible oil imports dip 29%: According to the Solvent Extractors' Association of India (SEA), the import of edible oils fell 29% annually in September to 10.64 lakh tonnes due to lower inward shipments of crude and refined palm oils.

Adani ventures into hydroelectric projects overseas: To reach its goal of net zero carbon emissions by 2050, Adani Group has plans to build 10 GW of overseas hydroelectric power plants in the next few years. According to sources, Nepal, Bhutan, Kenya, Tanzania, Philippines and Vietnam could be the potential locations for these projects.

Manufacturing data

Steel production to surge 32.9% by 2030: According to an S&P Global Commodity Insights report, India’s crude steel production is set to grow by 32.9% by 2030, reaching over 186 million metric tonnes (MMT). 

Decline in industrial output: The Index of Industrial Production (IIP) has hit a nine-month low of 145.6. Industrial output contracted by 0.1% in August, with mining and electricity shrinking by 4.3% and 3.7%, respectively.

Rajya Sabha: Not in session.

Lok Sabha: Not in session.

Delhi Today: Partially cloudy with some sun.