ModiWatch: On Monday, Prime Minister Narendra Modi met Maldives President Mohamed Muizzu at Hyderabad House in Delhi to strengthen bilateral relations. Both countries signed a currency swap agreement valued at $400 million to help the Maldives address foreign exchange reserve challenges. They also launched the RuPay card—India's domestic card payment network—in the Maldives and inaugurated a new runway at Hanimaadhoo International Airport.

Counting starts

Haryana records 68% voter turnout in Assembly election: Haryana saw a voter turnout of nearly 68% in the Assembly Election held on 5 October, according to the Election Commission. Voting for all 90 Assembly constituencies was conducted in a single phase. The counting of votes is scheduled for today.

Jammu and Kashmir parties clash over Lieutenant-Governor's nominated Assembly seats: On Monday, political parties in Jammu and Kashmir clashed over five Lieutenant-Governor (L-G) nominated seats in the 95-member Assembly. National Conference (NC) president Dr. Farooq Abdullah criticised L-G Manoj Sinha's authority to nominate without the elected government’s approval, warning of a possible Supreme Court appeal. Congress accused the Bharatiya Janata Party (BJP) of trying to manipulate the outcome. Meanwhile, BJP state president Ravinder Raina expressed confidence in winning 35 seats and forming a government with independents, citing the Jammu and Kashmir Reorganisation Act, 2019 for the nominations.

Amit Shah chairs high-level meeting with Chief Ministers of Naxal-hit states: Home Minister Amit Shah reviewed the security situation in Naxal-affected regions with the chief ministers and senior officials of insurgency-hit states on Monday. States struggling with the Naxal threat include Chhattisgarh, Odisha, Telangana, Maharashtra, Jharkhand, Bihar, Andhra Pradesh, and Madhya Pradesh.

Congress questions PM Modi on census delay: The Congress party has raised concerns over the delay in conducting the Census, urging PM Modi to address the issue. Congress General Secretary in-charge of communications, Jairam Ramesh, stressed that a caste-based census is essential for achieving full and meaningful social, economic, and political justice in education and employment.

UAE Agrees to Invest

India-UAE investment treaty set to aid investor confidence: The government has announced that the Bilateral Investment Treaty (BIT) between India and the United Arab Emirates (UAE) came into force on 31 August 2024. The treaty ensures investment protection and mandates UAE investors to exhaust domestic remedies for at least three years before initiating arbitration. The Ministry of Finance expects the treaty to encourage bilateral investments, providing a transparent dispute settlement mechanism.

India and UAE in talks to raise investment commitment to $100 billion: India is in talks with UAE, the fourth largest foreign investor in 2023 with $3.5 billion in Foreign Direct Investment (FDI), to increase its pledged $75 billion investment to $100 billion, Commerce and Industry Minister Piyush Goyal announced on Monday. Mr. Goyal also revealed the UAE's decision to invest $2 billion in India's food processing industry over the next two years.

India joins International Energy Efficiency Hub to improve energy strategies: The Union Cabinet has approved India’s membership in the International Energy Efficiency Hub (IEEH), enabling collaboration with 16 countries to share energy strategies and solutions to improve energy efficiency.

RBI warns rupee short sellers

RBI re-appoints Deputy Governor M. Rajeshwar Rao for one year: The Centre has re-appointed M. Rajeshwar Rao as Deputy Governor of the Reserve Bank of India (RBI) for one year, as reported by Reuters. Rao is currently in charge of the RBI's departments of regulation, risk monitoring, communication, enforcement and legal.

RBI's Monetary Policy Committee meeting begins: The three-day meeting of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) commenced on Monday, with experts anticipating that the central bank will keep key interest rates unchanged. Food inflation and economic growth remain significant concerns for the RBI. The outcome of the discussions will be revealed by MPC Chairman and RBI Governor Shaktikanta Das tomorrow.

RBI urges banks to stabilise rupee: The Reserve Bank of India (RBI) has advised state-run and private lenders to avoid betting heavily against the rupee as it hovers near record lows for three consecutive trading sessions.

Corporate moves

Manish Tiwary appointed as Nestlé India's new managing director: Nestlé India announced the appointment of Manish Tiwary as the new Managing Director, effective August 1, 2025. Tiwary previously served as the Country Manager of Amazon India.

Adani Group eyes Heidelberg's Indian cement operations for $1.2 billion: The Adani Group is in negotiations to acquire the Indian cement operations of Germany's Heidelberg Materials in a deal valued at approximately $1.2 billion, according to the Economic Times.

India inc

Shipping ministry sets cargo space rules for international lines: The Shipping Ministry is finalising regulations requiring international container lines operating in Indian waters to reserve at least 5% of their cargo space for domestic operators. Additionally, vessel-sharing agreements among container lines must also ensure a 5% reservation for domestic cargo movement. These new rules aim to strengthen business for Indian container lines on global routes and assist domestic non-vessel operating common carriers (NVOCCs) in securing more space on international carriers for their clients’ cargo.

Airbus doubles sourcing from India: Airbus plans to increase its sourcing of components from India, said CEO Guillaume Faury. The European aerospace giant has secured aircraft orders from IndiGo and Air India, leading to a doubling of its sourcing to €1 billion (approximately $1.08 billion) from 2019 to 2024.

Delhi Today: Sunny and light winds.

Rajya Sabha: Not in session.

Lok Sabha: Not in session.

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