ModiWatch: Prime Minister Narendra Modi held a bilateral meeting with his Jamaican counterpart Andrew Holness in New Delhi. According to PM Modi’s press statement, India will share experience with Jamaica in sectors like digital public infrastructure, small industries, biofuel, innovation, health, education and agriculture. India will also help with training and capacity building of the Jamaican military.

Bridging relations

Strengthening ties with Jamaica: Jamaica and India have signed four Memorandum of Understanding (MoUs). The MoUs are on sharing digital public infrastructure, cultural exchange programmes, cooperation in sports and one MoU between NPCI International Payments Limited and Egov Jamaica Limited.

Foreign Minister to visit Sri Lanka: In the first high-level visit since the conception of the new government, Indian Foreign Minister S. Jaishankar is set to visit Sri Lanka this week.

Security advisor meets French Armed Forces minister: National Security Advisor, Ajit Doval met the Armed Forces Minister of France in Paris. Discussions during the meeting included strengthening bilateral defence relations and advancing space collaboration.

Foreign money in India

Increase in foreign portfolio investments: There has been a significant increase in Foreign Portfolio Investments (FPI), amounting to over ₹86,000 crore ($10.3 billion) from July to September this year. This is a record high since ₹1.43 lakh crore ($17.1 billion) investment in the December quarter of 2020.

Deals, decisions and predictions

Tata’s deal in Morocco: The first defence manufacturing plant by an Indian defence manufacturer situated outside India has been announced through a strategic partnership between Morocco’s Royal Armed Forces and Tata Advanced Systems Limited. The plant will include the final assembly and integration of the Wheeled Armoured Platform 8x8 in Casablanca, Morocco.

Tata Power signs 1.2 lakh crore MoU: During the Rising Rajasthan Investor Meet in New Delhi, Tata Power signed a memorandum of understanding with the Rajasthan government to invest 1.2 lakh crore ($14.4 billion) in the next decade for renewable energy projects.

Vivriti Capital secures $25 million from Asian Development Bank: Vivriti Capital Litimed, a leading Non-Banking Financial Company (NBFC), raised $25 million from the Asian Development Bank for its climate finance project. This is the first certified climate bond issued by a private-sector NBFC in India.

SEBI approves faster rights issue and new asset class: At a board meeting on Monday, the Securities and Exchange Board of India (SEBI) accepted several recommendations, including the creation of a new asset class, a shorter time frame for finishing rights offerings, and a rise in the number of stocks eligible for same-day settlement. The committee did not release any statement regarding the allegations circling the chairperson.

Durables market to grow to ₹5 lakh crore by 2030: According to industry body Confederation of Indian Industry (CII), India’s consumer durables industry is estimated to become fourth largest by 2027 and will reach approximately ₹5 lakh crore ($59.9 billion) by 2030.

AIX Connect completes merger with Air India Express: The Air India Group announced that AIX Connect (formerly known as AirAsia India) and Air India Express have completed the merger to serve as its low-cost option.

Numbers representing economy

Fiscal deficit 27% of FY 25 target: The government’s fiscal deficit stood at 27% of the annual target in the first five months, lower than 36% last year.

Current account deficit widens to $9.7 billion: According to data released by the Reserve Bank of India, India’s Current Account Deficit (CAD) increased marginally to $9.7 billion in Q1 of FY 25 from $8.9 billion in Q1 of FY 24.

Coal production grows 5.85%: Coal production has increased to 453.01 million tonnes in FY 25 from 427.97 million tonnes in FY 24, depicting a 5.85% increase.

Manufacturing declines in September: According to an S&P Global survey, the manufacturing sector slowed down in September. The outcome, known as the Manufacturing Purchasing Managers' Index (PMI), decreased from 57.5 in August to 56.5 in September.

Centre allocates funds

₹5,858.60 crore to flood-affected regions: The Ministry of Home Affairs has released ₹5,858.6 ($701.4 million) crore for flood-affected regions in 14 states. More than ₹14,958 crore ($1.8 billion) has already been released to 21 states during this year.

Autonomy in tariffs

Private terminal operators at ports to fix tariffs: To level the playing field among public-private partnership terminal operators adhering to multiple tariff regimes, the Centre is soon reported to free up tariff fixation for existing private terminal operators at the ports.

Delhi Today: Extreme heat with plenty of sunshine; caution advised if outside for extended periods.

Delhi air quality to deteriorate: The India Meteorological Department (IMD) has predicted that air quality in New Delhi will decline between October 1-3.

Rajya Sabha: Not in session.

Lok Sabha: Not in session.

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