ModiWatch: On Wednesday, Prime Minister Narendra Modi marked the tenth anniversary of the Make in India initiative, noting that exports have increased across various sectors, thereby strengthening the economy.

PM Modi will visit Pune, Maharashtra, today to flag off the Metro train service from District Court Metro Station to Swargate. Following this, he will inaugurate and lay the foundation stone for various projects, with a total value exceeding ₹22,600 crore (approximately $2.73 billion).

India flexes diplomatic muscle

India third in Asia Power Index: India has overtaken Japan to become the third-largest power in the 2024 Asia Power Index, driven by its economic growth, population, and global influence. According to India's Ministry of Information and Broadcasting, India’s Economic Capability rose by 4.2 points post-pandemic, with its growing workforce and economy placing it as the third-largest globally in Purchasing Power Parity (PPP). The Index, launched by the Lowy Institute, evaluates 27 Asia-Pacific nations on their material capabilities and international influence.

India and Uzbekistan strengthen ties ahead of AIIB meeting: Union Minister of Finance Nirmala Sitharaman met Uzbekistan’s Minister of Investments, Industry and Trade, Laziz Kudratov, in Samarkand ahead of the Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB). The discussions focused on strengthening bilateral trade in renewable energy, fertiliser, and pharmaceuticals, alongside acknowledging the successful agreement on the Bilateral Investment Treaty (BIT) to improve investor confidence in healthcare, hospitality, and tourism.

India's defence secretary in Kenya: Defence Secretary Giridhar Aramane is in Kenya today and tomorrow to further deepen defence cooperation. He will hold discussions with Kenya's Principal Secretary for Defence and will lay the foundation stone for a new CT (Computed Tomography) Scan Complex, aimed at improving healthcare infrastructure for military personnel in Kenya.

Goyal champions India-Australia trade relations

India and Australia set $100 billion trade goal by 2030: Union Minister of Commerce and Industry Piyush Goyal met with Senator Don Farrell, Minister of Trade and Tourism of Australia and co-chaired the nineteenth India-Australia Joint Ministerial Commission meeting. Goyal highlighted untapped trade and investment opportunities, advocating for increased people-to-people engagement and increasing aviation connectivity between India and Australia. Both countries set a target of achieving $100 billion by 2030 and discussed stronger cooperation in multilateral forums, including the G20 (Group of Twenty), IPEF (Indo-Pacific Economic Framework), and WTO (World Trade Organization).

India and Australia aim to strengthen trade with comprehensive agreement: Union Minister for Commerce and Industry Piyush Goyal stated that India and Australia are working to strengthen the Economic Cooperation and Trade Agreement (ECTA) through the Comprehensive Economic Cooperation Agreement. He said that the ECTA has significantly improved market access for both countries, resulting in a sharp rise in merchandise trade.

India to open trade promotion office in Sydney: Union Minister for Commerce and Industry Piyush Goyal announced the setting up of a trade promotion office in Sydney, Australia. The office will include representatives from Invest India, the National Industrial Corridor Development Corporation (NICDC), the Export Credit Guarantee Corporation of India (ECGC), and the Confederation of Indian Industry (CII), alongside trade and tourism officials. At a joint press conference with Australia’s Minister for Trade and Tourism, Don Farrell in Adelaide, Goyal stated that the focus is to strengthen trade, investment, tourism, and technology partnerships between the two nations.

Industry focus

Jan Vishwas bill 2.0 to improve India’s business environment: The Commerce and Industry Ministry is preparing the second edition of the Jan Vishwas Bill, aimed at further decriminalising minor offences, as Union Minister for Commerce and Industry Piyush Goyal announced stakeholder consultations are underway. Goyal said that while there’s interest in tabling the bill in the winter session of Parliament, it may be postponed to the Budget session for more consultations. He noted the positive impact of these measures on foreign direct investment (FDI), which jumped 47.8% to $16.17 billion in the first quarter of this fiscal year, driven by strong inflows in the services, computer, telecom, and pharmaceutical sectors.

Private sector capital expenditure set to pick up in the second half of FY24: State Bank of India (SBI) Chairman C.S. Setty announced a strong credit pipeline of approximately $48 billion (₹4 lakh crore) from Indian corporations, indicating anticipated growth in private sector capital expenditure in the latter half of the fiscal year. He highlighted strong interest in infrastructure financing, particularly in roads, renewable energy, and refineries. Setty noted that some corporations are shifting to term loans for brownfield expansions, contributing to the strong corporate pipeline.

Scindia pushes for India to become global telecom manufacturing hub: Telecom Minister Jyotiraditya Scindia met with the Stakeholders Advisory Committee on Telecom Sector Original Equipment Manufacturers (OEMs), Telecom Service Providers, and the Tele-Electronic Ecosystem to discuss making India a “telecom manufacturing hub for the world.” He urged industry segments, including service providers, associations, and manufacturers to collaborate, with the Ministry of Communications offering full support. Scindia highlighted the government's incentives, such as the Production Linked Incentive (PLI), designed to strengthen local manufacturing, and emphasised the vision of Make in India, Make for the World.

I&B sector sees 31% drop in FDI: The Information and Broadcasting (I&B) sector attracted foreign direct investment (FDI) of $404 million (₹3,374 crore) in the first quarter of 2024, down 31% from $591 million (₹4,893 crore) in the same period last year, according to the Department for Promotion of Industry and Internal Trade.

Foxconn to set up $1 billion assembling unit in Tamil Nadu: Taiwanese contract manufacturer Foxconn is evaluating an investment of about $1 billion to set up an assembling unit for smartphone display modules in Tamil Nadu, according to the Economic Times. This will be the first such facility to be set up by Foxconn in India.

Regional development

Second phase of Jammu and Kashmir assembly elections: Voting began on Wednesday for the second phase of the Jammu and Kashmir Assembly elections. A delegation of diplomats from 16 countries, including the U.S., Norway, and Singapore, arrived to observe the polls. Key candidates in this phase include former chief minister Omar Abdullah, Jammu and Kashmir Pradesh Congress Committee (JKPCC) president Tariq Hamid Karra, and Bharatiya Janata Party (BJP) J&K chief Ravinder Raina. The elections are taking place in three phases, with the first phase recording a voter turnout of 61.13% on September 18. The third phase will see voting for 40 seats on October 1, followed by vote counting on October 8.

Northeast trade roadshow in Bengaluru to attract investors: The Ministry of Development of the Northeastern Region (MDoNER) is hosting the Northeast Trade and Investment Roadshow in Bengaluru today at the Four Seasons Hotel, with Union Minister of Communications and Development of the Northeastern Region, Jyotiraditya Scindia in attendance. Senior officials, along with representatives from eight Northeastern states, will present investment opportunities in sectors such as IT, healthcare, tourism, and energy. The event is organised in collaboration with state governments, the Federation of Indian Chambers of Commerce and Industry (FICCI), and Invest India.

Delhi Today: Intervals of clouds and sunshine; humid with a thunderstorm in parts of the area.

Delhi’s air quality set to improve with rain forecast: The Commission for Air Quality Management (CAQM) Sub-Committee reviewed Delhi’s current air quality and meteorological forecasts provided by the India Meteorological Department (IMD) and the Indian Institute of Tropical Meteorology (IITM). Delhi's Air Quality Index (AQI) has shown improvement, with further improvement expected. The forecast predicts light rain showers in the coming days, which should bring the AQI into the 'Moderate' category.

Rajya Sabha: Not in session.

Lok Sabha: Not in session.

The latest developments shaping the Indian space sector: