ModiWatch: Prime Minister Narendra Modi inaugurated Mumbai's first underground metro, the Aqua Line (Mumbai Metro 3), on Saturday. 

Addressing the Kautilya Economic Conclave in New Delhi, PM Modi highlighted India's top position in global FinTech adoption and smartphone data consumption. Modi noted India boasts the world's third largest start-up ecosystem and ranks fourth in renewable energy capacity. 

Building bridges beyond borders

India and US strengthen economic ties: During the sixth consecutive India-United States (US) Commercial Dialogue, a Memorandum of Understanding (MoU) was signed to “Expand and Diversify Critical Mineral Supply Chains.” This agreement aims to enhance cooperation in critical minerals exploration, extraction, processing, recycling, and related activities by leveraging the complementary strengths of both countries. 

Jaishankar's visit to Islamabad for SCO meeting: External Affairs Minister S. Jaishankar will visit Islamabad for the Heads of Government (HoG) meeting of the Shanghai Cooperation Organisation (SCO) on October 15 and 16. The Ministry of External Affairs stated that the primary purpose of Mr. Jaishankar’s trip is to participate in the SCO meeting, underscoring India's focus on regional cooperation mechanisms.

India pledges support for Sri Lanka’s economic recovery: External Affairs Minister (EAM) S. Jaishankar met Sri Lanka's newly elected President Anura Kumara Dissanayake in Colombo on Friday, pledging India's “full support” for the island nation's economic recovery. During their discussion, Jaishankar highlighted India-backed initiatives in energy production, fuel supply, solar electrification of religious sites, connectivity, digital public infrastructure, health, and dairy development. 

Maldives President seeks Indian aid amid economic crisis: Maldives President Mohamed Muizzu arrived in Delhi on Sunday for a four-day state visit, with plans to meet Prime Minister Narendra Modi on Monday. Facing an economic crisis and looming debt repayment, Muizzu hopes to secure Indian assistance, including a currency swap arrangement and debt relief.

Pralhad Joshi in Germany: In a bid to strengthen India’s international partnerships in renewable energy and sustainable development, Minister of New and Renewable Energy Pralhad Joshi commenced a three-day visit to Germany on Sunday. He will participate in the Hamburg Sustainability Conference and engage in bilateral discussions with ministers from Germany and the United Kingdom. The focus will be on strengthening cooperation in sustainable development, green hydrogen, low-cost finance, and the entire renewable energy value chain.

Money moves and market makeovers

Amazon teams up with India’s postal service to expand e-commerce reach: Amazon and the Department of Posts (DoP) under the Ministry of Communications have signed a MoU to expand their partnership, which began in 2013. This deal will give Amazon access to over 160,000 post offices across India. The collaboration will strengthen DoP's parcel services and boost efficiency in e-commerce logistics.

PFC secures $1.27 billion foreign loan for green energy push: Power Finance Corporation (PFC) has closed the largest-ever foreign currency term loan by an Indian public sector undertaking (PSU), raising $1.27 billion. The funds, obtained through a facility agreement with multiple banks will support projects excluding thermal generation.

$120 million venture fund for space startups: On Sunday, Dr Jitendra Singh, Minister of State (Independent Charge) for Science and Technology and Earth Sciences, announced that ₹1,000 crore (approximately $120 million) has been allocated for a venture fund aimed at supporting space startups in India.

Adani group begins green hydrogen blending in Ahmedabad gas supply: Adani Total Gas Ltd, a joint venture between the Adani Group and French energy company TotalEnergies, has started blending 2.2-2.3% green hydrogen into the piped natural gas supplied to households in Shantigram, Ahmedabad. This initiative aims to reduce emissions and support the group's net-zero targets.

Defence advancements

Defence industry targets record production and export growth: Defence Minister Rajnath Singh announced a renewed focus on developing India’s defence ecosystem. He highlighted initiatives like defence industrial corridors, positive indigenisation lists (PILs), and the corporatisation of the Ordnance Factory Board. Singh urged increased private sector involvement and called on foreign companies and Original Equipment Manufacturers (OEMs) to collaborate with Indian industries.

Defence Minister to inaugurate DefConnect 4.0 in Delhi: Defence Minister Rajnath Singh will inaugurate DefConnect 4.0 today at the Manekshaw Centre in Delhi Cantonment. Organised by Innovations for Defence Excellence - Defence Innovation Organisation (iDEX-DIO), under the Department of Defence Production, the event will include launches and announcements. Interactive sessions with industry leaders and defence experts are also planned, alongside discussions on recent budget updates and developments in the semiconductor sector.

Science and innovation

Northeast to host first-ever international science festival in Guwahati: Minister of State for Science and Technology Dr. Jitendra Singh announced that Northeast India will host its first-ever International Science Festival. The tenth edition of the India International Science Festival (IISF) will take place at the Indian Institute of Technology (IIT) Guwahati from 30 November to 3 December 2024. 

Delhi Today: Sunny and light winds. 

Rajya Sabha: Not in session.

Lok Sabha: Not in session.