ModiWatch: In his departure statement, Prime Minister Narendra Modi announced his five-day visit to Nigeria, Brazil, and Guyana, focusing on attending the G-20 Summit in Brazil, the India-Caribbean Community (CARICOM) Summit in Guyana, and engaging with leaders and the Indian diaspora to strengthen strategic partnerships.

PM Modi arrived in Abuja on Sunday, marking the first visit by an Indian Prime Minister to Nigeria in 17 years.

PM Modi held talks with Nigerian President Bola Ahmed Tinubu in Abuja. Discussions focused on bolstering trade, investment, health, and cultural ties, alongside defence cooperation to address terrorism and piracy. Both leaders endorsed collaboration on Global South priorities and renewable energy, with three MoUs signed on culture, customs, and survey cooperation. PM Modi received the Grand Commander of the Order of the Niger (GCON) from President Tinubu.

Parliamentary affairs

Coastal security review held: The Parliamentary Standing Committee on Defence reviewed the Indian Coast Guard's (ICG) coastal security operations, focusing on maritime safety, inter-agency coordination, and tackling security threats.

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Andhra Pradesh unveils semiconductor policy to attract global investments: Andhra Pradesh Government approved the Semiconductor & Display Fab Policy 2024-29, offering subsidies and tailored incentives to semiconductor and display fabrication projects, including those outside the India Semiconductor Mission, with infrastructure support through public-private partnerships.

$3.25 billion semiconductor unit set for Assam: Tata Semiconductor Assembly and Test Pvt Ltd (TSAT) is investing $3.25 billion in a semiconductor facility in Morigaon, Assam, expected to produce 48 million chips daily by mid-2025, supporting sectors like electric vehicles and telecommunications.

Odisha emerges as renewable energy hub with $504 billion investment target: Minister of New and Renewable Energy Pralhad Joshi announced plans to add 288 GW of renewable energy by 2030, requiring $504 billion, with major projects in Odisha, including solar manufacturing capacities worth $1.08 billion.

Commerce ministry targets $2 trillion exports by 2030: The Commerce Department has initiated meetings with heads of missions in 20 export markets across Europe, the Americas, Asia, and Africa to develop strategies for reaching a $2 trillion goods and services export target by 2030.

Tuna export push from Andaman and Nicobar Islands: Tuna exports rose 31.83% in 2023-24 to 51,626 tonnes worth $87.96 million, as the Centre eyes Andaman and Nicobar’s untapped 64,500-tonne potential.

Hydrogen train trial, green steel push, and EV perks announced

Hydrogen-powered train trial set for Haryana: Indian Railways will trial its first hydrogen-powered train on the Jind-Sonipat route in December, following a $13.5 million pilot project to retrofit a Diesel Electric Multiple Unit (DEMU) with hydrogen fuel cells.

EU delays deforestation regulation deadline, easing compliance for coffee and rubber sectors: The European Union Parliament has voted to extend the deadline for compliance with the EU Deforestation Regulation (EUDR) to December 2025 for large coffee exporters, and June 2026 for smaller growers, providing relief to India's coffee and rubber industries.

Steel Ministry launches mission to define and develop green steel: India's Steel Ministry is finalising its Green Steel Mission with a definition based on emission intensity, speeding up $42 million hydrogen steel pilot projects under the National Green Hydrogen Mission.

Telangana waives road tax, registration fees for electric vehicles: Telangana has announced a 100% exemption on road tax and registration fees for electric vehicles, including two-wheelers, taxis, and buses, until December 2026, aiming to reduce pollution and increase adoption.

Defence and energy ties

India-Nigeria defence ties to strengthen with PM visit: PM Modi's visit to Nigeria is set to deepen defence collaboration, with Nigeria looking to acquire small arms, ammunition, and armoured vehicles from India.

India-Japan sign deal for co-developing naval stealth tech: India and Japan signed a Memorandum of Implementation to co-develop the Unified Complex Radio Antenna (UNICORN) mast, integrating stealth communication systems for Indian Navy ships, marking their first defence co-development initiative.

Nepal-Bangladesh power flow begins via Indian grid: Nepal has started exporting up to 40 MW of power to Bangladesh through the Indian grid, following a trilateral agreement between NTPC Vidyut Vyapar Nigam (NVVN), Nepal Electricity Authority, and Bangladesh Power Development Board.

Trade and economy

FTAs with UK, EU progressing as scheduled: Negotiations for free trade agreements (FTAs) with the United Kingdom, EU, Australia, Peru, Sri Lanka, and Oman are advancing as planned, with a commerce ministry strategy document expected by year-end.

RBI Governor signals stable economy: Reserve Bank of India (RBI) Governor Shaktikanta Das noted inflation's moderation despite periodic spikes, highlighted the current account deficit of 1.1% as under control, and affirmed $675 billion in foreign reserves sufficient for 12 months of imports.

Pradhan highlights India’s economic growth and digital payments leadership: Education Minister Dharmendra Pradhan said India has maintained 7-8% growth over the past decade, with 46% of global digital payments occurring domestically, and projected India will become the world's third-largest economy within four years.

Trade deficits and Chinese practices challenge RCEP benefits: GTRI report highlights trade deficits and China's opaque practices as hurdles for India in joining the Regional Comprehensive Economic Partnership (RCEP), estimating the FY24 trade deficit with China at over $85 billion.

GDP growth set at 6.5–7% amid strong consumption and investment: S&P Global Ratings projects India’s gross domestic product (GDP) growth between 6.5% and 7% annually through 2027, supported by structural improvements, rising demand, and stronger bank capitalisation, despite external uncertainties.

Export growth reaches $468.27 billion during April-October: Exports rose by 7.28% year-on-year to $468.27 billion in April-October, driven by $252.28 billion in merchandise and $215.98 billion in services.

Cotton imports surge 248% amid rising apparel exports: India's cotton and waste cotton imports soared 248% year-on-year in October to $127.71 million, driven by duty-free imports and competitive global prices, as apparel exports grew 35% with rising orders shifting from Bangladesh.

India demands fair play at Baku

Climate finance demands dominate COP29 talks: At COP29 in Baku, India urged developed countries to commit $1.3 trillion annually by 2030 for climate finance, criticising past shortfalls and calling for transparency in defining funds under the UNFCCC and the Paris Agreement.

Developed nations criticised for shifting climate goals at CoP29: India criticised developed nations at CoP29 for pushing expanded mitigation targets beyond agreed frameworks, citing a lack of progress on critical issues for developing countries and insufficient financial support.

India challenges EU’s carbon border tax at COP29 talks: India opposed “protectionist” trade barriers linked to carbon emissions at the UN climate summit, warning that such measures unfairly burden developing nations and violate principles of equity. 

DRDO tests hypersonic missile

DRDO conducts successful flight-trial of hypersonic missile: Defence Research and Development Organisation (DRDO) successfully tested a long-range hypersonic missile capable of over 1,500 km range, confirming precise terminal manoeuvres and impact.

SpaceX to launch ISRO's GSAT-20 satellite: SpaceX’s Falcon-9 rocket will launch the Indian Space Research Organisation's (ISRO) GSAT-20 communication satellite on 19 November, as India opts for SpaceX over Arianespace for heavy payload launches.

Delhi-NCR ranks sixth in Asia Pacific for prime office rents

Delhi-NCR ranks sixth for prime office rents in Asia Pacific: Delhi-NCR's prime office rents average $4.08 per square foot monthly, ranking sixth in the Asia Pacific region.

Foreign asset penalties

Income-tax warning over undisclosed foreign assets: Failure to disclose foreign assets or income in tax returns can attract a $12,000 penalty under the anti-black money law, with reminders sent to identified taxpayers, the Central Board of Direct Taxes (CBDT) said.

Delhi Transport and Environment Minister resigns citing internal challenges: Kailash Gahlot, Delhi's Transport and Environment Minister and senior Aam Aadmi Party (AAP) leader, resigned, citing unfulfilled promises, controversies and a shift from public service to political agendas.

Delhi Today: Hazy.

Delhi sets staggered office timings to curb pollution: Delhi Chief Minister Atishi introduced staggered office timings to ease traffic and combat severe pollution as the Air Quality Index (AQI) hit 411.