ModiWatch: Prime Minister Narendra Modi welcomed Abu Dhabi’s Crown Prince, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan. They engaged in productive discussions on various topics, with PM Modi praising Sheikh Khaled’s commitment to deepening India-U.A.E. friendship.

Strengthening India-U.A.E. ties: During the official visit of Abu Dhabi's Crown Prince, Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, to India, several significant agreements were signed. These include an MoU on Barakah Nuclear Power Plant operations between Emirates Nuclear Energy Company (ENEC) and Nuclear Power Cooperation of India Limited (NPCIL), a long-term LNG supply deal between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited, and an MoU between ADNOC and India Strategic Petroleum Reserve Limited (ISPRL). Additionally, a Production Concession Agreement was finalised for Abu Dhabi Onshore Block 1 between Urja Bharat and ADNOC, and an MoU was signed between the Government of Gujarat and Abu Dhabi Developmental Holding Company PJSC (ADQ) for the development of food parks in India. 

GST Council's recommendations: During its 54th meeting chaired by Finance Minister Nirmala Sitharaman, the Goods and Services Tax (GST) Council recommended several measures, including the reduction of GST rates on cancer drugs such as Trastuzumab Deruxtecan, Osimertinib, and Durvalumab from 12% to 5%. The Council also advised the formation of a Group of Ministers (GoM) to explore the future of the compensation cess and tasked an existing GoM with examining GST on life and health insurance. Additionally, the Council proposed exempting research and development services by government entities and recognised institutions from GST and endorsed a pilot rollout for B2C e-invoicing. 

India's auto sector aims for a $100 billion export target by 2030: Union Minister of Commerce & Industry, Piyush Goyal, expressed confidence that India's auto component sector will achieve a $100 billion export target by 2030, making it a major job creator. As India advances towards becoming the third-largest global economy, Goyal urged the auto industry to strive for global leadership, building on its position as the world's third-largest auto market. He emphasised the need for a strategic roadmap, combining organic growth, global outreach, and technological innovation. The Minister also encouraged industry leaders to focus on R&D, taking advantage of the ₹1 trillion Anusandhan National Research Foundation fund to foster public-private-academia partnerships.

LIDE expands to India amid Brazil's G20 preparations: LIDE, a prominent Latin American business leaders' organisation based in São Paulo, Brazil, has launched its India office in Mumbai to bolster bilateral trade between India and Latin American nations, particularly Brazil. This move coincides with Brazil's preparations to host the G-20 summit. LIDE, which operates in over 20 countries across 34 sectors, aims to foster global connections promoting free enterprise, innovation and economic growth. To cement its commitment to the Indian market, LIDE plans to organise a four-day conference in India in August 2025, expecting participation from 150 major businesses from Brazil, Latin America and 20 other countries.

Bitter winter ahead as La Niña grips India: India is bracing for a particularly severe winter, as forecasted by the India Meteorological Department (IMD). The La Niña phenomenon, which began in September 2024, is expected to bring a sharp drop in temperatures and increased rainfall nationwide. 

India’s defence ministry signs $3.1 billion contract with HAL for Su-30MKI engines: The Ministry of Defence has inked a deal with Hindustan Aeronautics Limited (HAL) for 240 AL-31FP aero engines, valued at over $3.1 billion. These engines, crucial for sustaining the Indian Air Force’s Su-30MKI fleet, will be manufactured at HAL's Koraput Division. HAL is set to deliver 30 engines annually, with the entire order to be completed within the next eight years.

India-Japan finance dialogue: In the second India-Japan Finance Dialogue held in Tokyo, representatives from both countries, including Japan's Ministry of Finance and Financial Services Agency, and India's Ministry of Finance, Reserve Bank of India, Securities and Exchange Board of India, and other regulatory bodies, discussed the macroeconomic situation, bilateral cooperation, and financial sector issues such as regulation, supervision, and digitalisation. The dialogue also included a session with Japan’s financial services industry, focusing on expanding investment in India. Both sides agreed to continue discussions and explore holding the next round of talks in New Delhi. 

India-U.S. joint military exercise kicks off in Rajasthan: The twentieth edition of the India-U.S. Joint Military Exercise YUDH ABHYAS 2024 commenced on Monday at the Mahajan Field Firing Ranges, Rajasthan. This annual exercise, which alternates between the two nations since 2004, aims to bolster joint military capabilities for counter-terrorism operations under Chapter VII of the United Nations Charter. The exercise will focus on semi-desert operations, including tactical drills, joint planning, and field training to enhance interoperability and defence cooperation, further strengthening the bilateral ties between the two countries.

Delhi Today: A thunderstorm in spots in the morning; otherwise, partly sunny!

Rajya Sabha: Not in session.

Lok Sabha: Not in session.