Indian Institute of Management (IIM)

♦ Indian Institute of Management (IIM) Shillong has signed a Memorandum of Understanding (MoU) with the Small Industries Development Bank of India (SIDBI) to foster entrepreneurship in the North-East on 25 October 2024.

♦ The partnership introduces the Skill to Enterprise Model (STEM) Programme, which will equip aspiring entrepreneurs with the necessary skills, knowledge, and mentorship to build sustainable businesses.

♦ The initiative will offer an 18-month entrepreneurship training programme for 30 selected participants, combining classroom learning, hands-on experience, and incubation support.

Narendra Modi

♦ Prime Minister Narendra Modi and German Chancellor Olaf Scholz was co-chair the seventh Intergovernmental Consultations (IGC) at Hyderabad House on 25 October 2024.

♦ Both leaders discussed expanding collaboration in key areas such as artificial intelligence, semiconductors, and clean energy. 

♦ The two countries signed several treaties, agreements and documents including on Mutual Legal Assistance Treaty (MLAT) in Criminal Matters, Agreement on the Exchange and Mutual Protection of Classified Information, Indo-German Green Hydrogen       Road Map, Road Map on Innovation and Technology, and Joint Declaration of Intent for Joint Cooperation in Research and Development on Advanced Materials.

♦ The IGC is a biannual exercise. The last IGC was held in Berlin in May 2022. 

16th BRICS Summit

♦ The 16th BRICS Summit was held under the chairmanship of Russia in Kazan on 22 October 2024. "Strengthening Multilateralism for Just Global Development and Security" is the theme for the 2024 summit.

♦ The summit is scheduled from October 22 to 24, 2024. 

♦ BRICS initially formed as BRIC the group was founded in 2006 by Brazil, Russia, India, and China. South Africa joined in 2010, leading to the current name, BRICS.

♦ In 2024, the group grew by adding five new members: Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.

Dharmendra Pradhan

♦ Union Education Minister Dharmendra Pradhan met with Singapore’s Prime Minister Lawrence Wong on 21 October 2024 to explore ways to enhance cooperation in school education, vocational training, and research.

♦ The talks focused on strengthening the partnership through three key pillars - "Talent, Resource and Market".

♦ Dharmendra Pradhan visit to Singapore, followed by a trip to Australia, from October 20 to 26, 2024, aims to foster collaboration, participation and synergy in critical areas of mutual interest in education.

Bhutans Energy and Natural Resources Minister

♦ Bhutan’s Energy and Natural Resources Minister, Lyonpo Gem Tshering met with Power Minister Manohar Lal in New Delhi on 18 October 2024.

♦ The meeting focused on strengthening the longstanding cooperation between the two nations in the hydropower sector. Both sides discussed enhancing their collaboration to further boost energy production from the Puna-1 Hydroelectric Power (HEP) Project.

♦ India and Bhutan share a robust partnership in the hydropower sector, with several key projects contributing significantly to Bhutan’s economy and providing renewable energy to India.

Droupadi Murmu

♦ President Droupadi Murmu held bilateral meeting with Malawi President Lazarus Chakwera in Lilongwe on 18 October 2024. India and Malawi had signed 4 important MoUs for cooperation in the fields of sports, youth matters, pharmaceuticals, and art and culture.

♦ As a goodwill gesture, India is giving 1000 metric tonnes of rice and Bhabhatron cancer treatment machines to Malawi. President Droupadi Murmu had also announced to open a permanent artificial limb replacement centre in Malawi.

The Indian Navyhas signed aMoUwith Bajaj Allianz Life Insurance

♦ The Indian Navy has signed a Memorandum of Understanding (MoU) with Bajaj Allianz Life Insurance Company to provide a diverse range of insurance products, including term insurance, to Naval Civilians at competitive premiums. This initiative is part of the Indian Navy’s “Year of Naval Civilians,” aimed at promoting welfare and inclusivity.

♦ The insurance can be availed by Naval Civilians on a voluntary basis. This will help in providing instant financial relief in case of the death of the incumbent or any other eventuality as covered under insurance policy.

21st ASEAN-India Summit in Laos

♦ Prime Minister Narendra Modi attended the 21st ASEAN-India Summit in Laos on 10 October 2024. There he announced a 10-point plan to strengthen India-ASEAN comprehensive partnership and asserted that ties with the regional grouping were critical to guiding Asia’s future.

♦ Modi noted that India-ASEAN trade had doubled to over USD 130 billion in the past decade and announced a review of the trade in goods agreement to harness the greater economic potential of the partnership.

♦ The Prime Minister said India was commemorating the 10th anniversary of its Act East Policy, which has given new energy, direction and momentum to the historic relationship between India and the ASEAN nations.

♦ The 10 member countries of ASEAN are Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia.

12th Meeting of the India-UAE High Level Joint Task Force

♦ The 12th Meeting of the India-UAE High Level Joint Task Force on Investments (HLJTFI) took place in Mumbai. The HLJTFI was established in 2013 to promote trade, investment and economic ties between India and the UAE. 

♦ On this occation, Union Commerce Minister Piyush Goyal has informed that the Indian and UAE governments are working on interlinking of UPI of India and the AANI of UAE. It will facilitate seamless cross-border transactions between two countries. This will benefit over 3 million Indians residing in the UAE enabling them to use the power of UPI and AANI. He also informed that UAE has agreed to set up food parks in India and around 2 billion dollar investment is expected in these food parks in 2-2.5 years.

♦ On trade relations following the Comprehensive Economic Partnership Agreement (CEPA), Goyal said that total trade between India and the UAE had reached $84 billion in the 2023-24 period. Significantly, the trade deficit had been reduced from $22 billion to $12 billion. In the first half of 2024, non-oil trade between the two nations grew by 9.8%, amounting to $28.2 billion.

♦ The UAE became India’s fourth-largest foreign investor in 2023, with $3.35 billion committed across various sectors, marking a threefold increase from 2022. Indian FDI in the UAE also saw a significant rise, totaling $2.05 billion in 2023—more than the combined total of 2021 and 2022.

Maldives President Mohamed Muizzu met with Prime Minister Narendra Modi

♦ Maldives President Mohamed Muizzu met with Prime Minister Narendra Modi at Hyderabad House on 7 October 2024 to discuss deepening the bilateral relationship between the two nations.

♦ India signed a major currency swap agreement with the Maldives for $750 million to help the island nation tide over its current foreign currency crunch.

♦ The swap arrangement for $400 million and an additional Rs.3,000 crore ($357 million), signed between the Reserve Bank of India and the Maldives Monetary Authority under the South Asian Association for Regional Cooperation (SAARC) Currency Swap Framework, will be available until 2027. It enables payments between the two countries to be made in different currencies.

♦ Among the agreements signed are for the launch of the RuPay card in the Maldives and handover of 700 houses built with assistance by India. 

♦ Memorandums of understanding were inked between the Central Bureau of Investigation and the Anti-Corruption Commission of the Maldives and between policing institutes and judicial training institutes; and also for cooperation in sports and youth affairs.

India and Jamaica exchanged four Memorandum of Understanding

♦ India and Jamaica exchanged four Memorandum of Understanding (MoU) in the fields of Digital Public Infrastructure, Cultural Exchange and Sports. These MoUs were exchanged after delegation-level talks held between Prime Minister Narendra Modi and his visiting Jamaican counterpart Dr Andrew Holness in New Delhi on 1 October 2024.

♦ Holness is the first Jamaican premier to visit India.