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Earlier this week, former US President Donald Trump revealed that Indian Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> is scheduled to meet with him next week. This potential gathering, set against the backdrop of Trump’s bid for a return to the White House, highlights how global leaders are positioning themselves in anticipation of possible changes in US leadership. “He happens to be coming to meet me next week, and Modi, he’s fantastic,” Trump said on Tuesday during a town hall event in Flint, Michigan, while discussing free trade and US job protection. He even went on to call India a “very big abuser” in trade, Al Jazeera reported. Most likely, Prime Minister Narendra Modi meeting up with Trump could be an acknowledgment of the latter's potential return to power in the November election, as foreign leaders carefully navigate diplomatic relations with key US political figures. However, neither the Trump campaign nor India’s Ministry of External Affairs have clearly commented on the matter yet, meaning that the Indian leader’s plans of a tête-à-tête with ex US President Trump are foggy at best. During a press conference, foreign secretary <keyword id="20181706" type="General" weightage="20" keywordseo="vikram-misri" source="keywords">Vikram Misri</keyword> said, "there are many meetings with the Prime Minister right now which we are trying to fix. Right now, I will not be able to tell you about any specific meeting, whether the meeting has been fixed or not." "We are looking from all angles as to how much time we have and with whom we can hold meetings. We will keep updating you about the meetings," he added. <div type="Article" hostid="261" msid="113444882" title="Trump says PM Modi will meet him during US visit, calls him &amp;#39;fantastic&amp;#39;" mstype="2" mssubtype="0"></div>What we do know with certainty is that Mr Modi is indeed scheduled to travel to the US over the weekend and his calendar is going to be jam-packed. His visit coincides with his planned participation at the <keyword id="23145156" type="General" weightage="20" keywordseo="Quad-Leaders-Summit" source="keywords">Quad Leaders Summit</keyword> (including representatives from Australia, India, Japan and the US) in Wilmington, Delaware, hosted by President Joe Biden. As per a White House official, the meet-up will feature "ambitious announcements in multiple areas such as maritime security, high-quality infrastructure and critical and emerging technologies to demonstrate the group’s endurance". Prime Minister Modi will have bilateral meetings with President Biden, Japanese Prime Minister Fumio Kishida, and Australian Prime Minister Anthony Albanese on Sunday, following the conclusion of the Quad Summit. A special event, the Cancer Moonshot initiative, is also scheduled on the sidelines of the summit. In his meeting with President Biden, India and the US are anticipated to sign several agreements, including those related to the Indo-Pacific Economic Framework and a memorandum of understanding (MoU) on drug frameworks. Foreign Secretary Vikram Misri stated that Modi and Biden will review the comprehensive global strategic partnership between India and the US, which spans over 50 areas of engagement and bilateral dialogue mechanisms. <div type="Article" hostid="261" msid="113085171" title="India is likely to benefit if Trump wins US elections, per Nomura Global Research" mstype="2" mssubtype="0"></div>Both leaders will also assess progress in areas of cooperation, though tensions remain due to the alleged assassination plot involving Khalistani leader Gurpatwant Singh Pannun. The investigation is ongoing, and India has formed a committee to examine the accusations. This visit may serve to ease some of the friction in the relationship. Defence cooperation remains a key area of collaboration between India and the U.S., including agreements on the procurement of 31 MQ-9B Predator drones, joint manufacturing of Stryker Infantry Combat Vehicles, and co-production of GE F414 engines in India. The Ukraine conflict is also expected to be a topic of discussion. Prime Minister Modi is supposed to attend the "Modi &amp; US" community event at the Nassau Veterans Memorial Coliseum in Long Island. The event, already overbooked with more than 24,000 Indian Americans registered for a venue with a capacity of 15,000, has attracted attendees from 42 states, especially the tri-state area. Additionally, PM Modi will allegedly lead a roundtable with CEOs of American companies working in fields like AI, quantum computing, biotechnology, and cutting-edge technology. Lastly, on September 23, Modi will address global leaders at the United Nations' Summit of the Future (SOTF) and is expected to hold bilateral meetings with other heads of state attending the UN General Assembly. Obviously, squeezing in a meeting with Trump and Democrat Candidate Kamala Harris (you know, to balance things out) seems unlikely given Mr Modi’s tight schedule. But we’ll have a clearer picture only in the coming days. <div type="Article" hostid="261" msid="111770277" title="PM Modi likely to address high-level UNGA session on Sep 26" mstype="2" mssubtype="0"></div>

Why is Indian Prime Minister Narendra Modi visiting the US this weekend?

<keyword id="19895045" type="General" weightage="100" keywordseo="Singapore" source="keywords">Singapore</keyword>: India and Singapore held the 2nd round of the <keyword id="21531849" type="General" weightage="20" keywordseo="India-Singapore-Ministerial-Roundtable" source="keywords">India-Singapore Ministerial Roundtable</keyword> (<keyword id="22918586" type="General" weightage="20" keywordseo="ISMR" source="keywords">ISMR</keyword>) in Singapore on Monday and reviewed the progress of the strategic partnership between the two nations, the Ministry of External Affairs said in a press release. The two nations decided to add two new pillars, 'Advanced Manufacturing and Connectivity' for further strengthening bilateral cooperation. Finance Minister Nirmala Sithraman, External Affairs Minister Jaishankar, Commerce and Industry Minister <keyword id="19895367" type="General" weightage="20" keywordseo="piyush-goyal" source="keywords">Piyush Goyal</keyword> and Railways Minister Ashwini Vaishnaw represented the Indian side in Singapore. From the Singapore side, Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, Vivian Balakrishnan, Minister for Foreign Affairs, K Shanmugam, Minister for Home Affairs and Minister for Law, Josephine Teo, Minister for Digital Development and Information and Second Minister for Home Affairs, Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry and Chee Hong Tat, Minister for Transport and Second Minister for Finance participated in the meeting. "The Ministers reviewed the progress of India - Singapore Strategic Partnership, particularly under the pillars of Digitalization, Skills Development, Sustainability, Healthcare and Medicine, identified during the 1st meeting of ISMR, held in New Delhi on September 17, 2022," the statement read. They deliberated on ideas to expand bilateral cooperation and decided to add two new pillars, Advanced Manufacturing and Connectivity for further strengthening bilateral cooperation. The Ministers agreed to hold the next round of ISMR in India at a mutually convenient time. During their visit, the Indian Ministers also called on Singapore President, Tharman Shanmugaratnam, and Singapore Prime Minister Lawrence Wong. "India and Singapore are important partners of each other. The visit reaffirmed the commitment of both sides to further strengthen their multifaceted partnership," MEA added. Singapore Prime Minister Lawrence Wong has called the India-Singapore Ministerial Dialogue an important platform for strengthening bilateral ties. Finance Minister Nirmala Sitharaman thanked Singapore PM for meeting them and stated that talks with Lawrence Wong clearly show that ties between India and Singapore are on sound footing. <keyword id="19922551" type="General" weightage="20" keywordseo="EAM-Jaishankar" source="keywords">EAM Jaishankar</keyword> thanked the Singapore Ministers for their commitment to deepen ties between the two nations. (ANI)

India, Singapore to focus on advanced manufacturing, connectivity to boost bilateral relations

India remains highly dependent on imports for minerals critical to accelerating its <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>, with a full reliance on shipping in lithium, cobalt and nickel, according to a report released Monday. The report, published by the Institute for Energy Economics and Financial Analysis (IEEFA), said that India's demand for <keyword id="19978839" type="General" weightage="20" keywordseo="critical-minerals" source="keywords">critical minerals</keyword> is expected to more than double by 2030, while domestic mining operations may take over a decade to start producing. It stresses that India needs a carefully crafted import strategy to mitigate potential trade risks while balancing international relationships to secure these essential minerals. IEEFA's report examines five critical minerals (and their compounds) - cobalt, copper, graphite, lithium and nickel - from the perspectives of import dependency, trade dynamics, domestic availability, and global price fluctuations. The findings show that India remains largely import-dependent for these minerals and their compounds, with 100 per cent import reliance for minerals like lithium, cobalt, and nickel. "India should strive to de-risk its critical minerals sourcing by identifying new international resources and expediting <keyword id="20681115" type="General" weightage="20" keywordseo="domestic-production" source="keywords">domestic production</keyword>. A concerted effort to partner with and foster bilateral relations with <keyword id="23713985" type="General" weightage="20" keywordseo="mineral-rich-nations" source="keywords">mineral-rich nations</keyword> should be a priority for India," said the report's co-author Charith Konda, Energy Specialist, IEEFA. "The country can also explore investment opportunities in resource-rich, friendly nations, such as Australia and Chile, as well as African countries like Ghana and South Africa," he added. The report said India depends heavily on China for synthetic graphite and natural graphite and it should explore cooperation initiatives with countries like Mozambique, Madagascar, Brazil and Tanzania which are some of the highest graphite producing countries. "As part of the Global South cooperation initiatives, these countries could be favourable partners for India for <keyword id="23713984" type="General" weightage="20" keywordseo="graphite-trading" source="keywords">graphite trading</keyword>," said the report's co-author Kaira Rakheja, Energy Analyst, IEEFA. India is also highly import-dependent for copper cathodes and nickel sulphates from just two countries - Japan and Belgium. The report suggests India could look at the US, the fifth largest producer of copper in the world, to diversify its suppliers and enhance <keyword id="23714709" type="General" weightage="20" keywordseo="supply-security" source="keywords">supply security</keyword>. For minerals like lithium oxide and nickel oxide, the dependency is low on one country, but overall imports largely come from Russia and China, both countries with potential trade risks. "Developing domestic lithium refining capacity will help India integrate with the global lithium supply chain," said Rakheja. The report also notes the significant efforts that the Indian government is making to improve domestic production of critical minerals with the auctions by the Ministry of Mines and the planned Critical Minerals Mission. "The critical minerals mining block auctions can serve as an opportunity for India to focus on building refining and processing capabilities to emerge as a global value-adding hub," said Rakheja. "Government support in the form of viability gap funding and technology development will help promote such auctions and ultimately the domestic production of critical minerals. "A stable supply of critical minerals is imperative for India to achieve its <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> goals," Konda said. India has committed to achieving 500 gigawatts (GW) of non-fossil fuel-based electricity installed capacity by 2030. Currently, the country's renewable energy installed capacity stands at 201 GW, with solar energy accounting for 91 GW. According to another study, the fast-developing South Asian nation needs to install around 7,000 GW of renewable energy capacity to achieve net-zero emissions by 2070.

Energy transition: India remains highly dependent on imports of critical minerals, says report

Mumbai, The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> and Bank <keyword id="19909773" type="General" weightage="20" keywordseo="indonesia" source="keywords">Indonesia</keyword> (BI) on Thursday signed a Memorandum of Understanding to promote use of local currencies for bilateral transactions. The MoU was signed here for establishing a framework to promote the use of local currencies viz., the <keyword id="20045514" type="General" weightage="20" keywordseo="indian-rupee" source="keywords">Indian Rupee</keyword> (INR) and the Indonesian Rupiah (IDR) for cross-border transactions, <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> said in a statement. This framework would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-IDR foreign exchange market. "Use of local currencies would optimise costs and settlement time for transactions," RBI said. The MoU was signed by RBI Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> and Bank Indonesia Governor <keyword id="20862647" type="General" weightage="20" keywordseo="perry-warjiyo" source="keywords">Perry Warjiyo</keyword>. "The MoU on establishing a framework for cooperation in the area of cross-border transactions in local currencies between <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> and Indonesia, aims to promote the use of INR and IDR bilaterally," RBI said. The central bank further said the collaboration marks a key milestone in strengthening bilateral cooperation between RBI and BI. Use of local currencies in bilateral transactions will eventually contribute to promoting trade between India and Indonesia as well as deepen financial integration and strengthen the long historical, cultural and economic relations between India and Indonesia, it added.

RBI, Bank Indonesia sign pact to promote use of local currencies for bilateral trade

<keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> and <keyword id="6358356" type="General" weightage="100" keywordseo="uae" source="Orion">UAE</keyword> are in talks for a Rupee-Dirham-denominated bilateral trade, said <keyword id="3786584" type="General" weightage="50" keywordseo="sunjay-sudhir" source="Orion">Sunjay Sudhir</keyword>, Indian Ambassador to UAE, adding that both the countries will find it beneficial. The Ambassador said the talks started on September 1, 2022. "Both countries find this beneficial. India has shared a concept paper with UAE. Central Banks of both countries are discussing. The objective is to reduce the transaction cost," the Indian Ambassador to UAE said. This development followed the Reserve Bank of India's (<keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>) announcement -- a mechanism to settle payments for international trade in rupees, especially for India's exports. It is widely believed if the mechanism fructifies then it may go a long way in internationalizing the Indian currency rupee in the long run. A currency can be termed "international" if it is widely accepted worldwide as a medium of exchange. <keyword id="2017241" type="General" weightage="50" keywordseo="sbi-research" source="Orion">SBI Research</keyword>, in a report in early July, said, an interesting development is taking place in the global currency market as there has been a significant jump in trade in oil and other commodities in currencies such as the Renminbi, Hong Kong Dollar, and Arab Emirates Dirham. In the report, SBI Research said the Reserve Bank of India (RBI) should make a conscious effort to internationalise the Indian currency rupee amid disruptions in payments caused by the ongoing Russia-Ukraine war. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/retail-inflationary-pressures-expected-to-ease-with-fresh-kharif-arrivals-finance-ministry/articleshow/95760372.cms">Retail inflationary pressures expected to ease with fresh Kharif arrivals: Finance Ministry</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-8-paise-higher-to-close-at-81-62-against-us-dollar/articleshow/95765322.cms">Rupee 8 paise higher to close at 81.62 against US dollar</a>

India, UAE in talks for rupee-dirham denominated bilateral trade

<ul class="summary-list"><li>Russia plans to spend $4 billion improving railroad connections with China, Bloomberg reported.</li><li>It's evidence of stronger ties between the two countries, as bilateral trade has soared.</li></ul>Moscow is doubling down on its trade partnership with Beijing, outlining plans to invest billions in two key rail lines, <a href="https://www.bloomberg.com/news/articles/2024-03-07/russia-to-bolster-famed-eastern-railroads-as-china-trade-booms" target="_blank" rel="noopener">Bloomberg</a> reported. Russian President Vladimir Putin called for a shipping capacity increase on the Trans-Siberian and Baikal-Amur Mainline, railroads that link Russia with China to the south. Meanwhile, around $4 billion is set to be spent on railroad infrastructure, and further investments could be approved this month.It's a testament of tighter relations between the two nations, a partnership that has kept Russia afloat since its 2022 invasion of Ukraine. In January and February of this year, bilateral trade totaled $37 billion, with Chinese exports into Russia jumping <a href="https://www.businessinsider.com/china-economy-outlook-exports-trade-war-russia-partnership-us-sanctions-2024-3?mrfhud=true">12.5%</a>. It's a momentum that extends from 2023's record volumes when trade totaled $240 billion."The two sides' political mutual trust continues to deepen. Russian natural gas is reaching households in China, while Chinese cars are driving on the streets of Russia," Foreign Minister Wang Yi said last week, describing the relationship as a "new paradigm."Emphasis on rail improvements could also be a result of Russia's rising sea route difficulties, as Western sanctions increasingly <a href="https://markets.businessinsider.com/news/commodities/russia-shadow-fleet-oil-tankers-sanctions-ukraine-enforcement-price-cap2024-2">curtail Moscow's efforts</a> to export crude and other commodities. Recent months have witnessed tighter enforcement of a Group of Seven price cap on Russian oil, leading to sanctions on <a href="https://markets.businessinsider.com/news/commodities/russia-sanction-oil-tankers-shadow-fleet-crude-exports-price-cap-2024-2">50 vessels</a> by early February.The West's stricter approach is also eroding Russian trade with other key markets. For instance, Indian refineries have demonstrated <a href="https://markets.businessinsider.com/news/commodities/russia-oil-trade-crude-india-discount-barrel-sanctions-price-cap-2024-2">diminishing willingness</a> to pick up Russia's products, despite becoming the biggest buyer of Moscow's seaborne crude in 2023.Russia's Energy Ministry is seeking priority to move oil by rail, Bloomberg said. This year could also offer fresh details on the creation of two new railroad connections with China by 2030, adding to the four pre-existing links.Still, major investment is necessary as logistical issues plague the country's rail lines. In 2023, the railroads managed 13% less goods than their stated capacity allowed — bottlenecks were a norm even before Putin's war added to demand, which is now twice as high than what the system can handle. The planned boost will bring shipping capacity on the two cited railroads to 210 million tons by 2030, compared with 150.5 million tons in 2023.

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Why is Indian Prime Minister Narendra Modi visiting the US this weekend?

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India, Singapore to focus on advanced manufacturing, connectivity to boost bilateral relations

ANI

Energy transition: India remains highly dependent on imports of critical minerals, says report

PTI

RBI, Bank Indonesia sign pact to promote use of local currencies for bilateral trade

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India, UAE in talks for rupee-dirham denominated bilateral trade

ANI

Russia is pouring billions into rail-system upgrades as trade with China surges

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