Morning Brief: Private Sector Capital Spending Surges 42 Per Cent In September Quarter; Modi-Yunus Likely To Meet Next Month; Iran Launches Over 180 Ballistic Missiles At Israel

Dear reader, make sense of the day’s news with Swarajya's roundup of what’s making headlines this morning. 

Capital Spend By Private Sector Surges 42 Per Cent In September Quarter

India's private sector announced the setting up of factories and other new projects worth Rs 4.1 lakh crore in the quarter ending in September, marking a 42 per cent increase from the same period last year, according to the Centre for Monitoring Indian Economy. When combined with government project announcements totalling Rs 1.4 trillion, the overall project announcements for the quarter reached Rs 5.49 lakh crore. This surge follows a lacklustre June quarter, influenced by elections and subsequent results, which saw project values less than half of this amount. The increase in private capital expenditure is significant as the government has been ramping up its own spending in recent years, while private investment had been lagging. Manufacturing has taken the lead in this uptrend, spurred by attractive business incentives.

Modi-Yunus Likely To Meet At BIMSTEC Summit Next Month

Chief Adviser to the interim Bangladesh government, Muhammad Yunus, is likely to meet Prime Minister Narendra Modi at the BIMSTEC summit in Bangkok next month, though a specific date hasn't been set yet. If the meeting takes place, it will happen amid ongoing attacks on Bangladesh’s Hindu minority by Islamist groups, which Yunus claims are more about politics than religion. His recent decisions, like banning Hilsa exports to Bengal before the Durga Puja festival and comments on the contentious Teesta water-sharing issue, have put him at odds with India. Yunus also stirred up controversy by stating that the interim government, which he leads, will decide how long it plans to stay in power. This has raised eyebrows about his political ambitions.

Iran Launches Over 180 Ballistic Missiles At Israel

On Tuesday (1 October) evening, Iran launched waves of ballistic missiles at Israel, with Israeli authorities reporting that the attack was mostly thwarted, yet escalating the risk of direct conflict between the two militaries. The offensive left the region tense as it awaited a potential Israeli response, with Prime Minister Benjamin Netanyahu warning that Iran would face consequences for its actions.

Over 180 missiles were fired, prompting millions of Israelis to seek shelter. However, by midnight, restrictions were lifted in parts of the country, indicating no immediate follow-up attack was expected. Iran's Revolutionary Guards claimed the strikes were retaliation for recent assassinations, including the killing of Hamas's political leader in Tehran and Hezbollah’s leader in Beirut. Iran's military chief stated that the missiles targeted three military bases and Mossad headquarters. Israel's air defence system intercepted many missiles, and there were no reported casualties.

Other Developments

Centralised Portal For PM Internship Scheme To Go Live On 3 October

The government, in collaboration with India Inc, will launch the one-year internship scheme for youth aged 21-24 on October 3, as announced in the budget. A dedicated portal will enable applications for internships with the country’s top 500 companies, starting with companies posting available positions. Eligibility requires candidates to be within the specified age group, unemployed full-time, and not from families with government jobs. Graduates from IIT, IIM, and those with qualifications such as CA or CMA are excluded, but ITI and Kaushal Kendra graduates are eligible to apply. Candidate selection will be managed by a backend bot, with final scrutiny by companies.

Electric Vehicle Registrations Rise 23 Per Cent In September 2024

Electric vehicle (EV) registrations in September 2024 saw a significant year-on-year increase of 23 per cent, with total registrations reaching 1.59 lakh units. This marks an increase from 1.29 lakh units in September 2023 and a slight rise from 1.57 lakh units in August 2024. In the electric two-wheeler segment, sales reached 0.90 lakh units, up from 0.64 lakh units a year ago and slightly higher than 0.89 lakh units in August. Ola Electric remained the leader in electric two-wheelers, though its sales dipped to 24,659 units in September from 27,587 units in August. In the electric three-wheeler market, Mahindra Last Mile Mobility sold 6,087 units, maintaining its leadership position.

A new wave of IPOs is set to hit Dalal Street, with 13 companies, including Vikram Solar and Aditya Infotech, filing preliminary papers with the Securities and Exchange Board of India in one day. These firms aim to raise at least Rs 8,000 crore through their IPOs, which span various sectors and include both fresh issues and offers for sale. This surge reflects strong interest from both issuers and investors in the primary market. So far, 62 companies have raised around Rs 64,000 crore on the mainboard, representing a 29 per cent increase from the Rs 49,436 crore collected by 57 firms in 2023.

France Reduces Rafale Fighter Cost by 500 Million Euros

On the eve of National Security Adviser Ajit Doval's visit, the Navy concluded its cost negotiating committee on the acquisition of 26 Rafale M fighters for INS Vikrant, with the French manufacturer reducing the deal cost by nearly 500 million Euros. The deal is expected to be signed by the end of this year after receiving approval from the Cabinet Committee on Security. While in France, Doval apprised President Emmanuel Macron about India's conversations with both Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky regarding efforts to end the war in Europe.

From The States

Mahayuti In 2024, BJP Alone In 2029: Shah's Maharashtra Election Forecast

Home Minister Amit Shah expressed confidence that the Mahayuti alliance would win the 2024 Maharashtra polls. Speaking in Mumbai, he also assured BJP's solo victory in 2029. Shah, hinting at the Shiv Sena (UBT), vowed to "teach a lesson" to rival parties and pledged to implement the Uniform Civil Code if BJP wins the elections. He also emphasized BJP’s focus on securing over 50 per cent of the seats in Mumbai and Konkan regions.

Tirupati Temple Prepares for Brahmotsavam Festival

Amid controversy over the ghee used for offerings, the Sri Venkateswara temple in Tirupati is gearing up for the Brahmotsavam festival, expected to draw one lakh devotees daily. Scheduled from October 4 to 12, the temple underwent its traditional cleansing ritual on Tuesday. Known as Koil Alwar Tirumanjanam, the ritual is performed four times a year before major festivals. The temple, idols, and utensils were thoroughly cleaned, and an aromatic mixture called "parimalam" was applied across the complex.

Haryana: Dera Chief Ram Rahim Singh Gets Yet Another Parole

Dera chief Ram Rahim Singh has been granted a 20-day parole, just as the Haryana assembly elections approach. Congress has raised concerns by filing a complaint with the Election Commission, claiming his release could sway voters and violates the model code of conduct. This latest parole comes shortly after Singh returned to Sunaria jail from a previous furlough. Singh is serving a sentence for the rape of two sadhvis and the murder of journalist Ram Chander Chhatrapati. His dera is known for its political influence, and past releases have coincided with significant electoral events.

Stay tuned for more insights throughout the day.