AGP Executive Report

BRICS Diplomacy: India’s BRICS chairmanship wrapped with the New Delhi Declaration after last-minute language compromises on West Asia, including calls for maximum restraint, support for a two-state solution, and push for UN and global governance reform plus more local-currency trade. India-China Trade Reset: Modi and Xi pledged to rebuild business and transport links, aiming to tackle trade imbalance and market access frictions even as visa and equipment-selling hurdles persist. Bilateral Push at Summit: Modi held multiple meetings—South Africa, Egypt, Philippines and others—focusing on trade, investment, defence and people-to-people ties; Egypt talks flagged a push toward $12 bn trade. Markets & Personal Finance: PSU banks keep top FD rates below 7% (around 6.25–6.60% depending on tenure), while private and small finance banks offer higher peaks. Weather & Cities: Mumbai stayed on orange alert for heavy rain in parts of Maharashtra, with IMD warnings of local waterlogging. Education & Business: Qatar topped global school entrepreneurship education rankings, while India’s foreign campus model faces tough execution and pricing tests. Trade Policy: US finalised anti-dumping/countervailing duties on solar cells from India, Indonesia and Laos, raising pressure on exporters. Sports: India women won the Women’s Asia Cup for an eighth time, beating Sri Lanka by 72 runs.

BRICS Summit Watch: India’s 18th BRICS chairship wrapped in New Delhi with the New Delhi Declaration 2026—a 140-paragraph, 45-page text described as the bloc’s longest in the last decade—pushing UNSC reform, energy security, AI cooperation, and action against terrorism/terror financing, while urging maximum restraint in West Asia and linking security to trade and energy flows. India-China Reset: On the sidelines, PM Modi and Xi Jinping agreed “differences should not become disputes,” with border peace flagged as essential for steadier ties and trade. EV & Batteries: India’s next battery growth cycle is expected to be driven beyond EVs, with grid-scale storage emerging as a major demand driver as renewable capacity rises. Semiconductors: India’s semiconductor ecosystem has pulled in $1.4 billion in equity funding across 281 companies, ahead of SEMICON India 2026 (Sep 17-19). Steel Trade: Under the India-EU FTA draft, India gets 6.94 lakh tonnes of annual steel export quota to the EU, alongside a larger 16.41 lakh tonnes total TRQ package. Consulting Deal: PwC US and PwC India announced a joint venture to scale consulting and advisory across India and global markets. Local Business & Infra: Delhi Metro’s Golden Line Tughlaqabad–Sangam Vihar stretch is set for December opening, and BMC launched a Pedestrian First push asking Ganesh/Navratri mandals to avoid blocking roads and pavements with ads.

BRICS Summit (New Delhi): Leaders adopted the New Delhi Declaration unanimously, with India credited for bridging deep West Asia differences. The pact pushes WTO reform and calls for restoring a two-tier dispute settlement, flags unilateral tariffs/non-tariff barriers, and links trade with energy security and conflict restraint in the Middle East. It also backs UNSC reform, zero tolerance for terrorism, and expands cooperation on AI, health, food security, digital transformation and local-currency/cross-border payments. India-China reset: PM Modi and Xi Jinping met on the sidelines, stressing “differences should not become disputes,” border peace, and a strategic, long-term approach. Markets/finance: SEBI proposed changes to derivatives expiry settlement pricing after the new Closing Auction Session triggered swings. Demat 2.0: SEBI-RBI launched a pilot to issue and settle tokenised corporate bonds as digital tokens within regulated market infrastructure. Mumbai civic & infrastructure: Coastal Road North works gained momentum toward a 2028 completion; Bombay HC ordered regularisation for long-serving VVMC contract healthcare staff. Business/industry: Drydocks World and Cochin Shipyard set up a JV to expand Kochi’s ship-repair capacity.

BRICS Summit in Delhi: India’s 18th BRICS Summit opened with leaders including Xi Jinping, Vladimir Putin and Iran’s Pezeshkian, as wars, energy security and trade fragmentation dominated talks; India’s diplomacy helped secure unanimous adoption of the New Delhi Declaration 2026, stressing conflict prevention, WTO-consistent trade and equal Global South participation in future tech rules. Local Currency Push: BRICS finance chiefs and business leaders flagged tariff and non-tariff barriers, while India pushed faster cross-border payments and wider use of local currencies. India-Russia Trade: Modi and Putin discussed lifting bilateral trade to $100 bn by 2030, alongside energy, critical minerals and agriculture, with a Thirukkural gift and INNOPROM visit. Fintech & Payments: SBI is developing a UPI-based approach to assess small business creditworthiness without GST, and India is advancing AI and data-centre capacity via Microsoft talks. Markets & Macro: India’s forex reserves hit a record $785.7 bn on strong dollar inflows, even as the rupee stays pressured by crude and yields. EU-India Trade: The India-EU FTA opens export quotas for Indian firms and expands the premium car market, while BRICS also debated de-dollarisation and IMF reforms.

BRICS Summit Watch: PM Narendra Modi and Russian President Vladimir Putin held talks in New Delhi ahead of the 18th BRICS summit, with both sides flagging energy, defence and trade, while Modi stressed dialogue to resolve West Asia and Black Sea conflicts affecting Indian seafarers and maritime safety. Local Currency Push: BRICS leaders and finance chiefs backed “pragmatic” cross-border payment mechanisms and wider use of local currencies; Commerce Minister Piyush Goyal urged linking payment systems and trading in each other’s currencies, using India’s UPI as a model. EU-India Trade Deal: The European Commission sent the India-EU FTA to the EU Council for final approval, aiming to cut tariffs on most EU goods and unlock new market access. India Forex Boost: RBI data showed forex reserves jumped by $44.9bn to a record $785.7bn as of Sept 4, driven mainly by foreign currency assets. ED Action: Enforcement Directorate raids hit AMR India in Hyderabad and other cities over alleged loan irregularities. Markets & Policy Tech: SEBI-RBI “Demat 2.0” tokenised corporate bond pilot reportedly raised INR 500 crore under the sandbox, pointing to faster settlement rails. Real Estate: Mumbai office demand is projected to grow 12–15% annually through 2030, per a CII-CBRE outlook.

BRICS Diplomacy: PM Modi met Russian President Vladimir Putin in New Delhi ahead of the BRICS leaders’ summit, with talks expected to cover trade, energy, defence, civil nuclear cooperation, critical minerals and a push toward $100 bn bilateral trade by 2030. Middle East Focus: Iranian President Masoud Pezeshkian arrived for BRICS, with India-Iran ties, Chabahar Port and energy security likely on the agenda as regional tensions raise shipping and Strait of Hormuz risks. Payments & Trade: BRICS finance chiefs urged IMF/World Bank reform and warned against unilateral tariffs; India’s Piyush Goyal backed linking payment systems, local-currency settlements and faster clearances to deepen intra-BRICS trade. Deep-Tech Push: India showcased 37 deep-tech startups at the BRICS Bharat Innovates Exposition to drive B2B deals and market access. Energy & Industry: Odisha pitched a shift from mining to tech-led exports at an investors’ meet in the UAE; Premier Energies and RCT India inked a JV for 12 GWh battery storage manufacturing in Telangana. Markets & Policy: Supreme Court sought Centre/DMRC responses on closing 17 Delhi Metro stations during protests; RBI Deputy Governor Murmu flagged “quantum-proof” payment systems. Mobility: Greaves Electric Mobility entered India’s top 5 electric two-wheeler makers in September (1-9), while HERE-SBD EV Index ranked Telangana first for EV readiness.

BRICS in Focus: Russian President Vladimir Putin arrived in New Delhi for the 18th BRICS summit, with talks with PM Narendra Modi on trade, investment and energy cooperation set to anchor the agenda. China-India Watch: Xi Jinping is also set to attend, his first India trip in seven years, as both sides look for a cautious diplomatic thaw while border mistrust and trade gaps remain. Digital Payments & Currency: India is pushing to link BRICS central bank digital currencies to ease cross-border payments, even as adoption and interoperability hurdles could slow progress. Markets & IPOs: The National Stock Exchange downsized its IPO offer by about 15% after investor pushback on valuation and concerns around derivatives regulation. Banking Disruption: A nationwide strike by bank employees’ unions is expected to hit services on Friday, with spillover risk into nearby bank holidays. Startup & Fintech Funding: Piston raised $15m for cardless fleet payments, while Graph AI secured $13.3m for AI-native patient safety. Business & Policy: RBI governor Sanjay Malhotra urged fintechs to treat data as a fiduciary duty, not a monetisable asset. Extortion Crime: A Mumbai gang staged a “Special 26”-style fake raid demanding Rs 1 crore; 10 arrested. Energy & Climate: BIS chief warned AI could raise financial stability risks, while India’s new-age economy is projected to reach $300bn revenue by FY31.

BRICS Summit Security: New Delhi is deploying about 25,000 security personnel for the 18th BRICS summit at Bharat Mandapam, with heavy traffic diversions and tight movement protocols, as Xi Jinping, Vladimir Putin and other leaders are expected to arrive. India-China Business Gap: Despite a diplomatic thaw ahead of Xi’s first India trip in seven years, Reuters reports firms still face visa delays, regulatory hurdles and equipment restrictions, limiting any quick improvement in trade. Aadhaar for GST: Delhi High Court directed biometric Aadhaar authentication for all GST registrations nationwide to curb fraudulent registrations using stolen PAN/Aadhaar details. Aviation & Connectivity: Navi Mumbai airport gets a one-year landing fee waiver for new international routes, while Russia’s UAC signed deals to supply 105 Il-114-300 regional aircraft to Indian airlines. Energy Storage Push: India added 8.2 GWh battery storage in 1H 2026, lifting cumulative capacity to 9.3 GWh, as utilities increasingly use storage for grid balancing. Trade Friction at WTO: US and EU flagged India’s high tariffs, QCOs and services/digital trade restrictions in a WTO review. Fintech/AI Payments: NPCI is building an AI-agent registry to vet agents making transactions on UPI as agentic payments roll out. Corporate Growth: Allana Group targets ₹40,000 crore turnover in three years, focusing on protein/poultry and exiting low-margin businesses.

Tokenised Debt Market: L&T became India’s first private corporate to issue a ₹500 crore tokenised bond with a 3-year tenure under SEBI’s blockchain-based framework, a step aimed at boosting transparency and liquidity in corporate bond trading. IPO Watch: Hero Motors set a price band of ₹79–₹84 per share for its upcoming IPO, targeting a valuation of about ₹38.15 billion and raising roughly $105 million to cut debt and expand capacity. Markets & Finance: RBI approved ICICI Prudential AMC to buy up to 9.9% in AU Small Finance Bank; New India Assurance plans to divest 1.05 crore NSE shares via an OFS in the NSE IPO. BRICS Build-up: Delhi airport is adding international capacity ahead of the Sept 12-13 BRICS summit, with Pier C ramping up to handle more overseas traffic. Policy & Economy: India will push for greater opportunities for women-led enterprises in BRICS trade, with focus on credit, markets and predictable rules. Energy & Industry: APSEZ won an LoA for two dry bulk berths at Paradip, adding 18 MMT capacity; Cummins will showcase integrated power solutions at bauma CONEXPO India. Local Governance: Mumbai’s BMC refused to roll back a 10% water cut despite 96% lake levels, citing rainfall uncertainty. Tech & Consumer: Apple launched iPhone 18 Pro/Pro Max and its first foldable iPhone Duo in India, with Duo starting near ₹3 lakh.

BRICS Diplomacy: Philippines President Ferdinand Marcos Jr. will attend the New Delhi BRICS summit on Sept 12-13, as part of Manila’s ASEAN chair role, with peace-and-prosperity priorities on the agenda. Oil & Markets: Brent has crossed $100 a barrel, lifting India’s crude basket to $108.9 and weighing on the Sensex/Nifty as higher fuel costs threaten inflation and corporate margins. India-US Trade: Commerce Secretary Rajesh Agarawal says the India-US trade pact is “more or less” finalised, with only a few issues left before signing. EV Push: World EV Day focus: India’s EV retail sales hit record levels in July and stayed strong in August, shifting the debate to charging and cost of ownership. Capital Markets Tech: L&T becomes the first private Indian corporate to issue tokenised bonds under SEBI’s framework, a step toward faster, more transparent corporate debt trading. Banking & Credit: Jefferies expects India’s domestic bank credit growth to moderate to ~15% by Mar-27, while overseas operations could support expansion. Energy Security/Trade: Vedanta plans to invest over INR 21,000 crore to expand metals for EV supply chains; Coal India arm Northern Coalfields boosts production and dispatch as monsoon recedes. Urban Safety & PG Rules: Delhi’s Satya Niketan PG collapse triggers demolition and stricter PG regulation plans, with courts seeking safety answers.

Global Fintech Push: PM Modi kicked off Global Fintech Fest 2026 in Mumbai, pitching the next phase of India’s digital finance growth as fintech innovation scales. Energy Security Trade: Indian refiners supplied about 60% of Europe’s diesel and gasoil via the Bab-el-Mandeb route in August, underscoring India’s rising role in global fuel security. IPO Watch: Steamhouse India’s ₹414 crore IPO opens Sept 9-11 with a ₹77-81 price band; retail gets 35% allocation and the issue includes a fresh ₹353 crore plus ₹61 crore OFS. BRICS Agenda: India is set to host the expanded BRICS Leaders’ Summit in New Delhi (Sept 12-13) with a “resilience, innovation, cooperation and sustainability” focus, while India-Russia talks ahead of BRICS are expected to cover energy, defence and trade. Urban Safety & Governance: Delhi’s Satya Niketan PG collapse has triggered demolition of an adjoining unsafe building and wider safety scrutiny for student housing, with courts seeking action plans and audits. Policy on Fuel Costs: ICRIER suggests a temporary ethanol blending cut to 15% (E15) in shortage years to manage food-versus-fuel pressure. Market & Business Signals: Asia-Pacific became the biggest region for first-run scripted streaming commissions in H1 2026, with India emerging as the busiest APAC market.

CBAM Relief for Indian exporters: The UK has recognised India’s Carbon Credit Trading Scheme as a qualifying carbon pricing mechanism under CBAM, meaning UK importers can seek relief for the effective carbon price already paid in India—potentially easing the carbon-tax hit for eligible goods. Delhi PG safety crackdown: After the Satya Niketan collapse that killed seven, Delhi CM Rekha Gupta ordered demolition of a dilapidated building next to the site and NHRC pushed for a time-bound hostel action plan for DU students, while Delhi Police denied claims of mobile jammers at the rescue spot. Oil shock risk: Brent is edging toward $100 as West Asia tensions and US-Iran conflict raise supply disruption fears, threatening India’s oil import bill and inflation pressure. Samsung India layoffs: Samsung India reportedly cut 80–100 executives in consumer electronics and offered severance, citing cost rationalisation amid softer demand. BRICS tech and trade focus: Ahead of the Sept 12–13 summit in New Delhi, India may raise concerns with China over hurdles to critical technologies and components. Renewables investment: Alfanar will invest $100m in its Indian wind turbine unit Senvion to expand product development and global rollout.

West Asia Diplomacy: EAM S Jaishankar chaired a Consultative Committee meeting on India–West Asia ties, stressing welfare of 10 million Indians abroad, plus energy and fertiliser security as conflict persists. EU/Global Bridge-Building: Luxembourg FM Xavier Bettel praised India’s “bridge” approach on Russia–Ukraine and said Modi’s commitments are followed by action. BRICS Trade Push: Iran flagged BRICS as a platform to deepen India ties ahead of President Pezeshkian’s visit. Digital Payments: Ireland is studying India’s UPI growth for fintech and payments lessons. Space & Tech Capital: Pixxel raised a record $100m Series C to expand satellites and fund an “orbital data center” push; US wants India “by our side” on the Moon via Artemis. Markets & Costs: Oil prices rose on Middle East tensions, weighing on ASX; gold and bond-market jitters kept investors cautious. Delhi Housing Safety: After the Satya Niketan PG collapse killed 7, Delhi HC ordered citywide PG audits and an MCD probe; owner and family members were arrested and officials suspended. Food Inflation: Navi Mumbai onion prices crossed ₹50 at APMC, lifting retail to ₹65–70/kg amid supply concerns. Corporate Moves: REC issued tokenised corporate bonds under SEBI sandbox; Air India’s new CEO Tewolde Gebremariam vowed safety-first and fewer disruptions; Fairfax is set to exit IIFL Finance ahead of a possible IDBI Bank bid.

Global Fintech Push: PM Narendra Modi will inaugurate Global Fintech Fest 2026 in Mumbai, spotlighting agentic AI, tokenisation and quantum tech as India leans on digital finance for inclusive growth. EV Race: Hero MotoCorp says it’s aiming to be India’s top EV seller, with Vida and Ather together already hitting the No.1 spot in some months. Space Sector Reform: ISRO chief V Narayanan urged deeper industry participation, saying satellite demand can’t be met by ISRO alone and that private players must scale. Air India Turnaround: Incoming CEO Tewolde Gebremariam held a staff town hall, asking for fewer disruptions and a safety-first culture as the airline navigates financial pressure. Delhi Safety & Housing: Delhi High Court called the Satya Niketan hostel collapse “most unfortunate,” questioning MCD and DU for inadequate student accommodation, while MCD ordered sealing/demolition actions and suspended officials. Pharma Deal: Novartis India will buy Pfizer’s Minipress/Minipres trademarks for ₹1,250 crore, expanding its India IP portfolio. Markets & Currency: Rupee held near a 6-week high after RBI support; Sensex/Nifty slipped on geopolitics. VC Funding: India’s VC recovery remains “anaemic,” with deal value growth far below the global surge.

Delhi Building Collapse Fallout: A five-storey boys’ PG in Satya Niketan, southwest Delhi, collapsed on Sunday, killing at least five and trapping students; rescue teams continued through the night as the MCD ordered sealing of illegal buildings above four floors and the Delhi Police filed an FIR against owner Hariram. Protests & Governance: ABVP students staged protests at MCD’s Civic Centre demanding the MCD commissioner’s resignation; about 15 were detained, while CM Rekha Gupta ordered a magisterial inquiry. Real Estate Finance: Blackstone plans to sell up to 25% of its India Knowledge Realty Trust, raising as much as $1.3 billion, with the offer reportedly fully subscribed. Startup & Jobs Push: Delhi’s CM held an investor roundtable on Startup & Incubation Policy 2026, targeting 10,000 startups and 4 lakh jobs, with calls to make Delhi a “deregulation capital.” Macro & Markets: RBI liquidity management is in focus after FCNR(B) inflows; markets also face pressure from crude oil and US-Iran tensions. Tech & Industry: India’s semiconductor mission gets a $13 bn push; ISRO says it won’t be privatised as private players expand. Health & Biotech: Samsung Biologics raised 3 trillion won to enter peptide CDMO via a PolyPeptide acquisition.

Real Estate Markets: ICICI Securities initiated a BUY on Oberoi Realty with a Rs 2,200 sum-of-the-parts target, citing the legal clearance of its NCR project Three Sixty North and expectations of strong pre-sales and rental growth. Infrastructure & Capex: Motilal Oswal started coverage on Adani Enterprises with a BUY and Rs 3,880 SOTP target, pitching the group as an infrastructure “incubator” spanning airports, roads, green energy and copper—while flagging execution and capital intensity risks. Financial Crime: The CBI booked Zee founder Subhash Chandra in a ₹1,322 crore alleged fraud case involving LIC Housing Finance, naming multiple entities and directors. Delhi Safety & Disasters: A building collapse in Satya Niketan trapped students; rescue operations are ongoing with reports of critical injuries at AIIMS. Policy & Travel: Delhi schools and offices will stay shut on Sep 11 for the BRICS Summit. Gold & FX: A rupee rally is pushing gold prices down in India. Festive Retail: E-commerce and quick commerce are gearing up for the festive season with value growth expected even as volumes stay measured. Auto & Clean Mobility: Cleaner fuels are gaining: CNG, hybrids and EVs together hit 42% of passenger vehicle sales in August, overtaking petrol. Regulatory Health: India’s drug regulator flagged Abhayrab rabies vaccine as substandard/potentially spurious after a potency failure.