Good morning, readers. The global chessboard is shifting again, and we have covered all the gambits you need to track. Reliance and Indian state-owned refiners are steering clear of Russian crude. Tata Motors is rolling out a custom MENA fleet. ENBD is helping IndiGo keep its wings wide with fresh funding. This comes just as New Delhi eyes higher FDI limits for investments in public banks which will also benefit ENBD.

Meanwhile, Adia-backed Lenskart is polishing its USD 828 mn IPO. And in the backdrop, China continues to tighten its grip on rare earth exports — a timely reminder that in global trade, the supply chain moves the money.

WATCH THIS SPACE-

#1- More FDI in public banks? The Indian Finance Ministry and Reserve Bank of India are weighing a proposal to raise the foreign direct investment (FDI) limit in state-run banks to 49% from the current 20%, Reuters reports, quoting unnamed sources. The proposed change would align public sector banks more closely with private lenders, where foreign ownership is permitted up to 74%.

ENBD + RBL deal: This comes amid Emirates NBD’s USD 3 bn deal to buy a 60% stake in RBL Bank, which is awaiting regulatory approvals due to the existing cap on foreign investments.

India’s 12 publicly-owned banks hold combined assets of INR 171 tn (USD 1.95 tn), accounting for over half of the country’s banking sector. The government plans to retain at least a 51% stake in these lenders. The proposed easing could bring in overseas participation and reinforce capital flows in India’s financial sector, which has already seen USD 8 bn worth of agreements this year.

#2- China tightens grip on rare earth equipment: India’s plan to incentivise domestic production of rare earth minerals and magnets faces new hurdles after Beijing tightened export controls on processing machinery and materials, The Economic Times reports. China has extended curbs to include key rare earth extraction and refining equipment — such as centrifugal extractors and impurity-removal systems — requiring exporters to seek licences and declare dual-use potential.

Indian self-reliance at risk: New Delhi recently cleared an incentive scheme, with USD 780 mn as capital support and USD 96 mn for operating costs, to bolster domestic rare earth production. Chinese equipment dominates global rare earth supply, but the new export curbs could force Indian producers to seek far costlier alternatives from Japan and Germany — slowing efforts to localise supply for EVs and clean-tech industries.

Background: India, heavily reliant on China for rare earth magnets, imported 870 tonnes in FY 2025. To cut this dependence, India is currently exploring global suppliers, FTAs, and developing domestic processing and manufacturing partnerships, as per the Economic Times.

Chinese chokehold: China controls 61% of global rare earth output and 92% of processing capacity. The new rules come amid earlier curbs in April on medium and heavy rare earth items amid US trade tensions, Business Standard reports.

#3- India plans to expand its commercial shipping fleet to reduce dependence on foreign-owned vessels, which carry most of its seaborne trade, The Hindu Businessline reports. The government will support domestic shipbuilding and encourage global shipping firms to register vessels in India, according to Ports, Shipping, and Waterways Minister Sarbananda Sonowal. About 95% of India’s trade by volume moves through sea routes, and Sonowal said that expanding the Indian fleet could save the country INR 4-5 tn in foreign exchange. Shipping majors including France’s CMA CGM and Denmark’s Maersk have already started registering vessels in India, while Mediterranean Shipping Company has announced plans to follow suit.

#4- OpenAI will offer a one-year subscription to ChatGPT Go service for its users in India starting 4 November, Bloomberg reports. The move aligns with the company’s plan to expand user base and subscriptions in India.

Offer details: ChatGo introduced in India in August 2025 as OpenAI’s affordable paid tier priced at INR 399 (USD 4.8) per month, provides higher message limits, image generation, and larger file uploads than the basic version. OpenAI said India has become ChatGPT’s second-largest market globally, as competitors such as Perplexity AI and Alphabet’s Google LLC roll out similar no-charge or discounted premium offerings to boost adoption in the country.

DATA POINTS-

US-based e-commerce giant Amazon said Indian sellers on its global selling platform have crossed INR 1.67 tn (USD 20 bn) in cumulative exports, including nearly INR 585 bn (USD 7 bn) so far this year, Reuters reports. The company aims to scale exports to INR 6.7 tn (USD 80 bn) by 2030, citing strong demand for cosmetics, toys, furniture, and apparel. About 200k Indian sellers currently use the platform.

PSAs-

#1- IndiGo Airlines has resumed direct flights between Kolkata and Guangzhou, the first air link between India and China in five years, The Hindu Businessline reports. The route, halted in 2020 amid the pandemic and border tensions, will operate daily. The airline will also start Delhi-Guangzhou flights from 10 November, restoring connectivity to the key Chinese business destination.

#2-Paytm is rolling out UPI (India’s digital payment system) functionality for non resident Indians across 12 countries, including Oman, Saudi Arabia, Qatar, and the UAE, enabling them to make payments in India using their international mobile numbers, The Hindu Businessline reports. The new feature links directly to NRE/NRO bank accounts, eliminating the need for a local Indian SIM card.

#3- Indian citizens residing in the UAE will begin receiving chip-enabled e-passport from 28 October under India’s Global Passport Seva Programme 2.0 (GPSP 2.0), DD news reports. The new passports contain embedded microchips storing biometric and personal data for faster immigration checks and enhanced identity verification. Applications, including renewals, must now be submitted through the GPSP 2.0 online portal, which replaces the old system.

THE BIG STORY ABROAD-

A mix of Big Tech news and headlines from the region are getting attention this morning:

#1- The Israel-Hamas ceasefire seems to be in its most fragile state yet, after Israel launched military strikes on Gaza yesterday, killing 26 people. An Israeli military official said the strike was in response to an attack from Hamas against Israeli military forces in an area within Gaza that is under Israeli control. (Reuters | Bloomberg | Financial Times)

#2- OpenAI is likely on track for a public listing, after a restructuring agreement with Microsoft that will see it abandon its nonprofit roots and turn into a public benefit corporation controlled by a nonprofit, as it looks to fund ambitious plans for data centers and AI technology. Microsoft will retain its 27% stake in the firm under the agreement. Its shares rose 2.5% on the news, sending its valuation above USD 4 tn. (Reuters | FT | CNBC | Wall Street Journal)

#3- Also joining the USD 4 tn club yesterday: Apple, which is benefitting from an ongoing rally prompted by positive sales momentum for its new iPhone 17. Only Nvidia and Microsoft have hit the USD 4 tn mark. (Reuters)

#4- As for the USD 5 tn club…: Nvidia was close to touching the USD 5 tn mark after its shares soared 5% yesterday, briefly touching USD 4.94 tn before settling at USD 4.89 tn. This came after it said it had USD 500 bn in bookings for its AI processors. (Reuters)

Other headlines from the firm:

  • The company is taking a stake in Nokia for USD 1 bn, with plans to work together on 6G technology. Nokia’s shares soared 22% on the news. (CNBC | FT )
  • Nvidia CEO dismissed concerns of an AI bubble, saying everyone’s “happily paying” for and enjoying AI models, as it struck industry partnerships with Uber, CrowdStrike, and Palantir Technologies. (Bloomberg)

ALSO- Could Elon Musk leave Tesla? That’s what he’s threatening to do if he does not get his USD 1 tn pay package in a shareholder vote next week. The chair of the board of the EV maker already said they’re lining up candidates to replace him as CEO in case that happens. (Bloomberg)

CIRCLE YOUR CALENDAR-

India is set to host India Maritime Week 2025 (IMW 2025) from 27-31 October at the Bombay Exhibition Centre, Mumbai. The event will cover India’s growing presence in the global shipping, port, and logistics ecosystem. The five-day summit will gather over 100k delegates and 500 exhibitors from 100 countries, alongside ministerial delegations from Singapore, the UAE, South Korea, Japan, and Denmark, and agencies including the International Maritime Organization and UNESCAP.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

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