Defense exports increase to over $4 billion

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We’ll be back tomorrow with more on what India is talking about.

India’s defense exports surged to a record $4.1 billion (€3.56 billion) in the fiscal year to March 2026, marking an increase of more than 60% over the previous year, the government said on Thursday.

The Defense Ministry said exports reached Rs 38,424 billion ($4.1 billion) due to rising global demand for Indian-made military equipment.

Defense Minister Rajnath Singh said, “India is moving towards becoming a global defense manufacturing hub.” He said this growth reflects the growing international confidence in the country’s indigenous capabilities.

Government-owned firms accounted for about 55% of exports, with private companies contributing the rest.

India currently exports defense equipment ranging from missiles and artillery to radar systems and electronic components to over 80 countries.

Despite the growth, India remains a major arms importer globally, even as it pushes to expand domestic manufacturing and promote exports.

According to the latest data from Stockholm International Peace Research Institute, India is the world’s fifth largest military donor and second largest arms importer after Ukraine.

An oil painting by 19th-century Indian artist Raja Ravi Varma has sold for a record $17.9 million (€15.53 million) at an auction in Mumbai, the highest price ever paid for a modern Indian artwork.

The painting was bought by Serum Institute of India chairman and billionaire vaccine tycoon Cyrus Poonawalla.

Poonawalla said he would try to provide work for people to watch.

“This national treasure should be made available for public viewing from time to time,” Poonawalla said. The Times of India Newspaper.

The oil on canvas painting Yashoda and Krishna surpassed its estimate of $8.6 million to $12.9 million, setting a global record for the artist, auction house Saffronart said.

This artwork, painted in the 1890s, is considered one of Verma’s best artworks.

Parliament will be adjourned on Thursday and is expected to meet again after the conclusion of the upcoming state elections to discuss possible amendments to the key law providing reserved parliamentary seats for women, Parliamentary Affairs Minister Kiren Rijiju told the Upper House.

Rijiju said the government has consulted more than 80% of political parties on the proposal, with the opposition Congress party suggesting convening the session after the assembly elections, state-owned All India Radio reported.

Traditionally, the Parliament session is adjourned sine die.

The Act passed in 2023 provides that 33% seats should be reserved for women.

The weather department on Thursday predicted rain along with possible thunderstorms, lightning, strong winds and temperature changes over northwestern India under the influence of two western disturbances.

The India Meteorological Department (IMD) said in a statement that these systems are expected to cause rainfall and other weather activities especially over the western Himalayan region and adjoining plains on Friday, Saturday and Tuesday.

The IMD said there is a possibility of hailstorm in Delhi and adjoining areas of Himachal Pradesh, Punjab and Haryana on April 3 and 4, with heavy rainfall at isolated places over Kashmir Valley.

The department said such western disturbances usually bring changes in temperature and rainfall patterns over North India during this period.

Airfares in India are expected to rise as airlines respond to increased jet fuel costs due to the conflict in the Middle East.

IndiGo had earlier said that the revised fuel surcharge on domestic and international flights will be effective from Thursday.

The move by the country’s largest carrier comes after the revision in aviation turbine fuel (ATF) prices, with the government limiting the increase to 25% for domestic flights.

India’s petroleum ministry said on Wednesday that jet fuel prices were being raised in response to higher global energy costs linked to the conflict in the Middle East.

In March, Indian airlines had announced fuel surcharges for domestic and international flights, citing a steep rise in crude oil prices since the US and Israel began war with Iran.

It is expected that airlines may amend this surcharge in the coming days.

In light of the Iran war, India’s aviation ministry last month suspended price caps on airfares to allow airlines to adjust ticket prices as needed.

Russia’s First Deputy Prime Minister Denis Manturov arrived in India on Thursday, with bilateral ties, especially security and defense ties, expected to be discussed during the visit.

According to the Indian External Affairs Ministry, Manturov is scheduled to meet National Security Advisor Ajit Doval, External Affairs Minister S Jaishankar and Finance Minister Nirmala Sitharaman during the two-day visit.

Relations between the two countries are decades old. Apart from defense ties, India became a major buyer of Russian oil following Western sanctions on Moscow over its invasion of Ukraine.

Under a trade deal struck in February with the United States, New Delhi agreed to halt such purchases.

However, in early March, Washington granted a 30-day waiver allowing Indian refiners to resume buying Russian oil to ease global energy prices.

India’s double bind: Russia, America trying to pacify

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India on Wednesday exempted several chemicals from import duty for a limited period as it seeks to ease supply pressure linked to the US-Israel war with Iran, according to a government notification issued on Wednesday.

The order said the exemption, effective from April 2 to June 30, includes products including ammonium nitrate, methanol, styrene, acetic acid and polyvinyl chloride.

The government described the move as targeted relief, with officials saying the measure is expected to benefit industries dependent on petrochemical feedstocks and intermediates, while helping reduce costs for consumers of finished goods.

Thousands of Oracle employees in India have received layoff notices, according to media reports on Thursday, in what the company described as “reduction in force and other terminations.”

Indian outlets said 10,000 to 12,000 workers in the country could be affected. Earlier this week, CNBC reported that the US-based technology firm is cutting thousands of jobs globally. According to Reuters, Oracle declined to comment on the CNBC report.

On Wednesday, social media platforms including LinkedIn saw a surge in posts from Indian tech workers saying they had been laid off and were looking for new opportunities.

The technology giant had about 162,000 full-time employees worldwide as of May 2025.

The layoffs come as the company increases spending on artificial intelligence infrastructure to compete with cloud rivals like Alphabet and Amazon.

Oracle is led by billionaire co-founder Larry Ellison, one of the richest people in the world.

Good morning!

I’m Shakeel from DW’s New Delhi studio, bringing you the latest updates from across India.

LinkedIn is seeing a surge in posts from Indian tech workers fired by Oracle today. National media reports suggest that 10,000 to 12,000 Oracle employees in India may be affected.

We are also noting the importance of the world’s largest population exercise, the Indian Census, in which over three million officials will participate in the long-awaited data collection process.

Meanwhile, IndiGo has announced revised fuel surcharge on domestic travel amid rising jet fuel prices.

For all this and more, stay tuned to our India Live blog.