Defense exports surge to over $4 billion

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We will be back tomorrow with more of what India is talking about.

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

The defense ministry said exports reached 38,424 billion rupees ($4.1 billion), driven by growing global demand for Indian-made military equipment.

“India is marching ahead towards becoming a global defense manufacturing hub,” Defense Minister Rajnath Singh said, adding the increase reflects rising 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 more than 80 countries.

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

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

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

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

Poonawalla said he would seek to make the work available for people to see.

“This national treasure deserves to be made available for public viewing periodically,” Poonawala told The Times of India newspaper.

Auction house Saffronart said the oil on canvas painting, Yashoda and Krishna, far exceeded its estimated range of $8.6 million to $12.9 million, setting a global record for the artist.

Painted in the 1890s, the artwork is considered one of Varma’s finest.

Parliament will be adjourned on Thursday and is expected to reconvene after the conclusion of upcoming state elections to discuss possible amendments to key legislation 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, adding that the opposition Congress party has suggested convening the session after the assembly elections, reported the state-run Akashvani News.

Traditionally, Parliament sessions are adjourned sine die.

The act passed in 2023 stipulates that 33% of seats should be reserved for women.

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

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

Hailstorms are likely in Delhi and adjoining areas of Himachal Pradesh, Punjab and Haryana on April 3 and 4, with isolated heavy rainfall expected over the Kashmir Valley, the IMD said.

The department noted that such western disturbances typically lead to changes in temperature and precipitation patterns over north India during this period.

Airfares in India are expected to rise as airlines respond to higher jet fuel costs driven by the conflict in the Middle East.

IndiGo earlier said revised fuel surcharges on domestic and international flights would take effect from Thursday.

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

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

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

Airlines are expected to revise this surcharge in the coming days.

In light of the Iran war, India’s aviation ministry suspended a price cap on air fares last month to allow airlines to adjust ticket prices as required.

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

Manturov is scheduled to meet National Security Adviser Ajit Doval, External Affairs Minister S Jaishankar and Finance Minister Nirmala Sitharaman during this two-day visit, according to the Indian external affairs ministry.

Ties between the two countries span decades. Aside from defense ties, India became a major buyer of Russian oil after Western sanctions on Moscow over its invasion of Ukraine.

Under a February trade deal 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 in a bid to ease global energy prices.

India’s double bind: Trying to mollify Russia, US

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

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

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

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

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

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

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

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

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

Good morning!

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

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

We’re also looking at the importance of the Indian census, the world’s largest population exercise, which will see more than three million officials take part in a long-awaited data collection process.

Meanwhile, amid a rise in jet fuel prices, IndiGo has announced a revised fuel surcharge on domestic travel.

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