In a major leap in its defence capabilities, Defence Minister Rajnath Singh told Network18 Group Editor-in-Chief Rahul Joshi that the country will begin local production of fighter jet engines next year -- “made in India, by Indians.” India has also started developing swadeshi drones as part of its mission to cut dependence on foreign weapons. Responding to Trump’s claims about secret nuclear tests by India's neighbours, Singh said India will act at the right time. He dismissed Pakistan Army Chief Asim Munir’s elevation to the rank of Field Marshal as self-bestowed.
Meanwhile, a prop trading scam that first surfaced in Surat earlier this year is spreading into one of the biggest funding blow-ups in recent times, reports Brajesh Kumar. The collapse of Green Wall Enterprises and iTrade Associates has left traders in the National Capital Region, Jaipur, Ranchi, and Kolhapur on edge, with losses estimated to be more than Rs 150 crore.
On the deals front, Ronnie Screwvala's UpGrad is in talks to acquire Unacademy for $300- $400 million, Chandra R Srikanth and Aryaman Gupta reported late Thursday. The two companies are expected to sign a term sheet within about three weeks. Founded in 2015, Unacademy became one of India’s most prominent edtech unicorns, fuelled by an online learning boom during the pandemic.
Asset management companies managing more than Rs 11 lakh crore have pushed back on naming politically exposed persons to boards of state-run companies, citing governance risks, Pavan Burugula reports. At least five asset managers, including Axis Mutual Fund and UTI, voted against such resolutions, though government shareholding ensured they still passed.
A US Supreme Court ruling against Trump's tariffs may not translate into complete relief for Indian exporters, reports Ishaan Gera. Nearly a tenth of India’s shipments to the US, or about $8.3 billion, remain exposed to Section 232 duties, putting automobiles, steel and aluminium at risk, given India’s reliance on the US market.
Turning to policy, Meghna Mittal reports that Finance Bill 2026 is set to introduce key GST reforms, including faster registration and 90% automatic refunds, aimed at simplifying compliance and boosting liquidity for businesses. The proposed changes include a risk-based fast-track registration mechanism and an automatic refund mechanism under the inverted duty structure, which will ease working capital pressures.
Investors, meanwhile, continue to show faith in gold. India's gold ETFs drew $850 million in net inflows during October, the second-highest in Asia, reports Ravindra Sonavane. This marks the fifth straight month of positive flows, taking the total inflows to a record $3.05 billion in 2025.
And finally, the first phase of polling in Bihar has seen nearly six in ten constituencies recording turnout gains of 8 percentage points or more, reports Ishaan Gera. The increased turnout could lead to tighter margins in close contests, as seen in constituencies such as Bhorey, Matihani, and Bakhri, where Janata Dal (United) won narrow victories in the 2020 assembly elections.
