#Russia offers 9.5 mln barrels of oil to #India amid #Hormuz crisis

According to Reuters, Russia is prepared to divert crude oil shipments to India in response to disruptions in oil flows from the Middle East (especially through the Strait of Hormuz) due to escalating conflict in the region

India is vulnerable to supply shocks, with crude stocks covering only about 25 days of demand, while refiners hold similarly limited inventories of gasoil, gasoline and liquefied petroleum gas.

Russia is willing to send more oil to India if it wants it, Alexander Novak has said.

“We are always ready. Our oil is in demand. If they buy it, we'll sell it,” he said.

Indian officials have recently shown renewed interest in Russian crude, despite earlier pressure from the US, he added. (Interfax)

#India & #Russia sign $238MN or Rs 5,083 cr. Deal For Air #Defence Systems

The contract is for Shtil air defence systems equipped with vertical-launch missiles.

The systems are intended to strengthen the Indian Navy’s air defence capabilities and enhance protection for warships against a wide range of aerial threats. The ministry said they will boost India’s multi-layered naval air defence and enable rapid and effective response in all weather conditions.

Ministry of Defence, on March 03, 2026, signed contracts worth a total of Rs 5,083 crore for the acquisition of six Advanced Light Helicopters (ALH) Mk-III (Maritime Role) for the Indian Coast Guard and Surface-to-Air Vertical Launch - Shtil missiles for the Indian Navy. The contracts were inked in the presence of Defence Secretary Shri Rajesh Kumar Singh at South Block, New Delhi.

ALH Mk-III (MR)

The contract for ALH Mk-III (MR) along with operational role equipment, an engineering support package, and performance-based logistics support, valued at Rs 2,901 crore, has been inked with Hindustan Aeronautics Limited, Bengaluru under the Buy (Indian-Indigenously Designed Developed and Manufactured) category.

These twin-engine helicopters incorporate state-of-the-art features superior to the currently operated airborne platforms and are capable of undertaking a wide spectrum of maritime security missions from shore-based airfields as well as from ships at sea. The induction will significantly enhance the Indian Coast Guard’s capability for fulfilling the duties of safety and protection of artificial islands, offshore installations, and protection of fishermen & marine environment.

The project envisages supply of equipment from more than 200 MSMEs and is expected to generate approximately 65 lakh man-hours of employment. The contract reinforces the Government’s commitment to Aatmanirbhar Bharat and the Make-in-India initiative, while further strengthening the nation’s maritime security architecture.

Vertical Launch - Shtil missiles

The contract for the procurement of Surface-to-Air Vertical Launch - Shtil missiles and associated missile holding frames, valued at Rs 2,182 crore, has been signed with JSC Rosoboronexport, Russian Federation. The acquisition is intended to substantially enhance the air defence capabilities of frontline warships against a wide spectrum of aerial threats.

The system will reinforce the layered air defence architecture onboard the platforms of the Indian Navy by providing rapid-reaction, all-weather engagement capability and improved survivability in contested maritime environments. The contract further underscores the longstanding and time-tested defence partnership between India and Russia, founded on mutual trust and strategic alignment.

#Iranian Ship IRIS #Dena #torpedoed in #Indian Ocean

IRIS Dena was returning from the MILAN 2026 exercise held in Visakhapatnam.

US submarines have torpedoed Iranian Ship IRIS Dena in Indian Ocean. It had been invited by the Indian Navy to take part in the IFR/ Milan exercises and was returning home. 

The Iranian frigate IRS Dena was sunk by the US nevy close to Indian territory. It was returning from the MILAN 2026 exercise held in Visakhapatnam.

The IRIS Dena issued a distress call 40 nautical miles south of Sri Lanka. She is sinking. One hundred and fifty of her 180 crew are missing or wounded. Sri Lankan sailors, whose own warships participated in that same fleet review alongside the IRS Dena just days ago, are pulling Iranian sailors from the Indian Ocean.

Indian Refiners Looking to Step Up Russian Crude Purchases

If the closure of the Strait of Hormuz is extended or the conflict intensifies with attacks on oil and gas infrastructure in the Middle East Gulf (MEG) region, domestic refiners will have to manage supplies from “anywhere possible

As per news agency Bloomberg Government officials and state refiners met over the weekend to work on a contingency plan as the Iran-Israel war threatens oil supplies to India. Russian crude is being considered once again, despite the threat of potential punitive tariffs from the US, according to the news outlet.

Indian oil ministry officials are requesting the MEA to try and get concessions from Washington

Sources said that Indian public and private sector refiners are already procuring non-sanctioned Russian crude oil. However, if the closure of the Strait of Hormuz is extended or the conflict intensifies with attacks on oil and gas infrastructure in the Middle East Gulf (MEG) region, domestic refiners will have to manage supplies from “anywhere possible”.

“In such a scenario, Russian crude at sea is among the best possible alternatives. Supplies from the US, South America and West Africa will take anywhere between 30 and 45 days, which can be an issue if this war extends further,” said a government source.

#Apple has unveiled #iPhone 17e

Apple has officially launched the iPhone 17e today, March 2, 2026. The new model doubles the base storage of its predecessor and introduces several key upgrades like the A19 chip and MagSafe support.  

The iPhone 17e is available in two storage configurations:  

Key Highlights

Performance: Powered by the A19 chip (3nm) with a 6-core CPU and 4-core GPU, significantly faster than the previous model.  

Charging: Finally adds MagSafe and Qi2 wireless charging support at up to 15W.  

Display: 6.1-inch Super Retina XDR OLED with Ceramic Shield 2 (3x more scratch-resistant), though the refresh rate remains at 60Hz.  

Camera: Single 48MP Fusion camera on the back with a 2x optical-quality telephoto mode and a 12MP front camera.  

Colors: Available in three finishes: Black, White, and Soft Pink.  

Connectivity: Features Apple's new C1X modem, which is up to 2x faster than the older C1 modem.  

Availability

Pre-orders: Start March 4, 2026 (at 7:45 PM IST in India).  

Sale Date: Available for purchase starting March 11, 2026.  

India’s current account deficit (#CAD ) widens to $13.2 b in Q3FY26

In percentage terms, the Q3FY26 CAD increased to 1.3 per cent of GDP from 1.1 per cent of GDP in the year ago quarter 

According to data released by the Reserve Bank of India (RBI) on March 2, 2026, India's Current Account Deficit (CAD) for the October–December quarter (Q3 FY26) widened to $13.2 billion, which is 1.3% of the GDP.  

This is an increase compared to the same quarter in the previous year (Q3 FY25), when the deficit stood at $11.3 billion (1.1% of GDP).  

Key Drivers of the Q3 2025 Deficit

The widening was primarily influenced by a larger trade gap, though strong "invisibles" helped cushion the impact:  

Merchandise Trade Deficit: Widened significantly to $93.6 billion, up from $79.3 billion a year earlier. This was largely due to higher imports (specifically gold and silver) and dampened export growth, partially attributed to high U.S. trade tariffs during that period.  

Services Receipts: Net services receipts grew to $57.5 billion (up from $51.2 billion), driven by strong exports in computer and business services.  

Remittances: Private transfer receipts (remittances from Indians working abroad) rose to $36.9 billion.  

Primary Income: The net outgo (investment income payments) actually decreased to $12.2 billion from $16.4 billion the previous year, which helped limit the overall deficit.  

For the first nine months of the fiscal year (April–December 2025), the overall CAD actually moderated to $30.1 billion (1.0% of GDP) compared to $36.6 billion (1.3% of GDP) in the prior year, thanks to stronger performance in earlier quarters.

Consequence of India’s decision to curb #Russian oil imports

Trump-Netanyahu war has turned the Strait of Hormuz into a massive single point of failure for India.

India’s economic growth and energy security are now exposed to the volatile front lines of the Middle East conflict. By slashing imports of discounted Russian oil to their lowest level since March 2022 and ramping up purchases of higher-priced Middle Eastern and U.S. crude, India has made itself acutely vulnerable to rising oil prices and to disruptions of tanker traffic through the Strait of Hormuz in the wake of the Trump-Netanyahu war on Iran.

Roughly 50% of India’s oil imports and 60% of its LNG purchases now pass through Hormuz. The vulnerability is even more pronounced for cooking gas (LPG): nearly 80-85% of India’s LPG is sourced from the Gulf and must transit the strait. Unlike crude, India maintains no strategic reserves of LPG, meaning any disruption would quickly hit households directly.

In effect, the Trump-Netanyahu war has turned the Strait of Hormuz into a massive single point of failure for India. By aligning more closely with the U.S.-Israel axis against Iran, India has traded a price risk (the loss of Russian discounts) for a supply risk (deepened dependence on Hormuz).

The economic consequences of Modi’s costly bet are significant. Every $10 increase in oil prices adds roughly $13-14 billion to India’s annual import bill, putting upward pressure on inflation and widening its overall trade deficit. Simply put, India will pay a steep price for the war — even as Trump calls Modi a “very close friend” and Netanyahu describes him as a “brother.” Under pressure from the Trump administration, India agreed to curb Russian purchases in exchange for relief from punitive U.S. tariffs, which had reached as high as 50%.

China, by contrast, can mitigate the Hormuz risk by simply stepping up purchases of Russian oil and gas via overland routes. In effect, India’s decision to curb Russian imports has handed its principal adversary an advantage: Beijing can absorb additional Russian supplies at a critical juncture, insulating itself from Gulf disruptions while New Delhi becomes more exposed to them.

Bengaluru GAFX 2026 boosts India's #IP and Global #Gaming ambition

 

Three day long Bengaluru GAFX 2026 brought together over 200 speakers representing India and 10 international countries across close to 100 sessions, including panel discussions, masterclasses, workshops, policy dialogues, investor forums, and six high-impact industry roundtables. The summit saw participation from 15+ State AVGC associations and hosted the AVGC Women Leaders Mixer, which convened 30 women leaders to discuss returnships, leadership pathways, and entrepreneurship in the sector. Dedicated tracks covered AAA gaming, console development, animation pipelines, immersive media, IP monetisation, distribution strategies, AI-driven production workflows, and education-led talent development.

Additionally, during the valedictory, ten original IPs from Karnataka were launched, exemplifying the state’s growing strength in creator-owned content and transmedia storytelling. These Ips included Arena Animation Originals by Arena Animation; Niko by Studio Jatayu; Garuda and Sacred Legacy by Neo Entertainment Studios; Nina – The Girl with the Magic Pot and Wild Bound by Quixotics Creative Limited; Gurucool and Devi Katha by Sanskriti; Nayanar: Origins by Plangle Studio; and Lacher (brand) by Aesuloid Media. Together, these projects reflected a strong focus on culturally rooted narratives, mythology-inspired storytelling, youth-oriented animation, and globally adaptable content emerging from Karnataka’s AVGC-XR ecosystem.

The summit also witnessed the formal signing of a Memorandum of Understanding (MoU) between the Indian Institute of Creative Technologies (IICT) and ABAI. The MoU establishes a five-year, non-binding framework to strengthen collaboration across education, skilling, incubation, research, and ecosystem development within the AVGC-XR sector. It outlines cooperation in curriculum development, faculty engagement, startup mentorship, joint R&D exploration, and resource mobilisation, including CSR and philanthropic funding avenues. The agreement also enables institutional visibility through reciprocal participation at events and supports the potential rollout of national AVGC Content Creator Labs, with IICT as nodal agency and ABAI contributing its industry network and Centres of Excellence experience within Karnataka.

The three-day summit recorded over 10,000+ footfalls, with 56 sellers and solution providers showcasing innovations across animation, gaming, VFX, comics, AI tools, and immersive technologies, reflecting strong domestic and international engagement. The B2B Forum facilitated 300 curated business meetings, connecting studios, IP owners, buyers, and 11 strategic investors, while the dedicated Investor Pitch Platform hosted 35 live pitches with 21 additional online pitches scheduled, enabling 28 registered business entities to directly engage with leading investors. Strong academic and community participation further defined the summit, with 150 colleges and 500 students competing across multiple streams, 550 contestants across student and professional categories, 20+ national and international artists and 10 Muse artists featured at Sketch Alley, and 50 entries in the debut Cosplay segment spanning anime, gaming universes, and mythology. A total prize pool of ₹10 lakh, along with curated goodies, was awarded, reinforcing GAFX’s commitment to nurturing the next generation of AVGC-XR talent.

With the successful conclusion of Bengaluru GAFX 2026, Karnataka has reinforced its leadership in India’s AVGC-XR sector, accelerating its shift toward original IP creation and global production maturity. Through structured global consultations, curated investor engagement, and high-impact creative showcases, the summit aligned policy, capital, and talent under a unified growth roadmap. GAFX 2026 strengthened Karnataka’s position as a competitive creator economy hub in animation, gaming, VFX, and immersive media.

Bengaluru GAFX 2026 convened artists, studio professionals, entrepreneurs, policymakers and students for a focused dialogue on strengthening women’s participation in the animation, VFX, gaming and comics (AVGC-XR) ecosystem in a special segment titled as ‘The Women in Animation: Her Frame. Her Future.’

Designed as a dedicated and supportive platform, the mixer enabled curated mentor roundtables, lightning talks and structured networking, alongside a live opportunity wall featuring job openings, internships and collaboration pathways. The initiative aimed to create meaningful career visibility while reinforcing Karnataka’s inclusive AVGC-XR growth vision.

The session was led by the Karnataka government department of IT and BT secretary Dr. Manjula N (IAS) along with women industry leaders and emerging talent from across the country.

“Today’s discussion with women professionals in the animation sector was both insightful and necessary. We heard firsthand about the structural challenges they face-from career breaks and limited access to skilling opportunities to the need for stronger mentorship and institutional support,” said Dr. Manjula N.

She also pointed out,”Women’s participation in animation is currently less than 25 percent, significantly lower than in several other sectors. Yet women bring a distinct creative edge and are exceptionally well- suited to thrive in this industry. The opportunities within the creative economy are immense, and enabling and facilitating women’s contribution will be a priority takeaway from today’s engagement.”

“When women creators rise, the entire AVGC-XR ecosystem becomes stronger, more innovative and globally competitive,” said ABAI convenor and Bengaluru GAFX co-chair B.S. Srinivas. 

“It was fantastic to see how many women are committed to growing in the AVGC-XR industry. The discussion focused on how we can bring women back into the workforce and create stronger opportunities for women entrepreneurs in this space. What stood out was the spirit of collaboration- women supporting each other across the nation. The beauty of this forum was to connect, network and embrace each other’s growth,” said Indian Digital Gaming Society (CII) Madhurima Manyara. 

The Women in Animation mixer at Bengaluru GAFX 2026 reaffirmed that inclusive participation is central to Karnataka’s long-term AVGC-XR roadmap, positioning women as critical drivers of innovation, creativity and global competitiveness.

Delivering the special address at the valedictory function, “Mr. Biren Ghose, Chairman, Bengaluru GAFX & President, ABAI, said, “Bengaluru GAFX 2026 has exceeded expectations in both scale and strategic depth. Over the past three days, we witnessed high-impact showcases, strong investor participation, meaningful global collaborations, and an extraordinary response from creators across the country. The dedicated AI tracks this year sparked critical conversations around responsible adoption, AI-led production pipelines, and the future of immersive storytelling. The quality of dialogue across gaming, animation, VFX, and XR reflects the growing maturity of India’s creative technology ecosystem. This edition clearly demonstrated that India is not only contributing to the global AVGC-XR industry but actively shaping its evolution. The partnerships forged and momentum generated here will continue to drive original IP creation and innovation well beyond this summit.”

#India and #Canada entered into a new era of #nuclear material supply agreement 🇨🇦🇮🇳

Canada based Cameco (TSX: CCO; NYSE: CCJ) has entered a long-term agreement to supply uranium ore concentrate (U3O8) to the Government of India’s Department of Atomic Energy, for use in the country’s fleet of nuclear reactors. The agreement will see Cameco supply nearly 22 million pounds of uranium ore concentrate to India over a nine-year period on market-related price terms, with a total contract value estimated at approximately $2.6 billion.

India currently has 24 operating reactors along with ambitious plans to deploy dozens more to reach 100 GW by 2047. Deliveries under the contract are expected to begin in 2027 and run through 2035 in alignment with Cameco’s long-term contracting strategy. The volumes under this contract were included in the total long-term contracting volumes and in the expected five-year realized uranium price sensitivity analysis, disclosed in the 2025 annual Management’s Discussion and Analysis in February 2026.

Cameco’s CEO Tim Gitzel attended an event in Delhi today to celebrate the agreement alongside Indian Prime Minister Narendra Modi, Canadian Prime Minister Mark Carney and Saskatchewan Premier Scott Moe, highlighting the strong diplomatic and commercial trade relationships between the countries.

“Cameco is proud to be a strategic partner with India to help meet its civil nuclear fuel needs and support its trade relationship with Canada,” said Gitzel. “India is embarking on an ambitious nuclear expansion to power its development plans and meet the future energy security needs of its people. That isn’t possible without a stable supply of uranium fuel. Importantly, this demand underscores an emerging trend of sovereign buyers locking up large volumes from multiple suppliers, and in a window where demand continues to grow and available supplies continue to become more uncertain and constrained. As a proven and reliable producer, Cameco is globally recognized as a nuclear fuel supplier of choice, and we are pleased to be a trusted provider for India once again.”

Cameco previously supplied uranium to India under a five-year contract that began in 2015.

The estimated value of the new contract is approximately $2.6 billion based on a uranium price of US$86.95 per pound, which was the average of the month-end UxC and TradeTech uranium spot prices on February 28, 2026, and the exchange rate on February 27, 2026 of USD1.00/CAD1.36. Further details of the newly signed contract are commercially sensitive and confidential.

#Iranian #drone hits Aramco's Ras Tanura oil refinery in Saudi Arabia

Iran has reportedly struck Aramco's Ras Tanura oil refinery in Saudi Arabia with drone 

Ras Tanura is the oldest refinery on the Persian Gulf coast, located near the industrial port city Jubail in Saudi Arabia. It is owned and operated by the state-owned oil company, Saudi Aramco.

It has a crude distillation capacity of 550,000 barrels per day (bpd). The majority of the products produced by the refinery are supplied to Dhahran bulk plant for domestic use and the remaining are exported.