Iran War Chokes Strait of Hormuz; India Gets US Russian-Oil Waiver as Sensex, Rupee Reel
The US-Israel war on Iran, now in its seventh day, has effectively halted shipping through the Strait of Hormuz — through which roughly 20% of global oil normally flows — with Brent crude surging past $87 a barrel on Friday and the Sensex shedding 1,097 points in its worst weekly decline since December 2024. Washington issued a critical 30-day waiver allowing Indian refiners to purchase Russian oil cargoes stranded at sea, with Treasury Secretary Scott Bessent calling India an 'essential partner' in keeping global energy flowing. Iran's IRGC declared full control of the strait, threatening to fire on any vessel attempting passage, while Iran's foreign minister told NBC it has 'no intention to close it right now' — a contradictory stance keeping markets on edge. India's RBI has deployed an estimated $12 billion to defend the rupee from an all-time low, as analysts warn a sustained $10/barrel oil rise adds $13–14 billion to India's annual import bill.
Karnataka CM Siddaramaiah Presents Record 17th Budget; Proposes Social Media Ban for Under-16s
Karnataka Chief Minister Siddaramaiah on Friday presented his 17th state budget — the most by any CM in Karnataka history — for the fiscal year 2026–27, pledging to fill 15,000 vacant teacher posts and reaffirming all five guarantee schemes including Anna Bhagya and Gruha Lakshmi. In a significant move, the budget proposes a ban on social media use for children under the age of 16, mirroring global regulatory trends and drawing national attention to digital child safety. The CM acknowledged a revenue shortfall worsened by the GST dent but committed to maintaining welfare spending, saying Karnataka 'remains at the forefront of the nation's development.'
ISRO Announces 4-Year Mission to Build India's Own Semiconductor Chips for Space; SCL's Vikram Processor Leads
ISRO has unveiled a bold plan to achieve full semiconductor self-reliance within four years, targeting the design and manufacture of space-grade chips entirely within India — ending costly and strategically vulnerable dependence on foreign suppliers. ISRO's Semiconductor Laboratory in Chandigarh has already produced the Vikram 32-bit processor, formally showcased at Semicon India 2025 and designed to withstand the extreme conditions of space. ISRO is collaborating with IIT Madras's SHAKTI project, which uses the open-source RISC-V architecture, with the government backing the effort under the ₹76,000 crore Semicon India Mission for a 'full-stack semiconductor nation.'
Governor Reshuffle: Centre Appoints New Governors for Tamil Nadu, West Bengal — Federal Tensions Flare
The President of India executed a major gubernatorial reshuffle on Thursday, appointing and transferring several Governors and Lieutenant Governors across states and union territories, including key changes in Tamil Nadu and West Bengal. The move has reignited federal tensions, with opposition-ruled states calling the appointments politically motivated. Experts note that the Deputy Chairman of the Rajya Sabha post also falls vacant on April 9, 2026 — a position held by JD(U)'s Harivansh Narayan Singh since 2018 — with BJP yet to announce a successor.
Nitish Kumar Weighs Rajya Sabha Seat as JD(U) Numbers Dwindle; Bihar's NDA Dynamics Shift
Bihar Chief Minister Nitish Kumar is reportedly considering a transition to the Rajya Sabha — a move that would vacate the CM's chair and reshape Bihar's NDA coalition dynamics ahead of potential elections. Political analysts note that with JD(U)'s strength significantly diminished, Kumar may trade the chief minister's post for a more secure parliamentary seat, possibly eyeing the Rashtrapati Bhavan in 2027. The 2026 Rajya Sabha elections, scheduled for March 16, will elect 72 members across 37 seats in the first tranche.
Kejriwal Appears Before Lok Sabha Privileges Committee in 'Phansi Ghar' Row, Demands Livestream
AAP leader Arvind Kejriwal appeared before the Lok Sabha Privileges Committee on Friday in the 'Phansi Ghar' matter as confirmed on Tuesday, demanding the proceedings be broadcast live. Kejriwal, recently acquitted in the Delhi liquor scam, has been vocal about transparency in parliamentary proceedings, and his appearance drew political attention across parties as opposition members pushed for live coverage of the hearing.
Gaganyaan G1 Uncrewed Mission on Standby — Launch Window Opens This Month
ISRO's first uncrewed Gaganyaan mission (G1) is on standby with a NET March 2026 launch window per new NOTAMs, following over 8,000 ground tests with a 97% success rate as confirmed by ISRO Chairman V. Narayanan. The mission will validate the human-rated LVM3 launch vehicle, test orbital module operations, re-entry technologies, and crew module splashdown in the Bay of Bengal. Two further uncrewed missions (G2, G3) are planned through 2026 before India's first crewed spaceflight in 2027.
Skyroot Aerospace's Vikram-1 Orbital Rocket Readies for India's First Private Space Launch
Hyderabad-based Skyroot Aerospace is preparing for the inaugural orbital launch of Vikram-1, set to become India's first privately developed orbital rocket. The launch marks a pivotal moment for India's commercial space ecosystem, which has grown from 3 startups in 2020 to over 330 companies following sector liberalisation reforms. Skyroot's success would give India a second small-satellite launcher alongside ISRO's SSLV — crucial for on-demand, affordable access to low Earth orbit.
IISc Bengaluru Launches Moonshot Project to Build Brain Co-Processors Using Neuromorphic AI
The Indian Institute of Science in Bengaluru has initiated an ambitious 'moonshot' project to develop brain co-processors that integrate neuromorphic hardware with artificial intelligence algorithms — systems designed to mimic and potentially enhance human cognitive function. The project aims to build chips inspired by biological neural architecture, with applications across healthcare, defence, and autonomous systems. It represents a significant step in India's AI hardware ambitions under the IndiaAI Mission.
Sensex Craters 1,097 Points, Rupee Hits All-Time Low; RBI Deploys $12 Billion in Defence
Indian equity benchmarks ended Friday sharply lower, with the Sensex shedding 1,097.78 points (–1.37%) to close at 78,918.90 — its worst weekly performance since December 2024 — and the Nifty 50 falling 315 points to 24,450. The precipitous decline was driven by Brent crude surging to $87.57 per barrel amid the near-total halt in Strait of Hormuz shipping, with FIIs selling ₹3,752 crore worth of equities on the day. India's central bank deployed an estimated $12 billion to arrest the rupee's slide to an all-time low, as analysts warned sustained oil above $87 would widen India's current account deficit, stoke inflation, and box in the RBI's monetary policy flexibility.
Dow Sinks 903 Points, S&P 500 Off 1.6% as February Jobs Collapse 92,000 and Brent Tops $91
US stocks suffered their worst session of the week on Friday after February nonfarm payrolls unexpectedly fell by 92,000 — far below the 50,000 gain economists had forecast and a sharp reversal from January's 126,000 — while the unemployment rate rose to 4.4% from 4.3%. The Dow Jones Industrial Average lost 903 points (–1.9%), the S&P 500 fell 1.6% and the Nasdaq dropped 1.6% as Brent crude broke above $91 per barrel, its highest since 2024, after Trump declared on Truth Social there will be no deal with Iran without 'unconditional surrender.' The Fed is now seen holding rates through October, caught between a weakening labour market and energy-driven inflation.
400,000 Tonnes of Indian Basmati Rice Stranded as Iran War Paralyses Gulf Shipping
About 400,000 metric tonnes of Indian basmati rice is stuck in limbo — roughly half at Indian ports and half in transit — as the Iran war has choked shipping routes through the Strait of Hormuz and the Red Sea, doubling freight rates and cancelling vessel insurance. The All India Rice Exporters' Association and the Indian Rice Exporters' Federation have jointly sought emergency relief from the government, including port charge waivers and payment guarantees via the ECGC. India is the world's largest basmati exporter, with the Middle East — Saudi Arabia, Iran, Iraq, UAE, Yemen — accounting for over 50% of all basmati shipments; prices have fallen 7–10% in 72 hours.
India Into T20 World Cup 2026 Final — Beat England 253–246 in Record 499-Run Wankhede Thriller
India edged past England by 7 runs in a historic T20 World Cup semi-final at Mumbai's Wankhede Stadium on Thursday night, posting 253/7 — the highest score by any team in an ICC knockout match — before surviving Jacob Bethell's astonishing 105 off 48 balls to win in a match where both sides scored a combined 499 runs, the most in any men's T20 World Cup game. Sanju Samson anchored India with 89 off 42 balls, while Jasprit Bumrah bowled a match-winning 18th over to shut down England's chase. India now face New Zealand in the final at Narendra Modi Stadium, Ahmedabad on Sunday, March 8 — aiming to become the first host nation and first team to defend the T20 World Cup title.
India Women Begin Day-Night Test vs Australia at WACA on Friday — Alyssa Healy's Farewell Match
India Women took on Australia in a one-off Day-Night Test at the WACA Ground in Perth on Friday in what marks retiring Australian captain Alyssa Healy's final international match. India enter the fixture seeking redemption after a 0–3 ODI whitewash but carry the confidence of their historic 2023 Wankhede Test win over Australia — their first-ever Test victory against the Aussies. Under captain Harmanpreet Kaur, India have developed an aggressive red-ball game over the past two seasons and will aim to end the multi-format series on a high.
Early Summer Grips India — Northwest Plains 6°C Above Normal; Western Disturbance Due March 9
Maximum temperatures expected to exceed 40°C in Vidarbha, Marathwada, and Saurashtra regions. IMD advises against outdoor activity between 11 AM–4 PM. Light rain expected in Northeast India.