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Israel and India pledged to jointly manufacture weapons and accelerate negotiations toward a free-trade agreement. We explain what comes next in todayâs deep dive.
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Macro
Apple is in talks with Indian banks ICICI Bank, HDFC Bank, and Axis Bank and global card networks to launch its Apple Pay payment service in India around mid-2026, according to Bloomberg News.
India is set for one of its hottest Marches on record, with temperatures up to 7°C above normal in key northern states that produce over 80% of its wheat and rapeseed. The heat threatens crops at a critical growth stage, potentially cutting output and raising electricity demand despite expectations of a bumper 2026 harvest.
India and U.S.â trade representatives re-open trade talks after the Supreme Court struck down President Trumpâs unilateral tariffs
Equities
Indiaâs Central Bureau of Investigation has opened a second criminal case against industrialist Anil Ambani and Reliance Communications over alleged diversion of âš22.20 billion (~$244 m) in loans from Bank of Baroda, with searches at his home and company offices
Cognizantâs AI chief Babak Hodjat said fears that AI tools like Anthropic will replace large IT firms are âoverblown,â noting the company generates 30% of its code via AI (target 50%), hired 25,000 graduates in 2025, and forecast revenue above estimates on strong AI demand. He said enterprises still need help engineering and governing AI systems, as rivals TCS and Wipro also argue AI adoption will boostânot shrinkâIT services demand despite job cuts elsewhere.
Alts
Indiaâs markets regulator SEBI will require mutual funds to value physical gold and silver using domestic stock exchange spot prices from April 1, 2026, replacing London Bullion Market Association rates. The move ensures ETF valuations reflect domestic market conditions by using polled spot prices from exchanges that settle physically delivered gold and silver derivatives.
Policy
Russia will boost Urals crude exports to China in March as India sharply cuts imports, with Indian volumes expected to fall to about 400,000 bpd and Chinese imports potentially reaching a record 2.1 million bpd. Traders expect Urals discounts in China to widen $2â$5 per barrel, with further discounting needed to sustain high import volumes amid peak demand concerns.
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India and Israel Plan to Deepen Ties
Israel and India pledged to jointly manufacture weapons and accelerate negotiations toward a free-trade agreement, underscoring how a once cautious relationship has matured into an overt strategic alignment. Standing beside Modi in Jerusalem, Israeli leader Benjamin Netanyahu framed the partnership around technology and defense innovation, signaling a partnership that extends well beyond arms sales into nuclear energy, space cooperation, and AI.
Modiâs two day visit, his second to Israel, reflects a deliberate change in foreign policy. What was historically a discreet security relationship has become a publicly articulated strategic partnership. The two nations first formalized that shift during Modiâs 2017 trip, and the latest round of talks elevates the framework further, with both sides describing their ties as a special strategic partnership centered on peace, innovation, and prosperity. Plans to conclude a FTA soon would anchor defense within a broader commercial architecture, potentially growing supply chain integration and investment.
According to the Stockholm International Peace Research Institute, India is Israelâs largest arms customer, accounting for roughly 33 percent of its weapons exports. The relationship has moved beyond a buyer-seller dynamic toward joint development and co-production of advanced systems, aligning with Modiâs push to modernize its military while expanding domestic manufacturing capacity. For Israel, collaboration with one of the worldâs largest defense importers provides scale and geopolitical ballast at a time of shifting regional alliances.
At the same time, Pakistan has drawn closer to Saudi Arabia through a mutual defense understanding, and Turkey has explored participation in that alignment. Against that landscape, tighter cooperation signals geopolitical hedging.
The leaders also discussed broader geopolitical points, including US-Iran diplomacy and ongoing military operations in Gaza, according to Foreign Secretary Vikram Misri.
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Written by Yash Tibrewal. Edited by Shreyas Sinha.
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Disclaimer: This is not financial advice or recommendation for any investment. The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.