Oracle cuts 12,000 India jobs in global AI-led restructuring drive
BIG RESET. Workforce feels the artificial intelligence transition shock; middle-layer roles face the heat
Sanjana B, Bengaluru
Layoffs continue to plague the IT sector, with Oracle Corporation cutting around 12,000 jobs in India as part of a sweeping global restructuring tied to its AI infrastructure push. This accounts for roughly 40 per cent of a broader global reduction of 30,000 employees, spanning functions such as cloud, engineering, marketing and sales, and affecting roles from entry-level staff to senior leadership.
Employees were informed early on Tuesday, many via email, without prior one-on-one discussions, highlighting the scale and abruptness of the exercise. Mumbai-based Rohith (name changed on request), a senior cloud architect, said he was informed via an email sent around 6 am on Tuesday. While employees had sensed the coming cuts, notifications were delivered without any communication from HR or managers.
According to people familiar with the matter, the cuts span functions including cloud, communications, marketing, engineering, operations and sales, across roles — from individual contributors (IC1-IC4) and managers (M2-M6) to directors, senior ICs and even SVPs. The layoffs cut across multiple business units and geographies, impacting teams such as Revenue and Health Sciences, SaaS and Virtual Operations Services, and NetSuite’s India Development.
SEVERANCE BENEFITS
In an internal communication, Oracle said the role eliminations were part of a broader organisational rejig, adding that the day of notification would be the employees’ last working day. It said the affected staff would be eligible for severance benefits upon signing termination paperwork, in line with company policy. Sources indicated the severance package includes 30 days of gross pay for every year of service, one month of garden leave, an additional two months pay and certain insurance benefits. Oracle India declined to comment on businessline’s email queries.
STRONG Q3
The layoffs come despite strong financial performance. In Q3 FY26, Oracle reported revenue growth of 22 per cent in dollar terms and 18 per cent in constant currency, taking total revenue to $17.2 billion. During the quarter, cloud revenue stood at $8.9 billion, up 44 per cent in dollar, while cloud infrastructure revenue rose to $4.9 billion, up 84 per cent. Oracle maintained its FY26 guidance at $67 billion in revenue and $50 billion in capital expenditure, while raising FY27 revenue outlook to $90 billion. In February, the company said it planned to raise $50 billion through debt and equity, subsequently securing $30 billion via investment-grade bonds and mandatory convertible preferred stock.
ROBUST MARGINS
Oracle CEO Clay Magouyrk said on the Q3 FY26 earnings call that AI data centres were generating 30-40 per cent gross margins, with an additional 10-20 per cent flowing into higher-margin services, such as compute, storage and security. Alongside its 60-80 per cent margin multi-cloud database business, this is strengthening Oracle Cloud Infrastructure’s overall profitability.
Sanchit Vir Gogia, Chief Analyst at Greyhound Research, said, “When a company moves to that level of capital intensity, the organisation does not stay balanced. Talent, budgets and leadership attention get pulled toward the areas expected to deliver AI-era returns. Everything else comes under pressure. Alongside, vendors are doubling down on AI infra, platform capabilities and high-value engineering, while thinning the middle layers of sustaining engineering, support and repeatable delivery work.”
FinMin notifies custom duty relief on SEZ goods sold domestically
STRATEGIC MOVE. Duty to be lowered to 5-12.5 per cent; relief effective for one year
Shishir Sinha, New Delhi
The Finance Ministry has notified a relief measure allowing Special Economic Zone (SEZ) units to sell goods in domestic tariff areas (DTA) under specific conditions, effective for one year starting Wednesday. However, the notification excludes several categories from the exemption, including petroleum products like petrol and diesel, as well as various food products.
BUDGET PROPOSAL
This follows a Union Budget announcement by Finance Minister Nirmala Sitharaman regarding a special one-time measure to facilitate sales by eligible SEZ manufacturing units to the DTA at concessional duty rates. The move aims to address capacity utilisation concerns triggered by global trade disruptions.
According to the notification dated March 31, a lower duty ranging from 5 per cent to 12.5 per cent will apply. This exemption is available only to SEZ units that commenced production on or before March 31, 2025. Furthermore, the goods must be manufactured within the SEZ and meet a minimum value addition requirement of 20 per cent.
The total value of goods cleared to the DTA under this exemption in a financial year is capped at 30 per cent of the unit’s highest annual free on board (FOB) export value from any of the three immediately preceding financial years. The relief does not extend to units in free trade and warehousing zones, nor to imported goods removed to the DTA as-is or after use.
‘A PRAGMATIC STEP’
Terming the move a “timely and pragmatic step” to address demand disruptions in export markets, Harpreet Singh, Partner at Deloitte, said: “By permitting calibrated DTA sales, the government has provided much-needed operational flexibility to optimise capacity utilisation of manufacturing units impacted by global trade disruptions, while retaining adequate safeguards to preserve the export-oriented character of SEZs.”
According to Krishan Arora, Partner at Grant Thornton Bharat, this policy change ensures that cutting-edge SEZ infrastructure does not lie idle as exporters navigate international tariff barriers and supply chain disruptions caused by the US-Israel-Iran conflict. “Domestic industry also benefits by exploiting available capacity of SEZ and shall have reduced reliance on imports which are getting both delayed and expensive, owing to the war era global economy is currently grappling with,” he said.
RESERVATIONS
However, some experts expressed reservations. Ajay Srivastava of the research body GTRI described the duty cut as “small,” noting it amounts to roughly 1 percentage point for many products. He pointed out that the absence of IGST relief, the 20 per cent value addition requirement, and the 30 per cent domestic sales cap limit flexibility for SEZ firms.
“The exclusion of petrol and diesel further weakens the policy, particularly for refinery-linked SEZs. If the objective is to boost domestic supply, stronger measures, such as restricting exports of petrol, diesel and ATF, as practised by countries like China and Singapore, may be needed,” he said.
RBI likely to hold rates on rising inflation risks
The MPC last cut the repo rate from 5.5 per cent to 5.25 per cent in December 2025
Our Bureau, Mumbai
The RBI’s rate-setting Monetary Policy Committee (MPC) is likely to keep the repo rate unchanged at its upcoming meeting, preferring to remain vigilant as inflationary pressures could re-emerge due to high global energy prices and supply chain disruptions as the West Asia war rages on.
Moreover, worries about growth slowing due to the ripple effects of the war, which has entered its second month, could lead the six-member committee to hold the repo rate at its first meeting of FY27. The three-day meeting of the MPC begins on April 6. It is expected to retain the ‘neutral’ stance.
INFLATION THRESHOLD
Barclays economists Aastha Gudwani and Amruta Ghare said that to the extent the ongoing energy shock does not translate into CPI (retail) inflation breaching the target (4 per cent +/- 2 per cent) durably, the MPC is unlikely to hike rates.
“As long as the pump price stays unchanged, we expect the energy shock pass-through to CPI to stay muted, ensuring that the inflation outcome is aligned to the 4 per cent target. Accordingly, we expect the MPC to stay on hold through 2026,” they said in a note.
The MPC last cut the repo rate (the interest rate at which the RBI provides funds to banks) from 5.5 per cent to 5.25 per cent in December 2025. In the subsequent meeting, the committee stood pat on the rate. The stance was last changed in June 2025 from ‘accommodative’ to ‘neutral’.
GROWTH CONCERNS
Rajani Sinha, Chief Economist, CareEdge Ratings, observed that given the uncertain geopolitical scenario, the MPC is expected to maintain a pause at its next meeting and wait-and-watch to see how the war scenario pans out.
“While there are concerns around inflation, it (the MPC) will also be quite concerned about the growth aspect going forward... On the inflation front, I see the pass-through being partial,” she said. “But if the war prolongs, there could be severe repercussions for growth and the MPC will be concerned about that. I don’t think the RBI will be in a hurry to increase the rate because even in an extreme case scenario we are projecting inflation a little above 6 per cent.”
END OF RATE CUTS?
Sonal Badhan, Economist, Bank of Baroda, noted that the RBI is likely to announce its full-year growth and inflation forecasts, keeping in view the impact of the war on India.
“The RBI will remain vigilant and hold rates steady for the time being, without changing its stance from neutral. We also believe this to be the end of the rate-cut cycle. Further, if oil prices remain above $100/barrel for a consistently long period of time and inflation breaches the RBI’s upper tolerance band (6 per cent), then there might be a chance of a rate hike by the central bank towards the end of FY27,” she said.
Challenging year: FY27 set to be a difficult one for the economy
The new financial year begins on an uncertain note. An economy that imports 85 per cent of its oil will surely be hit by a prolonged price and supply shock. The most important question is how long this will last. Four crucial macro variables — trade deficit, current account deficit (CAD), growth and inflation — will come under stress if the shock continues well into the first quarter.
These variables also influence each other. India’s fundamentals remain robust, but real shocks can also be amplified by financial actors. The Reserve Bank of India will have to be ahead of the game. The latest Monthly Economic Review has said that FY27 will see a higher trade deficit and CAD. The extent of rise would depend on how long this shock lasts — even as demand management can keep these parameters under check. The pass-through of imported inflation will send the right market signals to curb demand and the two external deficits. The pain to be borne is inescapable; the Centre needs to act thoughtfully on distributing this between households, governments and businesses. The trade deficit is already slated to be in the region of $350 billion in FY26, or 10 per cent of GDP, against 7.5 per cent of GDP in FY25. This trend may continue if the crisis does not abate. A dire scenario is one where oil prices remain elevated at over $100-120 a barrel well into the year. This would mean an additional outgo of about $45 billion on oil imports for six months, pressurising the rupee and the deficits further at current levels of demand.
These are worst-case scenarios. While price pass-through makes sense, it could exacerbate inflation as well as inflation expectations beyond a point, hurting both supply and demand. That said, there is not much fiscal space for the government to absorb these losses, with total debt of Centre and States at about 85 per cent of GDP. The fiscal deficit will expand if the Centre is forced to compensate oil companies for holding retail prices or not fully passing on increased crude oil costs — fuel prices have been steady in the first month of the war and will likely remain so until State elections are completed in late April. A demand compression in the event of a prolonged price and supply shock may result in higher outlays for the Economic Stabilisation Fund.
Meanwhile, many Budget assumptions may not hold. Tax collections could come under pressure if overall industrial activity is hit due to scarcity or high price of raw materials. Fertilizer subsidies are bound to overshoot the budgeted sum of ₹1.7 lakh crore for FY27, with analysts estimating a ₹25,000 crore increase if the crisis persists. Adding to the problems is the prediction of El Nino setting in this monsoon year, meaning the rural sector will need support. The LPG subsidy of about ₹12,000 crore projected for the new fiscal might need an upward revision. A rise in the fiscal deficit by even 100 basis points cannot be ruled out, not least because of growth compression. The best part, though, is that this is just the start of the fiscal year. If the war ends soon, the damage to the economy in FY27 can still be contained.
India’s chance in supply chain reset
Combined with supply chain diversification, FTAs can shift India from a consumption-led market to an export manufacturing hub.
RAVI POKHARNA
For three decades, global supply chains were built on a simple premise: efficiency above everything else. Production clustered where costs were lowest, logistics fastest and scale largest. However, shocks from the past five years, including Covid-19, the Russia-Ukraine war, and recent Middle East tensions, have exposed the limits of this model and revealed a fundamental weakness in globalisation’s architecture: efficiency without resilience.
The lesson for governments and corporations is clear: supply chains are no longer just commercial arrangements; they are strategic assets. Countries are increasingly focused on mitigating vulnerabilities and reducing excessive dependence on any single geography. Export controls, sanctions, and dominance over critical inputs have turned supply chains into geopolitical tools. For multinational firms, concentration risk is the biggest vulnerability, and India is emerging as one of the most credible alternatives.
THE GEOPOLITICAL TRIGGER
Globalisation is not ending, it is fragmenting. The Middle East conflict has renewed fears about disruptions across critical trade corridors, with around 25 per cent of global seaborne oil and 20 per cent of global LNG at risk due to halts in the Strait of Hormuz and Red Sea. Businesses are pre-emptively redesigning their manufacturing footprints to reduce geopolitical exposure.
This is precisely the window India has been waiting for, resting on four structural advantages:
- A large domestic market that allows manufacturers to achieve scale before exporting.
- A young workforce at a time when many Asian economies are ageing.
- Democratic institutions and legal predictability that reduce political risk.
- An expanding network of trade agreements.
THE FIRST BIG BREAKTHROUGH
Nowhere is this more visible than in electronics manufacturing. A decade ago, India was a major importer with only two mobile manufacturing units; today, it has over 300. Mobile phone production value surged to ₹5.5 trillion in 2024-25, and smartphone exports doubled to $30 billion. Global giants like Apple and Samsung are increasingly moving assembly, components, and design to Indian hubs as they reassess their heavy dependence on Chinese manufacturing.
THE PLI CATALYST
A key driver has been the government’s Production Linked Incentive (PLI) scheme. Covering 14 sectors, the programme links incentives directly to incremental production. As of early 2026, the initiative has generated over ₹20.4 trillion in cumulative production and sales, far exceeding the initial projection of ₹6 trillion.
THE EXPORT MULTIPLIER
Recent free trade agreements (FTAs) with Australia, the UAE, the UK, and the EU are expanding preferential access for Indian exporters. Combined with supply chain diversification, these can shift India from a consumption-led market to an export manufacturing hub. Logistics efficiency is also improving as costs, historically at 14-15 per cent of GDP, are gradually declining through modernised ports and the National Logistics Policy.
SCALING THE ECOSYSTEM
Geopolitical instability in the Middle East may further accelerate this opportunity as companies seek geopolitical neutrality, large domestic market anchors, and trusted partners with stable institutions. However, opportunity alone does not guarantee success; India must move quickly on several fronts:
- Infrastructure: Continued investments in logistics corridors and ports are critical.
- Labour-intensive sectors: Textiles and footwear need regulatory clarity and industrial parks.
- Skill development: Training must accelerate to support advanced manufacturing technologies.
The world is undergoing a structural reconfiguration of trade and production networks. For India, this disruption is a strategic opening. If India can scale its ecosystems and deepen trade ties now, it will become a defining hub of the next globalisation cycle.
The writer is Executive Director, Pahle India Foundation. With inputs from Kuntala Karkun, Senior Visiting Fellow, Pahle India Foundation.
A severe test for monetary policy
MPC will have to resist the temptation of raising the policy rate of interest to combat the anticipated inflation, as the strict inflation targeting approach would suggest
A VASUDEVAN
The Monetary Policy Committee (MPC) due to meet on April 6-8 faces many economic challenges arising from endogenous and exogenous factors relating mainly to regulatory and governance matters and the humungous uncertainty created by oil price spikes, scarcities of fertilizers and a number of other commodities and minerals. Under the circumstances, decision making has to be based on a large number of considerations that go beyond inflation and growth data.
The first requirement for MPC decision making is its access to sufficiently sound quality information especially for the months of February and March. Will the MPC be guided by information only about economic variables as reported by official sources and private data providers? What is the view that the MPC will take regarding the longevity of the war in the Middle East and the current geopolitical tensions. What if the conflict drags on and becomes more widespread involving many more nations?
Whether one likes it or not, the inflation targeting framework as provided for under the provision 45Z of the Reserve Bank of India (RBI) Act will just not be good enough, surely not in this situation. ‘Superior” politico-economic information that the authorities possess complementing the multiple economic and financial indicators and external environment will have to be the basis for decision making.
Indian economic policy thinking has so far been woven around a magical formula which has four elements: growth rate of about 8 per cent, inflation rate of less than 4 per cent, fiscal deficit of around 3 per cent of the GDP, and an external current account deficit of 1.5-2 per cent. MPC members would often like to strategise monetary policy thinking to enable the fructification of the magical formula.
INFLATION DYNAMICS
Given this background, the MPC would still be most concerned about the inflation dynamics that arises immediately from the shortage of crude oil and natural gas and their price hikes. Inflation spreading across the economy would raise production costs, weaken investment prospects, prompt high depreciation of the Indian rupee vis-à-vis the US dollar and challenge the fiscal space to absorb the increase in social welfare and infrastructure expenditures. If the inflation rate is not within the MPC’s comfort zone, say of >4 per cent but <6 per cent, then how much would the growth rate be in 2026-27? No one can make an estimate now but it will be a surprise if it is around 6 per cent, not 7 per cent and over as many economic analysts, including the Economic Survey, have projected.
MPC will have to resist the temptation of raising the policy rate of interest to combat the anticipated inflation, as the strict inflation targeting approach would suggest. What is more important is to look at the regulatory reform that would enable financial institutions (mainly banks and NBFCs) to continue providing credit on a more extended scale so that the borrowers can have a larger buffer of commodities and services including the use of artificial intelligence (AI), if need be, to address a possible longer haul of uncertainty. Inventory build up could well be for six months rather than the conventional three months. And the use of AI would need to be focused mainly for finding ways of reducing costs and making goods competitive both domestically and abroad. This would facilitate India’s exports to more diverse destinations.
This is not to suggest that India should not follow a multiple strategy of raising the policy rate by say, 25-30 basis points and revisiting the internal liquidity requirements model once again along with undertaking regulatory reform with an exceptional (exceptional because liquidity analysis and regulatory reform are not a part of the legal frame in which inflation targeting has been cast under Section 45Z of the RBI Act) suggestion of encouragement of the MPC.
Such a strategy would be market friendly and would not disturb the yield curve, given the fact that the long rate of interest has been somewhat sticky and would not be inclined to move up in view of the limited possibility of high growth prospects.
MPC will be mindful of the limited fiscal space and the difficult external current account deficit. In view of the much talked about prevalence of recessionary conditions in much of the developed world and China, India’s export prospects are not bright. Besides, foreign remittances of Indian expatriates would either shrink or just be stable. To expect the rupee depreciation to improve export prospects is close to day-dreaming given the external trading environment and recessionary conditions prevailing overseas.
Ideally, the meeting could still be postponed to end-May or early June to enable the Committee to have more credible information about the world economic outlook and India’s own economic metrics. After all, decisions cannot be taken on some idiosyncratic assumptions in the midst of uncertainty.
The writer is a former Executive Director of the RBI and currently an independent economic analyst. (Through The Billion Press)
BLEAK SCENARIO. With rising energy prices and the looming threat of inflation amidst uncertainty, the MPC has a difficult task on its hands.
At ₹29.53 lakh cr, UPI transactions hit a record in March
Press Trust of India, New Delhi
Fuelled by festivities and financial year closure, the transaction through Unified Payments Interface (UPI) in March touched a record high of ₹29.53 lakh crore and 22.64 billion in value and volume terms, respectively, according to data released by the National Payments Corporation of India (NPCI).
It said the value of transactions was at ₹29.53 lakh crore in March against ₹24.77 lakh crore in the same month a year ago, registering a 19 per cent growth on an annual basis. The transactions in value terms was ₹26.84 lakh crore in February, registering a growth of 10 per cent on a....
(Note: The article text provided in the sources concludes at this point.)
Rating agencies expect India Inc’s credit quality in FY27 to be stable but cautious
RISK OUTLOOK. They flagged moderation in credit ratios in H2FY26, amid rising geopolitical uncertainty
Our Bureau, Mumbai
India Inc’s credit quality outlook for fiscal 2027 is expected to be broadly stable but cautious amid geopolitical risks arising from the West Asia war, which will cloud the external environment and test corporate resilience, according to credit rating agencies.
The agencies gave the aforementioned outlook even as most of them reported that India Inc’s credit ratio moderated in the second half (H2) of FY26 against the first half (H1).
CREDIT PRESSURE
CareEdge Ratings noted that the evolving macroeconomic backdrop, marked by intensifying geopolitical tensions and shifting trade dynamics, is beginning to weigh on India Inc’s credit quality.
For Crisil Ratings, the credit ratio stood at 1.50 times in H2FY26, down from 2.17 times in H1FY26. The ratio for CareEdge Ratings and India Ratings and Research (Ind-Ra) stood at 1.93 times (2.56 times) and 3.1 times (3.3 times), respectively. However, ICRA recorded an improvement in the ratio at 3.2 times (2.9 times).
Referring to a stress test of 30 sectors, accounting for 65 per cent of the agency’s rated corporate debt exposed to the West Asia conflict either directly or indirectly, Subodh Rai, Managing Director, observed that Crisil Ratings’ assessment indicates that 23 of these sectors will see limited impact on credit profiles because of the conflict, despite higher input prices and disruption in gas supply.
RISK WARNING
“Clearly, strong balance sheets (median debt-to-equity ratio of 0.45 times as of March 31, 2026) lend cushion. The impact could be moderately negative for six sectors and adversely affect one,” Rai said. However, he cautioned that a prolonged conflict would be a systemic risk and could have a cascading impact on India Inc’s credit quality.
Six sectors — airlines, polyester textiles, specialty chemicals, flexible packaging manufacturers, auto component makers and diamond polishers — could see a moderately negative impact on their credit quality mainly because of the impact on operating margin, per Crisil Ratings.
WATCHFUL STANCE
Somasekhar Vemuri, Senior Director, Crisil Ratings, said, “Our credit quality outlook is stable for now, backed by resilient domestic demand and strong corporate balance sheets. But overall, we remain cautious as the duration and intensity of the West Asia conflict are uncertain. If it prolongs, slower global growth, gas availability challenges, higher-for-longer crude oil prices, and consequently, an impact on consumer sentiment will bear watching.”
K Ravichandran, Executive Vice-President and Chief Rating Officer, ICRA, observed that the escalation of hostilities in West Asia since late February has reintroduced risks, particularly for India’s energy and food security.
He cautioned, “While higher subsidies could cushion commodity price pressure, they may strain government finances. Moreover, corporates could face a moderation in demand and pressure on margins amid rising inflation.”
As per ICRA’s assessment, while higher crude prices, shipping costs and rupee depreciation would have a broad-based cost impact, the direct effect of the West Asia conflict would be more pronounced for sectors such as fertilisers, gems and jewellery, airlines, basmati rice, downstream oil and gas, ceramics and MSMEs.
Sachin Gupta, Executive Director and Chief Rating Officer, CareEdge Ratings, said that given India’s high dependence on energy imports, a prolonged conflict situation could have cascading effects — fuelling inflation, widening the current account deficit, exerting pressure on fiscal balances and weighing on growth.
In this context, CareEdge estimated that if crude oil were to average $100 per barrel in FY27, GDP growth could moderate to 6.5 per cent, while inflation may rise to 5.1-5.3 per cent.”
Gupta said, “While domestic policy measures and relatively stronger corporate balance sheets provide some cushion, the critical question is whether these domestic levers will be sufficient to keep credit quality on course if the global environment deteriorates further. For now, the answer leans towards yes — but the margin for comfort is narrowing.”
Ind-Ra said the corporate credit outlook is cautious for FY27, which is expected to see a confluence of risks spanning energy availability, input costs, inflation dynamics, fiscal balances, subdued global trade and El Niño concerns.
Arvind Rao, Senior Director, Ind-Ra, cautioned that energy-intensive segments such as fertilizers, ceramics, glass, aviation, packaging and quick service restaurants face the sharpest near-term pressure from supply disruptions and input cost spikes, while stronger sectors—namely compressed natural gas, oil marketing companies—are better positioned to absorb margin compression.
While risks are aplenty, support is expected from continued government capex, strong balance sheets, structural reforms, new trade agreements and range-bound inflation that is improving real wages, leading to a resilient GDP growth rate of 6.9 per cent (as per 2012 base) and excluding the impact of the West Asia war.
Ministry of Defence fully utilises capital outlay of ₹1.86 lakh crore for FY26
OPTIMUM USE. A significant portion of the expenditure went towards the acquisition of aircraft and ship building
Dalip Singh, New Delhi
The Ministry of Defence (MoD) on Wednesday said that it has fully utilised capital outlay of ₹1.86 lakh crore for defence services provided for the FY 2025-26 at Revised Estimates stage.
“This milestone achieved by the MoD is in continuation to the complete utilisation of the capital budget achieved during FY 2024-25 after many years,” the Ministry said.
The overall utilisation of defence budget including MoD (civil), and pension, during the FY 2025-26 stands at 99.62 per cent as per the preliminary data from the Controller General of Defence Accounts Department.
The original appropriation for capital expenditure was ₹1.80 lakh crore, which was further augmented by the Ministry of Finance in view of the pace of expenditure achieved by MoD during the first two quarters and considering the increased requirements.
“A significant portion of the expenditure went towards acquisition of aircraft and aero engines followed by land systems, electronic warfare equipment, armaments, ship building, aviation stores and projectiles,” Ministry said.
AIR MISSILE SYSTEM
These include proposals for the procurement of mid-air refueller, air defence missile system and Nag Missile system Mark-2 for Army, among others.
In addition to modernising armed forces, the effective utilisation of expenditure will also aid infrastructural development in the border areas.
In the Financial Year 2025-26, acceptance of necessity for 109 proposals amounting ₹6.81 lakh crore has been accorded by the MoD, compared to 56 proposals worth ₹1.76 lakh crore approved in FY 2024-25. Also capital procurement contracts for a total 503 proposals amounting ₹2.28 lakh crore were signed by the MoD in FY 2025-26.
With a hike of 22 per cent in the budget, the Ministry expects to sustain its modernisation drive.
