Newspaper Summary 140226

 The article "New on Screens," featured in the February 14, 2026, edition of Mint Lounge, highlights a selection of new films and series, including a survival thriller and several literary adaptations,.

NEW ON SCREENS

A killer croc film, Vishal Bhardwaj teams up again with Shahid Kapoor, and other titles to watch.

• O’ROMEO: Director Vishal Bhardwaj collaborates with Shahid Kapoor for the fourth time (following Kaminey, Haider, and Rangoon). This latest film is a Mumbai love story set against the backdrop of a simmering gang war. The script is written by Bhardwaj and Rohan Narula, based on the non-fiction book "Mafia Queens of Mumbai" by Hussain Zaidi. The cast includes Triptii Dimri, Nana Patekar, Avinash Tiwary, Tamannaah Bhatia, Farida Jalal, and Vikrant Massey. As with his previous works, Bhardwaj composed the music in collaboration with Gulzar. (In theatres).

• HOW TO GET TO HEAVEN FROM BELFAST: Created by Lisa McGee (known for Derry Girls), this Irish dark comedy series follows three friends as they investigate the death of an old friend. (Netflix).

• TU YAA MAIN: This Hindi survival thriller stars Adarsh Gourav as a rapper and Shanaya Kapoor as an influencer who find themselves menaced by a crocodile. The film is written by Abhishek Bandekar and directed by Bejoy Nambiar. (In theatres).

• THE MUSEUM OF INNOCENCE: A Turkish drama series set in 1970s Istanbul, this production follows the story of a wealthy man (Selahattin Paşalı) who falls in love with a shopgirl (Eylül Lize Kandemir). It is an adaptation of the Nobel Prize-winning 2008 novel of the same name by Orhan Pamuk. (Netflix).

The article "Every chirp counts," featured as "A Note from the Editor" by Shalini Umachandran in the February 14, 2026, edition of Mint Lounge, explores the growing popularity and significance of birdwatching in India.

Every chirp counts

A NOTE FROM THE EDITOR SHALINI UMACHANDRAN

The editor begins by reflecting on the work of veteran Cholamandal artist Premalatha Seshadri, whose sketches express the diverse moods of birds through simple lines and strokes. Although Seshadri pares the creatures down to their essence—sometimes even removing unique feathers—she maintains the "essential drama of their being". Birds are described as inherently dramatic creatures that chatter, sing, dance, fight, hunt, and build homes together; they are even noted to be "much like us" in the way they "litter and leave a mess behind".

The sources note that for birdwatchers, there are no creatures more absorbing. This interest coincides with the Great Backyard Bird Count taking place over the weekend, an event where thousands of amateur and expert birders worldwide record observations for a central database to provide valuable data on bird populations. Participation in this count has risen rapidly in India over the past decade, particularly since the pandemic, a time when people learned to "stop and stare at what’s outside their window".

The week's reporting in the sources dives into several aspects of this world:

• Science and Conservation: The edition examines the drivers of birdwatching interest, the benefits of the hobby, and the urgent need for conservation.
• Bird Calls: A bird sound recordist from Maharashtra explains the science behind the beauty of bird calls.
• Education: For those inspired to learn more, the editor suggests a free, online introductory course from the non-profit Early Bird titled "Into The World Of Birds".

The editor concludes that observing nature closely is a common thread throughout the week’s stories. Other featured pieces include a trek along the Reesum ridge in Sikkim, an exploration of how the culture and quietness of the Himalayan region influence designers from Ladakh, and an ode to the use of rosemary in Indian cooking. The article is accompanied by an image of painted storks at the Ranganathittu Bird Sanctuary in Karnataka.

The article "Look for signs of pain," written by Nameeta Nadkarni for the Wizard of Paws column in the February 14, 2026, edition of Mint Lounge, discusses how pet owners often normalize symptoms of discomfort in certain breeds instead of seeking treatment.

Look for signs of pain

Some breeds have predictable problems, but these can be managed so that the pet can lead a pain-free life.

By Nameeta Nadkarni

The author notes that common phrases like “He snores because he’s a pug” or “She’s always itchy; it’s normal for Labradors” often prevent pets from receiving necessary help because when a condition is labeled "normal," it stops being questioned. While certain breeds have predictable problems—such as flat-faced dogs struggling with breathing or large dogs being prone to joint disease—common does not mean untreatable.

Breathing and Mobility For flat-faced dogs, signs like loud snoring, snorting, or gagging indicate restricted airflow. Significant improvements can be made through weight loss, using a harness instead of a collar, and avoiding peak heat. Similarly, slowing down with age is expected, but struggling to get up, avoiding stairs, or stopping jumping are adaptations to discomfort that require early intervention, such as physiotherapy or pain relief, to preserve the animal's quality of life.

Itching and Digestion Nadkarni highlights that symptoms like constant paw licking, chewing, or head shaking are often dismissed as breed traits rather than signs of significant discomfort. Furthermore, digestive issues such as a chronically fussy appetite or loose stools should not be normalized, as a healthy gut is predictable.

Behavior as a Health Signal The article emphasizes that behavior is a health signal; sudden withdrawal or changes in routine are often the first indicators of pain. The author suggests that pet parents should shift from "reassurance" to "curiosity". Instead of asking if a behavior is normal, they should ask:

• Is my pet comfortable?
• Can their condition be improved?
• Is my pet in pain, even if it is subtle?

Ultimately, "normal for the breed" should be the start of a conversation about management and care, rather than the end of it.

The article "Code behind online stories," written by Shephali Bhatt for the February 14, 2026, edition of Mint Lounge, explores the digital tools and infrastructure that shape how journalism is presented online.

Code behind online stories

A tech reporter turns an analytical lens on the digital tools that shape how a journalist’s work is eventually seen online

By Shephali Bhatt

The author begins by recounting a conversation with a friend from the tech industry who asked, “What is CMS?”—referring to the content management system used in newsrooms. This question prompted Bhatt to realize that while reporters frequently ask "techies" to explain jargon like “UI-UX” (user interface and user experience), it is rare for those in the tech world to ask about the tools used in journalism.

The Analytical Lens Bhatt notes that while journalists often analyze consumer internet apps, they rarely turn that same analytical lens inward toward the tools that decide how their own work is uploaded, formatted, and eventually seen online. This led her to a piece by Scott Klein and Ben Welsh titled "Journalism Lost Its Culture of Sharing," which documents the history of newsrooms building their own technical backbones.

The Decline of Sharing The article highlights a significant shift in newsroom culture regarding open-source collaboration. While newsrooms once actively shared code on GitHub (a platform for developer collaboration), this practice has seen a steep decline:

• In 2016, news organizations published over 2,000 public GitHub projects.
• By 2024, that number had fallen to under 400, marking an 80% decline attributed to organizational shifts and economic pressures.

The Labor Behind the Narrative Bhatt emphasizes that every "thoughtfully designed longform piece" featuring smooth-scrolling narratives, data visualizations, and interactive images is the result of a web developer’s labor. A notable example of this technical legacy is Django, a Python web framework built in 2003 by developers at a local newspaper, the Lawrence Journal-World in Kansas, to manage their move online. Django eventually went on to power the first version of Instagram.

A New Perspective Following this exploration, the author describes viewing Indian news websites with a new lens: reverse-engineering them to identify which international newsrooms' open-source repositories inspired their design. Bhatt concludes that code-sharing is more essential than ever for the journalism industry as it faces scarce resources and existential challenges.

The article "Finding perspective in the Swiss Alps," featured in the February 14, 2026, edition of Mint Lounge, chronicles a journey through the car-free village of Mürren and the summit of Schilthorn, highlighting the blend of stillness and high-altitude adventure.

Finding perspective in the Swiss Alps

A serene alpine escape meets high-altitude adventure as Mürren and Schilthorn offer breathtaking views, engineering marvels and unforgettable moments, a journey that refreshes the mind and elevates perspective.

Mürren: The Discovery of Stillness Perched high above the Lauterbrunnen Valley, Mürren is a car-free village that feels suspended between earth and sky. Characterized by wooden chalets, flower-lined balconies, and sweeping mountain panoramas, the village offers noticeably cleaner air and a restorative silence. For the traveler Neeraj (Chopra), wandering through these peaceful lanes offered a rare discovery of stillness and space to breathe without urban urgency. It served as a moment of calm before the journey into the higher Alps.

The Ascent: Engineering and Emotion The transition from the valley floor to Mürren and onward toward Schilthorn is facilitated by the world’s steepest cable car, a feat of modern engineering. As the cabin climbs rapidly, waterfalls thin into silver threads and the horizon widens, offering a powerful reminder of the scale of the mountains. For Neeraj, this ascent was not merely about gaining altitude but gaining perspective on one's place within the landscape.

Taking Flight and the Thrill of Birg For those seeking a different view, paragliding from Mürren offers a silent descent over cliffs and forests. This experience of "surrender" to the wind and gravity was described as the emotional highlight of the trip, providing a rare sense of freedom and quiet exhilaration.

Further up, the journey reaches Birg, where adventure takes center stage. The famous Thrill Walk features steel pathways and glass floors that hug the cliff edge, testing the balance of travelers while bringing celebrated peaks like the Eiger, Mönch, and Jungfrau into sharp focus.

Schilthorn & Piz Gloria: The Summit Experience At 2,970 metres, Schilthorn stands as one of Switzerland’s most iconic summits. It is crowned by the revolving Piz Gloria restaurant, which offers a 360-degree panorama of more than 200 mountain peaks. Known for its cinematic heritage and architectural ingenuity, the structure moves seamlessly, allowing nature and design to exist in perfect harmony. Over brunch at the revolving restaurant, visitors can absorb the immense scale and profound silence that only high altitudes can offer.

A Journey That Stays With You The visit to Mürren and Schilthorn is described as creating enduring memories of clarity and renewed perspective. For Neeraj, the trip was the "rare gift of stepping back, slowing down and seeing the world, and himself, from a higher place". While the mountains remained behind, their calm continued to travel with him.

The article "What’s on the card today?", written by Shrabonti Bagchi for the Taste section of the February 14, 2026, edition of Mint Lounge, explores how restaurant menus in India have evolved from simple lists into sophisticated tools for storytelling and brand identity.

What’s on the card today?

As Indian dining grows more individualistic, menus have become shorter, sharper and designed to be memorable.

By Shrabonti Bagchi

The author begins by noting the "eternal mystery" of why restaurants are often stingy with menus, whisking them away the moment an order is placed, or printing them in text so tiny that middle-aged diners must use smartphone torches to read them. Despite these frustrations, menus have become indispensable vehicles of storytelling that restaurants use to communicate their ethos and sensibilities.

The Evolution of Design In the past, fine-dining menus were typically standard, leather-bound books. Today, they vary wildly:

• Minimalist & Playful: Some use handmade paper or playful designs that "hint rather than declare".
• New Vocabulary: Terminology has shifted from "starters" and "mains" to more evocative terms like "small plates," "bar bites," and "chakhna".
• Sophistication: Aparna Ranjan, founder of the graphic design company Design Brew, notes that as Indian F&B has become more sophisticated, the design language has become more individualistic and specific.

Menus as Souvenirs The article highlights that diners now often keep menus as souvenirs. Examples include:

• Naar (Himalayas): Features a "hipster vibe" with a cork-board folder and exquisite hand-drawn illustrations.
• Gaggan Anand Pop-up: A menu kit that includes a torch to reveal writing on a page that appears blank.
• The Courtyard (Bengaluru): Founder Akhila Srinivas observes that menus are becoming more precise and concise, reflecting a new confidence in chefs who no longer feel the need to please everyone with massive lists.

Dynamic vs. Digital The restaurant Circa 11 in Bengaluru uses a "shapeshifting" approach with five distinct menus (Coffee, Lunch, Dinner, Wine and Cocktails, and Brunch) to reflect natural shifts in ingredients and seasons. Owner-chef Pradyumna Harithsa makes a point of providing individual menus to every person at a table and consciously avoids QR codes.

Conversely, the QR code menu—a legacy of the pandemic—remains a polarizing format. While diners often find them "fiddly" and annoying, Pravesh Pandey, owner of One Floor Down, defends them for their flexibility, cost-effectiveness, and speed, noting they allow kitchens to respond quickly to seasonal ingredients.

The "No Menu" Experience The article concludes by mentioning the ultimate "individualistic" trend: no menu at all. At restaurants like Nila in Bengaluru, the chef brings each dish to the table like a "conjuror," allowing the meal to unfold as a series of surprises. Ultimately, however, Bagchi notes that the "familiar has its place," as the best restaurants are often those where a diner doesn't even need to look at the card.

The article "A fashion story from the roof of the world," written by Pooja Singh for the February 14, 2026, edition of Mint Lounge, details an exhibition in Delhi that spotlights the evolution of design in Ladakh.

A fashion story from the roof of the world

An exhibition in Delhi spotlights designers from Ladakh who are celebrating the region by tapping into their roots and crafts

By Pooja Singh

The article focuses on an ongoing exhibition at Delhi's Textile Gallery titled "Between Wind And Wool: Ladakh Design Today," curated by Fashion Design Council of India (FDCI) head Sunil Sethi. The show features 12 works from four primary labels: 2112 Saldon, Jigmat Couture, Namza Couture, and Zilzom.

The Tiger Backpack A centerpiece of the show is a tiger-shaped backpack created by Jigmat Norbu, founder of the Leh-based Jigmat Couture. Crafted from a blend of lambswool, cashmere, and pashmina, the bag references one of the five mythical creatures in Buddhism. It is a three-dimensional piece of wearable art featuring hand embroidery, appliqué, and fringe-work, accompanied by a tiger mask as a symbol of protection.

Reinterpreting Traditional Attire The exhibition showcases how designers are reinterpreting traditional local textiles into contemporary fashion. Key traditional components featured include:

• Bok: A traditional shawl or cape.
• Teng tsik: A jacket typically worn in eastern Ladakh.
• Mogos: A robe-like dress made of wool or heavy hand-woven textiles.
• Gyaser: A silk-brocade fabric embellished with zari and Himalayan motifs like ambi and buta.

Challenging Stereotypes The featured designers aim to move beyond the common association of Ladakh with only "feather-light pashmina" and dull, neutral colors.

• Padma Yangchan (Namza Couture): Emphasizes the use of bright colors that are historically significant in Ladakhi culture, moving away from the "white and maroon" often associated with the terrain.
• Stanzin Palmo (Zilzom): Focuses on reaching the masses through contemporary wear, such as a pashmina dhoti-sari and a brocade waistcoat referencing the traditional stutung vest. She also utilizes thigma, an ancient regional resist-dye technique similar to bandhani.
• Padma Saldon (2112 Saldon): Works to bring attention to the region’s high-quality sheepwool, which is often overshadowed by pashmina.

Avoiding "Bollywoodisation" A significant goal for these design entrepreneurs is to push the envelope of Ladakhi identity without falling into "Bollywoodisation"—meaning there are no lehngas or ghagra-cholis in the collection. Instead, they focus on textiles born as practical responses to the environment, transformed into contemporary wearable art.

The article "When the birds beckon," written by Anita Rao Kashi for the February 14, 2026, edition of Mint Lounge, explores the booming popularity of birdwatching in India as people increasingly seek mindfulness and a connection with nature.

When the birds beckon

As another Great Backyard Bird Count gets underway, Lounge goes birdwatching, a hobby that has found more followers with people swapping screens for the outdoors, and practising mindfulness.

By Anita Rao Kashi

The author recounts a cold November morning hike through a forest ridge above Bhimtal Lake in Uttarakhand, where the stillness of the woods is punctuated only by the crunch of dry leaves. The highlight of the session was spotting a common green magpie, a rare specimen with a bright green body, cherry beak, and a black Zorro-like mask.

Mindfulness and Rejuvenation Kashi, who does not consider herself an "ardent birdwatcher," emphasizes that the activity itself—walking in silence and tuning into the rhythm of the forest—is the "epitome of mindfulness" and deeply rejuvenating. During a four-hour walk from Bhimtal to Sattal, she and her companions recorded 52 bird species, including bulbuls, parakeets, sunbirds, kingfishers, and various woodpeckers.

The Great Backyard Bird Count (GBBC) The article coincides with the Great Backyard Bird Count, a worldwide community exercise held every February. Launched in 1998 by the Cornell Lab of Ornithology and the National Audubon Society, the event went global in 2013. India has consistently ranked among the top five countries for sightings; last year, Indian birders recorded 1,086 species, representing nearly 79% of the total number of species known to occur in the country.

A Legacy of Birdwatching While the GBBC is modern, India’s birdwatching history is ancient, dating back to Mughal emperors like Jahangir, who commissioned detailed paintings of birds. In the 20th century, the hobby was revolutionized by Salim Ali, the "Birdman of India," whose 1941 book, The Book of Indian Birds, made ornithology accessible to the general public.

The Pandemic Surge The sources note that birdwatching grew exponentially during the pandemic lockdowns. As traffic and construction noise vanished, people began to notice birds from their balconies, giving rise to the term "balcony birdwatching". Today, there are nearly 30,000 active Indian birdwatchers recording data on the eBird platform.

Personal Trajectories and Citizen Science The article profiles several dedicated birders:

• Bijoy Venugopal (51): A nature educator who turned to birdwatching daily as his ikigai (reason for being) after an illness. He has maintained a streak of over 2,225 days of birding and recording observations.
• H.S. Sudhira (44): A researcher who has been birding since school. He emphasizes how amateur data contributes to crucial reports like the State of India’s Birds, helping scientists understand habitat health and climate change impacts.

Birding Tourism The interest has translated into a significant economic trend. Online travel agencies have noted a 41% rise in interest in birdwatching hotspots like Kochi, Coimbatore, Alwar, and Cuttack. The Indian birdwatching tourism market is projected to cross $3.6 billion by 2030.

Birdwatching 101: Tips for Beginners

• Best Time: Dawn and dusk offer the highest visibility.
• Best Place: Anywhere—including balconies—by staying still and listening for calls.
• Essential Gear: A good pair of binoculars and apps like Merlin Bird ID for identification and eBird for recording sightings.

The article "Walking the Reesum trail in Sikkim," written by Bibek Bhattacharya for the February 14, 2026, edition of Mint Lounge, describes a journey through the forested ridges of West Sikkim, highlighting its rich Buddhist culture, historical significance, and breathtaking views of the Himalayas.

Walking the Reesum trail in Sikkim

The forest ridge above Rinchenpong village in west Sikkim is a treasure trove of Buddhist culture and traveller’s tales.

By Bibek Bhattacharya

The author frames the journey through the lens of the Bodhisattva vow mantra—“Om gatey gatey, paragatey, parasamgatey bodhi svaha”—which he chants while hiking to regulate his breath and anchor himself in the present. Last month, he trekked the forest ridge from Kaluk to Rinchenpong, a quieter alternative to the well-beaten tourist tracks of Gangtok or Nathu La.

A Cultural Melting Pot The Rinchenpong ridge is one of the oldest cultural areas of the former Buddhist kingdom, home to the Lepcha, Rai, Gurung, Bhotia, and Limbu people. While many tourists visit for the unobstructed views of the Kangchenjunga massif, the region offers a "middle ground" perspective: a more expansive view than Darjeeling, but less "boxed in" than the view from Pelling.

The Ascent to Reesum Monastery The author describes a cold, sunny December day spent hiking from Kaluk village up a steep track through birch forests and cardamom plantations. Along the way, he encountered a local Rai family celebrating their New Year and was gifted avocados.

As the gradient gentled, the trail passed through thickets of giant fern and "spooky animist shacks" before reaching a glen containing a ruined stupa wall. This area was surrounded by ancient mani stones inscribed with mandalas and the mantra “Om Mani Padme Hum.” Their guide, Binodh Gurung, explained that "Reesum" means "three ridges," marking the point where three ridges meet.

The Medieval Gompa At the pinnacle of the ridge sits the Reesum Monastery, a 300-year-old structure belonging to the Nyingma order. The monastery is a "time machine" built entirely of wood and stone with whitewashed packed earth walls and a two-tiered pagoda roof.

• Spiritual Heritage: Historically, the site was used for tantric sadhana, where Buddhist yogis would meditate for long periods under the tutelage of the Reesum Rinpoche.
• Artistic Significance: The author notes that the faded murals reflect a non-dogmatic Tibetan style, similar to the 12th-century Alchi monastery in Ladakh, with influences from Kashmiri and Bihar-Bengal monastic painting.

The Rinchenpong Connection Continuing the descent through forests of 100-foot-tall pines, the author reached the main Rinchenpong monastery, established in 1730. This site features a famed main deity—a blue-skinned Vajradhara—in a yuganaddha (yab-yum) embrace with the goddess Pragyaparamita.

Historical and Artistic Legacy The area holds significant historical weight regarding the British Raj. Near the monastery lies Bikh Pokhari (Poison Lake), where local Lepcha people reportedly poisoned the water source in 1860 to defeat a British force.

The ridge has long inspired explorers and artists:

• Nicholas Roerich: The Russian painter and mystic visited in 1924, painting the "sparkling snows" of the peaks.
• Frank Smythe: The mountaineer stayed at the local daak bungalow in 1930 during an attempt to scale Kangchenjunga, describing the dawn as a "titanic conflagration."

Standing on the same bungalow verandah 96 years later, the author concludes that the Rinchenpong ridge remains a fascinating glimpse into a thriving Mahayana Buddhist society that feels "curiously timeless."

The article "U.S. smuggled thousands of Starlink terminals into Iran after protest crackdown," written by Alexander Ward and Robbie Gramer, appeared in the February 14, 2026, edition of Mint. It details a covert operation by the Trump administration to provide internet access to Iranian dissidents following a period of intense civil unrest.

U.S. smuggled thousands of Starlink terminals into Iran after protest crackdown

By Alexander Ward & Robbie Gramer WASHINGTON

The Smuggling Operation The Trump administration covertly sent thousands of Starlink terminals into Iran following a brutal crackdown on demonstrations in January 2026. After Iranian authorities suppressed unrest by killing thousands of protesters and severely cutting internet connectivity, the U.S. smuggled roughly 6,000 satellite-internet kits into the country. This marked the first time the U.S. has directly sent Starlink hardware into Iran.

Funding and Procurement U.S. officials stated that the State Department purchased nearly 7,000 terminals in earlier months, with the majority bought in January, to help anti-regime activists circumvent internet shut-offs. The purchase was funded by diverting money from other internet-freedom initiatives inside Iran. While President Trump was reportedly aware of the deliveries, it is unclear if he personally approved the specific plan.

Political Context and Reaction Tehran has repeatedly accused Washington of playing a role in fomenting popular dissent and organizing the nationwide demonstrations, which were driven by economic mismanagement, a weakening currency, and hard-line rule. The U.S. has denied any connection to the uprising itself, though the Starlink operation reveals more significant support for anti-regime efforts than was previously known. During the protests, Trump encouraged demonstrators, promising that "help is on its way."

The Starlink vs. VPN Debate The administration's decision to prioritize Starlink sparked internal debates:

• Risks of Starlink: Internet-freedom experts warned that operating Starlink without a Virtual Private Network (VPN) would make it easier for Iranian authorities to geolocate users.
• Legality: Owning a Starlink terminal is illegal in Iran and carries the risk of a multi-year prison sentence. Despite this, tens of thousands of Iranians reportedly possess them to bypass government firewalls.
• VPN Funding Cuts: By redirecting funds to Starlink, the State Department allowed funding to lapse for two of five major VPN providers for Iran. Psiphon, a tech company providing uncensored access, saw its U.S. funding drop from $18.5 million in 2024 to $5.9 million. Psiphon’s president, Michael Hull, stated the company is straining to meet costs, warning, “We’re running out of time here.”

Key Figures in the Policy

• Mora Namdar: The assistant secretary for consular affairs (and former head of the Middle East bureau) urged the acquisition of Starlink in August, writing that traditional technologies are "useless when the internet is shut down."
• Kari Lake: The deputy CEO of the U.S. Agency for Global Media favored Starlink over VPNs and offered agency funds to help purchase terminals, stating her agency is “dedicated to utilizing every method possible to get information to the brave people of Iran.”
• Elon Musk: Trump and Musk reportedly spoke in January about ensuring Iranians could use Starlink during the protests.

Concerns regarding the risks of the operation—to both the U.S. officials delivering the hardware and the Iranians receiving it—were ultimately deemed not troubling enough to scuttle the plan. Along with the government, a handful of American civil-society groups are also assisting Iranians in acquiring the terminals.

The article "Need more value-addition in electronics exports: Niti," written by Dhirendra Kumar for the February 14, 2026, edition of Mint, outlines a report from India’s apex think tank regarding the structural shifts needed to sustain growth in the electronics sector.

Need more value-addition in electronics exports: Niti

Electronics sector is India’s second-largest export segment after petroleum products.

By Dhirendra Kumar

The electronics sector has emerged as India’s second-largest export segment after petroleum products. However, Niti Aayog cautioned in its Trade Watch Quarterly (Q2 FY26) that sustaining this momentum requires a transition from assembly-led growth to deeper component manufacturing and stronger integration into global value chains for higher-value goods.

Rapid Growth and Economic Impact The report highlights several key milestones for the industry:

• Export Growth: India’s electronics exports grew at a compound annual growth rate (CAGR) of 17.2% between 2015 and 2024, significantly outpacing the global electronics trade growth of 4.4%.
• Scale: Shipments rose from $8.6 billion in 2015 to $42 billion in 2024, now accounting for 10% of India’s total export basket.
• Domestic Production: Production has increased nearly six-fold over the last decade, reaching ₹11.3 lakh crore in FY25.
• GDP and Jobs: The sector contributes 3.4% to India’s GDP and has generated approximately 25 lakh jobs.

The Assembly vs. Component Gap Despite these gains, the report notes that growth remains concentrated in mobile phones and telecom equipment, which comprise over 52% of the export basket. This reflects a dominance of assembly-led manufacturing rather than the production of high-value parts.

While India has achieved a 3.5% global market share in mobile phone exports, it remains heavily import-dependent for core components such as:

• Integrated circuits and semiconductors.
• Batteries and display panels.

Specifically, the report flags a major structural gap in integrated circuits (ICs): although ICs represent 26.2% of global electronics demand, India’s export share is just 0.02%. In 2024 alone, India imported $23.8 billion worth of chips.

Trade Imbalance and Global Positioning In 2024, India’s total electronics exports stood at $42.1 billion while imports reached $100.6 billion, resulting in a trade gap of $58.5 billion.

Niti Aayog observes that while East Asian nations like China, Taiwan, South Korea, and Vietnam are deeply integrated into component-intensive processing networks, India serves primarily as a final-assembly hub. Most of India's finished products are exported to consumption markets like the US and the UAE rather than participating in the dense intra-Asian trade of components.

The Way Forward To address this imbalance and increase value-addition, the report calls for:

• Sustained R&D and anchor investments.
• Customs rationalization and logistics reforms.
• Predictable domestic procurement policies and improved export financing.
• Reducing structural cost disadvantages to improve global competitiveness.

Overall, India’s trade gained momentum in the second quarter of FY26, largely driven by a 33.4% surge in electrical machinery exports. Total merchandise and services exports rose about 8.5% year-on-year during this period.

The article "Number of transactions under DBTs declines sharply in FY26," written by Yashaswi Chauhan for the February 14, 2026, edition of BusinessLine, details a significant slowdown in India's Direct Benefit Transfer (DBT) system.

Number of transactions under DBTs declines sharply in FY26

Direct Benefit Transfer transfers lose pace

By Yashaswi Chauhan New Delhi

Direct Benefit Transfer (DBT) transactions, which rose sharply during the pandemic years, have been showing a clear slowdown since FY24. Total DBT outlays until February 12, 2026, amounted to ₹5.44 lakh crore, compared with ₹7.16 lakh crore in FY24. Most notably, the number of transactions has nearly halved, falling from 931 crore in FY23 to 231 crore in the current fiscal year.

Data Focus Economists attribute the decline primarily to tighter fiscal targets, which have led to falls in unit utilization and a decline in Budget allocations for key welfare schemes. Studies by the ICRIER (Indian Council for Research on International Economic Relations) indicate that the sharp fall seen in the current year was partly due to large sums lying unspent in Single Nodal Agency (SNA) accounts.

For instance, the ministries of Housing and Urban Affairs and Tribal Affairs together have over ₹11,000 crore unspent in these accounts. Economist Sood notes that "overall ground spending also remains slow and reuse and utilization funds are limited".

Space for Others Lower DBT outlays also coincide with reduced fertilizer and food subsidies. While publicly available data showed a rise in food and scheme-wise outlays, Sood observed that the actual increase in food support had not declined, given stagnant real incomes. Additionally, in-kind DBT continues to dominate, with the share of cash transfers falling to 38% by FY26.

Scheme-Wise Contractions A comparison of FY25 and FY26 data shows that the slowdown is broad-based:

• Scholarship schemes: Fell by 64.6%.
• PDS (in-kind): Experienced a 62.1% decline.
• Food subsidy (in-kind): Contracted by 36.3%.
• PMAY (Rural + Urban): Declined by 24.0%.
• PAHAL (LPG): Transfers are likely to be lower this year as the number of Ujjwala beneficiaries has declined.

Conclusion Overall, the sources suggest that while DBT is not being rolled back, it faces significant challenges from fiscal pressure, implementation bottlenecks, and a gradual rebalancing of how welfare is delivered to the public.

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Year-wise DBT Performance

Fiscal Year	Total DBT (in ₹ crore)	Number of Transactions (in crore)
FY20	3,81,622	439
FY21	5,52,527	603
FY22	6,30,264	717
FY23	7,16,356	931
FY24	6,95,359	633
FY25	5,25,938	611
FY26*	5,44,565	231

*Data until February 12, 2026

The article "Pooling risk to finance urban India," written by Aatman Shah and Aditya Sinha, appeared in the February 14, 2026, edition of BusinessLine. It explores how "pooled financing" can help Indian cities overcome financial constraints to build necessary infrastructure.

Pooling risk to finance urban India

RAISING FUNDS. Allowing multiple cities to issue bonds collectively works best. But to achieve scale, sustained institutional support and standardised frameworks are required.

By Aatman Shah & Aditya Sinha

The authors begin by noting that India is urbanizing faster than its cities can finance themselves. While urban areas generate the majority of the country's GDP and will house hundreds of millions more residents in the coming decades, Indian cities remain financially constrained, dependent on state and Central transfers, and chronically short of long-term funding for essential infrastructure like water systems, sewage networks, and flood-resilient roads.

The Potential of Municipal Bonds Municipal bonds offer a potential solution by allowing Urban Local Bodies (ULBs) to tap into capital markets. Beyond providing funds, these bonds promote financial discipline by requiring cities to maintain credible accounts and transparency. India has a history with this; Bangalore issued the first municipal bond in 1997, and the SEBI regulations of 2015 provided a further boost. Since then, several cities have raised funds, with some even linking bonds to climate goals.

Significant Challenges Despite the potential, the municipal bond market in India remains small, with only ₹3,784 crore across 19 cities. The authors identify several hurdles:

• Low Revenue: Indian cities have low "own-source revenues" (less than 0.6% of GDP) and only 30-40% cost recovery for their expenditure. This raises questions for investors regarding how debt will be repaid.
• Lack of Transparency: Delayed audits and non-standard accounting make investment assessments difficult.
• Thin Market: The municipal bond market lacks liquidity, as most investors buy and hold until maturity, leaving very little secondary trading.

The "Pooled Financing" Solution To address these issues, the authors suggest pooled financing, which allows multiple cities to issue bonds collectively. This diversifies risk for investors and makes the offering more attractive to large institutional players.

• Tamil Nadu's Success: In 2003, Tamil Nadu demonstrated this potential through the Water and Sanitation Pooled Fund (WSPF). It achieved a high credit rating and attracted investors by using an escrow account, state revenue intercepts, and a USAID credit guarantee.
• Karnataka: Similar success was seen with the Karnataka Water and Sanitation Pooled Fund.

Lessons and Global Context While these models showed promise, they were not scaled nationwide. Globally, "bond banks" in the U.S. and Europe help smaller local governments borrow at scale by pooling their needs. The authors argue that pooled finance cannot "catalyse issuance" on its own; it requires institutional support, such as that seen in Gothenburg or Cape Town, where backed-up institutional frameworks provide predictable fiscal reforms.

The Way Forward The article concludes by urging the Sixteenth Finance Commission to mandate the public availability of audited municipal accounts and create entry conditions for grants based on revenue-generation and data transparency. The ultimate goal is to move from "boutique" successes to a standardized, nationwide framework for pooled municipal financing.

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Note: Aatman Shah is a public policy professional and Aditya Sinha is a researcher in macroeconomics and geophysics.

The article titled “Dassault to set up Rafale assembly line, manufacturing hub and MRO in India,” written by Dalip Singh, appeared in the February 14, 2026, edition of BusinessLine. It details the significant industrial expansion planned by the French aerospace giant following the progress of India’s fighter jet procurement.

Dassault to set up Rafale assembly line, manufacturing hub and MRO in India

FIRE POWER. With purchase of 114 fighters, India will have the second largest fleet of Rafales after France

By Dalip Singh New Delhi

The proposed Rafale fighter aircraft purchase deal for 114 jets is expected to provide a significant boost to the domestic aerospace industry. Dassault Aviation is set to establish a manufacturing hub, along with separate manufacturing units for sub-assemblies and components within India.

MRFA and Strategic Significance The multi-role fighter aircraft (MRFA) Rafale programme is being implemented through a government-to-government agreement to ensure full transparency. This follows the Defence Acquisition Council (DAC) giving the nod to the proposal, setting in motion contract negotiations. If the deal is finalized, India will become the second-largest operator of Rafales in the world after France, with a total fleet of 176 aircraft (including the 36 currently in service and 26 marine versions already contracted).

Localization and the "Make in India" Push Sources indicate that the deal will emphasize high levels of localization, with a target of up to 50 per cent. This marks the first time Rafale aircraft will be manufactured at significant levels of localization outside of France. Key highlights of the program include:

• Production Facility: The first Indian-made Rafale is expected to roll out from the domestic production facility by 2028.
• Job Creation: The project is expected to create thousands of skilled jobs and further integrate Indian vendors into the global aerospace supply chain.
• Vendor Ecosystem: Dassault will also assist in raising a subsidiary to serve the convenience of the production facility, which will involve numerous Indian vendors.

Establishment of MRO Hub A major component of the plan is the establishment of a Maintenance, Repair, and Overhaul (MRO) facility in India. This facility will serve the entire fleet of Rafales operated by the IAF and the Navy. Furthermore, there is the potential for the MRO hub to be opened for the Rafale fleets of other countries in the region.

Broader Defense Context The sources note that the move aligns with the government’s "Make in India" mission and efforts to achieve self-reliance in defense. India's defense ecosystem has matured significantly, with defense exports reaching approximately ₹25,000 crore. The 4.5-generation Rafales are set to become the backbone of the Indian Air Force, filling a critical gap as the aging MiG-29 fleet is replaced.

While the MRFA deal is a priority, the sources also mention that India continues to pursue the development of its own Advanced Medium Combat Aircraft (AMCA) to ensure long-term technological sovereignty.