Daily News - Tuesday, 2 June 2026
India to Acquire 114 Rafales in USD $20 Billion Deal (News18)
Indian Air Force Chief Air Chief Marshal Amar Preet Singh visited France as India pushes ahead with plans to acquire 114 Rafale fighter jets, a deal estimated at USD $20 billion (INR ₹1.66 trillion). Nearly 90 of the jets will be manufactured in India under a partnership between Dassault Aviation and an Indian firm, marking the first time Rafales will be produced outside France with 50% indigenous content. The Defence Acquisition Council cleared the proposal earlier this year, and India has issued a Letter of Request (LoR), with final pricing and logistics to be negotiated before Cabinet Committee on Security approval. The deal is expected to be announced during Prime Minister Narendra Modi’s visit to France for the G7 Summit, hosted by President Emmanuel Macron, who earlier pledged a new era of defence cooperation including joint production of jets and helicopters. India already operates 36 Rafales in its Air Force, while the Indian Navy is preparing to induct 26 Rafale-M aircraft for carrier operations. Indigenous integration plans include fitting Rafales with Astra missiles and BrahMos variants, though full access to source codes is unlikely, reflecting India’s push for greater self‑reliance in defence technology.
Government of India to Sell Up to 6% Stake in NHPC, Targeting USD $504 Million (Fortune India)
The Government of India, through the Department of Investment and Public Asset Management (DIPAM), has announced plans to divest up to a 6% stake in NHPC Ltd, India’s largest hydropower producer under the Ministry of Power. The offer for sale (OFS) comprises a 3% base offer and an additional 3% greenshoe option, with a floor price of ₹71 per share, representing an 8% discount to NHPC’s closing price of ₹77.19 on the BSE. If fully subscribed, the sale could fetch the Centre around USD $504 million (INR ₹4,200 crore). The OFS opened for non‑retail investors on June 2, 2026, and will open for retail investors on June 3, with retail bidders allowed up to ₹2 lakh per application and a dedicated reservation. NHPC currently operates over 7,000 MW of hydro and renewable capacity and is expanding into solar and pumped‑storage projects as part of India’s clean energy transition. This divestment follows recent stake sales in Coal India (USD $665 million / INR ₹5,542 crore) and Central Bank of India (USD $272 million / INR ₹2,266 crore), bringing FY27 disinvestment proceeds to USD $940 million (INR ₹7,800 crore) against a Union Budget target of USD $9.6 billion (INR ₹80,000 crore).
South Korea Overtakes India as World’s Sixth‑Largest Stock Market (Times of India)
South Korea’s stock market has overtaken India to become the world’s sixth‑largest equity market, just days after Taiwan pushed India down to seventh place. The surge is driven by semiconductor giants Samsung Electronics and SK Hynix, both crossing the USD $1 trillion (INR ₹83 trillion) valuation mark, with the Kospi index doubling in 2026 on the back of the global AI boom. Bloomberg data shows South Korea’s market value rising 86% this year to USD $5 trillion (INR ₹415 trillion), compared to India’s USD $4.8 trillion (INR ₹398 trillion). Taiwan’s rise was powered by TSMC, which now accounts for 42% of its benchmark index and has seen shares jump 46% in 2026, cementing its position as the world’s fifth-largest market. Analysts caution that South Korea’s rally is heavily concentrated in semiconductors, with sustainability hinging on broader corporate governance reforms. Despite losing rank in equity market size, India remains the larger economy, with GDP at USD $4.15 trillion (INR ₹344 trillion) compared to South Korea’s USD $1.93 trillion (INR ₹160 trillion) and continues to be among the fastest growing major economies.
