Good morning. The government spent Wednesday signing off on big infrastructure money even as markets stayed nervous about oil, bond yields and foreign selling.
In today's newsletter: a ₹1.86 lakh crore grid plan for renewable power, an Indian pilot who stopped a mid-air attack, and Google's new AI model that most people cannot use yet.
Closing levels · 30 September 2026
Sensex 72,480.07 ▼ 0.07% |
Nifty 50 22,620.20 ▼ 0.42% |
USD/INR 96.05 ▲ 0.07% · rupee weaker |
Brent Crude $97.61 ▼ 4.85% |
Indian shares slipped for a third straight session as foreign investors kept selling, even as Brent fell almost 5% to below $98 a barrel.
Cabinet approves ₹1.86 lakh crore plan to carry 135 GW of green power through state grids
The Union Cabinet on Wednesday approved the third phase of the Green Energy Corridor, a ₹1,86,405 crore scheme to strengthen power lines inside states so they can carry up to 135 GW of renewable energy.
The Centre will chip in ₹54,082 crore of the cost, and the plan also includes 50 GWh of battery storage. The work is scheduled to be finished by 2032-33.
Prime Minister Modi said the decision will push India's non-fossil capacity and create jobs. The point is simple: solar and wind parks are only useful if state grids can move their power to homes and factories.
Your electricity bill depends partly on how much cheap solar and wind power your state grid can absorb. If these lines and batteries arrive on schedule, states can buy more renewable power and lean less on costlier sources, though the payoff is spread over the next seven years.
The previous phase, approved in January 2022, cost ₹12,031 crore and backed about 20 GW in seven states. This one is roughly 15 times bigger in money and nearly seven times bigger in capacity.
Indian captain fights off co-pilot who stabbed him on Israel-bound flydubai flight
Indian captain Smit Machchhar was stabbed by his Omani co-pilot on flydubai flight FZ1073 from Dubai to Tel Aviv. The plane fell from 33,000 to 17,000 feet in about a minute, then landed in Tabuk, Saudi Arabia.
Wounded, he opened the cockpit door so passengers could overpower the attacker. Israeli PM Netanyahu said the co-pilot tried to crash the plane and called the captain a hero.
India's embassy in Riyadh says he is in stable condition. flydubai has suspended Israel flights pending investigation and says the motive is unknown.
Google launches Gemini 4 Argon but limits it to trusted cyber defenders for now
Google has released Gemini 4 Argon, calling it its most powerful model yet and pitching it at coding, cybersecurity and professional work in areas like law and finance.
Google says only trusted cyber defenders can use it for now, and that it is built to refuse help with cyberattacks or weapons.
For Indian IT firms and developers, this signals where AI is heading: the strongest tools may arrive first through vetted programmes, not open sign-ups.
Breaking.exe
US probes AI labs. The US Federal Trade Commission has opened a probe into OpenAI, Anthropic and other AI labs over risks from AI agents, and plans to compel testimony from executives. |
ElevenLabs at $22 billion. AI voice startup ElevenLabs doubled its valuation to $22 billion through a $300 million share sale by employees, co-led by Wellington and T. Rowe Price. |
Fitbit Air lands. Google has launched the Fitbit Air in India at about $146, roughly $47 more than it costs in the US. |
No AI firing. California has become the first US state to ban AI 'robo bosses' from firing workers, after Governor Gavin Newsom reversed his earlier veto. |
Finance 101
Deficit widens. The Centre's fiscal deficit, the gap between spending and income, hit ₹7.1 lakh crore by August, 41.9% of the full-year target. |
Fuel export tax cut. The government cut the windfall tax on diesel and jet fuel exports, the extra levy on refiners' overseas sales, with diesel now charged ₹16 per litre; petrol is unchanged. |
UPI protest off. Traders called off the 2 October 'No UPI Day' protest against a 0.4% merchant fee after assurances from Finance Minister Sitharaman. |
Foreign card spends. From today, RBI rules require reporting of international credit card payments, so foreign subscriptions may need extra details for your bank. |
Pangaea Revisited
US leaves Iraq. The Pentagon says it has formally completed the withdrawal of US troops from Iraq, 12 years after the mission against Islamic State began. |
Modi-Trump call. PM Modi and President Trump reviewed trade, defence, energy and technology ties in a phone call, amid concern over US sanctions linked to Russian oil. |
Nepal landslides. Around 30 people have died in landslides and heavy rain in Nepal, a month after catastrophic flooding, and trekkers had to be airlifted off mountains. |
Dengue in Bangladesh. Bangladesh's health authorities say at least 233 people have died of dengue in this year's outbreak. |
Also, Also, Also
Gill's record chase. Shubman Gill hit an unbeaten 223 as India chased down 406 in just 43.3 overs, breaking Ishan Kishan's record for the fastest ODI double hundred. |
Soren charged. A Ranchi court has framed money laundering charges against Jharkhand CM Hemant Soren in an alleged 8.86-acre land fraud case. |
Cleaner Delhi air. Delhi recorded its lowest September average AQI in five years, at 102. |
Tiger for Buxa. A three-year-old tigress was flown from Bihar's Valmiki Tiger Reserve to Bengal's Buxa, where she will be released on 2 October. |