News on Indian Economy
Unveiled on September 3, PRAGYA is described by Pranos as India’s first privately developed compact tokamak. Rather than being designed to generate electricity, the machine will allow the startup to repeatedly create, study and control plasma while developing the magnets, diagnostics, software and engineering systems required for future fusion machines.
The clearest evidence of the new configuration comes from DRDO’s Research Centre Imarat in Hyderabad, which has sought the fabrication of five sets of 370-mm ELRGR rocket-motor systems. The requirement covers specialised manufacturing processes including flow forming, precision machining, welding of 11-10 precipitation-hardening steel and proof-pressure testing. The motor sets are to be supplied to RCI within a six-month delivery window.
The latest milestone follows several years of cooperation between BDL and Rafael. At Aero India 2025, the companies advanced plans for a Technical Collaboration Agreement covering Indian manufacture of the Spike LR2. Rafael said at the time that the arrangement was intended to transfer manufacturing capabilities and critical technologies to BDL while meeting India’s indigenous-content requirements under the Make in India initiative.
Speaking on the sidelines of the Eastern Economic Forum in Vladivostok on September 3, 2026, Russian State Secretary and Deputy Minister of Industry and Trade Roman Chekushov said Moscow was ready to share technologies with Indian partners and support the development of long-term industrial projects. His remarks point to a broader Russian strategy of encouraging companies to manufacture in India rather than relying solely on exports.
The industrial roots of Raghu Vamsi go back further than its aerospace business. The group says its foundations were established in 1992 in power transmission, followed by cast-iron casting and machining activity from 1998. Aerospace manufacturing became an increasingly important part of the business in the following decade.
Union Finance Minister Nirmala Sitharaman met South Korean Deputy Prime Minister and Minister of Finance and Economy Koo Yun Cheol on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Asheville, North Carolina. The G20 meeting was held from August 31 to September 1, 2026. South Korea’s Ministry of Finance and Economy confirmed that Koo held bilateral talks with Sitharaman during the gathering.
The agreement was announced by Chennai-based Ramco Systems on 3 September 2026. Under the collaboration, engine information generated by Safran following shop visits will be transferred directly into the Maintenance Information System within Ramco Aviation Software.
Bhubaneswar-based startup Serendipity Space is developing reusable satellites designed to carry pharmaceutical compounds into Low Earth Orbit, process them under microgravity conditions and return the resulting material safely to Earth. At the centre of the programme is Alchemy, an autonomous pharmaceutical-processing module intended to function as a miniature factory in space.
The agreement turns an earlier understanding reached at Bharat Tex 2026 in New Delhi on July 14 into a longer-term institutional relationship. During Bharat Tex, the two organisations had exchanged a Letter of Intent covering greater cooperation in market access, sustainable sourcing, design intelligence and engagement with international buyers.
The Indian Army describes the platform as agnostic to generator type, make, rating and vintage. This allows older machines and newer generator sets from different manufacturers to be brought under the same monitoring framework.
