Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

Indian Tech in Russian Drones?

Ukraine has formally raised concerns with India and the EU after finding Indian-assembled components inside Shahed-136 drones—Iranian UCAVs now used extensively by Russian forces.

Investigations revealed a bridge rectifier by Vishay and a signal chip by Aura Semiconductor, both allegedly made or assembled in India. Ukraine flagged the issue in diplomatic cables and even during EU sanctions envoy David O’Sullivan’s visit to New Delhi.

India’s foreign ministry insists all dual-use exports comply with global norms, and no domestic laws were broken. Aura said it was “deeply disturbed” and suspects unauthorised third-party diversion via West Asia. The challenge? These are plug-and-play parts—nearly impossible to trace once exported.

With drones reshaping warfare, India’s electronics exports face new global scrutiny—raising a key question: how do you ensure compliance without stifling trade?

Visa to America? Now Comes with a Price Tag

In a move that’s sparked global concern, the U.S. State Department will soon demand up to $15,000 as a refundable bond from business and tourist visa applicants from countries with high overstay rates or weak documentation systems.

A leaked cable suggests most adults will be charged $10,000, while children may need to pay $5,000. The Treasury will hold the funds and refund them if travelers exit on time and via specified ports.

The policy is part of the Trump administration’s tougher immigration strategy, alongside new in-person interviews and tighter Diversity Visa Lottery norms.

While Visa Waiver countries are exempt, millions elsewhere may now find U.S. travel financially out of reach.

Trump Targets India Again—This Time Over Oil

In a fiery Truth Social post, Donald Trump accused India of profiting from discounted Russian oil while ignoring the war in Ukraine. He threatened to “substantially raise” tariffs on Indian goods, just days after a fresh 25% duty was imposed.

India responded swiftly, calling the claims “unjustified and unreasonable.” Officials clarified that India imports and refines oil—it doesn’t resell crude. They also pointed to continued Western trade with Russia, including LNG, fertilizers, and nuclear fuel.

Interestingly, Indian refiners are not backing off. In fact, they’ve recently booked Russian spot deals with $3-per-barrel discounts. At the same time, Indian companies are in talks with U.S. LPG suppliers—proving that while rhetoric may rise, trade ties are still complex.

After a decade of investing, Alibaba has fully exited Paytm. Its affiliate, Antfin Netherlands, sold its remaining 5.84% stake in One97 Communications via a ₹3,803 crore block deal at a slight discount to market price.

At its peak, Chinese investors held nearly 35% of Paytm’s pre-IPO equity—a figure that sparked regulatory scrutiny. This final exit follows gradual offloading, including a 4% stake sold in May and a 10.3% transfer to Paytm CEO Vijay Shekhar Sharma in 2023.

The exit comes as Paytm posts its first-ever quarterly profit—₹123 crore in Q1 FY26. With Chinese ownership concerns now behind it, regulatory hurdles may ease, especially around its pending payment aggregator license.

Airtel Launches India’s Own Sovereign Cloud

Bharti Airtel has entered the sovereign cloud race, launching a telco-grade, India-hosted platform under its digital arm, Xtelify. The platform stores and processes sensitive data entirely within India—key for regulated sectors like banking and government.

By bundling its network with the cloud, Airtel claims it can cut enterprise cloud costs by up to 40%. The offering is powered by its data center unit, Nxtra, and aims to rival global players like AWS, Microsoft, and Google.

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