One of the most successful exports is the BrahMos missile. (File photo of BrahMos)

By Pawan Khatter For the defence sector, 2025 is the Year of Reforms with various goals, one of which is the focus on new domains such as cyber and space, AI, ML, hypersonics and robotics. 2025 saw several feats in these domains amongst others. DRDO showcased its highly anticipated Hypersonic Glide Vehicle (HGV) and Transporter Erector Launcher (TEL) as part of the Long-Range Anti-Ship Missile (LR-ASHM) program. The Indian ecosystem, a dynamic mix of large corporations, MSMEs, start-ups, DPSUs, DRDO, academia and international collaborations with FOEMs, continues to revolutionize defence R&D. Many systems were unveiled this year including various types of unmanned systems, India’s first Generation 5 AI-driven imaging seeker, wing-in ground aircraft, exoskeleton, etc. This growth is driven by the twin goal of achieving self-reliance and global competitiveness. The nation’s defence production stands at Rs 1,50,590 crore, ~23% of which has been the private sector’s contribution. There are nearly 16,000 MSMEs integrated into the supply chain of DPSUs and large private defence manufacturers which have emerged as formidable players.Indian defence exports are at a record high of Rs 23,620 crore. One of the most successful exports is the BrahMos missile for which countries like Indonesia, South Africa and from the Middle East are expressing interest. India is amongst the top 5 military spenders in the world with a budget of Rs 6,81,210 crore. Of this, ~Rs 2,67,000 is earmarked for modernization. This modernization is a balance of indigenous acquisitions and meeting immediate requirements through imports where capability is not readily available in the country. In April 2025, India and France signed an ~Rs 63,000 crore for 26 Rafale-Marine fighter jets. Under the FMS route, India shall also import 100 Javelin Missile Systems and 216 Excalibur tactical projectiles from the US.In this year of reforms, GoI’s vision also includes enhanced integration. Co-development and international collaborations are therefore vital in the journey towards Atmanirbharta. Towards this end, DRDO will partner with a leading global aerospace major to co-develop a 120 kn aeroengine, a first for India. Further under Project P75I, six submarines will be manufactured in India under a collaborative model.On the policy front, the Ministry of Defence has engaged stakeholders to review and revise the Defence Acquisition Procedure (DAP). While the industry awaits DAP 2025, the Defence Procurement Manual (DPM) 2009 underwent a comprehensive revision, culminating in the release of DPM 2025 in September 2025. This updated version introduces decentralized decision-making authority aimed at expediting approval processes and minimizing bureaucratic delays. GoI also released the Technology Perspective and Capability Roadmap (TPCR) 2025 articulating the Indian Armed Forces’ requirements and offering industry a clear line-of-sight on capability needs over the next 15 years.India’s significant upward trajectory positions the country among the world’s leading military powers. From being a lead importer for decades, India has ranked among the top 25 countries as an exporter of arms. Indigenous production now meets nearly 65% of defence requirements, a remarkable improvement from a decade ago, driven by platforms such as BrahMos, Pinaka, Akash, and Tejas. While the nation has developed cost-effective, battle-proven systems and strong export achieved competitiveness, certain advanced domains—such as next-generation propulsion, stealth technologies, and strategic electronics—remain areas for further development. However, increasing technological sophistication and affordability place India in direct competition with its peers. As the Indian sub-continent aspires to assume the role of a global leader, it is imperative that defence engagement expands beyond arms trade into strategic technology partnerships, joint development, and interoperability initiatives. India has different bilateral agreements that cover emerging technologies and critical mineral security (Australia, Canada, USA, Chile, Congo) to de-risk supply chains, while military diplomacy focuses on co-production ecosystems and multi-domain cooperation—including space, cyber, and AI-driven C4I2 systems. 2026 is on the horizon that builds on the foundation to achieve self-reliance and supply chain resilience, enhanced localisation, integration of legacy systems with emerging technologies, AI-enabled warfare systems, etc. Another dynamic year may be ending, but in this realm of ever-changing global scenarios and technologies, for the Indian Defence Industry, it is yet another beginning.(Pawan Khatter is Partner and National Leader, Aerospace & Defence, EY India. Nayan Nag, Senior Manager, EY India also contributed to the article)

Aditya Dhar’s ‘Dhurandhar’ continues its historic box office dominance, crossing Rs. 634.3 crore by Day 22. Despite the Christmas holiday, Kartik Aaryan’s ‘Tu Meri Main Tera Main Tera Tu Meri’ struggled significantly, earning only Rs. 7.39 crore in two days due to limited screen allocation and the overwhelming popularity of the Ranveer Singh-starrer.

With the Christmas holiday spirit sweeping across theaters, Aditya Dhar’s spy thriller ‘Dhurandhar’ is continuing its historic run at the box office with Day 22. Meanwhile, the new release ‘Tu Meri Main Tera Main Tera Tu Meri’, a rom-com starring Kartik Aaryan and Ananya Panday, is struggling to find its footing against the action film.

‘Dhurandhar’ Day 21 collection

On its Day 21 (Thursday), coinciding with the Christmas holiday, ‘Dhurandhar’ saw a massive surge in footfall. The film minted Rs. 26 crore, showing significant growth from its Wednesday collection of Rs. 18 crore. This brings its total domestic net to a staggering Rs. 633.50 crore.

‘Dhurandhar’ Day 22 collections

Despite the release of James Cameron’s ‘Avatar: Fire and Ash’ last week and ‘Tu Meri Main Tera Main Tera Tu Meri’ this week, the Ranveer Singh-starrer continued to persist as the primary choice for audiences, especially in mass circuits and multiplexes.Day 22 for the film has begun with a collection of Rs. 3.22 crore by afternoon, making its total collection to Rs. 636.72 crore.

‘Tu Meri Main Tera Main Tera Tu Meri’ Day 1 and Day 2 collections

A rom-com that released on December 25, the Kartik Aaryan and Ananya Panday starrer opened to Rs. 7.50 crore according to early estimates, reported by Sacnilk. While the film has courted decent reviews, notwithstanding the flak received for its songs, ‘Saat Samundar Paar’ and ‘Sajanji Ghar Aye’, it faced a severe crunch with respect to screen allocations. Projected for major urban markets, the film remained dominated by ‘Dhurandhar’ and ‘Avatar 3’.Additionally, with advance bookings failing to cross the Rs. 1 crore mark prior to its release, the film now relies heavily on positive word-of-mouth to survive the upcoming weekend.On Day 2, the film has begun by collecting Rs. 0.55 crore by afternoon, taking its total collection to Rs. 7.8 crore.

Day wise collections of ‘Dhurandhar’

Day 1 [1st Friday] Rs. 28 CrDay 2 [1st Saturday] Rs. 32 CrDay 3 [1st Sunday] Rs. 43 CrDay 4 [1st Monday] Rs. 23.25 CrDay 5 [1st Tuesday] Rs. 27 CrDay 6 [1st Wednesday] Rs. 27 CrDay 7 [1st Thursday] Rs. 27 CrWeek 1 Collection Rs. 207.25 CrDay 8 [2nd Friday] Rs. 32.5 CrDay 9 [2nd Saturday] Rs. 53 CrDay 10 [2nd Sunday] Rs. 58 CrDay 11 [2nd Monday] Rs. 30.5 CrDay 12 [2nd Tuesday] Rs. 30.5 CrDay 13 [2nd Wednesday] Rs. 25.5 CrDay 14 [2nd Thursday] Rs. 23.25 CrWeek 2 Collection Rs. 253.25 CrDay 15 [3rd Friday] Rs. 22.5 CrDay 16 [3rd Saturday] Rs. 34.25 CrDay 17 [3rd Sunday] Rs. 38.5 CrDay 18 [3rd Monday] Rs. 16.5 CrDay 19 [3rd Tuesday] Rs. 17.25 CrDay 20 [3rd Wednesday] Rs. 18 CrDay 21 [3rd Thursday] Rs. 26 Cr Week 3 Collection Rs. 173 CrDay 22 [3rd Friday] Rs. 3.22 Cr **Total Rs. 636.72 Cr

Day wise collection of ‘Tu Meri Main Tera Main Tera Tu Meri’

Day 1 [1st Thursday] Rs. 7.25 Cr Day 2 [1st Friday] Rs. 0.55 Cr **Total Rs. 7.8 CrDISCLAIMER: The box office numbers in this article are compiled from our proprietary sources and diverse public data. While we strive for accuracy, all figures are approximate unless explicitly mentioned, offering a fair representation of the project’s box office performance. We are open to feedback and suggestions on toientertainment@timesinternet.in.

England struck a decisive early blow on Day 1 of the Boxing Day Test as Josh Tongue produced a moment of magic to dismiss Australia’s stand-in captain Steve Smith at the MCG. After winning the toss and opting to bowl, Ben Stokes’ decision paid instant dividends with England’s pace attack exploiting helpful conditions. Australia struggled to settle at the crease as wickets fell regularly in the opening session. Among those dismissals, Smith’s wicket stood out as the defining moment before Tea on Day 1.

Ashes 2025-26: Josh Tongue castles Steve Smith at the MCG with a absolute jaffa

Tongue produced a moment of high-class fast bowling to remove Smith in Australia’s first innings of the fourth Ashes Test. Bowling full and on a probing length, Tongue got the ball to nip back sharply off the surface, targeting the stumps. Smith, looking to break the shackles, committed early to a booming drive, but the movement defeated him completely.

The ball zipped past the inside edge, leaving Smith rooted to the crease as it crashed into middle stump. It was a combination of a loose shot and an outstanding delivery, with Tongue exploiting both swing and seam at the Melbourne Cricket Ground. Smith’s dismissal for 9 off 31 balls underlined Australia’s struggles against England’s pace attack, and it handed Tongue his third wicket of the innings, further tightening England’s grip on the opening day.

The dismissal summed up Australia’s difficult morning, with Tongue and Gus Atkinson extracting consistent movement off the pitch. Smith departed for just 9 off 31 balls, unable to steady an innings that kept losing momentum. By lunch, Australia had slumped to 72 for 4, with England firmly on top. The pressure only intensified after the break as Usman Khawaja, Alex Carey and Cameron Green followed Smith back to the pavilion. Michael Neser’s 35 offered brief resistance, but Tongue’s five-wicket haul ensured Australia were bundled out for just 152.

Here’s the video:

Also WATCH: Ashes 2025-26: Brydon Carse’ breathtaking run out of Cameron Green steals the show on Day 1 of Boxing Day Test match | AUS vs ENG

Bowlers dominance in the Fourth Ashes Test at MCG between Australia and England

After winning the toss and electing to field, England’s bowlers wasted no time in exploiting the conditions at the Melbourne Cricket Ground. Australia found themselves on the back foot early, losing key wickets in rapid succession. Travis Head and Jake Weatherald were dismissed cheaply, followed by Marnus Labuschagne, Steve Smith and Usman Khawaja. Despite a brief resistance from Alex Carey and Michael Neser, Australia collapsed to a mere 152 all out. Josh Tongue emerged as the star bowler, claiming 5 wickets, while Gus Atkinson and Ben Stokes also contributed with crucial breakthroughs. The hosts struggled to counter England’s pace attack, and their innings ended in just 45.2 overs.

England’s chase began with early setbacks, as Mitchell Starc and Michael Neser found form, dismissing three of England’s top order within the first four overs. Zak Crawley, Ben Duckett and Jacob Bethell fell for single-digit scores. Despite a spirited knock from Harry Brook, who scored 41 off 34 balls, England continued to falter, losing wickets at regular intervals. By the 21st over, they were 83/8, still trailing by 69 runs. Scott Boland and Michael Neser claimed key wickets, with Ben Stokes being dismissed by Neser. England’s batting crumbled under pressure, and with just two players left to bat, the visitors face an uphill battle in their response.

Also READ: Ricky Ponting takes swipe at ₹25.20 crore IPL signing of Cameron Green

You don’t look at your portfolio like a long-term investor; you look at it like a daily scorecard. (AI image)

“‘If I know markets go up in the long run, why do short-term losses bother me so much?’This is one of the most honest questions an investor can ask.On paper, you know the logic. You’ve seen all the charts: “Sensex 100 to 70,000”, “Nifty over 20–25 years”, “equity beats inflation in the long run”. You nod wisely when someone says, “Equity is for the long term.”And then one fine day, you open your app, see your portfolio down 8–10 per cent, and your stomach drops.The mind says, “Long term”.The heart says, “Bas, ab yeh band karo.”Let’s start with some sympathy: there is nothing wrong with you. Your brain is not designed for SIPs; it is designed for survival.When our ancestors saw red (blood, fire, and danger) the correct response was to panic and run. Today, your app shows red numbers, and your brain uses the same wiring: “Danger, danger, get out.” The problem is that the stock market is the only place where running at the wrong time converts a temporary fall into a permanent loss.It helps to see what “short term” and “long term” actually look like in numbers.

The market tests patience before it rewards it

When we look at this kind of data at Value Research, the pattern is always similar. Over the course of a year, losses are frequent. Over ten-year periods, they shrink dramatically. So the market is not misbehaving when it falls in a single year. It’s behaving exactly like a market. It is unrealistic to expect a smooth, linear upward graph.There’s another uncomfortable truth. You don’t look at your portfolio like a long-term investor; you look at it like a daily scorecard. Every time you open the app, the number on top becomes a verdict on your intelligence. Up means “I am smart”; down means “I am stupid.” Of course, you don’t want to feel stupid for three months in a row.Now we put some more structure on this feeling.Imagine you start a ₹10,000 monthly SIP in a good, diversified equity fund for 15–20 years. Somewhere along the way, there is a year when the market is down 20 per cent.There are only three things that can happen in that year:

The cost of doing the wrong thing at the wrong time

When we run such scenarios at Value Research, the surprising part is this: the investor who simply does nothing in bad years often beats the one who keeps jumping around trying to avoid pain.So why can’t we “do nothing” easily?Partly because we confuse volatility with failure, a minus 10 per cent year feels like a verdict on our choice rather than a normal part of the journey. And partly because we mix up time horizons. We say, “This is for my retirement in 2045,” and then behave as if the performance over the last 45 days is all that matters.One practical way to calm yourself is to separate money by purpose. If you put all your money into the market and then need some of it next year, of course, every fall will feel catastrophic. But if you’ve done the boring work—kept an emergency fund, kept short-term money in safer avenues—then the equity money is truly long-term. You’re not going to need it next Diwali, so you don’t have to judge it every Diwali.Another trick is to change what you watch.Instead of staring at the absolute value, look at two different things:

At Value Research, our planning tools and advice try to shift people from “portfolio value today” to “probability of meeting your goal over time”. It’s much easier to tolerate a bad year in the market if you see that you’re still broadly on track for your long-term destination.And finally, accept this: you don’t have to enjoy seeing losses. You just have to not overreact to them. The test of a good investment is not whether it goes up every quarter; it’s whether it helps you reach your goals over ten or twenty years, without making you do something foolish in between.So if you know markets go up in the long run but short-term losses still bother you, that just means you’re human. Good. Stay human. Just put a system around your humanity:

Red numbers on a screen are not a verdict on your intelligence. Most of the time, they’re just the market’s way of asking, “Did you really mean it when you said long term?”If the answer is yes, close the app and let time do the arguing for you.If you have any queries for Dhirendra Kumar you can drop us an email at: toi.business@timesinternet.in(Dhirendra Kumar is Founder and CEO of Value Research)