Sunday, March 29, 2026

ICICI Prudential Short Term Fund – Report


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Fund Analysis Report

ICICI Prudential
Short Term Fund

Debt Fund Short Duration Direct – Growth

Data as on 28 February 2026  ·  Inception: 25 October 2001

01

What Is This Fund?

The ICICI Prudential Short Term Fund is an open-ended debt mutual fund that invests in a range of debt and money market instruments. Its defining feature is that the Macaulay duration of its portfolio is always kept between 1 and 3 years — think of this as the fund's average "waiting period" before its investments mature. A shorter duration generally means less sensitivity to interest rate swings, which keeps the ride smoother for investors.

The fund's core goal is to generate a steady income while carefully balancing three things: yield (how much it earns), safety (the credit quality of the instruments it holds), and liquidity (how easily it can sell those instruments if needed). It is ideally suited for investors with a time horizon of 6 months and above who want better-than-savings-account returns without taking on the full risk of equity markets.

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Simple analogy: Think of this fund as a well-managed short-term lending portfolio. It lends money to high-quality companies and the government for 1–3 years, collects interest, and passes most of that income to you as a return — while also trying to benefit from any fall in interest rates.

02

Key Numbers at a Glance

Before diving deeper, here are the most important numbers that define where the fund stands today.

₹62.43
NAV (Direct – Growth)
as of 27 Mar 2026
₹22,852 Cr
Assets Under Management
as of Feb 2026
7.41%
Yield to Maturity (YTM)
annualised
2.86 yrs
Macaulay Duration
of the portfolio
4.53 yrs
Average Maturity
of holdings
1.06%
Total Expense Ratio (TER)
Regular plan

The ₹22,852 crore AUM makes this one of the larger short-duration debt funds in the country, which typically means better liquidity and lower transaction costs. The 7.41% YTM is particularly attractive because it represents the current "running yield" — roughly what the portfolio would earn if all instruments were held to maturity, before expenses.

03

What Does It Invest In?

The fund's portfolio is carefully diversified across several types of fixed-income instruments. As of February 28, 2026, here is how the money is distributed:

Bonds & Debentures
58.82%
Government Securities
22.50%
Money Market Instruments
7.11%
Net Current Assets & TREPs
3.58%
Others (Securitised Debt)
0.27%

Looking at credit quality, the majority of the portfolio is invested in the highest-rated instruments. About 55.76% sits in AAA-rated or equivalent securities — the safest corporate credit category. Another 22.56% is in sovereign (government) securities, which carry zero default risk. About 18.09% is in AA-rated instruments, which are still considered high quality but carry a marginally higher risk in exchange for a slightly better yield.

The top individual holdings give a good sense of the kinds of borrowers the fund trusts: NABARD (8.48%), Small Industries Development Bank of India (6.23%), LIC Housing Finance (5.89%), and a GOI bond maturing in 2035 (4.25%). These are all well-known, well-regulated institutions — a reassuring sign that the fund manager is not chasing risky high-yield paper.

04

How Has It Performed?

Performance data is as of February 27, 2026, compared against two benchmarks: the NIFTY Short Duration Debt Index A-II (primary) and the CRISIL 10 Year Gilt Index (additional).

Period Scheme CAGR Benchmark CAGR ₹10,000 grew to
1 Year 7.66% 6.89% ₹10,763
3 Years 7.71% 7.34% ₹12,496
5 Years 6.54% 6.03% ₹13,731
Since Inception 7.82% 7.44% ₹62,618

The fund has beaten its benchmark across every time period shown — 1 year, 3 years, 5 years, and since inception. While the outperformance margins might look small (often less than 1%), they are quite meaningful in a debt fund context where the overall returns are in the 6–8% range. Consistent outperformance over more than two decades is a strong signal of disciplined fund management.

The "Since Inception" CAGR of 7.82% is especially noteworthy: an investment of ₹10,000 made at the fund's launch in October 2001 would be worth over ₹62,600 today — a more than 6× multiplication, entirely from a debt fund.

05

Understanding the Risks

No investment is without risk, and it is important to understand what you're signing up for. The fund's official risk label is "Moderate" on the riskometer — placing it firmly in the middle ground between very safe liquid funds and riskier long-duration or credit funds.

The two main risk types in a debt fund are interest rate risk and credit risk. This fund falls in the "relatively high" interest rate risk bucket (because even a 2–3 year duration can be meaningfully impacted by rate changes) and "moderate" credit risk (because most of its holdings are AAA or sovereign, but it does take some AA exposure for yield). In the Potential Risk Class matrix, the fund is classified as B-III — moderate credit risk, relatively high interest rate risk.

What does this mean practically? If the Reserve Bank of India were to sharply hike interest rates, the fund's NAV could temporarily dip, since bond prices fall when rates rise. However, because the duration is relatively short (under 3 years), this impact would be meaningfully less severe than a long-duration gilt fund. The fund is not a "park and forget" option like a savings account — but for a 6-month-or-more horizon, short-term NAV fluctuations tend to smoothen out.

06

Fund Manager's Market View

The fund is managed by Manish Banthia (managing this fund since November 2009, with 21 years of overall experience) and Nikhil Kabra (since December 2020, with 11 years of experience). Their combined depth is a meaningful factor in the fund's track record.

As of the latest fund update, the managers note that the January–March quarter typically sees seasonal liquidity tightness because government spending is delayed, causing yields on short-duration instruments like Certificates of Deposit (CDs) to rise temporarily. They view this as an opportunity for short-duration funds to capture elevated yields — precisely the segment this fund operates in.

On government bonds, the team believes that market nervousness about the end of the RBI's rate-cutting cycle is overblown. They argue that the demand for G-secs from banks, NPS funds, and the insurance sector remains structurally strong, and that current yield levels already price in most of the bad news. In their view, yields are unlikely to rise significantly further, making this a reasonable entry point for short-to-medium duration debt investing.

07

Who Should Consider This Fund?

This fund fits best for investors who tick most of the following boxes: they want returns better than a Fixed Deposit or liquid fund; they can stay invested for at least 6 months, preferably 1–2 years; they want a high-quality portfolio without chasing risky paper; and they are comfortable with the NAV moving up and down a little (but not dramatically) with interest rate changes.

It is less suitable for someone who might need to withdraw money urgently within a few weeks, or for someone who cannot stomach any short-term negative returns on their statement. It is also not the right choice for someone seeking equity-like long-term wealth creation — this is an income and capital preservation tool, not a growth engine.

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Important reminder: Mutual fund investments are subject to market risks. This report is for informational purposes only and does not constitute investment advice. Please read all scheme-related documents carefully and consult a registered financial advisor before investing.

Report prepared using publicly available information from ICICIPRUAMC.com and the fund's official factsheet (Feb 2026). Data sourced from fund screenshots and PDF brochure.

Saturday, March 28, 2026

One Million Soldiers & A Loosened Necktie

The Face of War Has Gone Missing | Ravish Kumar
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WAR DIARY · MARCH 27, 2026 · DAY 28

Iran Is Recruiting One Million Soldiers.
Trump Just Changed His Deadline.

While missiles rain on cities and markets bleed, the man ordering the strikes is worried about when his statue will be unveiled in Venezuela.

The Most Relaxed Man in the Room

Watch how a president conducts himself in a cabinet meeting while bombs fall on other people's homes, while hospital machines run out of helium and go silent, while families queue for cooking gas cylinders that may never arrive. Donald Trump sits there, cracking jokes, swapping one-liners with his cabinet. Someone mentions that a statue of Trump is about to be unveiled in Venezuela — and the man lights up. "Tell me about the statue first," he says, waving off any talk of oil prices. Everyone laughs.

That laughter tells you everything. On a map, many countries call themselves sovereign. But on this earth, if anyone is truly free — free to bomb, to sanction, to extend deadlines and revoke them by breakfast — it is one man. And that man is wearing a different tie every day, its knot freshly knotted, perfectly tight. His statements, like those knots, change just as easily.

Trump himself announced that energy plants would not be targeted until March 27. Then, in the same breath, said Iran had "requested" this pause — a claim Iran has not confirmed. As the poet Prakaash Mehra once wrote: "Apni toh jaise taise kat jaayegi — aapka kya hoga, Janaabe-e-Aali?" His tie will keep changing. His days will keep passing. Yours, well — that depends on where you live.

"On a map, every country calls itself free. On this earth, if anyone is truly free — free to bomb, to sanction, to move deadlines at will — it is one man."

What the Numbers Actually Say

The Israeli newspaper Haaretz has reported that Iran has breached Israel's protective shield — its interceptors are thinning, their effectiveness diminishing with each wave of fire. In twenty-five days, Iran fired over 400 missiles at Israel. There was a brief lull, but the tempo has returned with a vengeance. The IDF itself has reported that 35 cluster missiles broke through Israeli air defenses entirely, with 190 urban zones affected by these strikes. Israel has reported more than 5,000 people wounded.

The Times of Israel has reported something even more telling: Israel's own military chief has warned the cabinet that manpower is running dangerously low. If things continue at this pace, the army will be unable to complete its missions — it will, in the chief's own words, hollow out from within. This is not the Iranian military saying this. This is Israel's own Army Chief, warning his own government, in a cabinet briefing.

The website Drop Site has reported that Iran struck a white phosphorus weapons manufacturing unit in the Negev desert. The use of white phosphorus in warfare is prohibited. Israel has used it in Gaza and Lebanon. That inconvenient detail tends to get buried under other headlines.

Iran has also confirmed — though without an official statement — the death of IRGC Naval Commander Ali Reza Tangsiri. The New York Times reported that Tangsiri was leading the planning to shut down the Strait of Hormuz. With his death, a critical node in Iran's naval strategy has gone dark. Israel claimed responsibility. The United States confirmed it.

400+ Missiles fired at Israel in 25 days
35 Missiles that broke through Israeli air defenses
5,000+ Reported wounded in Israel
600 Schools attacked in Iran

One Million Soldiers — And a Mountain War

Reports across media suggest that Iran's Islamic Revolutionary Guard Corps is now actively recruiting up to one million soldiers. This is not a rhetorical gesture. It is preparation. Several videos released by Iran show its forces announcing: "We are ready. We are waiting for the American soldiers to arrive." Iran's Parliament Speaker Ghalibaf said on March 25 that he has intelligence that there are plans to seize Iranian islands. He warned that if any line is crossed, all the infrastructure of the region will be destroyed — and the attacks will be relentless.

American members of Congress have said they will not support a ground operation. But that has not stopped the flow of reports — some of them, Iran claims, deliberately planted by Israel — that a strike could come at any moment, keeping Iran on edge, keeping troop deployments active, keeping the psychological pressure high. Iran has already been encircled for months. Whether the deployment is real or a pressure tactic, the effect is the same: Iran must stay mobilized. And a mobilized Iran, dug into its mountain geography, means any ground war would be extraordinarily long.

The Gulf Fractures: UAE Picks a Side, Qatar Steps Back

The United Arab Emirates is no longer hiding its position. On March 25, the UAE Ambassador to the United States published a piece in the Wall Street Journal making the country's intentions explicit: the war must end in a way that permanently eliminates Iran's nuclear program, drone capability, missile networks, terror proxies, and blockade threat. The ambassador wrote that the UAE had intercepted 2,180 Iranian missiles and drones, absorbing attacks on its airports, seaports, energy infrastructure, theme parks, and fertilizer shipments. Australia has already sent air defense systems to help UAE. The UAE's own navy is preparing to deploy.

Turkey's President ErdoÄŸan issued a sharp warning: UAE must not enter this war. After it is over, he said, America will simply leave you to be Iran's punching bag and walk away. It is a warning with historical weight — and one the UAE ambassador's WSJ piece seemed to deliberately dismiss.

Qatar has taken a starkly different position. Its foreign ministry spokesperson said clearly: Qatar wants an immediate ceasefire but will not be part of any US-Iran negotiations. Since 2023, Qatar has been warning that if regional tensions are not de-escalated, the entire Gulf will be engulfed. Today, that is exactly what is happening. The contrast is sharp: Qatar has distanced itself from the mediation table entirely — a decision that surprised many observers, given Qatar's central role in previous ceasefires. Analysts recall that the last time Qatar pushed for talks, Israel struck Doha during the negotiations.

Iran's Foreign Minister Araghchi has issued a warning to Gulf states: hotels in the Gulf will now be targeted because they are sheltering American soldiers — and using ordinary civilians as human shields. Kuwait's Mubarak Al Kabeer Port was hit by drones and missiles. The Shuwaikh Port was struck. Al Jazeera reported six missiles landing near Riyadh, Saudi Arabia's capital. The war is no longer contained. It is spreading like water through cracks.

"The war is no longer contained. It is spreading like water through cracks — Riyadh, Kuwait, Beirut. The Gulf is no longer a spectator."

India's Silent Stake: ₹33 Lakh Crore and Counting

In the early days of this conflict, the argument offered for India's silence was strategic autonomy — India sees all sides, tells none of them what to do, and minds its own interests. Very well. Then let us ask: what are India's interests, and how are they being served?

Since the war began, Indian investors have lost ₹33 lakh crore. On the morning of March 27 alone, ₹8 lakh crore evaporated within a few hours of trading. Mid-cap shares have fallen between 25 and 45 percent. The rupee has fallen to ₹94.80 to the dollar — with analysts predicting it could slide to ₹98. Every rupee the currency loses means more expensive imports, a heavier burden on the government treasury, and eventually — inevitably — the weight lands on ordinary people.

Petroleum Minister Hardeep Singh Puri has acknowledged that Indian oil companies are losing ₹24 per litre on petrol and ₹30 per litre on diesel. He has assured the public that prices will not be raised — the government will absorb the loss. He even praised the government for not raising prices for four years. What the Minister did not mention is that during those same four years, the crude oil price had also fallen sharply — and India bought Russian oil at steep discounts. The windfall was not passed to the consumer. Now that there is a loss, the government's restraint is being packaged as generosity.

The Minister also quietly reduced excise duty on petrol and diesel by ₹10 each. The reduction, however, will not make fuel cheaper at the pump. It will only provide marginal relief to oil marketing companies. Rating agencies have already begun forecasting a drop in India's GDP. A one-percentage-point fall in GDP means thousands of jobs lost, lakhs without work, and three to four years of recovery. And still, India has not said loudly: this war is hurting our people, stop it.

Why? Perhaps because five states — West Bengal, Assam, Tamil Nadu, Kerala, and Puducherry — are in the middle of elections, and no government wants to be seen raising fuel prices before a vote. The crisis is real. The response is electoral.

The Silence of the Powerful — And the Few Who Spoke

When Israel bombed Gaza, the streets of London and Berlin filled with protesters. This time — with Iran under sustained attack, schools and hospitals bombed, 600 educational institutions struck, water and oil infrastructure destroyed — those same streets are quiet. The silence of the people is perhaps understandable. But the silence of governments is deliberate.

European Central Bank chief Christine Lagarde has warned that an economic shock larger than anything currently anticipated is on its way. Russia's President Putin said plainly that this war is not happening in West Asia — it has arrived in everyone's home. The Philippines has warned it has only 30 to 40 days of petroleum reserves left.

In this landscape of averted eyes, Spain's Prime Minister Pedro Sánchez — a name that does not appear on any list of "world leaders" crafted in Delhi or Washington — refused to allow American forces to use Spanish military bases for strikes on Iran. He condemned the attack. He does not have India's GDP, nor America's nuclear arsenal. But he said what needed to be said. Brazil's President Lula was blunt: "I am angry. Whoever has power thinks they own the world."

Meanwhile, the American Embassy in India tweeted an old photograph — Trump and Modi, smiling, a year-old image with an old quote about India being an "important friend." Why now? Is it to compensate for the attention being showered on Pakistan as a diplomatic interlocutor in the Iran-US channel? If so, it treats ordinary Indians as people too unsophisticated to notice the difference between a year-old photo and present-day policy.

A small group of people — with ties that change every day and statements that change with the ties — is herding the world's population like sheep. Religion and nationalism serve one purpose in this arrangement: to win elections. The real business of war, the real calculus of power, speaks an entirely different language. Some countries still speak the language of resistance. Most have chosen the comfort of silence.

The question is: for how long?

FACTS
  • Iran fired over 400 missiles at Israel in 25 days, with the pace accelerating after a brief lull, according to the Israeli newspaper Haaretz.
  • 35 cluster missiles broke through Israeli air defenses entirely; 190 urban zones have been affected, per IDF reports.
  • Israel's military chief warned the cabinet that ground manpower is critically low and that the army risks failure to complete its missions if the situation continues.
  • Iran is reportedly recruiting up to one million soldiers into the IRGC, according to multiple media reports.
  • IRGC Naval Commander Ali Reza Tangsiri was killed; he was leading planning to close the Strait of Hormuz. The US confirmed his death.
  • Iran struck a white phosphorus weapons manufacturing unit in the Negev. White phosphorus use in warfare is prohibited under international law.
  • The UAE intercepted 2,180 Iranian drones and missiles, according to the UAE Ambassador's Wall Street Journal op-ed dated March 25.
  • Kuwait's ports and Saudi Arabia's capital Riyadh were struck by missiles and drones during this period.
  • Indian investors have lost ₹33 lakh crore since the war began; ₹8 lakh crore was wiped out on March 27 morning alone.
  • Indian oil companies are losing ₹24/litre on petrol and ₹30/litre on diesel, as confirmed by Petroleum Minister Hardeep Singh Puri.
  • The central excise duty on petrol in India rose from ₹9.48/litre in 2014 to ₹19.90/litre currently — a near-doubling under the present government.
  • Spain's PM Pedro Sánchez refused to allow US military use of Spanish bases for strikes on Iran and publicly condemned the attack.
  • The Philippines has warned it has only 30–40 days of petroleum reserves remaining and has declared a state of emergency.
  • ECB Chief Christine Lagarde warned that an economic shock far larger than current forecasts is imminent.
  • Iran's Foreign Minister Araghchi stated before a UN Human Rights Committee that the US and Israel are conducting a war of genocide against Iran, with 600 schools, hospitals, water infrastructure, and oil sites attacked.
CRITICISMS
Donald Trump / United States
  • Trump announced a pause on energy plant strikes, attributing it to an Iranian "request" — a claim Iran never confirmed, illustrating the pattern of issuing statements with no factual basis.
  • The cabinet meeting footage reveals a president entirely unbothered by civilian suffering, laughing about commodity markets and statues while his military strikes hospitals and schools.
  • Trump claimed Iran was two to four weeks away from a nuclear bomb — a claim contradicted by his own National Intelligence Director Tulsi Gabbard and Counter-Terrorism Director Joe Kent, who testified Iran had no nuclear weapon.
  • The US is actively working with Israel on plans to assassinate Iranian political leadership — including the foreign minister and parliament speaker — in violation of international law.
  • US military bases across the Gulf are being used to coordinate and support strikes, while the administration portrays the war as a self-defense operation rather than a coordinated aggression.
Israel
  • Israel used white phosphorus in Gaza and Lebanon — a chemical weapon banned in warfare — and its manufacturing facility in the Negev remained active until recently targeted.
  • Israel's military spokesperson openly stated that assassinations of Iranian leaders will continue, a declaration that constitutes a public endorsement of targeted killings in violation of international humanitarian law.
  • Israel has sabotaged multiple ceasefire attempts, including one in Doha where it struck the city during active negotiations.
  • Spreading fabricated reports that an attack on Iran is imminent serves as a psychological pressure tactic — a form of information warfare designed to keep Iran militarily destabilized without bearing diplomatic consequences.
Indian Government / Modi Administration
  • India has chosen silence while its citizens lose ₹33 lakh crore, the rupee collapses, and fuel subsidies bleed the treasury — calling this "strategic autonomy" is a euphemism for indifference to the public.
  • The central excise duty on petrol nearly doubled between 2014 and today — from ₹9.48 to ₹19.90 per litre — yet the government presents its decision not to raise prices further as extraordinary largesse.
  • When crude prices fell and India bought discounted Russian oil, the savings were absorbed by the government rather than passed on to consumers. Now that costs are rising, the government calls its restraint a favor.
  • The excise duty reduction of ₹10 per litre will not reduce pump prices — it only partially covers the losses of oil marketing companies. Framing this as "relief to the public" is deliberately misleading.
  • The decision to keep fuel prices unchanged through five state elections makes the motivation transparent: electoral management, not public welfare.
Mainstream Media / Global Information Environment
  • The near-absence of mass street protests in London, Berlin, and other Western cities — unlike during the Gaza bombings — suggests that the same populations are selectively engaged, mobilized by media framing rather than consistent moral principle.
  • The planting of false intelligence — that an attack on Iran is coming at any moment — goes largely uncritiqued by mainstream media, which amplifies the pressure without interrogating its manufactured nature.
UAE
  • The UAE's Wall Street Journal op-ed by its US Ambassador is a lobbying document for war continuation, not peace — framed as self-defense but functionally calling for the permanent dismantlement of the Iranian state.
  • The UAE's decision to deploy its navy while claiming civilian neutrality exposes the gap between Dubai's carefully cultivated cosmopolitan image and the geopolitical role it is actively choosing to play.

The War Everyone Unsees

The Face of War Has Gone Missing | Ravish Kumar
See All News by Ravish Kumar
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War & Media  ·  March 28, 2025

The Face of War Has Gone Missing

Over 2,000 people died in Iran. More than 250 journalists were killed in Gaza. And yet, on your screen, there were only missile launchers, fighter jets, and defence ministers giving press conferences. Somewhere along the way, the human being quietly vanished from the war.

Where Did the People Go?

On February 28, America and Israel launched strikes on Iran. In the days and weeks that followed, you could find no shortage of footage — fighter jets taking off from carriers, warships cutting through oceans, missile systems painting streaks across night skies. Armies pressed their own videos into the world's news feeds, and those videos became the accepted truth of the war.

But here is what you did not see: the places where those jets dropped their bombs. The people underneath. The screaming. The running. The faces of mothers outside a school that no longer existed.

One month into the conflict, it is worth pausing to ask why. Was it an accident of logistics? A failure of access? Or was it a deliberate, systematic effort to make sure you felt nothing — that you remained unmoved, uninvested, unbothered — even as thousands of lives were being shattered in a country far away?

"A careful effort was made so that, no matter what else you worried about — the cost of cooking gas, the queue at the ration office — you would feel no sympathy for those being killed."

250 Journalists Killed. Most of Their Names You Never Heard.

Before talking about the faceless dead in Iran, it is worth remembering another category of the missing: the journalists of Gaza. The Guardian newspaper built a dedicated page on its website for them — every name, every photograph. Where there was no photograph, a bullet-proof press vest stood in its place. A press vest as gravestone.

Source: The Committee to Protect Journalists (CPJ) — over 250 journalists have been killed in Gaza since the conflict began. Between 2023 and 2025, CPJ documented 203 journalist killings attributed to Israel. cpj.org

These were the people who stood among Gaza's unarmed civilians and reported what was happening. They were the only reason the world knew anything at all — knew the names of families wiped out in a single strike, recognised the faces of children who would not see another week. They reported until bombs fell on them too.

Ansal Sharif  ·  Hamza Mustafa  ·  Thuraya Fatima  ·  Husam al-Masri  ·  Maryam Abu Daqqa  ·  Muhammad Salama  ·  and 244 more.

Israel barred international journalists from entering Gaza from the very beginning. Those who were inside — local, Palestinian, freelance — were the only witnesses. And then they were killed too. Not one by one, but two hundred and fifty times over. And still, none of their photographs was shown repeatedly, insistently, the way the face of a single soldier from one side tends to be.

Iran's 2,000 Dead, and the Names We Were Never Given

Iran released photographs of the girls killed in Minab. It made posters. The incident was genuinely horrific. But those images — and the deaths of nine sailors — were made to stand in for the entire Iranian civilian toll. A nation-sized tragedy reduced to a handful of photographs.

Over 2,000 people were killed in Iran during this conflict. Their stories, their names, the neighbourhoods they lived in — none of it reached us. The families of the Minab girls were not permitted to speak publicly. No journalist walked through the rubble of their homes. Instead, Iran's own state media repeatedly released AI-generated videos depicting how Trump might attack, how devastation would unfold — synthetic grief in place of documented grief.

Iran struck a steel plant. Iran's food supply chain was attacked — a vegetable market in Larestan was bombed, reportedly to starve the population into rebellion. Medical services in cities like Mashhad and Shiraz were reportedly disrupted. We do not know the true scale. There is no ground report. There is almost no image.

Iran is the world's tenth-largest steel producer. Targeting its industrial and food infrastructure alongside military sites is a documented tactic of economic warfare. No independent media verification of civilian casualty figures has been possible due to access restrictions.

Humanize. Dehumanize. The Oldest Game in War.

There are two words that define how war is communicated to the public: humanize and dehumanize. In every conflict, the side with greater media power works to dehumanize those being bombed — to ensure that viewers feel no connection to the people dying, feel no instinct to oppose the war. And a handful of courageous journalists work to humanize — to bring back the human stories that states want erased.

During the Vietnam War, media scholar Daniel Hallin documented in his book The Uncensored War: The Media and Vietnam how American television coverage actively promoted the war effort. Enemies were called "vermin," described in terms that stripped them of human identity. The purpose was precisely this: to prevent the television audience from forming any emotional bond with those being killed — and to instead breed the appetite for their killing.

Daniel C. Hallin, The Uncensored War: The Media and Vietnam (1986). Hallin's research analysed network scripts and broadcasts to show systematic dehumanisation of Vietnamese civilians and the enemy in American TV news.

One exception stands out: in August 1965, CBS correspondent Morley Safer travelled with American marines to Cam Ne village. What he broadcast — soldiers setting fire to thatched homes while elderly villagers and children remained inside — became a landmark in war journalism. "Burning of Cam Ne" is still available on YouTube. It was almost singular in its honesty. A later comprehensive analysis of all major US network coverage found that while hundreds of South Vietnamese villages were destroyed, almost none had their stories reported.

When the public is dehumanized enough, it stops being citizens and becomes a crowd — willing to cheer for bombing runs the way it cheers for a cricket match.

The Embedded Journalist and the Asset Balance Sheet

During the Iraq War, the Pentagon's "embedded journalist" programme placed reporters inside military units, riding tanks to the front lines. Television news from inside those tanks turned war into spectacle — America's firepower showcased like product advertising. That war was waged on the premise that Saddam Hussein possessed chemical weapons. That premise was never proven. Hundreds of thousands of Iraqis were killed. The embedded journalists were reporting military prowess while the foundational lie went largely unchallenged.

A journalist from the Boston Herald, writing about his experience embedded with a US unit, described identifying three Iraqi soldiers who were then shot dead by a sniper nearby. The account raised a question that has never been satisfactorily answered: can a journalist embedded with one side of a war report that war with any neutrality at all?

Source: Nieman Lab, Harvard University — analysis of embedded journalism ethics and the Pentagon Embed Program (2003–2004). niemanlab.org

On March 26, the Wall Street Journal published a report on American military assets damaged or destroyed in the conflict — billions of dollars of equipment catalogued with concern. The human beings at the other end of those assets did not receive a comparable accounting. When Fox News asked Trump whether Iranians had food and water, he responded by telling the anchor she was beautiful and reminiscing about a lunch they once shared. That exchange, too, became news.

The Missing Ground Report

What are people eating in Tehran, in Beirut, in the cities of southern Iran right now? What do the streets of Mashhad look like today? How overwhelmed are the hospitals? Which neighbourhoods have lost power, or water, or both? Is there a ground report — any ground report — answering these questions? There is not.

In Gaza, when children began dying of malnutrition and starvation, the press was denied entry. The world learned of it through the same Palestinian journalists who were being killed one by one. At Harvard University, students knelt in the cold and read aloud the names of dead Gazan children onto plastic sheets. That act of naming — that insistence on the human — generated global sympathy and protests across dozens of cities. That is precisely why the naming is withheld. Naming is dangerous to those who are bombing.

In Gulf states hosting American military bases, people who filmed the aftermath of strikes were arrested. Meanwhile, the American Secretary of Defense stood before cameras to teach journalists how to write headlines. "Be patriotic press," he said. "Take pride in your country."

India's Press: A Study in Voluntary Silence

In 2024, American journalist Tucker Carlson — an unlikely figure in this story — released a documentary called The Bibi Files, directed by Alexis Bloom. Originally produced inside Israel, the film investigates corruption allegations against Prime Minister Netanyahu and raises pointed questions about how Hamas managed to breach one of the world's most surveilled borders on October 7. Carlson, hardly a progressive voice, nonetheless asked the questions.

No Indian news channel would broadcast this film. Even if Carlson offered it for free. There would not be the courage. In a country of 1.4 billion people, with one of the largest and most historically vibrant press traditions in the world, the media's role in covering this war — in documenting war crimes, civilian casualties, or even asking basic questions — has been negligible. Turn the pages of any mainstream Indian newspaper from the past month. Count how many ground reports there are. Count how many names of Iranian dead appear.

What you will find instead is wall-to-wall coverage of leaders: Trump on the aeroplane steps, Trump before boarding, Trump after landing. A defence secretary. A foreign minister. An analysis of geopolitical implications. The Indian press has become a kirtan recital — devotional performance for those in power, with no room for the voices underneath the bombs.

The press abandoned its purpose. And so the public abandoned the press. Both now serve someone other than the truth.

The Question We Must Sit With

Many people who consume war coverage daily consider themselves compassionate. Sensitive. They feel sorrow at personal losses, tenderness toward animals, outrage at individual cruelty. And yet, when it comes to the bombing of a country they cannot locate on a map — 2,000 dead, 5,000 wounded — they feel nothing. They discuss it with the detachment of a stock market bulletin.

This is not a failure of character. It is the outcome of a system — media and state together — that has very carefully ensured you never saw a face, never heard a name, never had the chance to feel anything. The dehumanization was not accidental. It was administered.

Animals, for all the contempt the word carries when applied to humans in war, do not drop bombs. In that specific sense, they remain more humane than we have allowed ourselves to become.


Facts

The United States and Israel conducted strikes on Iran beginning February 28, 2025. This article was written one month into the conflict, on March 28, 2025.
According to the Committee to Protect Journalists (CPJ), more than 250 journalists have been killed in Gaza since the conflict began. CPJ documented 203 of those killings as attributable to Israel between 2023 and 2025.
The Guardian newspaper built a dedicated memorial page on its website for journalists killed in Gaza, listing names and photographs. Where no photograph existed, a bullet-proof press vest was used as a placeholder.
Israel did not permit international journalists to enter Gaza from the outset of the conflict, leaving local Palestinian journalists as the primary — and most endangered — witnesses.
Iran reported over 2,000 civilian deaths as a result of American and Israeli strikes. Independent verification of this figure has not been possible due to media access restrictions inside Iran.
Iran is the world's tenth-largest steel producer. Strikes reportedly targeted its steel plant and a food-supply market in Larestan, alongside military infrastructure.
Daniel Hallin's 1986 academic work The Uncensored War: The Media and Vietnam documented how American TV news systematically dehumanised the Vietnamese enemy and civilian population during the Vietnam War.
Morley Safer's 1965 CBS report "The Burning of Cam Ne" — showing US marines setting fire to Vietnamese village homes while elderly residents remained inside — remains one of the few honest ground reports from that conflict. A subsequent comprehensive network study found that hundreds of destroyed South Vietnamese villages received no coverage.
The Pentagon's embedded journalist programme during the 2003 Iraq War placed reporters inside military units. The war's stated justification — Iraqi chemical weapons — was never verified.
On March 26, 2025, the Wall Street Journal published a report cataloguing American military assets destroyed or damaged in the Iran conflict, framing losses in billions of dollars of equipment.
The Bibi Files (2024), directed by Alexis Bloom and released on Tucker Carlson's platform, investigates corruption allegations against Israeli Prime Minister Benjamin Netanyahu and questions the security lapses of October 7.

Criticisms

Israeli government and military: Over 250 journalists were killed in Gaza — a toll that defies the logic of accident. Barring international press from entering Gaza from the start ensured that the scale of civilian destruction would remain invisible to the world. This was not a policy of caution; it was a policy of concealment.
The Iranian government: In January 2023, the Iranian state killed thousands of its own citizens during popular protests and systematically hid the death toll. Today, the same government presents itself as a victim of unjust bombardment — and it is right to do so — but its credibility is fatally compromised by its own record of silencing families who lost children in state violence.
The American government and Trump administration: Bombs funded by American taxpayers are destroying Iranian homes and Iranian lives. When a journalist asked President Trump whether Iranians had access to food and water, he responded with a compliment about her appearance. This is not eccentricity. It is the studied contempt of a leader who has concluded that human consequences carry no political cost.
Western mainstream media: A month of coverage produced almost no ground reports from inside Iran, no sustained accounting of the 2,000 dead, no hospital photographs, no footage from destroyed neighbourhoods. The same outlets that loudly championed civil liberties inside Iran during the 2022 protests went largely silent once Western bombs started falling. The hypocrisy is structural, not incidental.
Indian news media: In a country of 1.4 billion people, not a single mainstream television channel or major newspaper produced meaningful ground reporting on civilian casualties in this war. Coverage consisted almost entirely of government statements and geopolitical commentary. The Indian press has traded independent journalism for proximity to power, and in doing so has rendered itself useless to its audience on the most consequential stories of the era.
Military and state information apparatus broadly: Military officials from multiple countries walked through bombed sites performing the role of journalists — naming cities, describing threats, drawing comparisons — while actual journalists were barred from those same locations. This is not press management. This is the state replacing the press.