Important News - 2025-04-16
16 April 2025
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Economy (4)
Nitin Bhasin Advocates Bonds Over Equities Amid Rate Cut Expectations
Amid global uncertainties and domestic earnings concerns, institutional investors are increasingly favoring bonds over equities. Nitin Bhasin, Head of Institutional Equities at Ambit Capital, highlighted that bond yields are likely to decline further as the rate-cut cycle progresses, making fixed-income instruments more attractive. Bhasin noted that broader market valuations remain elevated, and corporate earnings growth for FY26 is expected to stay muted, with Nifty earnings projected to grow by 8% in FY25 and 9-11% in FY26. He also predicted at least two more rate cuts, totaling 50 basis points, in the coming months. Bhasin attributed this outlook to India’s steady GDP growth, estimated at 6-6.25%, and a shift toward more accommodative liquidity conditions.
India Avoids Trade Retaliation Amid Bangladesh's Restrictions and Renewed Ties with Pakistan
India has expressed concerns over Bangladesh's recent trade restrictions but has decided against retaliatory measures. Despite Bangladesh blocking yarn imports through land borders and shutting three land ports with India in March 2024, India maintains that its withdrawal of the trans-shipment facility in 2020 was aimed at easing congestion at Indian ports and airports. India has ensured that this action does not affect Bangladesh's exports to Nepal and Bhutan. During a recent meeting in Bangkok, Prime Minister Narendra Modi urged Bangladesh Chief Adviser Muhammad Yunus to avoid rhetoric that could harm bilateral relations. Additionally, Bangladesh has resumed direct trade with Pakistan, agreeing to purchase 50,000 tonnes of Pakistani rice in February 2024. This move, along with increasing high-level contacts between Bangladesh and Pakistan, has raised concerns in India, particularly given Pakistan's role in global terrorism.
Finance Ministry Reviews Proposals to Ease Toll Payments on National Highways
The Road Transport Ministry has proposed two measures to alleviate the burden of toll payments for commuters on National Highways (NHs). The first proposal seeks to exempt toll collection on NHs with less than four lanes, while the second introduces an annual pass priced at approximately Rs 3,000, allowing unlimited travel for car owners. These proposals have been forwarded to the Finance Ministry for approval, as they involve potential revenue losses. The exemption for narrower highways is expected to have minimal financial impact, whereas the annual pass system may reduce toll revenue. The proposals were discussed during a review meeting led by Road Transport Minister Nitin Gadkari, who has emphasized the need for significant relief for highway users. Currently, around 200 toll plazas operate on two-lane or two-and-a-half-lane NHs, most of which are publicly funded. Out of the total toll revenue of Rs 61,000 crore projected for 2024-25, private cars contribute about 20-21%, with the majority coming from commercial vehicles.
Trump Organization Launches Second Luxury Residential Project in Gurgaon
The Trump Organization, in collaboration with Indian real estate partners Smartworld Developers and Tribeca Developers, has announced the launch of its second residential project in Gurgaon, named Trump Residences Gurgaon. Located in Sector 69, the project spans 12 lakh square feet and aims to generate Rs 3,500 crore in sales with an investment of Rs 1,200 crore. The development will feature two 51-story towers housing 298 luxury residences. This marks the second Trump-branded project in Gurgaon, following the successful launch of Trump Towers Delhi NCR in 2018. Eric Trump, Executive Vice President of The Trump Organization, expressed confidence in the project, highlighting the strength of the Trump brand in India and the exceptional partnership with local developers. Smartworld Developers will handle construction, while Tribeca Developers will lead design, marketing, and sales. India currently hosts six Trump projects across four cities.
Politics (2)
Trump Threatens Harvard's Tax-Exempt Status Over Academic Freedom Dispute
U.S. President Donald Trump has threatened to revoke Harvard University's tax-exempt status following its refusal to comply with his administration's demands to overhaul academic programs, which he claims promote anti-American and antisemitic ideologies. Trump accused Harvard and other universities of fostering Marxism and supporting radical left ideologies, particularly in the context of pro-Palestinian student protests that emerged after the 2023 Hamas-led attack on Israel. Harvard President Alan Garber defended the university's stance, stating that the administration's demands were unconstitutional and violated free speech rights. In response, the Trump administration froze over $2 billion in federal grants and contracts to Harvard. Several other universities, including Columbia and Princeton, have supported Harvard's position, emphasizing the importance of academic freedom. The conflict has sparked legal challenges and debates over the role of government in dictating university policies.
Robert Vadra Appears Before ED in Money Laundering Probe Over 2008 Gurgaon Land Deal
Businessman Robert Vadra appeared before the Enforcement Directorate (ED) for the second consecutive day on Wednesday in connection with a money laundering probe related to a 2008 land deal in Gurgaon. The deal involved Vadra's company, Skylight Hospitality, and real estate giant DLF. Vadra, accompanied by his wife Priyanka Gandhi, Congress general secretary and MP from Wayanad, reiterated that he was a political target. He stated, 'We are not scared of anyone,' and accused the central government of harassment. Vadra expressed frustration over repeated summons, claiming he had already appeared 15 times before the ED and provided 23,000 documents. The case also involves former Haryana Chief Minister Bhupinder Singh Hooda, who is accused of favoring Vadra's company in the deal for over 3.5 acres of land in Shikohpur. Skylight Hospitality bought the land for Rs 7.5 crore and sold it to DLF for Rs 58 crore four months later. The Congress has termed the ED's actions as politically motivated.
Defence (1)
Delhi HC Denies Bail to Separatist in LeT Terror Funding Case
The Delhi High Court recently denied bail to separatist Nayeem Ahmad Khan in a terror funding case linked to Lashkar-e-Taiba (LeT) and 26/11 Mumbai attack mastermind Hafiz Saeed. A bench of Justices Navin Chawla and Shalinder Kaur upheld the trial court's December 2022 decision, emphasizing that prolonged incarceration cannot be a ground for bail in cases involving terrorist activities aimed at destabilizing India's unity and public order. Khan, a member of the Hurriyat Conference and chairman of the J&K National Front, was arrested on July 24, 2017, under the Unlawful Activities (Prevention) Act and remains in judicial custody. The court highlighted that while the right to a speedy trial is crucial, the gravity of terrorism-related offenses, which have nationwide implications, outweighs the argument for bail based on the duration of custody.
Heritage (1)
Allahabad HC Adjourns Gyanvapi Mosque Case Hearing to May 5
The Allahabad High Court has postponed the hearing in the Gyanvapi mosque case until May 5, 2024. The case involves a petition challenging the Varanasi court's 2023 decision to reject an ASI survey of the mosque's wuzukhana (ablution pond) area, excluding a purported 'shivlinga' discovered during a court-ordered survey in 2022. Justice Rohit Ranjan Agarwal noted that the Supreme Court had, in December 2023, directed courts nationwide to refrain from issuing interim or final orders on religious structures. The revision plea was filed by Rakhi Singh, one of the plaintiffs in the Varanasi case. The High Court has granted additional time to the mosque management committee to submit its counter-affidavit.
Miscellaneous (1)
Drunk Bus Driver Dies After Collision in Kharghar, Navi Mumbai
In Kharghar, Navi Mumbai, a private luxury bus driver, Sujit Das (42), under the influence of alcohol, rammed into an Ertiga car near Pranam Hotel in Sector 34 on Tuesday morning. Das fell unconscious and was rushed to Medicity Hospital, where he was declared dead on arrival. No injuries were reported in the accident, and the Ertiga driver left after receiving compensation without filing a police complaint. Another driver, Ganesh Rathi Panvel, found Das unconscious in the parked bus and took him to the hospital. An accidental death case was registered at Kharghar police station, and an autopsy was conducted at Panvel sub-district hospital before the body was handed over to relatives for last rites.
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