Important News - 2025-04-17
17 April 2025
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Economy (5)
Trump's Tariffs and the Future of the US Dollar's Global Dominance
President Donald Trump's tariff policies have raised concerns about the continued dominance of the US dollar as the world's primary trading and reserve currency. As of the final quarter of 2023, approximately 58% of global foreign exchange reserves were held in dollars, a decline from 71% in 1999, due to competition from smaller currencies. The dollar remains central to global trade, with roughly half of all international transactions conducted in it, compared to 22% for the euro and 4% for the Chinese yuan, according to February 2023 data from Swift. However, the dollar's value has recently declined, with the Swiss franc, yen, and gold emerging as alternative safe havens. The Bretton Woods accords of 1944 established the dollar as the global reference currency, but recent trends, including Trump's trade policies and the Federal Reserve's monetary stance, have raised questions about its future. Central banks in several countries are also exploring 'de-dollarisation' to reduce exposure to US sanctions, as seen in the case of Russia following its 2022 invasion of Ukraine. Experts argue that while the dollar's dominance is under pressure, there are currently no viable alternatives to replace it.
NARCL Aims for Rs 10,000 Crore Stressed Asset Acquisitions in Q1 FY26
The National Asset Reconstruction Company Limited (NARCL), India's state-sponsored bad bank, is targeting acquisitions worth Rs 10,000 crore in the first quarter of FY26. NARCL has already initiated offers for key distressed accounts, including BGR Energy, Girija Alloys & Power, Gannon Dunkerley & Co., and Gupta Power, and is conducting due diligence on more accounts. Bids for these acquisitions are expected to be finalized by June-end. NARCL follows a 15:85 model, where 15% of the account value is paid upfront in cash, and the remaining 85% is issued as Security Receipts (SRs) backed by a sovereign guarantee. As of March 31, 2025, NARCL has managed Rs 1.6 lakh crore in debt, with Rs 29,000 crore of assets under management. A recent RBI circular has incentivized banks to sell distressed assets to NARCL by allowing them to reverse provisions using government-guaranteed SRs, potentially boosting Q4 profits by up to Rs 20,000 crore. However, NARCL faces challenges due to a limited pipeline of large stressed assets, as many significant accounts have already been addressed. Careful selection of assets remains crucial for NARCL's strategy moving forward.
IndusInd Bank Shares Rally as Derivatives Losses Align with Estimates
Shares of IndusInd Bank surged by over 7% on Wednesday, reaching ₹788.3, following external auditors' confirmation that the bank's derivatives losses stood at ₹1,979 crore, aligning closely with initial estimates. This development alleviated investor concerns about potential financial shocks. The bank's stock has recovered significantly, gaining over 14% in the past two trading sessions, though it remains 12.5% below its value before the March 11 announcement of accounting discrepancies. Analysts from Macquarie have maintained an 'outperform' rating on the stock, with a price target of ₹1,210, citing limited impact from the discrepancies. The losses, estimated at 2.27% of the bank's net worth as of December 2024, were marginally lower than the internal review's estimate of 2.35%.
GTPL Hathway Achieves Rs 3,500 Crore Revenue Milestone in FY25
GTPL Hathway, a leading cable and broadband service provider in India, has achieved a significant milestone by crossing Rs 3,500 crore in revenue for the financial year 2024-25 (FY25). This marks a notable growth in the company's financial performance, reflecting its strong market presence and operational efficiency in the competitive telecommunications sector. The achievement underscores the increasing demand for digital connectivity and broadband services in India, driven by the rapid expansion of internet users and the government's push for digital transformation.
Key Developments in Indian Markets: Infosys, Wipro, SpiceJet, and ICICI Bank in Focus
Domestic markets showed positive momentum, gaining nearly half a percent as the recovery phase continued. Key stocks such as Infosys, Jio Financial, Wipro, and SpiceJet were in focus due to various news developments and fourth-quarter results. Infosys, Jio Financial, HDFC AMC, and HDFC Life are set to announce their quarterly results on Thursday. UltraTech Cement has agreed to acquire a 26% stake in AMPIN C&I Power Eight, a renewable energy company, for Rs 25 crore. Petronet LNG appointed Saurav Mitra as its Director (Finance) and CFO for a five-year term. Hindustan Unilever Limited (HUL) has filed a case in the Bombay High Court against Honasa Consumer for disparaging its brand. Wipro reported a net profit of Rs 3,570 crore in Q4 FY25, marking a 26% increase from the previous year. ICICI Bank reduced its savings account interest rates by 25 basis points, following similar moves by HDFC Bank and Axis Bank. SpiceJet's Chairman and Managing Director, Ajay Singh, stated that the airline's revival plan is progressing well, with plans to double its fleet within the next 12 months.
Politics (3)
Congress Challenges New Waqf Law, Citing Constitutional Concerns
The Congress party has criticized the new Waqf law introduced by the BJP, stating that it undermines the constitutional rights of minority communities. On Thursday, senior lawyer and AICC spokesperson Abhishek Singhvi addressed a press conference in New Delhi, describing the law as a retaliatory measure disguised as reform. He argued that the law infringes on the religious freedom of minorities by redefining their rights through bureaucratic means, specifically targeting Clauses 9 and 14 of the legislation. Singhvi emphasized that the law threatens constitutional principles such as Article 26, which guarantees the freedom to manage religious affairs. He compared the justification of the law to PM Modi's controversial 'mangalsutra' speeches during the Lok Sabha elections, suggesting that such rhetoric aims to misinform and incite prejudice. Singhvi clarified that the legal challenge is not about defending a single community but upholding constitutional values that protect all citizens from majoritarian impulses.
West Bengal Governor Defies CM's Request, Visits Violence-Hit Murshidabad
West Bengal Chief Minister Mamata Banerjee and Governor CV Ananda Bose found themselves at odds over the governor's planned visit to Murshidabad, a district recently affected by mob violence linked to the Waqf law. Banerjee urged Bose and other politicians to refrain from visiting the area, emphasizing the need to avoid escalating tensions as normalcy was being restored. Despite her request, Bose announced his intention to conduct an on-the-spot assessment and submit a report to the central government. He met with individuals impacted by the violence and expressed his hope for peace. Meanwhile, the crackdown on rioters continued, with 274 arrests made based on 60 FIRs, including the arrest of a third suspect in the April 12 murders of Haragobindo Das and his son Chandan in Jafrabad village. Additionally, the inspectors-in-charge of Shamsherganj and Suti police stations were transferred as authorities investigated potential intelligence failures following the resurgence of communal tensions on April 11-12.
Supreme Court Seeks Centre’s Response on Muslims Opting for Secular Inheritance Law
The Supreme Court of India has sought responses from the Central and Kerala governments regarding petitions filed by Muslims seeking exemption from Sharia law's inheritance provisions. The petitioners, including a Muslim woman, an NGO (Khuran Sunnath Society), and advocate Naushad KK, argue that Sharia law discriminates against women in inheritance matters and violates constitutional rights to equality. They request the option to be governed by the secular Indian Succession Act, 1925, instead of Muslim personal law. The bench, headed by Chief Justice Sanjiv Khanna and Justice Sanjay Kumar, has agreed to hear the petitions together. The petitioners emphasize that individuals should not be forced to follow religious mandates against their will, especially when it concerns personal property rights.
Schemes (1)
Uttarakhand and FSSAI Promote Healthy Eating on Char Dham Yatra 2025
The Uttarakhand government, in collaboration with the Food Safety and Standards Authority of India (FSSAI), has intensified its focus on the well-being of pilgrims during the Char Dham Yatra 2025. Under the national initiative 'Eat Right India,' food establishments along the yatra route are being sensitized and trained to prepare meals low in salt, sugar, and oil, catering to the dietary needs of individuals with diabetes, hypertension, and other lifestyle-related conditions. The 'Aaj Se Thoda Kam' campaign, launched in March 2025, aims to promote healthier eating habits by encouraging behavioral changes in food consumption patterns. Food vendors are provided with standard recipe cards and dietary guidelines, and training sessions have been conducted in key locations like Rishikesh, Srinagar, and Rudraprayag, with plans to expand to Haridwar, Chamba, and Uttarkashi. Additionally, the Green Char Dham Yatra initiative promotes minimal use of single-use plastic alongside healthier meals. Health safety measures include registration on the Health and Tourism App, availability of medical screening kiosks, pre-yatra advice on yoga and hydration, and multilingual health advisories. These efforts aim to reduce the risk of complications among elderly and vulnerable pilgrims during the arduous journey.
Miscellaneous (1)
Mistaken Identity Leads to Wrong Surgery at Kota Hospital
In a shocking incident at the New Medical College Hospital in Kota, Rajasthan, a 60-year-old partially paralysed man, Jagdish Panchal, was mistakenly operated on due to a case of mistaken identity. The incident occurred on Saturday when Panchal, waiting outside the operation theatre while his son Manish was undergoing surgery, responded to a call for another patient with the same name. Unaware of the mix-up, the medical team administered anaesthesia and began a surgical procedure intended for the other patient. The error was discovered only after a surgical incision was made on Panchal's arm. The matter came to light when AAP's Kota district president Kunjbihari Singhal met the family and filed a formal complaint on Wednesday. Following the incident, Medical College Principal Dr. Sangeeta Saxena ordered an inquiry and directed the hospital superintendent to form a three-member committee to submit a report within 72 hours. Manish, who was undergoing plastic surgery under Dr. Nirmal Gupta, expressed his distress over the incident. Congress MLA Shanti Dhariwal has called for compensation and full medical support for the father-son duo, urging the Rajasthan government to intervene.
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