Business Standard - April 23, 2025

In this issue

April 23, 2025

Trade war hit on India likely to be limited: RBI bulletin

The Indian economy could remain less affected by global trade wars than other countries because the two engines of domestic growth — consumption and investment — are likely to face a limited impact from such headwinds, according to an article on the 'State of the Economy' in the Reserve Bank of India's (RBI's) bulletin, released on Tuesday.

2 mins

IMF Cuts India's FY26 Growth Forecast to 6.2% Amid Trade Tensions

The International Monetary Fund (IMF) on Tuesday pared its FY26 growth forecast for India by 30 basis points to 6.2 per cent, citing escalating trade tensions and mounting global uncertainty, in its latest World Economic Outlook (WEO).

2 mins

Govt Moots Emission Reduction Targets for Energy-Guzzling Cos

Proposes greenhouse gas reduction via carbon trading or sector-wise firm targets

3 mins

Airtel powers 5G service with spectrum buy from Adani

Signalling Strength

2 mins

Vance nudges India to drop non-tariff barriers for US biz

United States Vice President JD Vance on Tuesday called for deeper energy and defence ties with India, while pressing New Delhi to remove non-tariff barriers and provide greater market access to American businesses.

3 mins

Equities appear pale in the shadow of gold's glittering returns

Gold has emerged as a superior asset class for investors as volatility and uncertainty continue to weigh on the equity markets.

2 mins

Advertisers Prioritize CTV Ad Campaigns, Says Google

YouTube, an online video-sharing platform under Google, is the most-watched streaming service on connected television (CTV) in India and Japan.

1 min

'India under tariff pressure to give Amazon, Walmart full market access'

US President Donald Trump's administration intends to press India to give online retailers such as Amazon and Walmart full access to its $125 billion ecommerce market, the Financial Times reported on Tuesday, citing industry executives, lobbyists and US government officials.

1 min

Campbell Wilson quits as A-I Express chairman

Air India Chief Commercial Officer Nipun Agarwal was on Tuesday appointed chairman of Air India Express, replacing Campbell Wilson (pictured).

1 min

'Sherbet jihad' leaves bitter aftertaste as Delhi HC raps Ramdev

Orders takedown of yoga guru's controversial comments on Rooh Afza

2 mins

Flipkart Plans IPO Next Year

Targets valuation of up to $70 billion

2 mins

HCLTech Rewrites Playbook for FY26 With Tariffs in Play

Firm expects revenue growth to be in the range of 2 to 5%

2 mins

From warehouses to local stores: Ola Electric shifts gear

Amid the ongoing controversy in Maharashtra over Ola Electric stores operating without a trade certificate, sources at the Bengaluru-based electric two-wheeler manufacturer said the company is currently transitioning from a centralised warehouse model to a retail-focused approach.

1 min

CAIT Proposes Luxury Tax on Qcom Buys

The Confederation of All India Traders (CAIT) has proposed a luxury tax on purchases made through quick commerce (qcom) platforms, saying the convenience of rapid delivery qualifies as a luxury and should be taxed accordingly.

1 min

Ericsson to Localise Antenna Production

Ericsson Antenna System (EAS) plans to localise 100 per cent of its passive antenna production for the Indian market by June, the telecom gear-maker said on Tuesday.

1 min

BSA seeks rationalisation of software localisation norms

India's localisation norms for procuring software meant for government contracts need to be rationalised so that companies can understand the processes better and bid accordingly, Victoria Espinel, global chief executive officer (CEO) of policy advocacy group Business Software Alliance (BSA), said.

1 min

PFC Takes Gensol's Forgery Case to EOW

Power Finance Corporation (PFC), a public-sector non-banking financial company (NBFC), lodged a complaint with the Economic Offences Wing (EOW) against Gensol Engineering Ltd's (GEL's) falsified documents in February, it said in an official statement.

1 min

Outward remittances under LRS drop 8.2%

Outward remittances under the Reserve Bank of India's (RBI's) Liberalised Remittance Scheme (LRS) during April 2024-February 2025 continue to be lower than the same period a year ago.

1 min

REER eases to 101.49 in March

Outstanding forward market short position climbs to $88.7 billion

1 min

EY not engaged for forensic audit: IndusInd

IndusInd Bank on Tuesday clarified that EY is not engaged in the forensic audit of its microfinance (MFI) business, stating that the accounting firm is assisting the bank's internal audit department (IAD) in reviewing certain records.

1 min

NRI deposit inflows jump 23% till Feb

The Indian diaspora deposited 23.3 per cent more money into non-resident Indians (NRI) accounts during the first 11 months of the financial year 2024-25 (FY25) against the same period a year ago.

1 min

Repatriation drags down net FDI to $1.5 billion in Apr-Feb

Net foreign direct investment (FDI) into the country declined sharply to $1.5 billion during April 2024-February 2025 from $11.5 billion in the same period a year ago owing to higher repatriation and outward FDI from India.

1 min

High SDF balances signal asymmetric liquidity conditions

RBI report highlights precautionary cash hoarding and uneven fund distribution in banking system

2 mins

Large banks to benefit from RBI's runoff factor move

Taking Stock

1 min

FY25 Staff Count: HDFC Adds Just 994, ICICI Trims Over 6K

Despite rise in number of branches, hiring slows

2 mins

Gold in India appreciated at a CAGR of 13.8% in 10 yrs

The BSE Sensex, by comparison, rose at a CAGR of 12 per cent, from 4,658 in April 2000 to 79,596 as on Tuesday.

1 min

IMF: US effective tariff rate has surpassed levels seen during Great Depression

The effective tariff rate of the United States (US) has risen to its highest level in a century, surpassing levels seen during the Great Depression that began in 1929, the International Monetary Fund (IMF) said on Tuesday.

1 min

Rising trade tensions, uncertainty to weigh on global growth: IMF

A surge in policy uncertainty is a major driver of the economic outlook, he said, adding: \"If sustained, increasing trade tensions and uncertainty will slow global growth.\"

1 min

RBI report: India's ability to withstand global headwinds stem from its robust growth

The report said India's ability to withstand global headwinds stem from its robust growth, fostered by a strong macroeconomic framework and moderating inflation, with robust domestic engines of growth.

1 min

Penalty to be 2x average trading price of carbon credit certificates

These will be calculated in tonnes of carbon dioxide equivalent emissions (tCO2) per tonne of production, with the targets applying from FY26 to FY27, based on baseline data from FY24.

2 mins

USTR: Serious lack of reciprocity in trade with India

United States Trade Representative (USTR) Jamieson Greer said that there was a \"serious lack of reciprocity\" in the trade relationship between the US and India, even as he welcomed the announcement of the finalisation of the terms of reference for the Bilateral Trade Agreement (BTA) by Prime Minister Narendra Modi and US Vice-President JD Vance.

1 min

Threefold rise in trade restrictions since 2019: FM

Finance Minister Nirmala Sitharaman met a clutch of America's top IT sector leaders, pension fund managers and institutional investors in San Francisco on Monday, and mooted strengthening of the India-US economic collaboration to enable partnerships and investments in sectors such as semiconductors, nuclear power, pharmaceuticals and quantum computing.

1 min

Want India to buy more of our military equipment

The American vice-president's remarks come ahead of trade talks beginning on Wednesday in Washington, where a delegation of Indian commerce department officials, led by chief negotiator and commerce secretary-designate Rajesh Agrawal, will meet their US counterparts.

2 mins

India's OPEC oil imports at record low as Russian flows surge

The share of Organization of Petroleum Exporting Countries (OPEC) oil in India's imports fell to a record low in the previous financial year (FY25) as refiners continued to gorge on cheaper oil from Russia, the top oil supplier to New Delhi for the third straight year, data obtained from trade and industry sources showed.

1 min

NDA may name convenor

With the Bihar Assembly polls scheduled later this year and some of its constituents keen that their concerns be given a hearing in a structured format, the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA), could soon appoint either a chairperson or a convenor.

1 min

Parliament supreme, says V-P; Constitution is, retorts Sibal

Vice-President Jagdeep Dhankhar (pictured) on Tuesday hit out at his critics for questioning his remarks on a recent Supreme Court order, asserting that every word spoken by a constitutional functionary is guided by supreme national interest.

1 min

IMEC, energy ties in focus as PM begins Saudi visit

Possibility of pacts being explored in logistics, clean energy, data cooperation

2 mins

Nomura to buy Macquarie's US, EU asset management biz for $1.8bn

Nomura Holdings Inc agreed to purchase Macquarie Group Ltd's US and European public asset management business for $1.8 billion, marking the Japanese brokerage's most significant overseas acquisition since it bought Lehman Brothers assets in 2008.

1 min

Boeing to sell navigation unit to Thoma Bravo for $10.6 bn

Boeing Co agreed to sell its Jeppesen navigation unit and related assets to Thoma Bravo for $10.6 billion in cash, handing the planemaker funds it could use to lighten its debt load.

1 min

America Is Becoming the World's Largest Tax Haven

Donald Trump is quickly turning the United States into the greatest tax haven in history.

4 mins

US Universities Unite Against Trump's Policies

Over 170 university, college and scholarly society presidents published a joint statement on Tuesday opposing the Trump administration's treatment of higher education institutions, coming together to speak out after Harvard University said the administration was threatening its independence.

1 min

US Imposes Tariffs of Up to 3,521% on Solar Imports from SE Asia

Probe finds manufacturers gained 'unfairly' from subsidies

2 mins

Campus calls

Pressures on US universities could be India's opportunity

2 mins

Leadership by the book

There is a mystique about leadership.

4 mins

Growth uncertainties

IMF's assessment reflects the global chaos

2 mins

Continuity and change

The latest bureaucratic reshuffle has a message for key economic ministries

5 mins

India amid global strain

The Indian economy, with its low external trade exposure, is better placed than many other countries amid the global trade war.

4 mins

Ather Energy's ₹2,626 cr IPO to open on April 28

Electric two-wheeler maker Ather Energy Ltd is set to launch its much-anticipated ₹2,626 crore initial public offering (IPO) on April 28.

1 min

BFSI's Nifty 50 Weighting Up 2.6x Since 2004 to 37.9%

The Indian banking, financial services, and insurance (BFSI) sector has solidified its dominance in the Nifty 50 Index, with its weighting surging to 37.9 percent in April 2025 from 14.6 percent in FY04.

1 min

Indices extend gains to 6th day

Advance/decline ratio for April 2025 currently at 1.59, a level last seen in May 2009

3 mins

In a first, HDFC Bank mcap tops ₹15 trillion

THE BIG LEAGUE

1 min

360 ONE to buy UBS's India wealth business for $36 mn

UBS said on Tuesday it would sell its Indian wealth business to 360 ONE WAM and take a stake of nearly 5 per cent, worth some $220 million, in the Mumbai-based asset manager, adding that it might consider boosting its ownership.

1 min

FY26 Could Be Constructive for Foreign Flows Into India

US President Donald Trump on April 9 announced a 90-day pause on his sweeping tariffs on all countries, with the exception of China. Trump's announcement \"provides temporary relief\" but does not end uncertainty, said Pranav Haridasan, managing director (MD) and chief executive officer (CEO) of Axis Securities, in an email interview with Devanshu Singla. Edited excerpts:

2 mins

Powerful Q4 anticipated for power sector

The power sector is in focus given the advent of seasonal demand and hopes of higher economic activity.

2 mins

Staggered or lump sum? Here's how to invest in equities this quarter

Motilal Oswal Private Wealth (MOPW), in its April report, has revealed a strong performance by active funds across all major categories during 2024-25 (FY25), outpacing their passive counterparts.

1 min

BREAKING OPEN OF BANK LOCKER Avoid inoperative locker status with timely rent payments, periodic visits

The Uttarakhand High Court recently asked a public-sector bank to clarify the rules that permitted officials to break open a customer's locker without consent.

2 mins

Near-term triggers drive Dixon to 3-month high

Firm expected to report highest growth among listed EMS players in Q4

2 mins

INDIA'S OILFIELD MAKEOVER

India imports nearly 90% of its crude oil, half of its natural gas, and over 60% of LPG. Can the oilfields amendment Bill allay concerns and attract international drillers?

6 mins

India's Oilfield Makeover

India imports nearly 90% of its crude oil, half of its natural gas, and over 60% of LPG. Can the oilfields amendment Bill allay concerns and attract international drillers?

1 min

Terror Strikes Kashmir: 26 People, Mostly Tourists, Killed in Pahalgam

Union home minister reaches Srinagar to review security situation; leaders across party lines condemn the attack

3 mins

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