India’s Latest News Highlights: Key Events from the Past Week

The past week in India was marked by significant developments across trade, economy, politics, defense, and international relations. From progress in bilateral trade talks with the U.S. to economic policy shifts by the Reserve Bank of India, the country witnessed key events that will shape its future trajectory. Additionally, humanitarian efforts, communal tensions, and stock market trends made headlines. Here’s a detailed look at the most crucial news from the last seven days.

India and U.S. Move Closer to a Trade Agreement

• India and the United States took a step forward in finalizing a bilateral trade agreement, with discussions in New Delhi from March 26 to 29. The focus was on reducing tariffs, addressing non-tariff barriers, and increasing India’s imports of U.S. energy and defense products. With a target of achieving $500 billion in bilateral trade by 2030, this agreement is set to boost economic ties and create new business opportunities.

• Officials from both nations emphasized the importance of removing hurdles in agricultural exports, easing restrictions on Indian pharmaceuticals in the U.S. market, and finalizing digital trade regulations that would benefit Indian IT firms. The U.S. Trade Representative’s office confirmed that discussions also covered intellectual property rights and e-commerce policy frameworks, signaling potential breakthroughs in the coming months.

RBI’s Expected Rate Cuts Create Buzz in Financial Markets

• The Reserve Bank of India (RBI) is hinting at possible rate cuts in the upcoming fiscal year. The Indian overnight indexed swap (OIS) market has started pricing in aggressive rate reductions, with inflation nearing the RBI’s target and signs of slowing economic growth. Analysts now predict a 50 to 100 basis point cut over the next 12 months, which could impact interest rates on loans and investments across sectors.

• A key factor driving expectations of rate cuts is the softening of food inflation, coupled with concerns about a potential slowdown in global demand affecting India’s exports. The bond market has responded positively, with 10-year government bond yields dipping by 8 basis points. Experts believe that if the rate cuts materialize, sectors like real estate, banking, and consumer goods will see increased activity.

South Australia Strengthens Educational and Trade Ties with India

• South Australian Premier Peter Malinauskas led a delegation to India, marking the first visit by a South Australian Premier in over a decade. The mission aimed at attracting more Indian students to Australian universities, particularly in light of the merger between the University of Adelaide and the University of South Australia. Discussions also covered potential direct flights between Adelaide and India and investment opportunities in clean energy, aerospace, and food industries.

• The delegation also met with leaders in the Indian space technology sector, exploring collaborations with Australian companies for joint research projects. South Australia’s renewable energy firms are particularly keen on partnering with Indian companies on hydrogen energy initiatives, considering India’s ambitious goals in green energy transition.

India Finalizes Market Borrowing Plan for 2025-26

• On March 26, officials from India’s finance ministry and RBI finalized the country’s market borrowing plan for the first half of the fiscal year 2025-26. The government aims to borrow ₹14.82 trillion during this period, ensuring a steady financial flow for various infrastructure and welfare programs.

• The borrowing plan aligns with India’s fiscal deficit target of 5.1% of GDP for FY 2025-26. With global interest rates still high, India’s strategy includes issuing a mix of long-term bonds and treasury bills to balance the cost of borrowing. Market participants expect this borrowing to be well absorbed due to strong demand from domestic banks and foreign investors.

India Extends Humanitarian Aid to Myanmar Through 'Operation Brahma'

• Following a devastating 7.7-magnitude earthquake in Myanmar on March 28, India swiftly launched ‘Operation Brahma,’ a large-scale humanitarian relief effort. A 118-member medical team from India’s elite Shatrujeet Brigade was deployed to provide medical aid, trauma care, and surgical interventions. Prime Minister Narendra Modi reaffirmed India’s commitment to supporting its neighbor during this crisis.

• India’s National Disaster Response Force (NDRF) also sent relief materials, food supplies, and emergency shelters to affected regions. The Indian Air Force coordinated multiple flights carrying relief supplies, including mobile hospitals, to aid in disaster response. India’s proactive response was appreciated by Myanmar’s government, strengthening bilateral ties between the two nations.

Nagpur Communal Violence Escalates Over Aurangzeb’s Tomb Issue

• On March 17, communal clashes erupted in Nagpur, Maharashtra, following protests by right-wing Hindu groups demanding the removal of Mughal emperor Aurangzeb’s tomb. Tensions rose when rumors spread that a religious inscription had been desecrated during the protest. The violence resulted in over 30 injuries and one fatality, with more than 105 arrests made in connection with the incident.

• Local authorities imposed Section 144, restricting gatherings in sensitive areas to prevent further unrest. Political leaders urged calm, while investigations into the source of the rumors and the subsequent escalation were launched. Police are monitoring social media to curb misinformation that could provoke further disturbances.

Indian Stock Markets Continue Their Winning Streak

• The Indian stock market continued its bullish run, marking its fifth consecutive day of gains. On March 21, the BSE Sensex surged by 557 points to close at 76,905.51, while the NSE Nifty 50 rose by 159 points, ending at 23,350.40. Investors cheered strong performances from companies like NTPC, Bajaj Finance, and Kotak Mahindra Bank.

• Foreign portfolio investors (FPIs) played a crucial role in market gains, pumping in over ₹7,500 crore ($900 million) into Indian equities over the past week. The IT sector saw renewed interest as well, with major firms like Infosys and TCS gaining over 2% due to expectations of a pickup in global IT spending.

Vice President Jagdeep Dhankhar Discharged from AIIMS

• Vice President Jagdeep Dhankhar, who was admitted to AIIMS Delhi on March 9 due to cardiac issues, was discharged on March 12 after a successful recovery. He has been advised to rest and avoid strenuous activities for a few weeks.

• Dhankhar underwent routine cardiac tests and minor medical procedures, and doctors confirmed that his condition was stable. Political leaders, including Prime Minister Modi and opposition leaders, extended their well-wishes, highlighting cross-party goodwill in moments of health concerns.

More Key Events from Last Week in India

• India’s Covid-19 Cases Rise Slightly: A minor surge in Covid-19 cases was reported in Maharashtra and Kerala, prompting health officials to reinforce vaccination and testing measures.

• Supreme Court Stays Electoral Bond Scheme: The Supreme Court ruled that the controversial electoral bonds scheme should be halted, citing concerns over transparency in political funding.

• Indian Navy Conducts Joint Exercises with France: India and France strengthened naval cooperation through joint military exercises in the Arabian Sea.

• India Expands Digital Rupee Pilot: The Reserve Bank of India (RBI) extended its pilot program for the digital rupee, testing its use in interbank transactions.

• New Highway Projects Launched in North-East: The government approved ₹50,000 crore for new highways in the North-Eastern states, boosting connectivity.

• Farmers Protest in Punjab and Haryana: Protests erupted over minimum support price (MSP) guarantees, leading to blockades on highways.

• India’s Space Program Advances: The ISRO Chandrayaan-4 project gained momentum, with new developments in lunar sample return technology.

• Hooch Tragedy in Gujarat: A spurious liquor case in Gujarat led to 14 fatalities, prompting a crackdown on illegal alcohol distribution.

India’s landscape is constantly evolving, with every week bringing new policies, diplomatic moves, and economic shifts. The latest updates reflect India’s growing global partnerships, domestic challenges, and technological advancements. As we move forward, these events will play a crucial role in shaping the nation’s trajectory. Stay tuned for more in-depth coverage of India’s most important developments.

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