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VOL 24 - ISSUE 9
www.theasianstar.com SATURDAY, APRIL 12, 2025
India cuts rates as Trump's tariffs put growth at risk India's central bank has cut interest rates by 0.25% amid a spate of downgrades to growth following Donald Trump's tariff announcements. The Reserve Bank of India (RBI) reduced repo rates from 6.25% to 6%, a second cut since February when rates were brought down after nearly five years. The repo rate is the level at which the central bank lends to commercial banks, influencing borrowing costs.
The RBI also brought down its growth projections for this year from 6.7% to 6.5%. It said India's gross domestic product (GDP) will grow at 6.5% next year as well. Crucially, the RBI shifted its monetary policy stance to "accommodative" from "neutral", which means that the central bank would be more open to cutting rates in the future to stimulate a slowing economy. "Concerns on trade frictions are coming true" and unsettling the global community, RBI governor Sanjay Malhotra said in his speech, adding that headwinds from disruptions to trade would continue to pose challenges for the economy. Most economists who had previously expected only one more rate cut this year are now predicting more softening as Trump's tariff war puts growth in the world's fastest growing major economy at Continued on Page 10... risk.
After massive surge on Wednesday, stock markets fall as trade war continues U.S. stocks were diving on Thursday, surrendering much of their historic gains from the day before, as President Donald Trump's trade war continues to confuse and threaten the economy — even if its temperature has cooled a bit. The S&P 500 was down 3.5 per cent at close, slicing into Wednesday's surge of 9.5 per cent following Trump's decision to pause many of his tariffs worldwide. The Dow Jones Industrial Average dropped 2.5 per cent, and the Nasdaq composite sank 4.3 per cent. On the Canadian
market, the S&P/TSX composite index was down more than three per cent as markets closed. Continued on Page 7...
Pakistani Canadian & 26/11 terror plotter extradited to India from US
Mumbai terror attack accused Tahawwur Hussain Rana was extradited from the US and brought back to India on Thursday via a special chartered plane by a joint team of investigators. The 64-year-old Canadian national of Pakistani origin is alleged to have provided logistical support, including a visa through his Chicagobased immigration firm, to Lashkar-e-Toiba (LeT) operative David Coleman Headley (also known as Daood Gilani) ahead of the 2008 attacks. According to officials, Rana conspired with operatives of designated terrorist organisations LeT and Harkat-ul-Jihad Islami (HuJI), along with other Pakistan-based co-conspirators, to execute the devastating attacks that killed 166 persons and injured over 238. Rana landed in Delhi around 2:50 pm, where he was arrested by the National Investigation Agency (NIA) and underwent a medical examination at the airport. Continued on Page 6...
India and Canada plan to re-set relations under Carney On March 16, Canadian Security Intelligence Service (CSIS) chief Daniel Rogers was in New Delhi to attend a meeting of intelligence chiefs chaired by India’s National Security Adviser Ajit Doval. The meeting came amidst speculations that New Delhi is planning to restore its High Commissioner to Canada, with Dinesh Patnaik, currently India’s ambassador to Spain, reportedly being considered for this position. These developments come
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as Canada’s new Prime Minister Mark Carney expressed interest in rebuilding ties with India — part of Ottawa’s bid to diversify its trade relationships with “like-minded countries.” Meanwhile, the Indian Ministry of External Affairs has also expressed interest in rebuilding ties with Canada based on “mutual trust and sensitivity.” Both rhetoric and action are pointing toward a potential rapprochement. Continued on Page 6...
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