Business
End of the crypto craze? Indian investors wary as mega sell-off continues

As foreign portfolio investors continue to pull out money from the Indian equity market, the sell-off in the crypto market and the digital asset space has also accelerated in the wake of global economic meltdown.
More than $200 billion were wiped off the entire cryptocurrency market this week and the globally crypto market capitalisation fell below $1 trillion for the first time since February 2021, according to data from CoinMarketCap.
The already sinking cryptocurrency market in India is also witnessing a huge sell-off as the prices of Bitcoin and other cryptocurrencies nosedive amid volatile market conditions triggered by factors like high inflation, rising interest rates, the Russia-Ukraine war, and China lockdowns.
According to experts, crypto investors and traders in India are currently exercising caution and a distinct dip in crypto buying has been noticed.
Nischal Shetty, co-founder of cryptocurrency exchange WazirX, said: “Indian investors are cautious and are taking the ‘wait and watch’ approach.”
Bitcoin (BTC), the world’s largest cryptocurrency, has plunged about 70 per cent since its record high of $69,000 in November last year.
It was hovering around Rs 20,000-Rs 21,000 per coin this week.
According to analysts, Bitcoin may hit a grim $14,000 this year at this rate.
Smaller cryptocurrencies, which tend to move in tandem with Bitcoin, also fell.
Ethererum, the second-largest digital token, fell as much as 12 per cent to $1,045, a new 15-month low.
The current decline means that Ethererum has shed 77 per cent of its value since November 2021.
According to Cointelegraph, Ethereum sell-off resumed this week, with its price risking another 25 per cent decline in June.
However, in such a gloomy scenario, India’s own Gari digital token by short-video making app Chingari has risen about 40 per cent.
Chingari, the fastest-growing Blockchain social app, this week announced the ‘GARI Mining’ programme to empower 4 crore monthly average users (MAU), becoming the first social app in the world to offer crypto to its creators and users on its platform.
“This programme will ensure a level playing field for big and humble creators. Now, creators and users on the app can earn GARI tokens which can be traded on exchanges for money and creators will not be at the mercy of brand collaborations as their only source of income,” said Sumit Ghosh, Co-founder and CEO, Chingari and GARI token.
Meanwhile, the fate of cryptocurrencies in India is still hanging in balance, and the much-awaited crypto bill is yet to see the light of the day.
In April, Finance Minister Nirmala Sitharaman reiterated her doubts about the size of the cryptocurrency market worldwide and stressed the need for a regulatory mechanism acceptable to all countries to prevent its use to launder money and fund terrorism, which, she said, were big concerns for India.
India distinguishes between cryptocurrency and crypto assets as a result, and the minister had in February announced a 30 per cent tax on income from these transactions, which includes a 1 per cent deduction at source.
The country is poised to have its own digital currency by the Reserve Bank of India (RBI) next year that will be based on Blockchain technology.
According to Sathvik Vishwanath, Co-founder and CEO, Unocoin, “the cryptocurrencies industry is fast evolving and hence it would need regulations to be constantly updated”.
“It is unlikely to be successful if we just try to bring guidelines for cryptos,” he said.
Not only cryptocurrencies, investors of DeFi (decentralised finance) platforms also need to exercise “caution and scrutiny” amid growing concerns about the liquidity of this certain type of cryptocurrency service, experts have warned.
The warning came as Celsius Network, a DeFi platform and one of the largest crypto lenders, announced that it was “pausing all withdrawals, Swap, and transfers between accounts” for its 1.7 million clients.
“The wider crypto ecosystem has been rocked again — not by ‘real’ cryptocurrencies like Bitcoin, but by DeFi,” said Nigel Green, CEO of deVere Group, one of the world’s largest independent financial advisories.
“There are legitimate and serious concerns about networks’ high yields, links to failed dollar-pegged stablecoin Terra, and reserves,” said Green, urging people to exercise caution and scrutiny on crypto lending firms which offer clients lucrative double-digit yields on assets like Bitcoin and Ethereum.
Decentralised finance or DeFi offers financial instruments without relying on intermediaries such as brokerages, exchanges, or banks by using smart contracts on a Blockchain.
National
HM Shah to review anti-Naxal operations in Chhattisgarh today

Raipur, April 5: Union Home Minister Amit Shah will assess the progress of the ongoing anti-Naxal operations in Chhattisgarh on Saturday.
HM Shah’s two-day trip to the state is centred around reviewing the effectiveness of security measures in the Left Wing Extremism-affected regions of Bastar and Gariaband.
HM Shah arrived at Swami Vivekananda Airport in Raipur at around 9:30 p.m. on Friday, where he was welcomed by Chief Minister Vishnu Deo Sai, Deputy CM Vijay Sharma, and other senior officials. From there, he headed to a hotel in Nava Raipur to prepare for his engagements.
The primary focus of his visit will be a high-level meeting scheduled for today, where he will evaluate the ongoing anti-Naxal efforts in the state.
HM Shah is expected to directly review the security situation in Bastar, a key region hit by insurgency. The meeting will specifically concentrate on operations in Dantewada, Bijapur, and Kanker, the districts most affected by Naxal violence.
In addition to meeting with security personnel involved in these operations, HM Shah will assess the strategies employed to curb the Naxal threat.
The visit comes at a time when Chhattisgarh has seen significant success in its fight against Naxalism.
In 2025 alone, at least 130 Naxalites have been killed in encounters, with more than 110 of these deaths occurring in the Bastar division.
Over 105 Naxalites have been arrested, while 164 others have voluntarily surrendered as part of the ongoing peace restoration efforts.
On Saturday, HM Shah will visit Dantewada, a key Naxal stronghold, where he will also offer prayers at the Maa Danteshwari Temple. Later, he will attend the closing ceremony of the ‘Bastar Pandum’ festival, a cultural event showcasing the rich traditions, art, and cuisine of the tribal communities in the region.
This visit underscores the government’s broader strategy to eliminate the Naxal threat by March 31, 2026.
Business
Maharashtra govt issues notice to Ola Electric over missing trade certificates

Pune, April 4: The Maharashtra government has issued a notice to Ola Electric Mobility Limited, asking the company to explain why some of its stores in the state are operating without valid trade certificates.
According to the notice from the Transport Commissioner’s Office, several Ola Electric showrooms and service centres in Maharashtra are being run without the required documents.
The notice also accuses the company of illegally selling vehicles through these unauthorised outlets.
According to media report, the notice, dated March 31, gives the company three days to respond.
“This is a very serious matter, and you are requested to provide an explanation within three days as to why action should not be taken against your company for this act,” the notice said.
It was reportedly signed by Joint Transport Commissioner Ravi Gaikwad. However, as of now, Ola Electric has not responded officially on the issue.
The notice follows an earlier inspection drive initiated by the state transport authority.
On March 21, NDTV Profit had reported that Maharashtra’s Transport Commissioner had instructed all Regional Transport Offices (RTOs) to carry out special checks at Ola Electric stores.
These inspections reportedly revealed that many outlets were functioning without the necessary trade certificates.
As per the Central Motor Vehicles Act, 1988, and the Central Motor Vehicle Rules, 1989, every vehicle distributor or manufacturer must obtain a trade certificate to register and sell vehicles.
In addition, Rule 35 of the same law states that each showroom or dealership must have a separate certificate from the concerned registration authority.
The shares of the electric two-wheeler manufacturer closed lower by Rs 1.42 or 2.63 per cent to close the intra-day trade at Rs 52.62 on the National Stock Exchange (NSE).
Earlier this week, the company saw a sharp drop in its electric two-wheeler sales in March 2025, selling 23,430 units — a steep 56 per cent decline compared to the same month last year.
The company said on April 1 that the fall was mainly due to disruptions caused by its recent shift to handling vehicle registrations in-house, a process that began in February.
Business
Cabinet okays 4 projects worth Rs. 18,658 crore to expand track network of Indian Railways

New Delhi, April 4: The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved four projects to expand the track network of Indian Railways with an investment of Rs 18,658 crore, according to an official statement issued on Friday.
The four projects covering 15 districts in three states – Maharashtra, Odisha, and Chhattisgarh – will increase the existing network of Indian Railways by about 1,247 km.
These projects include Sambalpur-Jarapda 3rd and 4th Lines, Jharsuguda-Sason 3rd and 4th Lines, Kharsia-Naya Raipur-Parmalkasa 5th and 6th Lines, and Gondia-Balharshah doubling
The enhanced line capacity will improve mobility, providing enhanced efficiency and service reliability for Indian Railways. These multi-tracking proposals will ease operations and reduce congestion, providing the much-needed infrastructural development on the busiest sections across Indian Railways. The projects are in line with PM Modi’s vision of a New India, which will make people of the region “Aatmanirbhar” with comprehensive development in the area, which will enhance their employment/ opportunities, the official statement said.
The projects are part of the PM-Gati Shakti National Master Plan for multi-modal connectivity which entail integrated planning and will provide seamless connectivity for movement of people, goods and services.
With these projects, 19 new stations will be constructed, enhancing connectivity to two Aspirational Districts (Gadchiroli and Rajnandgaon). The multi-tracking project will enhance connectivity to around 3,350 villages and about 47.25 lakh population.
Kharsia-Naya Raipur-Parmalkasa lines will provide direct connectivity to new areas such as Baloda Bazar, and this will create possibilities for the setting up of new industrial units, including cement plants, in the region.
These lines are essential routes for the transportation of commodities such as agricultural products, fertiliser, coal, iron ore, steel, cement, and limestone. The capacity augmentation works will result in additional freight traffic of magnitude 88.77 MTPA (Million Tonnes Per Annum), the statement said.
With rhe Railways being an environment friendly and energy efficient mode of transportation, the new projects will help both in achieving climate goals and minimising logistics costs of the country. The projects are expected to reduce oil import by 95 crore litres and lower CO2 emissions by 477 crore kg, which is equivalent to planting 19 crore trees, the statement added.
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