Business
Cooling inflation reinforces case for potential RBI rate cuts: Report

New Delhi, March 8: India’s inflation fell to 4.31 per cent in January from 5.22 per cent, approaching the RBI’s 4 per cent target after four months above 5 per cent and this trend reinforces the case for potential rate cuts, with the repo rate at 6.25 per cent, a new report showed on Saturday.
The observed market trajectory suggests a cautious sentiment among investors, potentially influenced by macroeconomic conditions, sector-specific developments, and global financial market trends, according to the Motilal Oswal Mutual Fund report.
The Nifty 500 Index declined by 7.88 per cent in February, reflecting contractions across multiple sectors. Factor-based strategies reflected broader market movement, while fixed-income instruments, including Nifty 5 year Benchmark G-Sec (+0.53 per cent), exhibited relative stability.
Globally, developed markets displayed mixed movements, where Switzerland (+3.47 per cent) and United Kingdom (+3.08 per cent) registered gains, while Japan (-1.38 per cent) showed a contraction, the report mentioned.
The US CPI inflation stood at 3 per cent, reflecting marginal increase from 2.90 per cent in the prior month.
Another HSBC report mentioned that India’s long-term outlook remains strong and the investment cycle is projected to be on a medium-term uptrend supported by government investment in infrastructure and manufacturing, pickup in private investments, and a recovery in the real estate cycle.
The HSBC Mutual Fund’s ‘Market Outlook Report 2025’ expects higher private investments in renewable energy and related supply chains, localisation of higher-end technology components, and India becoming a more meaningful part of global supply chains to support faster growth.
The real economy, as of now, has evinced resilience to global developments.
“Basis the growth-inflation numbers, the MPC’s last policy action as well as the MPC minutes, we believe the RBI-MPC would deliver another 25 bps cut at its April policy while continuing to stay nimble and flexible on its liquidity strategy,” the report projected.
For a third rate cut, inflation trajectory, monsoon outlook and global developments will possibly be key inputs going into the June policy meeting
National
Ravindra Chavan, Trusted Lieutenant Of Maharashtra CM Devendra Fadnavis, Appointed BJP State Unit President

Mumbai: Ravindra Chavan, known as a trusted lieutenant of Maharashtra Chief Minister Devendra Fadnavis, will take over as BJP’s state unit president on Tuesday.
The incumbent, Revenue Minister Chandrashekhar Bawankule, will hand over charge at a party conclave in Mumbai. The mantle is being handed to Chavan, whose grassroots planning ensured BJP’s impressive electoral performance in Thane and the Konkan belt, with an eye on the coming elections to the local bodies, according to party sources.
Chavan was the only candidate who filed his nomination papers on Monday at BJP state headquarters in the presence of Fadnavis, Bawankule and the party’s Maharashtra in-charge Arun Singh. Union minister Kiren Rijiju was present as the central observer.
Chavan represents Dombivali for the fourth term in the Assembly. He was a member of the Fadnavis cabinet between 2014 and 2019 and the Eknath Shinde-led government from 2022 to 2024. There was speculation of his elevation to the key party post started when he was denied a Cabinet berth after last year’s Assembly elections. He has been officiating as the working president of the state unit for the last few months.
The BJP is eyeing maximum number of municipal bodies in the Mumbai Metropolitan Region (MMR) comprising 8 municipal corporations. With the elevation of Chavan, known for his aggressive politics, BJP seems to be sending out a message to deputy CM Eknath Shinde-led Shiv Sena, which is likely to ask for lion’s share of seats for the civic polls. As an experienced leader, Chavan will shoulder his responsibilities with vigour and strength, Fadnavis asserted.
National
Hyderabad Chemical Factory Blast: Death Toll Rises To 32 After 15 Succumb Overnight

Hyderabad: The death toll in the explosion in a pharmaceutical unit at Pashamylaram near Hyderabad rose sharply to 32 on Tuesday, with about 15 injured succumbing at hospitals overnight.
The death toll in the worst industrial disaster in Telangana may go up further as the rescue workers continued searching for the bodies in the debris of a three-storey building, which collapsed under the impact of the blast.
A massive explosion had rocked Sigachi Industries Limited’s pharmaceutical factory at Pashamylaram industrial area in Sangareddy district, about 50 km from Hyderabad, on Monday morning.
The explosion in the Microcrystalline Cellulose (MCC) drying unit also left 35 workers injured. The condition of 11 of them is stated to be critical.
According to officials, 27 workers were still missing. They were feared trapped under the debris.
Personnel of the State Disaster Response Force (SDRF), Hyderabad Disaster Response and Asset Protection Agency (HYDRAA), Revenue and police continued clearing debris.
The majority of the victims were migrant workers from states like Bihar, Uttar Pradesh and Odisha.
As many as 108 workers were at the factory at the time of the blast, which could be heard about five km away. The explosion triggered a huge fire, and 15 fire engines were used to douse the flames.
According to eye-witnesses, such was the impact of the explosion that workers were tossed in the air and fell several meters away.
As the bodies of some victims were blown to pieces or charred beyond recognition, the authorities were conducting DNA tests to establish their identity.
Chief Minister A. Revanth Reddy will be visiting the accident site on Tuesday. He will also call on the injured at a government hospital.
Health Minister Damodar Raja Narasimha told media persons at the spot on Monday that the cause of the explosion was not yet known. The company, which is 40-45 years old, manufactures Microcrystalline Cellulose, he said.
Labour Minister G. Vivek said prima facie it was not a reactor blast. Some problem in the air dryer system is believed to have resulted in the explosion and fire.
The state government appointed a high-powered committee to probe the disaster and its underlying causes.
The committer comprises the Chief Secretary, Special Chief Secretary (Disaster Management), Principal Secretary (Labour), Principal Secretary (Health) and Additional DGP (Fire Services).
According to the Chief Minister’s Office, the panel would also make recommendations to prevent the recurrence of such accidents.
National
Maha govt tables bill to set up Gadchiroli district mining authority

Mumbai, June 30: The Maharashtra government on Monday tabled the bill for the establishment of the 16-member Gadchiroli District Mining Authority for the coordination and supervision of orderly and rapid development of the mineral-bearing area and execution of plans and projects.
The authority will be headed by Chief Minister Devendra Fadnavis, who is also the Gadchiroli district guardian minister. The government’s move is important as it hopes to finish the Left Wing Extremism (LWE) and develop Gadchiroli as the next steel city of India.
The district is endowed with abundant minerals such as iron ore, hematite, magnetite, BHQ, limestone, Dolomites and coal, which are used as raw materials for various manufacturing industries.
Further, Gadchiroli district, which is rich in iron ore, has the potential to be developed as a hub for mineral-based industries, especially the steel industry, said the bill.
“Currently, the absence of an integrated administrative mechanism hampers the swift execution of the mining project. Hence a need was felt for the establishment of a unified authority comprising of certain ministers and secretaries of the relevant departments under the chairmanship of the Chief Minister to expedite mining approvals and foster the growth of mineral based industries such as steel and cement, thereby accelerating the holistic development of the Gadchiroli district and consequently of the state,” said the bill.
It pointed out that the authority will act as a catalyst in speeding up the process of operationalisation of approved mining leases, and will also generate employment in the district and boost the revenue of the state.
According to the bill, the Mines and Minerals (Development and Regulation) Act, 1957, and rules framed thereunder govern the development and regulation of mines and minerals. The major mineral blocks are auctioned following the Mineral (Auction) Rules, 2015. The mining concession holder is required to obtain various clearances and no-objection certificates from various departments and district officers of the government and local authorities within the timelines prescribed in the rules.
If the bidder fails to meet the prescribed timeline, the alloyed major mineral blocks will have to be auctioned again.
The Chief Minister last week at the industry conference said, “Gadchiroli 10 years ago was zero industrial area, nobody thought that it would become an Industrial magnet. Due to a slew of policies, Gadchiroli is becoming a new steel city of India to produce one-third of India’s steel that will change the entire outlook of the district.”
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