Business
India’s real GDP growth for FY23 seen at 7.5%, says SBI Research

India’s real gross domestic product (GDP) in FY23 is expected to be at 7.5 per cent, said SBI Research in a report.
“Given the high inflation and the subsequent upcoming rate hikes, we believe that real GDP will incrementally increase by Rs 11.1 lakh crore in FY23,” the report said.
For FY23 also, as inflation remains elevated in the first half, the report said the projection is that nominal GDP will grow by 16.1 per cent.
The report mentioned some of the factors that will impact the GDP growth for FY23.In FY22, around 2000 Corporates in listed space reported 29 per cent growth in top line and 52 per cent growth in profit after tax, besides sector-wise data for April Indicated that credit off-take had happened in almost all sectors.
“Personal loans segment continued to perform well, registering acceleration in growth to 14.7 per cent in April 2022 and contributed around 90 per cent of the incremental credit during the month, primarily driven by ‘Housing’, ‘Vehicle Loans’ and ‘Other Personal Loans’ segments. Customers, especially in retail verticals could be having a feel of future run expected in interest rates, and might be front loading their purchases in days to come, giving a fillip to consumer demands in select niche areas.”
Further, SBI Research said it expects central bank RBI to be supportive of growth and hike repo rates gradually, but mostly front load it in June and August policy review meetings.
It expects a 50 basis point repo rate hike and 25 basis point cash reserve ratio rate hike in forthcoming June policy meet. RBI is likely to raise the repo rate cumulatively by 125-150 basis points over the pandemic level of 4 per cent. RBI might also increase the cash reserve ratio rate cumulatively by another 50 basis points, after raising it by 50 basis points in the last monetary policy meet.
Lastly, the report said it was keenly watching the uncertainties regarding the crude oil prices. “At $120 per barrel, it still poses significant uncertainties regarding inflation trajectory. We, however, now believe that inflation will average 6.5-6.7 per cent in FY23 on the back of excise rate cuts by the government. Independent forecasts reveal that oil prices could climb further before declining, but it might still hold up at current levels for a longer period of time.”
Business
Sensex plunges nearly 2 pc amid US reciprocal tariff concerns

Mumbai, April 1: Indian stock markets on Tuesday witnessed a sharp decline on the first trading day of the new financial year. The fall came as investors reacted to global market concerns, especially the upcoming US reciprocal tariffs on April 2.
The Sensex, which represents 30 major companies, dropped by 1,390.41 points or 1.80 per cent to close at 76,024.51. During the trading session, it fluctuated between an intra-day high of 77,487.05 and a low of 75,912.18.
The Nifty index also tumbled 353.65 points or 1.50 per cent, ending at 23,165.70. It touched a high of 23,565.15 and a low of 23,136.40 during the intra-day.
Almost all stocks in the Sensex index ended lower, except Zomato, IndusInd Bank, and State Bank of India (SBI).
The biggest losers included HCL Technologies, Bajaj Finserv, HDFC Bank, Bajaj Finance, and Infosys, which saw their share prices decline by up to 3.66 per cent.
Midcap and smallcap stocks also faced pressure. The Nifty Midcap100 index closed 0.86 per cent lower, while the Nifty Smallcap100 index slipped 0.70 per cent.
The BSE Midcap index was down 0.9 per cent, whereas the Smallcap index managed to rise slightly by 0.2 per cent.
Sector-wise, most indices ended in the red, with IT, real estate, and consumer durables stocks falling by around 2 per cent each. Only media, oil & gas, and telecom stocks managed to stay positive.
Market volatility also surged as the India VIX, commonly known as the fear index, jumped 8.37 per cent to 13.78 points. This suggests that investors are increasingly cautious about the market’s direction.
Analysts suggest that market fluctuations may continue until there is more clarity on global trade relations and economic policies as investors remain concern about Trump’s tariff policies and their impact on international trade.
“Amid heightened global volatility ahead of the anticipated US reciprocal tariff announcement tomorrow (US time), the domestic market witnessed a significant sell-off today. Investors are eagerly awaiting the specifics of these tariffs while also keeping a close eye on ongoing negotiations for a potential Indo-US trade agreement,” said Vinod Nair, Head of Research, Geojit Investments Limited.
The IT sector was among the hardest hit due to its substantial exposure to the US market, and real estate stocks fell following Maharashtra’s upward revision of ready reckoner rates, which affect property valuations.
National
Bengal minister among 30 TMC MLAs asked to clarify absence on last day of Assembly session

Kolkata, April 1: The internal disciplinary committee of Trinamool Congress’ legislative party in the West Bengal Assembly has finally shortlisted 30 party MLAs, including a member of the state cabinet for being absent on March 20, the last day of the second phase of the budget session, ignoring the party whip.
The absent MLAs had not even given prior intimation about their absence to the office of the Speaker, Biman Bandopadhyay.
These legislators, including the state minister, will have to personally appear in front of the disciplinary committee this month and justify why internal disciplinary action will not be initiated against them for ignoring the party whip.
The name of Manoj Tiwari, the cricketer-turned-politician and the current West Bengal Minister of State for Youth and Sports Affairs department, also figures in the list of those who will have to justify the reason behind their absence during House proceedings and ignoring party whip, said a member of the disciplinary committee who refused to be named.
Tiwari joined Trinamool Congress in 2021 before the state Assembly elections that year and was elected as a party legislator from the Shibpur Assembly constituency in the Kolkata-adjacent Howrah district. After the new state cabinet was announced, his name figured in the list.
Initially, it was decided that the meeting of the internal disciplinary committee would be conducted on March 29. However, the meeting on that date was cancelled because of the preoccupations of the MLAs including the members of the disciplinary committee because of the Eid festival.
The committee is chaired by the state Parliamentary Affairs Minister, Sovandeb Chattopadhyay. The other members of the committee include the West Bengal Minister of State for Finance (independent charge) Chandrima Bhattacharya, the state Municipal Affairs and Urban Development Minister and Kolkata Mayor Firhad Hakim, state Power Minister Arup Biswas and the chief whip of Trinamool Congress’s legislative party in state Assembly, Nirmal Ghosh.
Trinamool Congress had issued a whip, making the presence of all party legislators mandatory on the last two days of the second phase of the budget session on March 19 and March 20.
Although the presence on the part of the legislators was almost 100 per cent on March 19, several legislators, including the minister, skipped attendance on March 20.
National
SC refuses to entertain fresh PIL against Places of Worship Act 1991

New Delhi, April 1: The Supreme Court on Tuesday declined to entertain a public interest litigation (PIL) challenging the constitutional validity of a provision of the Places of Worship Act, 1991.
In the alternative, a bench of CJI Sanjiv Khanna and Justice Sanjay Kumar suggested the PIL litigant to move an intervention application in the pending clutch of pleas challenging the validity of the contentious law, which prohibits the filing of a lawsuit to reclaim a place of worship or seek a change in its character from what prevailed on August 15, 1947.
The CJI Khanna-led Special Bench, in an interim order passed on December 12, 2024, ordered that no fresh suits would be registered under the Places of Worship Act in the country, and in the pending cases, no final or effective orders would be passed till further orders.
As per the latest petition filed through advocate Shweta Sinha, Section 4(2) of the 1991 Act is manifestly arbitrary, irrational and violative of Articles 14, 21, 25, and 26 of the Constitution.
“This provision not only closes the doors of mediation but also takes away the power of the judiciary. The legislature cannot take away the power of the judiciary to preside over disputes. This has been done through colourable legislation,” stated the plea.
In March 2021, a Bench headed by then Chief Justice of India S.A. Bobde sought the Centre’s response to the plea filed by advocate Ashwini Upadhyay challenging the validity of certain provisions of the law, prohibiting the filing of a lawsuit to reclaim a place of worship or seek a change in its character from what prevailed on August 15, 1947.
The plea said: “The 1991 Act was enacted in the garb of ‘public order’, which is a state subject (Schedule-7, List-II, Entry-1) and ‘places of pilgrimages within India’ is also a state subject (Schedule-7, List-II, Entry-7). So, the Centre can’t enact the Law. Moreover, Article 13(2) prohibits the State from making a law to take away fundamental rights, but the 1991 Act takes away the rights of Hindus, Jains, Buddhists, and Sikhs, to restore their ‘places of worship and pilgrimages’, destroyed by barbaric invaders.”
“The Act excludes the birthplace of Lord Rama but includes the birthplace of Lord Krishna, though both are incarnations of Lord Vishnu, the creator and equally worshipped throughout the world, hence, it is arbitrary,” it added.
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