Current Affairs of 3 April 2025

National and International Current Affairs - April 3, 2025

Economy

• U.S. Imposes 26% Tariffs on Indian Imports: On April 3, 2025, President Donald Trump announced a 26% tariff on imports from India, citing concerns over trade imbalances and tariff barriers. This move is part of a broader U.S. policy imposing a 10% baseline tariff on all imports, with higher rates for specific countries. Analysts predict that these tariffs could reduce India's GDP growth by 20-40 basis points in the financial year 2025-26, potentially leading the Reserve Bank of India (RBI) to implement additional interest rate cuts to support economic stability.
• Rupee Experiences Volatility Amid Tariff Announcements: Following the U.S. tariff announcement, the Indian rupee exhibited volatility in the non-deliverable forward (NDF) market. The one-month NDF for the dollar/rupee pair was quoted at 85.86-85.90, indicating a likely depreciation of the rupee when onshore markets open. Market participants are closely monitoring the RBI's response to these developments.
• Services Sector Growth Moderates in March: The HSBC India Services Purchasing Managers' Index (PMI) declined slightly to 58.5 in March from 59.0 in February, indicating a moderation in services sector growth. This slowdown is attributed to softer domestic and international demand, with foreign orders increasing at the slowest rate in 15 months. Inflationary pressures eased, with input cost inflation at a five-month low.

International Relations

• Tamil Nadu Assembly Passes Resolution to Reclaim Katchatheevu Island: The Tamil Nadu Legislative Assembly unanimously adopted a resolution urging the Indian government to retrieve Katchatheevu Island from Sri Lanka. This move reflects ongoing regional concerns over territorial rights and fishing access.

National News

• Lok Sabha Passes Waqf (Amendment) Bill After Extensive Debate: The Lok Sabha approved the Waqf (Amendment) Bill, which aims to improve the administration and management of Waqf properties across India. The bill has sparked discussions regarding its implications on community rights and property management.
• Supreme Court Criticizes Uttar Pradesh Government Over Demolitions in Prayagraj: The Supreme Court condemned the demolition of residential properties in Prayagraj, labeling the actions of local authorities as "inhuman and illegal." The court ordered the Prayagraj Development Authority to compensate affected residents, emphasizing the need for adherence to legal procedures.

Science & Technology

• ISRO Collaborates with NASA for Future Missions: NASA astronaut Sunita Williams expressed interest in future collaborations with the Indian Space Research Organisation (ISRO), highlighting potential joint missions and technology sharing between the two space agencies.

Sports

• IPL 2025: Chennai Super Kings Seek Redemption Against Royal Challengers Bengaluru: In the ongoing Indian Premier League (IPL) 2025 season, Chennai Super Kings are set to face Royal Challengers Bengaluru, aiming to recover from previous losses and improve their standings in the tournament.

Government Initiatives

• GeM Facilitates Hiring of Over 1 Million Manpower Resources: The Government e-Marketplace (GeM) achieved a milestone by facilitating the hiring of over 1 million manpower resources in the fiscal year 2024-25. This digital procurement platform aims to streamline public procurement processes and enhance transparency.

Historical Events

• Death Anniversary of Chhatrapati Shivaji Maharaj Observed: April 3 marks the death anniversary of Chhatrapati Shivaji Maharaj, the founder of the Maratha Empire. Commemorative events were held to honor his contributions to Indian history and culture.