Uddhav tears into BJP’s claim

Mumbai: Shiv Sena (UBT) President Uddhav Thackeray on Tuesday launched a blistering, wide-ranging attack on the Bharatiya Janata Party-led governments at the Centre and in the state, targeting what he termed as a ‘toxic political climate’, rising crimes against women, and a ‘hire-and-fire’ culture hurting workers. Addressing the 58th annual general meeting of the Bharatiya Kamgar Sena, Thackeray delivered a strong political cocktail laced with jibes, concerns over labour rights, women’s...

min read

Mumbai: Shiv Sena (UBT) President Uddhav Thackeray on Tuesday launched a blistering, wide-ranging attack on the Bharatiya Janata Party-led governments at the Centre and in the state, targeting what he termed as a ‘toxic political climate’, rising crimes against women, and a ‘hire-and-fire’ culture hurting workers. Addressing the 58th annual general meeting of the Bharatiya Kamgar Sena, Thackeray delivered a strong political cocktail laced with jibes, concerns over labour rights, women’s issues, unemployment, and governance priorities. Attacking Chief Minister Devendra Fadnavis for his recent remarks about ‘tearing the burqas’ of the Opposition, Thackeray questioned sarcastically: “We are Hindus… So what ‘burqas’ are you going to rip off? Were you even present in the Lok Sabha?” Referring to atrocities on women, Thackeray sharply questioned the government’s priorities saying while the CM is campaigning in other states, women are being molested right here, fake babas are multiplying and drug rackets are flourishing in the state. On BJP’s claims of commitment to women’s reservation, the SS (UBT) chief asked “why the President (Droupadi Murmu) was not invited to key national events such as the inauguration of the new Parliament building or the consecration of the Ram Temple in Ayodhya”. “This is not a new issue. We are ready… Implement women’s reservation today,” Thackeray asserted. Veering to national politics, Thackeray said that the BJP today lacks personalities of (the late) Arun Jaitley’s stature, and described West Bengal CM Mamata Banerjee as “a fighting tigress who is bound to win”. He claimed that ‘two lakh CRPF personnel’ were deployed in West Bengal while barely 20,000 were stationed in the violence-hit Manipur. “Security forces were once used by Sardar Vallabhbhai Patel for integrating states into the Union, but now they are being used to win elections,” Thackeray said. On the alleged misuse of central security agencies, Thackeray dared the BJP to ‘set aside the CBI and ED’ and face the elections in a fair fight. “You deploy security forces to ensure your party wins as you lack the capability to win on your own merits, or unleash the ED-CBI. It is better to live like a tiger for one day than as a goat for 100 days,” said Thackeray. Alluding to the debates triggered by RSS Sarsanghchalak Mohan Bhagwat’s views on population, he asked: “Encouraging more children is fine - but who will feed them? What about unemployment problems?” Thackeray expressed concerns over delimitation based on population, warning it could skew political representation. “Some states are implementing family planning programmes quite effectively… Is practicing family planning now considered a crime?” Turning to the distress faced by the working classes, he flayed the current employment model as a ‘constant cycle of hire-and-fire’, with the government ignoring the security of workers. “Why are workers being compelled to leave the state, or even the country, for employment. They are the architects of the nation’s destiny. Now reports emerge that workers from north India are being employed in Dubai. The country is calling them to ‘return’. They ignored the calls, preferring to die by a bomb rather than returning to India only to die of unemployment,” said Thackeray, in a swipe at Prime Minister Narendra Modi. He compared the current bout of global tensions, including the ongoing Iran-United States war, as a repetitive spectacle, triggering multi-fold domestic economic anxieties.

India bears the brunt: Nifty crashes 1,100, Sensex nosedives 3,900 points after US trade shock

Correspondent
Apr 7, 2025
2 min read

India woke up to a financial jolt this morning as its equity markets suffered their steepest fall in nearly a year, shaken by the ripple effects of US President Donald Trump’s aggressive new tariff regime. The Sensex plunged over 3,900 points at opening bell, while the Nifty tumbled more than 1,100 points, dragging Indian stocks to a 10-month low.

This sharp decline follows a global equity rout triggered by Trump's protectionist measures, which have sent panic waves across Asia and raised the spectre of a global recession. Investors dumped shares in a massive sell-off, with Indian benchmarks reacting sharply in early trade. The Sensex dropped to 71,425.01 — down 3,939.68 points — while Nifty slipped to 21,743.65, marking a 3.5% slide from the last session.

Adding to the pressure, the Indian rupee depreciated 30 paise to open at 85.74 against the US dollar.

India Among the Hardest Hit

Trump’s latest tariff hike — framed as a push to restore fairness to global trade — has imposed country-specific duties that go as high as 50%. India has been slapped with a 26% tariff, while a 10% baseline duty applies to all nations. This has set alarm bells ringing among Indian exporters and traders already struggling with global demand volatility.

President Trump, unfazed by the financial carnage, likened the move to a bitter but necessary cure. “Sometimes you need the medicine to fix something,” he told reporters earlier today.

Analysts Urge Economic Safeguards

Market experts believe that India's current market turmoil isn't rooted in domestic issues but is rather a consequence of being tightly woven into global investment flows.

“India will face the heat, not due to domestic reasons, but as an interlinked chain in the global portfolio flows,” said Ajay Bagga, a noted market expert. “India will need a fiscal, monetary, and reform package to protect the domestic economy from this global economic winter that is threatening to settle in.”

Sunil Gurjar, SEBI-registered research analyst, warned that the Nifty50 index has breached its first support level and is approaching the next. "A further breakdown could worsen the trend and accelerate the fall," he cautioned.

Asian Markets Bleed

The tremors from Trump's announcement were first felt in Asia, with key markets suffering steep losses. China's stock markets fell over 4% amid retaliatory tariffs of 34% against the US. Hong Kong's Hang Seng nosedived more than 10%, while Japan’s Nikkei index fell 6.5% after plunging 8% earlier in the day. Taiwan saw a near-10% collapse, and Singapore dropped over 8%.

Wall Street Braces for Impact

US markets, though yet to open, appear set for a rough start. Futures contracts on the New York Stock Exchange are sharply down, suggesting heavy losses once trading resumes.

Market sentiment globally has turned bearish, with fears of a looming recession taking hold. Stephen Innes of SPI Asset Management described the scene as “free-fall mode,” noting, “Trump’s team isn’t blinking. The tariffs are being treated as a victory lap, not a bargaining chip.”