Macron hits the ground ‘running’

French President Emmanuel Macron with Bollywood actors Anil Kapoor, Manoj Bajpayee and others during a meeting in Mumbai. Mumbai: After landing in Mumbai in late hours of Monday (February 16), French President Emmanuel Macron barely took any time to rest and hopped into his sportswear just hours later for a jog at Mumbai’s iconic Marine Drive promenade, much to the disbelief and delight of the early risers there. Macron (48) was clad in a navy-blue t-shirt, black shorts and wore comfy...

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French President Emmanuel Macron with Bollywood actors Anil Kapoor, Manoj Bajpayee and others during a meeting in Mumbai. Mumbai: After landing in Mumbai in late hours of Monday (February 16), French President Emmanuel Macron barely took any time to rest and hopped into his sportswear just hours later for a jog at Mumbai’s iconic Marine Drive promenade, much to the disbelief and delight of the early risers there. Macron (48) was clad in a navy-blue t-shirt, black shorts and wore comfy running shoes. His adherence to his legendary fitness routine sure was a high-stakes blend of diplomacy, politics and symbolism that displayed French soft power in the country’s glam capital and financial powerhouse. As Macron jogged and paced ahead with a retinue of hard-faced security officials around him, Mumbai’s early-summer humidity seemed to affect him little. Morning walkers and office-goers in the area however, were pleasantly surprised at the sight of a European head-of-state passing by like it was just another normal day in his daily routine. The French Prez knew this and even smiled at the crowds, acknowledging them with a wave as the locals jostled to record videos which later went viral on social media. Memorial Visit The light morning mood soon made way for a sombre tribute to victims of 26/11 terror attack at the memorial in the main lobby of Hotel Taj Mahal Palace opposite the Gateway of India. Macron visited the memorial with his wife, First Lady Brigitte Marie-Claude Macron. “We paid tributes to the victims of the 2008 attacks. To their families and loved ones and to India: France stands with you. In the face of terrorism, unity and determination,” said Macron emphasizing solidarity between New Delhi and Paris against global terror. At a luncheon, a delegation from Bollywood’s bigwigs met Macron and discussed the cultural and cinematic ties between the two nations. Ordinary Indian became familiar with the marvels of the French capital almost six decades ago through the superhit musical, ‘An Evening In Paris’ (1967). Among those seen were some of Indian cinema’s biggest names like Shabana Azmi, Anil Kapoor, Manoj Bajpayee, Zoya Akhtar, Richa Chadha and Grammy-winning composer Ricky Kej. “Alongside legends of Indian cinema. Culture brings us together,” Macron posted on X, and even expressed interest in deeper film co-productions with Bollywood. Kapoor described the interaction as ‘inspiring’ with exchange of ideas on cinema and cultural collaboration between the two countries, and Bajpayee termed it as an honour. A grand welcome Earlier, Macron, visiting India at the invitation of Prime Minister Narendra Modi, was warmly welcomed at Chhatrapati Shivaji Maharaj International Airport by Maharashtra Governor Acharya Devvrat, Chief Minister Devendra Fadnavis, Deputy CMs Eknath Shinde and Sunetra Pawar, Chief Secretary Rajesh Aggarwal, DGP Sadanand Date, Mumbai Police Commissioner Deven Bharti, other senior officials, and diplomats from both nations. Subsequently, Macron and Modi were closeted in delegation-level talks at the picturesque Arabian Sea-facing Lok Bhavan at Malabar Hill, when he said both France and India can give a lot to the world. “We have identified areas where we need to cooperate more to elevate our ties further,” said Macron, welcoming the recent India-European Union FTA.

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.”