Several significant developments occurred this we enter the new financial year. On a global front, the US-Iran war kept geopolitics buzzing, impacting the markets, while in India, stock market crash, beginning of Census 2027, rupee's record low were few of the key domestic developments this week.
Here's a recap of the week
US-Iran War
The escalating tensions in the Middle East between the US, Israel, and Iran showed no sign of slowdown this week, as the conflict enters its second month.
US President Donald Trump delivered a national address on Thursday to share an update on the ongoing war with Iran, claiming that Tehran's navy is gone, its air force is in ruins, most of its leaders are dead, and its ability to launch missiles has been curtailed. Meanwhile, Iran shot two US military jets on Friday.
Stock Market Crash
This week, the stock market remained open for three days, marking a short trading period. On Thursday, The BSE closed 0.3% at 73,319 after declining as much as 2.2% intraday. The NSE rose 0.1% to 22,713. Intraday, it had fallen as much as 2.2%. Markets are shut on Friday for a holiday.
Despite Thursday's recovery, Indian equity benchmarks logged their sixth consecutive weekly losses. The BSE Sensex slumped 13.8% and the NSE Nifty 50 tumbled 13% this week.
Census Begins
The first phase of Census 2027 began this week on April 1, updating the last conducted in 2011. India's 16th Census post-Independence will be the first to be conducted digitally. During this phase, enumerators will collect data regarding housing conditions, available household amenities, and asset ownership.
ALSO READ | Census 2027 Phase I Begins Today: Know State-Wise Schedule, Steps For Self-Enumeration
Rupee Hits Rs 95 Mark
Amid the ongoing global volatility, the Indian rupee has hit a new low against the US dollar on Monday, breaching the 95 mark for the first time. The Indian currency gave up its morning gains to depreciate 150 paise and touch 95.11 a dollar, compared to Monday's open of 93.47.
New Income Tax Comes Into Effect:
From April 1 onwards, the Income Tax Act, 2025 has come into effect. The new legislation seeks to replace the 1961 Act with a simpler, streamlined code by reducing compliance burdens, use clearer language, consolidates provisions, and adopt a taxpayer-centric approach.
IndiGo Appoints New CEO
InterGlobe Aviation Ltd. appointed William Walsh as new Chief Executive Officer, the IndiGo parent announced on Tuesday. Walsh will take charge from Aug 3.
This comes days after Pieter Elbers resigned from his position as CEO. Walsh, popularly known as Willie is currently the Director General of International Air Transport Association and was formerly CEO of British Airways and International Airlines Group, a holding company which owns Aer Lingus, British Airways, Iberia, Level and Vueling.
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