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Today’s February 4. We’re covering the rupee’s slide against the dollar, upcoming IPOs, India’s chess win, and more.

MUST KNOW

Rupee Hits Record Low of 87.29 Against Dollar Amid Global Trade War Fears

The Indian rupee plummeted to an all-time low of ₹87.29 per US dollar on Monday, just days before the RBI’s monetary policy review. The sharp depreciation follows Donald Trump’s tariff hikes on Canada, Mexico, and China, which have triggered fears of a global trade war. Some of the tariffs have now been paused. 

The fall in the rupee raises concerns about higher imported inflation, especially in crude oil, which could push up production costs and consumer prices. On the flip side, Indian exports—especially in IT and manufacturing—could become more competitive, while remittances from overseas Indians will have greater value in rupees.

Indian stock markets also took a hit, with the Nifty 50 falling 0.52% to 23,361.05 and the BSE Sensex dropping 0.41% to 77,186.74, as investors feared a global slowdown due to the tariffs.

India’s IPO Boom: Over $23B in Fundraising Expected in 2025

India’s IPO market is set for another blockbuster year, with at least seven companies—including Groww, Pine Labs, Lenskart, and LG’s India arm—preparing to raise $1 billion or more each, according to investment bankers.

The total equity fundraising could surpass $23 billion in 2025, up from $19.6 billion raised in 336 IPOs last year, per estimates from Motilal Oswal. Already, 34 companies have regulatory approval to raise $4.8 billion, while 55 more await clearance for up to $11.4 billion.

India led Asia with more than 317 IPOs last year, second only to the US globally, signaling strong investor confidence in the country’s capital markets.

GOOD TO KNOW

Policy & Governance

Delhi Assembly Election 2025: Final Day of Campaigning Ends Ahead of February 5 Polls

Campaigning for the February 5 Delhi Assembly elections concluded on Monday (February 3, 2025), with intense activity from all major parties. The BJP, aiming to reclaim power after more than 25 years, held 22 roadshows and rallies across the capital. The ruling AAP, seeking a third consecutive term, emphasized its governance model centered around free welfare schemes. The Congress, which once ruled Delhi for 15 years, is striving to regain its influence after failing to secure any seats in the last two elections.

The election battle has seen fierce competition, marked by loud roadshows, AI-made spoofs, and sharp political jibes, as candidates made their final push to sway voters.

BJP MPs File Privilege Motion Against Sonia Gandhi

BJP MPs have filed a breach of privilege notice against Congress leader Sonia Gandhi over her remarks about President Droupadi Murmu. In a viral video, Gandhi was purportedly heard saying Murmu "could hardly speak, poor thing," which BJP members called "derogatory" and reflective of an "elitist, anti-tribal mindset." They argue the comments undermine the dignity of the President and are not protected by parliamentary privilege.

Marathi Made Mandatory in Maharashtra’s Government Offices

The Maharashtra government has made it compulsory for officials in government and semi-government offices to speak only in Marathi. A Government Resolution (GR) issued on Monday extends this rule to local self-government bodies, government corporations, and government-aided establishments. Officials who fail to comply will face disciplinary action.

MGNREGA Workdays Drop Amid Stagnant Budget

According to NREGA Sangharsh Morcha, the average workdays per household under MGNREGA have fallen to 44.62 in 2024-25, down from 52.08 the previous year, despite the scheme guaranteeing 100 days of work. Total person-days also declined from 312.37 crore in 2023-24 to 239.67 crore. Advocacy groups blame stagnant budget allocation at ₹86,000 crore for the drop, warning of reduced employment opportunities for rural workers.

Tech, Media & Telecom 

India’s NVS-02 Navigation Satellite Stranded in Wrong Orbit

India’s NVS-02 navigation satellite, launched on January 29 aboard a GSLV-Mk 2 rocket, has suffered a setback after its thrusters failed to fire, leaving it in an unplanned elliptical orbit instead of reaching geostationary orbit.

Part of ISRO’s NavIC constellation, NVS-02 was designed to enhance Position, Velocity, and Timing (PVT) services across India and nearby regions. The mission was notable as India’s first space launch of 2025 and ISRO’s 100th launch overall.

Indian Advertising Industry to Grow 6.5% in 2025: Dentsu Report

The Indian advertising industry is expected to grow by 6.5% in 2025, reaching a market size of Rs 1,07,664 crore, according to a new report by Dentsu. The growth is forecast to accelerate further in 2026, with a projected increase of 7.2%, bringing the market size to Rs 1,15,460 crore. Key drivers of this growth include increased investments in reality shows, sports content on both TV and OTT platforms, and large-format print advertising.

Taxation 

Volkswagen Challenges India’s $1.4 Billion Tax Demand

Volkswagen has sued Indian authorities to overturn a $1.4 billion tax demand, calling it “impossibly enormous” and contradictory to import taxation rules. The dispute stems from India’s claim that Volkswagen used a strategy to import cars as separate parts to pay lower duties. The company argues the demand threatens its $1.5 billion investments in India and could deter foreign investment. The case has been filed in the Mumbai High Court.

International Relations 

US Military Plane Deporting Migrants to India

The US is deporting illegal migrants to India, marking the first such deportation since Donald Trump returned to the White House. This move is part of Trump's broader immigration strategy, which has involved using military resources for deportations and to manage the US-Mexico border. Trump and Secretary of State Marco Rubio have previously raised concerns over illegal immigration from India during talks with Indian leaders.

Sports

The Future of Chess is Here

19-year-old GM Praggnanandhaa Rameshbabu won the 2025 Tata Steel Chess Masters, one of the most prestigious chess tournaments in the world. He defeated 18-year-old world champion GM Gukesh Dommaraju, who finished second, in a tiebreaker. This was Praggnanandhaa’s first Tata Steel win.

India Wins U-19 Women’s T20 World Cup

India clinched their second consecutive U-19 Women’s T20 World Cup title with a nine-wicket victory over South Africa in the final. Bowling out South Africa for just 82, India chased the target in 11.2 overs in Kuala Lumpur. G Trisha, the tournament’s highest run-scorer with 309 runs, was named both Player of the Match and Player of the Tournament. The BCCI has announced a ₹5 crore cash reward for the team.

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