As another financial year passes by, we assess how the spread of interest rates in India vis-à-vis the US has played out. This becomes crucial in determining the direction of investment flows besides affecting currency movements. In terms of key policy rate, the differential between India and US has widened as US rate cut cycle began much earlier compared with India. The higher quantum of cuts by the Fed has resulted in this differential increasing. On the other hand, the yield differential (reflective of market rates) between India and US has exhibited some bit of deviation compared to policy differential. This spread has fallen on account of stickiness in US 10Y yield due to higher debt levels and expectations of high inflation amidst a volatile geopolitical environment. However, going forward, we expect some stickiness in yield differential in favour of India, which will be further supportive of buoyant FPI flows which will aid the rupee.

Policy rate differential
The policy rate differential between India and US underwent some correction in FY25. It started with the easing cycle of Fed which came in earlier compared with India. The turnaround in inflation in favour of the US and weakening growth indicators resulted in the same. This led to increase in policy rate differential between India and US from Sep’24 onwards. The differential widened in Dec’24 with the frontloading of monetary easing by Fed happening at a fast pace. Thus, in the current fiscal, US Fed with a total cut of 100bps compared with RBI’s rate cut of 25bps has kept the policy rate differential between India and US slightly elevated compared to FY24.

However, if we compare it to long run averages, the policy rate differential is far lower. Hence mean reversion levels might call for faster pace of easing by Fed compared to RBI. The recent Fed commentaries have also been considerably dovish hinting at inflation bump due to tighter tariff norms being transitory. The Fed projections have priced in two rate cuts of 25bps each this year. We are expecting cumulative cut by RBI of another ~ 50bps, thus policy rate differential is expected to exhibit some bit of firmness in FY26.

Yield differential
10Y yield differential between India and US has witnessed significant decline. Here a bit of an anomaly has been witnessed as the easing policy by Fed has not been translated into 10Y yield. The stiffening of the US 10Y yield is a result of higher fiscal spending and inflation expectations getting entrenched under the shift in administration. As seen in Figure 4, from Oct’25 onwards (just ahead of the elections), the gap has started falling due to faster pace of pickup in the US 10Y yield compared with almost range bound domestic yields. Here as well, the yield differential is far lower compared to long run averages, which signal some rebound in the same. With RBI’s rate cut cycle expected to be in place as inflation is already on the downside, we estimate India’s 10Y yield in the coming year to trade terminally closer to 6.5%. Risk off sentiments on the other hand is expected to put downside pressure on US 10Y yield and with largely capped domestic yields, we expect that the yield differential between India and US to widen.

Higher yield differential to support capital flows
As per the theory of interest rate parity, the widening spread between India and US yield is expected to attract higher capital flows. However, this is contingent on the evolving domestic growth and inflation scenarios. Ceteris paribus, data shows that since Oct’24 onwards, with the moderation in yield spread between India and US, FPI flows (debt) have slowed down. Further, if we discount the FAR debt flows, the FPI moderation in flows is even sharper. It is important to mention that capital outflows have been affected by factors such as interest rate spread, currency volatility and inflation among other factors.

The volatility in FPI debt flows have also had an impact on the rupee which has tended to depreciate. Further, during this period the dollar has been strengthening due to the policies articulated by the US President.

Inflation differential:
The inflation differential between India and US was largely maintained at the FY24 levels. The major loss of momentum has been seen since Jan’25 onwards as inflation in India softened considerably driven by correction in food prices. Going forward, we expect inflation differential between India and US to be ~ 200bps. Inflation in the US is likely to exhibit some bit of firmness on account of the tariff related issues. For India, since CPI basket has limited pass through in terms of imported inflation, we do not foresee major risks.

US high frequency indicators are giving at times conflicting signals. There is some moderation on producer pricing power though consumer prices remain relatively firm. Labour market conditions of the region are stable. However, earnings are still sticky. Consumption demand is showing some blip as retail sales, new home sales and consumer confidence data are softening compared with earlier months. Manufacturing and services data remained supportive. Recent commentaries of Fed officials also hint at caution going ahead. Hence, the future course of action by the Fed would be interesting. The upcoming rate action will not only be contingent on tariff impact of inflation but its spillovereffect  on other parameters such as growth and employment conditions. 

High frequency data of India as well showed mixed picture. The rural recovery is underway as seen in domestic tractor sales. However, some indicators of urban consumption demand such as auto sales and vehicle registration remain muted. Credit demand remains buoyant. Production in the manufacturing sector is showing recovery, while the services sector holds ground. Going forward, some upward correction in growth fundamentals will be visible supported by favourable domestic policies. However, stricter tariff regime remains key risks for India’s exports.

We expect monetary easing and liquidity conditions to be growth inducing in the near term. However, for India, conducive inflation numbers, less dependence of food basket on imported commodities and late start to the easing cycle gives more headroom for RBI to give growth the desired impetus. For the Fed, a more cautious approach seems to be the way forward.

What to conclude?

Putting all the pieces together, the following can be said:

• Policy rate differential between India and US has widened in FY25. This is on account of steeper rate cut cycle by Fed till now, compared to RBI. On the other hand, RBI’s rate cut cycle came much later as inflation was the major barrier. Going ahead as well, we expect policy rate differential between India and the US to show some upward bias but the extent would dependent on underlying geopolitical dynamics and its impact on future monetary policy decisions.
  5
• Yield differential in an ideal situation should mirror policy rate differential. However, the similar was not observed in FY25. Yield differential between India and US has softened in contrast to stiffening of policy differential between India and US. This is on account of firmness in US 10Y yield due to expectation of higher inflation. However, we expect some firmness in India and US yield differential since risk off sentiment will keep US 10Y yield capped to some extent. For India, the benchmark yield has largely been rangebound.
• The higher yield differential between India and US in the near term will be supportive of FPI flows and hence is expected to provide currency some support.
• Inflation differential will also be tilted in favour of India as domestic food prices are largely contained. This will give RBI further headroom for more policy space to support growth.

New Delhi, April 7, 2025: The third and final day of Startup Mahakumbh concluded with high-octane energy as the Defence, Space & B2B, Precision Manufacturing Pavilion continued to spotlight India’s ascent in strategic and deep-tech innovation. With the spirit of Atmanirbhar Bharat resonating throughout, the sessions brought together bold founders, industry experts, and policy makers shaping the future of India’s high-impact sectors.

During a powerful panel on “Defence Startups: Growth Engines of Viksit Bharat”, anchored by Capt. Vishal Kanwar (Retd.), Managing Director and Aerospace, Defence & Space Leader at PwC, leading voices including Ankit Mehta (CEO, ideaForge Technology Ltd.), Prashant Chiranjive Jain (Head, Corporate, L&T), Prithwish Kundu (Founder & CEO, Green Aero), and Soma Sekhar Vedantam (CEO, Meridian Data Labs) came together. The conversation centered on fostering indigenous technologies, driving R&D efforts within the ecosystem, building cross-sectoral collaborations, and pushing India towards global leadership in innovation.

In a development on the sidelines of the event, National Skill Development Corporation (NSDC) announced the signing of MoU with Pandit Deendayal Energy University (PDEU) to establish centre of excellence for skill development in energy technologies and semiconductor sector.

Furthermore, the session on ‘Opportunities in Defence and Space Tech’ was moderated by Yachna Luthra (Senior Associate, IVCA). The panel brought together prominent venture capitalists—Ashish Taneja (Founding Partner, GrowX Ventures), Cdr. Navneet Kaushik (Founder, Managing Partner, Jamwant Ventures), Girish Shivani (Executive Director and Fund Manager, Yournest), Raj Sethia (Founder, Managing Partner, MountTech Growth Fund – Kavachh), and Vinod Shankar (Founding Partner, Java Capital)— shared insights around what makes defence and space tech sector investible. Key highlights captured the need to develop India’s deep domain expertise, a dual-use approach to innovation, and strong regulatory navigation. The panel unanimously agreed that India’s expanding policy frameworks, evolving geopolitical posture, and investor confidence have created fertile ground for transformational startups in these sectors.

On the sidelines, another interesting panel on ‘Fintech Meets B2B: Evolving Financial Strategies for Enterprise Growth’ moderated by Karthik Prabhakar (Managing Partner, Peer Capital), including panelists Arup Kumar (Managing Director, SIDBI Venture Capital Ltd.), Parthesh Shah (Co-founder, Knight FinTech), and Sonali Jindal (Founder, Rezolv) provided actionable insights on unlocking India’s potential in fintech sector. The discussion underscored the need for long-term capital, seamless academic linkages, and policy-driven incentives to catalyze indigenous development in critical technologies. The panel collectively emphasized that for India to lead globally in deep-tech, fostering a resilient ecosystem that reduces financial strain on young entrepreneurs is crucial.

Rounding off the discussion around ‘0-1 in Manufacturing’ explored how founders are building from first principles in sectors like advanced textiles, specialty chemicals, and agri-tech. Moderated by Akshay Sharma (VP, 3one4 Capital), the session featured startup journeys from panellists – Piyush Jalan (Co-founder, Thimblerr), Sachin Santosh (Co-founder, Scimplify), and Shreshtha Kukreja (CEO, Whizzo). Their stories reflected the depth of India’s MSME ecosystem, regulatory readiness, and product-market co-creation, as well as their commitment to navigating stringent global frameworks like the US FDA and EPA to scale precision manufacturing ventures from India to the world.

National 7^th April 2025:  Cricket is more than just a sport – it’s an emotion that brings the entire nation together. As the excitement of the highly anticipated T20 cricket series grips the country, BIG FM, one of India’s leading radio networks, is back with Zor Se Shor Season 3. The campaign brings expert analysis, interactive fan engagement and an unmatched entertainment experience under the theme ‘Teams Ka Tashan, Fans Ka Jashan’. Taking the excitement a notch higher, BIG FM has roped in former cricketer and renowned commentator Aakash Chopra to helm the campaign, perfectly capturing the pulse of every cricket fanatic across the country.

As part of the campaign, Aakash Chopra will break down key moments, analyze strategies and decode player performances, while sharing fascinating cricket trivia and behind-the-scenes tidbits. Enhancing the fan experience further, listeners can put their cricket knowledge to the test through on-air contests, winning exciting prizes as they engage in the action. The campaign extends beyond the airwaves with a robust digital and social media presence, featuring interactive content, exclusive videos and engaging discussions that keep the cricketing buzz alive. Adding a fresh and entertaining twist, BIG FM introduces ‘Shordaar Fan’, a lively character infusing humour and energy into the campaign. With hilarious memes, live stadium updates and exclusive player interviews, Shordaar Fan will inject fun into the cricketing journey, making this season even more exciting.

Talking about Zor Se Shor Season 3, Sunil Kumaran, COO, BIG FM, stated, “At BIG FM, we have always believed in curating content that resonates with our audiences and with cricket, the passion runs deep. With each season, Zor Se Shor has emerged as the ultimate destination that brings cricket fans together in an engaging and immersive way. This year, Aakash Chopra brings his valuable game insights, sharp commentary and a fan-first approach, adding a new dimension to the campaign. With a strong multi-platform presence, we look forward to delivering an exciting season of cricket entertainment.”

Expressing his excitement about being a part of this season, Aakash Chopra said, “Cricket is more than just a game- it’s an emotion which binds millions of Indians together. I’m excited to collaborate with BIG FM for Zor Se Shor Season 3, bringing the thrill of every match, every cheer and every unforgettable moment straight to the fans. I am looking forward to celebrating cricket and its frenzy like never before. So, get ready for Teams Ka Tashan and Fans Ka Jashan!”

Zor Se Shor Season 3 is presented by Zuplay, Co-Powered by Canara Bank and Golidee Masale and LIC of India as Insurance Partner. With this campaign, BIG FM continues to showcase its expertise in bringing multi-platform initiatives, blending radio, digital and on-ground experiences to bring cricket fans closer to the game.

Kochi, April 7, 2025 : Aster Medcity celebrated World Autism Awareness Day 2025 with an event focused on legal rights, vocational empowerment, and the talents of individuals with autism.

The key highlight of the event was a session on “Legal Guardianship: A Lifelong Safety Net” by Adv. Preetha S Chandran, a disability rights advocate, who discussed the legal framework supporting individuals with autism and their families.

The event also featured an exhibition and sale showcasing the talents of autistic individuals. Displays included baked goods from ‘Ausome Bites’, a venture of autism club, Ernakulam; handmade scented candles from ‘Luiz Candles’, ; and ‘Talking Fingers’ a book authored by non-speaking autistic individuals, offering personal insights and aspirations.

A talent show further highlighted the diverse skills and abilities of autistic individuals, followed by refreshments.

The program also included addresses by Aster Medicity’s CEO, Dr. Nalanda Jayadev, Senior Consultant- Dr. Jeeson C Unni ( Paediatrics and Neonatology), and Consultant- Dr. Susan Mary Zachariah (Developmental Paediatrics) and Dr. Maria Grace Treasa (Senior Speech Language Pathologist).

Bangalore, April 7, 2025: IIIT-Bangalore, in collaboration with The Akshaya Patra Foundation, successfully organized the 3rd edition of the Miles4Meals Marathon 2025 on April 6, at Electronic City, Bangalore. Held with the noble mission to support midday meals for underprivileged school children across India. The marathon was flagged off by Prof. Debabrata Das, Director of IIIT-Bangalore, and was graced by Mr. Vinod Sudhakar, Technology Director at The Akshaya Patra Foundation, who attended as the honored guest.

The marathon featured two race categories—10K and 5K runs—with further segmentation for male and female participants below and above the age of 50, encouraging inclusive participation across all age groups. The event witnessed an enthusiastic turnout of over 300 runners, ranging from students to senior citizens.

A prize pool of ₹1,50,000 was awarded to top performers in both race categories, while every finisher received a medal and lifetime certificate in recognition of their effort and support.

The winners were:

10K Winners

• Male (Below 50): Mr. Ergete Fekade Desta
• Male (Above 50): Mr. Ranjit Shivaji Kanbarkar
• Female (Below 50): Ms. Alemu Senayit Ayele
• Female (Above 50): Ms. Amuthanayagi

5K Winners

• Male (Below 50): Mr. Nithin A S
• Male (Above 50): Mr. A Baba
• Female (Below 50): Ms. Impana K R
• Female (Above 50): Ms. Shyamala

Winners were felicitated on stage in the presence of Prof. Debabrata Das, Director, IIIT-B, Commodore S.R. Sridhar (Retd.), Registrar, IIIT-B, Dr. Neha Arora, Sports Officer, IIIT-B, Mr. Jagadish Patil, CAO, IIIT-B, and Mr. Vinod Sudhakar, Technology Director, Akshaya Patra Foundation.

Speaking on the occasion, Prof. Debabrata Das said:

“Miles for Meals is more than a run—it is IIIT Bangalore’s heartfelt stride towards social responsibility. This year, we are proud that the funds raised will support the Akshaya Patra Foundation in providing nutritious mid-day meals to school-going children from underprivileged backgrounds. The overwhelming participation—from children to senior citizens—reflects the collective spirit of Bengaluru coming together for a noble cause. Our students, staff, and volunteers turned this into a celebration of fitness, compassion, and community action. We’re delighted that Miles for Meals has grown into a signature event with a meaningful impact.”

Mr. Vinod Sudhakar added: “Fundraising events like Miles4Meals play a crucial role in helping Akshaya Patra implement the PM Poshan scheme and provide mid-day meals to underserved schoolchildren across India. With 80+ kitchens already in operation, we aim to expand more, to take forward this noble cause. My sincere gratitude for all the donations and to the runners, who laced up their shoes and ran for a cause that nourishes both bodies and futures.”

Among the other, most inspiring participants were 7-year-old Kiara Gupta, the youngest runner, and 75-year-old Saroja M. Thimmegowda, the oldest. Another highlight was the participation of Ms. Arpita Patra, a professor from IISc, Bangalore, and an accomplished mountaineer who has summited Mt. Kilimanjaro and Mt. Elbrus.

For participants, Zumba warm-ups, refreshment zones, and on-site medical support were arranged. A lively exhibition area with games, food stalls, and merchandise added to the festive spirit. Miles4Meals 2025 stood as a shining example of how institutions and individuals can come together to run for a purpose and make a tangible difference in the lives of children across the country.

India, 7^th April 2025 TOTO, a global leader in sanitaryware and bathroom innovation, has been ranked among the “World’s Most Sustainable Companies 500” by TIME Magazine, securing the 309th position this year. This prestigious recognition underscores our long-standing commitment to sustainability and its proactive role in Environmental, Social, and Governance (ESG) practices. Furthermore, TOTO has consistently been included in the FTSE4Good Index Series, a globally recognized benchmark for companies demonstrating strong ESG performance, marking a significant achievement in its sustainability journey.

Aligned with its global mission to foster a carbon-neutral society, TOTO India is implementing pioneer sustainability initiatives at its Halol plant in Gujarat. Through a series of energy-efficient and eco-friendly measures, TOTO India is trying to reduce its carbon footprint. For instance, the company’s innovative use of electrical timers & variable frequency drives for process and machine operations that has led to more than 10% in energy savings. Additionally, waste heat from the Tunnel Kiln is utilized for mould & product drying, resulting in over 35% reduction in gas consumption and a significant decrease in CO₂ emissions. TOTO India has also introduced a solar water heating system in tandem with a Hot Water Generator, achieving a 40% reduction in natural gas usage.

In another sustainable advancement, TOTO India has adopted an OPEX model for wind power energy procurement, covering over 30% of its total energy needs with renewable sources. The facility at Halol continues to set high standards by repurposing crushed fired-ware scrap for industrial reuse, installing high-efficiency burners in kilns and dryers, and maintaining daily energy consumption monitoring practices. Other sustainable practices include reusing raw materials collected from dust and spillovers on the shop floor, and treating wastewater with an RO system to be repurposed for equipment cleaning.

Shiozawa Kazuyuki, Managing Director, TOTO India, said “Being recognized among the World’s Most Sustainable Companies by TIME Magazine is an affirmation of our unwavering dedication to sustainability and responsible innovation. We are proud to advance this mission in India through groundbreaking initiatives at our Halol plant. By optimizing energy efficiency, expanding renewable energy use, and reducing our carbon footprint, we aim to meet the highest standards in environmental stewardship. We see this as part of our responsibility to foster sustainable growth, not only for TOTO but for the communities and industries we serve.”

TOTO continues to invest in environmental technologies and policies that not only improve energy efficiency but also drive sustainable growth across the industry. The brand is committed to pushing the boundaries of sustainable practices by advancing eco-friendly product innovations and intensifying its ESG efforts both globally and locally in India. Through these initiatives, TOTO strives to provide comfortable, healthy lifestyles to all while contributing to a greener and more sustainable world.

7th April, New Delhi – To foreground accessibility and inclusion as core themes of its annual Panghat Fest, Delhi College of Arts and Commerce (DCAC), a constituent college of the University of Delhi, partnered with Svayam for a two-day youth-led campaign on April 3rd and 4th. The two-day event welcomed students from 45 colleges from south, outer and north campuses, transforming the DCAC campus into a space for meaningful conversations by organizing different competitions like poster making, theaters, photography and others.

DCAC wanted to introduce accessibility as a lived concern through hands-on participation, creating a valuable opportunity to engage young minds, foster meaningful conversations, and promote experiential learning while raising awareness about inclusive infrastructure. Svayam organized a sensitization training session and set up a Stimulation Zone, enabling students, professors, and attendees to experience the challenges faced by people with reduced mobility, vision impairments, or other physical limitations. This initiative highlighted the need for accessible infrastructure, aiming to spark a more personal understanding of access barriers that often go unnoticed.

The initiative builds on Svayam’s Accessibility Awareness Fortnight, which ran from March 12 to 27. The fortnight included engagements at Delhi University’s SRCC and Hansraj College, with students and faculty participating in street plays, public speaking sessions, and a human chain activity around the theme ‘Accessibility is a Human Right’. The drive, launched on March 18, aimed at planting the seed for long-term awareness among young adults.

Sminu Jindal, Founder-Chairperson of Svayam, said, “We are heartened to see this movement grow — this year, for the first time, a leading university in Delhi declared the theme of its annual festival as Accessibility and Inclusivity, in direct support of the global call to recognize 27th March as World Accessibility Day. This is a landmark moment, a youth-led initiative amplifying the message that accessibility is everyone’s issue.”

Prof Rajiv Chopra, Principal, Delhi College of Arts and Commerce added, “Accessibility isn’t a separate issue, it affects how inclusive our campuses, streets, and cities truly are. This year’s Panghat gave us a chance to explore that through music, theatre, and interaction. Partnering with Svayam made it possible to turn student energy into something more purposeful.”

Additionally, Dr. Shilpa Chowdhary, Convener Cultural Committee said “This year, Panghat, our annual two-day festival at DCAC, takes a meaningful turn by embracing accessibility and inclusivity as its theme. In collaboration with Svayam, we aim to raise awareness and foster a more inclusive environment for all. We extend our gratitude to Team Svayam for their unwavering support in spreading this message among students, professors, and attendees. Accessibility and inclusivity are essential for a progressive society, and through Panghat 2025, we emphasize that true growth is only possible when everyone is empowered to participate”

The event sparked fresh conversations on accessibility and the need for accessible infrastructure among the students and attendees. The event concluded with a pledge by students showing their support towards accessibility with great fervor.

April 7, 2025:Sanskriti University, known for its commitment to nurturing talent and promoting cultural diversity, hosted a mesmerizing musical evening on the second day of Spark 2025, featuring the renowned Bollywood playback singer Palak Muchhal. Her soulful voice and captivating performances created an unforgettable atmosphere, leaving the audience spellbound.

The evening began with the ceremonial lamp lighting by Sanskriti University Chancellor Sachin Gupta and CEO Dr. Meenakshi Sharma, officially inaugurating the event. The lively performances and mesmerizing musical acts that followed created an electrifying ambiance, where students enthusiastically participated and enjoyed every moment.

The enchanting melodies and vibrant spirit of the event made Spark 2025 a night to remember. The enthusiastic participation of the audience reflected the success of the celebration, establishing it as a highlight in the university’s annual calendar.

Chancellor Sachin Gupta, addressing the audience, emphasized that Sanskriti University remains dedicated to organizing such enriching programs that go beyond academics, enabling students to explore their creative and cultural potential. He highlighted that events like Spark 2025 provide a platform for students to appreciate diverse forms of art and entertainment.

Dr. Meenakshi Sharma, CEO of Sanskriti University, also expressed her delight at the overwhelming response to the event. She reiterated that the university continues to offer a balanced environment where students engage in learning while enjoying cultural experiences. She noted that these events nurture creativity, boost confidence, and encourage self-expression among students.

Spark 2025 stands as a testament to Sanskriti University’s commitment to fostering a vibrant campus culture where students can engage, learn, and grow. The success of the event underscores the university’s ongoing efforts to provide a holistic educational environment that nurtures both the mind and soul.