Trump’s Tariff Shock Triggers FPI Exodus: ₹10,355 Cr Pulled from Indian Equities in April’s First Week

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Heavy Foreign Portfolio Investor (FPI) Outflows Hit Indian Markets In the wake of US President Donald Trump’s aggressive reciprocal tariff announcement , foreign investors have begun a significant retreat from Indian equities. According to data from the National Securities Depository Ltd (NSDL) , FPIs sold equities worth ₹10,355 crore between April 2 and April 4 , marking one of the steepest outflows in recent times. From Easing in March to Panic in April March had witnessed a moderation in foreign outflows , with net selling reduced to ₹3,973 crore —a major improvement from February’s outflows of ₹34,574 crore . However, April began on a volatile note, with global market panic following President Trump’s tariff declaration on multiple nations , including India. The announcement, coinciding with US Liberation Day , triggered a global sell-off. In just two days , the US stock market lost around $5.4 trillion in market capitalization, sparking widespread investor anxiety. Rippl...

Supreme Court Upholds Calcutta High Court Order Cancelling Recruitment of Over 25,000 Staff in West Bengal Schools


Introduction

The Supreme Court of India has upheld the Calcutta High Court’s decision to cancel the recruitment of over 25,000 teachers and non-teaching staff in West Bengal’s state-run and aided schools. The apex court found that the recruitment process conducted by the West Bengal School Service Commission (SSC) in 2016 was marred by large-scale fraud and manipulation, rendering it tainted beyond repair.

Court’s Observations on Manipulation and Fraud

A bench comprising Chief Justice of India Sanjiv Khanna and Justice Sanjay Kumar ruled that the entire selection process was fraudulent and manipulated, making it impossible to rectify. The Supreme Court stated that the cover-up attempts further dented the credibility of the recruitment process.

The judgment emphasized that since the appointments were the result of fraud, the candidates involved must refund the salaries and payments they had received. The Court upheld the Calcutta High Court’s direction to terminate the services of all tainted candidates.

Impact on Candidates and Recruitment Process

The Supreme Court ruled that:

  • Tainted Candidates: Their appointments must be terminated, and they must refund any salary or payment received.

  • Untainted Candidates: Despite not being involved in fraud, their recruitment is also declared null and void due to widespread illegalities. However, they will not have to refund their salaries.

  • Reapplication for Jobs: Candidates not classified as tainted will be allowed to reapply for their previous positions in their respective state government departments. The concerned departments must process these applications within three months.

  • Differently-Abled Candidates: The Court made an exception for differently-abled candidates, allowing them to continue receiving wages until fresh recruitment is conducted.

CBI Investigation into Supernumerary Posts

Another critical aspect of the case is the CBI investigation into the creation of supernumerary posts. The Supreme Court noted that the issue will be taken up independently on April 8.

West Bengal Government’s Petition and Court’s Verdict

The Supreme Court’s ruling came in response to a petition filed by the West Bengal government challenging the Calcutta High Court’s April 2022 order, which had cancelled the recruitment process. The top court had reserved its verdict on February 10, 2024, before delivering the final judgment.

Constitutional Violations and Legal Implications

The Supreme Court reaffirmed that the entire recruitment process violated Articles 14 and 16 of the Indian Constitution, which guarantee equality before the law and equal opportunity in public employment. The illegalities and irregularities were egregious enough to declare the entire process null and void.

Conclusion

This ruling sets a strong precedent against fraudulent recruitment practices in government employment. It underscores the importance of transparency and fairness in public service appointments. The judgment also provides some relief to untainted candidates, offering them an opportunity to reapply for jobs without financial penalty. Meanwhile, the CBI’s investigation into the matter remains ongoing, with further legal developments expected in the coming months.

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