⚖️ FTC sues Uber

PLUS: India’s revised growth forecast

Author

Ruchirr Sharma
April 23, 2025

Good morning. On the occasion of World Book and Copyright Day, get back into the habit of reading.

If you're struggling to pick a book, maybe fall back on the three best-selling books of all time: the Holy Bible, Quotations from Chairman Mao Tse-Tung, or the Harry Potter series.

Who knew Mao’s quotes outsold wands and spells? Now that’s a plot twist. 🪄

Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

  •  📈 India’s revised growth forecast

  • ⚖️ FTC sues Uber

  • 🗞️ Bite-sized summaries

    • 💔 Tragedy in Pahalgam

    • 🏢 Operation Zeppelin

  • 🧑‍🍳 What else is cookin’?

  • 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

indicates per gram rate in Delhi | Stock data as of market close 22/04/2025

  • Indian markets extended their rally for a sixth consecutive session, though gains were more muted compared to previous days. Financial and FMCG stocks led the advance, supported by RBI’s relaxed liquidity guidelines and steady foreign inflows. Despite global volatility, domestic optimism persisted on expectations of further rate cuts and improving macroeconomic conditions.

🌍️ International

Stock data as of market close 22/04/2025

  • US stocks rebounded on Tuesday after Monday’s steep losses, as investors shifted focus to corporate earnings and hopes for easing tariff tensions. Major indexes recovered, with technology stocks like Nvidia, Amazon, and Apple all gaining over 1%. Market sentiment remained fragile amid ongoing uncertainty about President Trump’s criticism of Fed Chair Powell and the future of US monetary policy.

GROWTH

The International Monetary Fund (IMF) has trimmed India’s GDP growth forecast for FY26 to 6.2%, down from the earlier estimate of 6.5%, citing rising trade tensions and global uncertainty, particularly stemming from the United States’ imposition of a 26% tariff on Indian imports. The projection for FY27 has also been slightly reduced to 6.3%.

Despite these downward revisions, India is still poised to remain the fastest-growing major economy, outpacing both emerging and advanced markets. For comparison, China’s growth forecast for 2025 has been downgraded to 4%, while the US is expected to grow at just 1.8%.

This revision is significant for India because it highlights the country’s relative economic resilience amid a volatile global environment. According to the IMF, domestic consumption—especially in rural India—remains a key driver, helping cushion the impact of global headwinds. In contrast, global GDP growth has been cut to 2.8% for 2025 (from 3.3%), with countries like China and the US expected to bear the brunt of new tariff measures.

Moreover, while inflationary pressures due to tariffs remain a concern globally, India’s inflation is expected to moderate, reaching 4.2% in FY26 and 4.1% the following year.

Overall: For India, the IMF's update is both a caution and a compliment. It underscores the importance of navigating trade dynamics carefully, while also reinforcing the country's growing economic clout on the global stage. As the world slows down, India’s steady growth could be a vital engine for regional and global recovery.

Read more: Economic Times

USA

The US Federal Trade Commission (FTC) has filed a lawsuit against Uber, accusing the ride-hailing giant of deceptive subscription practices related to its premium service, Uber One. According to the FTC, Uber allegedly enrolled users without clear consent, charged them prematurely, and made cancellation so difficult that it sometimes involved navigating up to 23 screens and taking 32 separate actions.

The lawsuit claims Uber violated both the FTC Act and the Restore Online Shoppers’ Confidence Act by misleading consumers about savings and billing. Some users were even charged before their free trial ended, with advertised savings not reflecting actual subscription costs.

Uber has denied the allegations, stating its processes are "clear, simple, and lawful." However, the lawsuit marks a notable development: it is the first major tech enforcement action by the FTC under President Donald Trump’s new term, suggesting a continuation—or escalation—of regulatory scrutiny of Big Tech.

Why is this significant?

For India and the global tech ecosystem, this signals that US regulators are tightening oversight, regardless of political affiliations. With Indian startups increasingly entering global markets, particularly the US, compliance with evolving digital consumer protection norms is becoming crucial. Practices once considered aggressive but acceptable in user acquisition are now being questioned.

Moreover, the Uber lawsuit fits into a broader pattern. The FTC and the US Department of Justice are simultaneously pursuing antitrust actions against tech titans like Google, Meta, Amazon, and Apple. These cases touch on core digital infrastructure—search engines, browsers, ad tech, and social media platforms—and challenge longstanding business models.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

💔 Tragedy in Pahalgam - A devastating terror attack in Jammu & Kashmir’s Baisaran meadow has left 26 people dead—including two foreigners—and over 20 injured. The Resistance Front (TRF), linked to Lashkar-e-Taiba, has claimed responsibility. The attackers reportedly infiltrated via Kishtwar and used the difficult terrain to reach the remote site. Home Minister Amit Shah rushed to Srinagar for a security review, while PM Modi vowed justice, stating, “Their evil agenda will never succeed.” Emotional tributes poured in from across the political spectrum, with leaders condemning the inhumanity of targeting innocent tourists. The nation mourns yet another painful reminder of the region’s fragile peace.

🏢 Operation Zeppelin - When Hindenburg Research accused the Adani Group of fraud in January 2023, it triggered a $150 billion market crash. But Adani responded with “Operation Zeppelin” — a covert counteroffensive involving legal action, PR strategy, and alleged intelligence ops. The operation reportedly included surveillance in the U.S., help from Israeli intelligence, and a 353-page dossier uncovering networks of activists, hedge funds, and geopolitical interests. Adani also cut debt, brought in marquee investors, and reinforced core businesses. By January 2025, days before the report’s second anniversary, Hindenburg Research shut down operations—marking a stunning reversal for one of India’s most scrutinized conglomerates.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

CULTURE

🍿 Entertainment, Entertainment, Entertainment

Source: Netflix

  • Hit series Heartstopper will end not with season four, but rather a Netflix movie serving as the finale.

  • IPL 2025: DC beat LSG by 8 wickets. Leaderboard here.

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That’s all for today folks - have a lovely day and we’ll see you tomorrow.