Top 10 Breaking News Stories of March 5, 2025 – Must-Read Updates from India & Beyond!

Breaking News: March 5, 2025

1. Major Overhaul in India's Financial Regulatory Bodies

In a significant move to bolster economic growth, India has appointed new leaders to key financial regulatory positions. Tuhin Kanta Pandey has taken over as the chief of the Securities and Exchange Board of India (SEBI), succeeding Madhabi Puri Buch. Pandey is anticipated to relax stringent regulations to rejuvenate market sentiment. Simultaneously, Sanjay Malhotra, the new Governor of the Reserve Bank of India (RBI), is implementing measures supportive of growth. These changes aim to revive an economy that experienced a sharp slowdown last year. However, they have also sparked debates about balancing regulatory accountability with autonomy. Notably, Indian stock markets have seen a significant decline, with nearly $1 trillion wiped off investor wealth. 

2. India Imposes Restrictions on Platinum Alloy Imports

The Indian government has reclassified platinum alloy imports as restricted, exempting only those that are 99% pure. This policy shift addresses concerns over importers misclassifying gold as platinum to evade higher duties. As the world's second-largest gold consumer, India aims to tighten controls and prevent such practices with this move. 

3. Surge in India's Services Sector

February witnessed robust growth in India's services sector, propelled by strong demand and sustained business optimism. The Services Purchasing Managers' Index (PMI) climbed to 59.0 from January's 56.5, marking a significant upturn. This expansion led to increased hiring, with global demand growing at its fastest pace in six months. Despite a four-month low in cost inflation, companies passed on some additional costs to customers. The central bank's recent interest rate cut has further supported this sector's growth, offsetting slower manufacturing performance and boosting the composite PMI to 58.8 from January's 57.7. 

4. Steve Smith Retires from ODI Cricket

Australian cricketer Steve Smith has announced his retirement from One Day International (ODI) cricket at 35, following Australia's semi-final loss to India in the ICC Champions Trophy. Having played 170 ODI matches and secured two World Cup victories, Smith's departure marks the end of a distinguished career. He believes it's an opportune moment for emerging players to step up ahead of the next World Cup. 

5. Bihar's Small Entrepreneur Scheme Application Deadline

Residents of Bihar are reminded that today, March 5, is the final day to apply for the Bihar Small Entrepreneur Scheme 2025. The scheme offers financial assistance across 37 types of industries, including food processing, furniture making, and consumer goods production. Applicants are advised to be cautious of intermediaries and ensure proper documentation to avoid potential fraud. 

6. Special Trains for Holi Festivities

In anticipation of the Holi festival, Indian Railways has announced special train services from Delhi and Mumbai to states like Bihar and Kerala, starting March 5. These additional trains aim to accommodate the increased travel demand during the festive season, ensuring passengers can celebrate with their loved ones. 

7. India and EU to Finalize Free Trade Agreement

India and the European Union have agreed to conclude a long-pending free trade agreement by the end of this year. This strategic move aims to enhance cooperation in trade, technology, connectivity, and defense, marking a significant milestone in bilateral relations. 

8. Bihar Board Class 12 Answer Key Released

The Bihar School Examination Board has released the answer key for Class 12 objective questions. Students have until 5 PM today, March 5, to raise any objections. This prompt release and feedback mechanism aim to ensure transparency and accuracy in the evaluation process. 

9. IndiGo Introduces Budget Flights to Europe

IndiGo, India's largest passenger airline, is set to launch budget flights to Europe starting this month. By leasing a Boeing 787 from Norse Atlantic, IndiGo aims to make travel to and from India more affordable, potentially boosting tourism and business travel. 

10. Bihar Budget Session 2025

The Bihar Budget Session 2025 is underway, marking the current government's final budget presentation before the upcoming legislative assembly elections. This session holds significant political importance, with expectations of populist measures aimed at garnering voter support. 

*Stay tuned for more updates as these stories develop.*