Indian stock markets had one of the worst trading sessions in history on 4th April 2025 as Sensex and Nifty crashed over 6%, eroding nearly ₹25 lakh crore worth investor’s wealth in a couple of hours. The crash was triggered by an unexpected tariff announcement from US President Donald Trump along with relentless selling by Foreign Institutional Investors (FIIs). Panic was so severe that the circuit breaker halted the trade twice leaving investors shocked and looking for safety.

The mayhem began after Trump, who had been sworn in as the U.S. President again just a few months earlier, announced a massive 26% tariff on $300 billions of imports aimed at China, India and other Asian economies to protect American industries. The news created panic among global investors, and Indian exporters in IT, pharma and manufacturing had an immediate reaction. Stocks of TCS, Infosys and Sun Pharma - firms with heavy dependence on US sales - plunged by 8-12% as investors saw their revenues shrinking dramatically with the new regulation. Auto stocks like Tata Motors and steel companies like JSW Steel got hammered too as the Street worried about declining exports and possible trade wars.

Aggravating the crisis, Foreign Institutional Investors (FIIs) were seen aggressively selling, and they had started withdrawing from Indian equities in early March. Soaring U.S. bond yields and a stronger dollar had already turned emerging markets less appealing, and Trump’s tariff declaration prompted an accelerated flight. On April 4 alone, FIIs sold a record ₹25,000 crore ($3 billion) worth of Indian shares — the largest single-day outflow since the 2008 financial crisis. Net sellers and FIIs aggressively sold shares worth of ₹75,000 crore (based on SEBI statistics), on the other hand, domestic institutional investors (DIIs) tried to stem the bleeding by bringing in ₹12,000 crore but not enough against the FIIs onslaught. The market crash was so swift that exchanges had to initiate circuit breakers two times. Within the first 45 minutes of trading, Nifty fell 10%, prompting a 45-minute halt. When trading opened again, the selling accelerated, and the index fell another 5 percent, triggering a second halt. By the end of the session, the Sensex had tumbled 4,200 points while the Nifty plunged 1,350 points, one of the steepest single-day drops in India’s financial history. Mid-cap and small-cap stocks had even worse losses, with some tumbling about 10%. Aside from the immediate causes, deeper economic worries were aggravating the panic. Oil prices had soared over $100 a barrel, causing concerns about imported inflation. The rupee, which was already under pressure, crashed to a historic low of ₹86.50 against the dollar, causing new apprehension among investors. The Reserve Bank of India was confronted with a difficult decision: to increase interest rates to support the rupee and curb inflation at the expense of slower growth, or keep the rates unchanged and threaten additional capital flight.

End retail investors, some of whom had only entered the market during the 2023-24 bull run, were blindsided. Margin calls forced leveraged traders to liquidate positions, fueling the downward spiral. The derivatives market was reeling under huge unravelling of positions in Nifty Bank futures, while options traders were stuck with losses stemming from the steep loss. The market mood shifted from optimism to outright panic, as portfolios were decimated within a couple of hours.

As fear took hold of the markets, Finance Minister Nirmala Sitharaman was expected to hold meetings with SEBI and RBI officials within the next few hours. Government sources said that measures such as tax relief on capital gains and steps to shore up the rupee were being considered in an urgent manner.	While no official announcement had been made, analysts suggested that such interventions would be key to regaining investor confidence following the historic sell-off. Although no immediate stimulus was announced, sources indicated that the government was exploring a range of measures, including tax relief on capital gains and measures to check the fall in rupee. Analysts polled by Reuters had expected these steps to stem the net selling in the market, but many of them believed that beyond policy measures, what was truly needed was a boost in market confidence.

In the longer run, analysts stated that given uncertainty over U.S. trade policies and FII behavior, volatility would likely persist. If foreign outflows continue, the Nifty could re-visit the psychologically significant 15,000 mark. However, others pointed to a silver lining in the robust monthly SIP inflows of around ₹20,000 crore, which could offer support and mitigate further declines.

April 4, 2025, arrived as a stark reminder of just how tightly linked and fragile world markets are. While it could be a buying opportunity for long-term investors, the wounds of this financial bloodbath won't heal overnight. For now, panic and uncertainty continue to dominate the streets of the Indian market.

Md. Khalid Anwar is a student pursuing B.B.A 

April 4 Massacre: How Trump’s trade War & FII Flight Drowned Indian stocks in Red?

Prof. Mazhar Asif again surrounds himself with fresh controversy over his Vice-Chancellor (VC) appointment. Prof. Asif as the VC of Jamia Millia Islamia (JMI) has now ended up in legal trouble, with the High Court issuing a notice on the petition challenging its validity. The petition filed by Delhi-based advocate Vishal Kumar Rai raises serious questions about the legality of the appointment process and also alleges blatant violations of the statutory provision of the 

Justice Prateek Jahan, while hearing the petition on March 10, sought responses from the Union Government, the Visitor of JMI (the President of India), the Search-Cum-Selection Committee, and the university administration. Meanwhile, the court did not pass any interim order but directed all the respondents to file the affidavits in the form of replies within four weeks from today.

The petitioner, Rai, who filed a writ of 

, argues that the appointment of Prof. Asif violates Statute 2 of the Jamia Millia Islamia Act, which states:

"The Vice-Chancellor shall be appointed by the Visitor from a panel of not less than three persons recommended by a Committee constituted for the purpose and shall hold office for a term of five years."

Additionally, the petition cites Clause 7.3 of the UGC Regulation, 2018 which mandates:

"Be a distinguished academician, with a minimum of ten years of experience as a Professor in a university system or ten years of experience in an equivalent position in a reputed research or academic administrative organisation."

These laws lay down strict eligibility criteria for the appointment of VC, and Rai contends that JMI failed to comply with them. Advocate Dr. Amit George, who’s appearing for the petitioner, insisted on the 

 (personal legal right to challenge the matter before a court of law) of Rai’s right to challenge an illegal appointment through a 

 petition. He also reiterated that the crucial documents related to the appointment were already in the public domain, which was published by 

There was severe pushback over the central government and JMI’s counsel; however, the Add. Solicitor General Chetan Sharma, appearing for JMI, argued that Rai lacks direct involvement in the matter and thus can’t challenge the appointment. While citing a prior ruling on the JMI VC appointment, Adv. Monika Arora, appearing for the Union of India, referred to the 

Delhi High Court’s Division bench decision in M. Ethesham UL Haque v. Union of India (UOI), [(2023 SCC OnLine Del 2962)]

, which had previously dealt with the appointment of VC of JMI. Ms. Arora contended that the same legal principle applied in the case. Rising constitutional barriers—Ms. Arora invoked Article 74(2) of the Constitution of India, which clearly prohibits judicial inquiry into advice given to the President of India. This could make it difficult for the court to scrutinise documents submitted to the President regarding the appointment.

The stakes are larger battle over university autonomy, this battle is not just about Prof. Asif’s appointment but also the broader control of public universities, especially minority institutions like JMI and other institutions in India. The matter has far-reaching implications; if the courts find that the central government or search-cum-selection committee violates rules for favours, it could set a precedent for challenging VC appointments in other universities, or if the petition is dismissed, it may reinforce executive control over academic institutions, limiting judicial reviews of such favours.

This chaos is similar to Tamil Nadu’s (TN) VC appointment tussle, which creates a pattern of political interference, which bears similarities to the recent controversy in TN, where the state government clashed with the governor over the appointment of VCs in state universities. In TN, chief minister M.K. Stalin accused Governor R.N. Ravi of bypassing the state government and unilaterally appointing VCs, sparking a constitutional crisis in the state. 

Stalin argued that university autonomy was being eroded under the guise of executive control. Similarly, in JMI’s case, the petitioner alleges blatant violation of statutory regulations, with the process of selecting a VC being dictated by the executive rather than an independent academic selection. Both cases highlight a growing trend of political interference in minority institutions, raising concerns about whether VC appointments are based on merit or political allegiance. High court being drawn into these disputes, the larger question remains: 

Are universities truly autonomous as a state, or are they becoming battlegrounds for union control?

For now, the court has given four weeks for the Central Government and JMI authority to file their counter-affidavits, after which the petitioner may submit a rejoinder (a legal reply countering arguments in a case). The matter will next be heard on July 16, 2025. As the case reveals, JMI students, faculty, and legal observers like us will be watching closely. Will the High Court intervene in the appointment of one of India’s prominent institution VCs, or will it support the Union government authority?



The guest author, Ali Asghar is a student of law at Jamia Millia Islamia.

Disclaimer: The views expressed in this publication reflect those of the author and not necessarily of The Jamia Review

Delhi HC questions Prof. Mazhar Asif’s appointment—Was the process rigged?

 which mean “of or belonging to youth”. When an adult commits any crime, the criminal justice system comes into the motion and the guilty person is punished in accordance with the law. In India, a person above 18 years is treated as an adult and it is believed that a person who is below 18, a minor is not capable of thinking best or worst about himself. That’s why a consent given by a minor is 

. Thus, a minor involved in any crime was not given as much punishment as an adult. Earlier, all the minors involved in any type of crime could not be given a punishment of more than 3 years. In the famous 

, one of the accused was just a few months less than 18 years old. Due to this, he was not tried by a regular court but by the Juvenile Justice Board and was sentenced only for a few months in such a heinous crime. At that time, a need for separate legislation was felt to deal with the child in conflict with the law i.e. a child who has not attained the age of 18 but has committed a crime. To fill that gap, the 

Juvenile Justice (Care and Protection of Children) Act, 2015

 was enacted which specifically deals with the juveniles and children in conflict with the law.

There is a separate justice system that is diverting youthful offenders from the heinous punishments of criminal courts and encouraging rehabilitation based on the individual juvenile's needs. It focuses on juvenile development, rehabilitation, and successful reintegration of youth. Juveniles are not charged with crimes, but rather with delinquencies; they are not found guilty, but rather are adjudicated delinquent i.e. a person younger than 18 who is found guilty of a crime by a court; they are not sent to prison, but to training school or homes. With the introduction of the juvenile justice system in India, it not only helps the juveniles committed crimes but also focuses on care and protection of the childrens. India faces a severe shortage of facilities that are equipped to provide proper rehabilitation services.

The Apprentices Act, 1850 was the first legislation enacted in India to deal with children in conflict with law. In 1919, a jail committee recommended making different legislations in different provinces. Before 1960, India had no uniform laws in this regard. Different states had different laws on juvenility. The juvenile justice system had its roots since 1960 as the Children Act, 1960 kept juveniles out of jail and focused on welfare and education. First juvenile court in India was established in Bombay under this act. In 1986, this act was replaced by the Juvenile Justice Act, 1986 aimed at giving effect to the guidelines of 

United Nations Standard Minimum Rules for the Administration of Juvenile Justice

 which was adopted by the United Nations in 1985 also known as Beijing rules. It also acknowledged that juveniles in conflict with law are not conventional criminals but they are the one who needs care and protection. Another legislation, Juvenile Justice (Care and Protection of Children) Act was brought in 2000 when the age limit for the juvenile was increased from 16 to 18 years. Section 8 and 9 of Juvenile Justice (Care and Protection of Children) Act, 2000 provides that state govt may establish observation homes and shelter homes in each district. Justice Verma Committee, formed after the brutal Nirbhaya gang rape in December 2013 to recommend changes in criminal law to provide quicker trial of the sexual assault suggested not to change the age of juveniles from 18 to 16 years as demanded by the public at large. It suggested focusing on reforming the juvenile justice system. However, the public pressure forced the government to enact Juvenile Justice (Care and Protection of Children) Act, 2015 where the age criteria of juveniles changed from 18 to 16 years and treat them as an adult in case of involvement in heinous crimes.

Legal Framework Of Juvenile Justice In India

The Juvenile Justice (Care and Protection of Children) Act, 2015

After 2012 Delhi gang rape i.e. Nirbhaya rape where one of the accuse who was some short of 18 years was released after just few months of imprisonment. After that people started demanding lowering the age of juvenile. The Government of India took the initiative of implementing some changes in the Juvenile Justice Act, 2000. New act was introduced to address the issue of juveniles engaged in heinous crimes. By this legislation, the child welfare committee was no longer the final authority in cases of children in need of care and protection. Section 2(13) of the act says that a child who has not committed age of 18 or above but found to have committed an offence will be said to be a child in conflict with law. If a child in conflict with law is engaged in any crime which is punishable with a minimum of 7 years of imprisonment, the Juvenile Justice Board (JJB) will conduct a preliminary enquiry to decide whether he should be tried as an adult or not in a regular court. If the child in conflict with law has committed an offence which is punishable with 3-7 years imprisonment, then the juvenile will be tried by the Juvenile Justice Board itself. JJB consists of a magistrate and two social workers. Section 3 states the principles of care and protection of children which include principle of best interest of the child, principle of presumption of innocence, etc. The Act gives more clarity on the functions and powers of the Juvenile Justice Board and the Child Welfare Commission.

Juvenile in Conflict with Law vs. Child in Need of Care and Protection

Children in conflict with law refers to individuals below the age of 18 who were involved in heinous offences. In the Indian context, the legal framework governing children in conflict with law is primarily embodied in the Juvenile Justice (Care and Protection of Children) Act, 2015. The Juvenile Justice Board plays a pivotal role in adjudicating matters related to children in conflict with the law, ensuring a child-friendly approach in its proceedings. According to the National Crime Records Bureau (NCRB), a total of 31,396 cases of children in conflict with the law were reported in 2015, with a crime rate of 2.1 percent. A child in need of care and protection must be brought to the child protection committee under the direction of a social worker.

Mukesh & Anr. vs. State (NCT Of Delhi) & Ors. (Nirbhaya Rape Case): 

In this case, a college girl brutally raped by a group of people in a bus. One of the accused was a minor who was some months left to turn 18. Thus, he was not tried as an accused of a heinous crime and sent to juvenile homes and got released as per Juvenile Justice Act, 2000. But seeing the injustice and adversity of that heinous crime, people raised their voice against this and pressured the government to bring legislation. The Government of India enacted Juvenile Justice (Care and Protection of Children) Act, 2015 which also deals with the accused who is involved in a heinous offence but is between 16-18 years.

: This case deals with the children under 16 years of age in jail whether they are treated badly or not. It is requested of all the districts to inspect their jails. The Supreme Court issued guidelines for the state to protect and nurture the rights of juveniles.

: In this case, the Supreme Court said that the Juvenile Justice Act of 2000 would also apply to all the cases prior to this act and whoever is less than 18 considered as a juvenile.

Pratap Singh v. State of Jharkhand & Anr: 

In this case, the Supreme Court held that the age of a juvenile would be considered based on the date on which the crime was committed rather than the date on which they are produced in court. Second thing that was held in this case is that if any case that was going under 1986 Act but is still going till 2000 then it will be treated under 2000 act only.

Juvenile Justice Board (JJB) , which has been given the responsibility to conduct preliminary assessment of the mental and physical capacity of an accused, is mentioned in Section 4 of the Juvenile Justice (Care and Protection of Children) Act, 2015. Sec says that it is mandatory for the state government to establish one or more Juvenile Justice Boards in every district. It consists of a Metropolitan Magistrate as Principal Magistrate and two social workers. It is mandatory that at least one member shall be a woman. In Delhi, the Juvenile Justice Board has been functioning since 01.06.2003.

As provided by the Juvenile Justice (Care and Protection of Children) Act, 2000, a JJB should hold its sittings in the premises of an Observation Home. State government shall ensure that these boards should be in every district for exercising the powers and discharging its functions relating to children in conflict with law. The board has powers to deal with proceedings, to ensure that children rights should be protected and also ensure the availability of legal aid. The Special Juvenile Police Unit should bring the child before board within 24 hours of catching children excluding time taken to reach the police station or the board. JJB is also supposed to conduct at least one inspection visit every month of residential facilities for children in conflict with law and recommends action for improvement in quality of services to the District Child Protection Unit and the state government.

There are many inefficiencies in implementation of laws in different states. Apart from this, Socio Economic issues play a substantial role in juvenile delinquency. Many juveniles come from underprivileged backgrounds, where poverty, lack of education, and limited access to basic services are prevalent. These conditions not only predispose young individuals to criminal behavior but also complicate their rehabilitation and integration into society. Rehabilitation is a cornerstone of juvenile justice, India faces a severe shortage of facilities that are equipped to provide proper rehabilitation services. There is a lack of proper funding to implement the programmes for the need of care and protection of children. Hence, there are children under Child Welfare Committees (CWC) and JJBs who are not restored back in the society on time which in turn affects their mental health and also changes their attitude. The counselors do not match with the relevant background of education and experience.

India’s juvenile justice system, governed by the Juvenile Justice (Care and Protection of Children) Act, 2015, focuses on rehabilitation over punishment. However, challenges such as delays in justice, inadequate rehabilitation facilities, and the increasing involvement of juveniles in serious crimes continues. The 2015 amendment is considered as a subject of debate as it impacts on child rights because the age limit decreases from 18 to 16 for heinous crimes. To improve the system, there is a need to strengthen rehabilitation programs, train law enforcement for child-sensitive handling, involve communities and NGOs in prevention, ensure speedy trials, and address root causes like poverty and abuse. A stabilised approach is crucial to uphold justice while ensuring the welfare and reformation of juveniles.

Youth, Justice, and Reformation: A New Dawn for India's Juvenile System

The Delhi High Court recently overturned the suspension of 17 students from Jamia Millia Islamia, New Delhi (JMI), questioning the administration's handling of peaceful demonstrations. On the 12th of February 2025, JMI’s administration suspended students holding the protest on campus and banned the students for an indefinite period, along with prohibiting them from entering the university premises. The students were marking the 5th anniversary of December 13th, 2019, over the police crackdown on anti-CAA protesters inside the university premises. Justice Dinesh Kumar Sharma, citing the judgment, observed that peaceful protests are part of students 

’. While Justice Sharma, hearing the petition, raised serious concern over the manner in which the university handled the protest, remarking that the documents presented by the students primarily facie indicated a peaceful demonstration. The court noted that universities are spaces for the intellectual and students should not be penalised for engaging the peaceful protest in the colleges premises.

JMI administration justified their decision of suspending the students while citing 

Rule 5 of EC Resolution No. 3.46 dated 22.02.2023

, Ordinance 14 (XIV) (named “STUDENT DISCIPLINE”), which allows suspension for campus disruptions. However, the student’s counsel argued before the court and said the protest was peaceful and that the disciplinary action was disproportionate. While university counsel argued that students were holding 

vandalising the property of the university

. While hearing the petition, Justice Sharma questioned the university’s handling of the protest, noting that

‘the document submitted by the counsel for the petitioner prima facie shows that it was a peaceful demonstration.’

However, the court acknowledged the importance of protest in student life and directed JMI to form a ‘Peace Committee’ under the Vice-Chancellor’s supervision to engage in dialogue with the students.

This will set an example for the ongoing debate over students right to dissent and the extent of university autonomy, highlighting a broader debate on students right to protest versus university regulation on campus discipline. Institutions have the authority to maintain their order; the courts observation reinforces that disciplinary action should not violate the fundamental rights, such as 

freedom of speech and expression (Article 19 of the constitution)

. Court intervention sets a precedent that disciplinary actions must align with moral values. As educational institutions navigate campus governance, 

striking a balance between discipline and democratic freedoms remains crucial.

The concern over the Peace Committee’s (PC) composition will get heat in the near future, as per the High Court direction of the formation of the PC to resolve the situation through dialogue between students and the JMI administration; the judgment left the inclusion of representatives to the discretion of the Vice-Chancellor (VC). The order stated:

“Let a committee of the officials under the supervision of the VC be constituted. The representative from the students may also be taken by the VC in such a committee.”

 raises concern about the lack of a mandatory provision for the students’ representation. This ambiguity grants the VC sole authority to decide whether students will have a say or control in the discussions. Counsel argues that such discretion could weaken the very basic principles of the committee, as it leaves room for not including dissenting voices.

The next hearing will be on the 2nd of April 2025. The court will review JMI's response and deliver accordingly, whether the university has taken the remedial steps as directed by the court. If the PC fails to engage meaningfully with students, the court may intervene further to ensure a fair resolution. JMI has to reinstate the suspensions with stronger justification or withdraw the action taken dated 12th February; it may be ensured that the further protests should strictly adhere to legal guidelines; no grounds for fresh disciplinary action will be taken. Students should document all interactions with JMI administration to strengthen their case if needed.

The intention behind delivering the order was to de-escalate tensions and ensure a fair resolution process. However, the discretionary nature of the inclusion of the students could lead to fresh conflicts, making the implementation of PC to monitor in the coming weeks.

The guest author, Ali Asghar is a 3rd year student of Law at Jamia Millia Islamia.
Disclaimer: The views expressed are those of the author, and do not necessarily represent those of the publication.

Delhi HC slams Jamia for student ban, calls for dialogue instead

Today, the US is sitting on the driving seat of Global Leadership. It leads in terms of both economic resources and global impact on climate change alongside China and India and the whole world has the expectation from the Global Leader to resolve the ongoing major problem.

Donald Trump’s 45th presidency: An analysis

If we look and examine the 1st term of Donald Trump from 2015 to 2019 about the climate change issue then we will get only negative and extreme takes from the incoming US president because this has been his clear statement that climate change is a hoax. He does not believe in climate change and its impact throughout the world. And the story remains the same today. In 2017, when Trump took charge as the President of the US he criticised the policies, agreement and investment for climate change. After that, Trump withdrew from the

 which is a world wide agreement between countries on reduction of greenhouse gases.

t was unfair to the United States and would cost American Jobs, favouring countries like China. He also aims to repeal the Inflation Reduction Act of 2022, a signature framework of the Biden administration. This act offered 400 billion dollars over 10 years to reduce emissions. It funds wind and solar power, electric vehicle battery factories and nuclear reactors.

So they talk all the time about the ocean will rise in 500 years, one-eighth of an inch, who the hell cares? Before moving onto, what according to him is a graver issue “... But we have maniacs who have nuclear weapons, we can't let that happen”

Now, the Republican candidate Donald Trump has been elected as the 47th President, beating his Democratic opponent Kamala Harris in a historic comeback so, on the basis of previous stances of the 1st term of Donald Trump, he has significantly raised concerns about how he will tackle climate change in his second term as the President of a world superpower.

According to some climate experts, the world now faces the hazardous climate change impact and this election could lead to an additional 4bn tonnes of carbon dioxide equivalent (Gtco) of US emission by 2030, compared to continuing current President Joe Biden's plans, carbon brief analysis found earlier this year.

Role of the US in solving the climate change issue?

The United States plays a pivotal role in addressing global climate change though domestic policies, international diplomacy, and technological innovation. Domestically, the US has made strides with the Inflation Reduction Act (IRA), which allocates 369 billion dollars towards clean energy incentives, aiming to reduce carbon emissions by boosting renewable energy infrastructure and electric vehicle adoption. Additionally, investments in decarbonising key sectors, like steel and, signifying a commitment to Industrial transformation.

The Biden administration’s infrastructural laws also emphasise carbon capture and hydrogen technologies, which are crucial for long term emission reduction. Internationally, the US rejoined the 

in 2021 and has played a leadership role in initiatives like the Global Methane Pledge and agreements from COP26 and COP27. These efforts focus on methane reduction and financial support for vulnerable countries affected by climate change. The US has also resumed climate dialogue with China, the world’s largest emitter, aiming to foster cooperation despite geopolitical tensions.

However challenges remain while the US commits to net zero emissions by 2050, domestic fossil fuels production continues, complicating its role as a Global leader. Moving forward, consistent policy implementation and strengthening international alliances will be essential for the US to meet its ambitious targets and influence global climate strategies.

Donald Trump’s stance on climate change has been controversial and often contradictory. Throughout his presidency and public life, he has expressed skepticism about climate change. Now, he is going to take the leadership of a world hegemon in terms of soft and hard power which plays a crucial role from time to time in solving the climate change issue. It’s going to be a hazard for the world with power vested in a president with no intention to focus on the climate change issue.

So, there is a need for the principle of cooperation and accountability for every country to mitigate this issue of climate change. The regional organisations like 

 must be focused and accountable to make some difference in resolving this issue of climate change.

Regional bodies help align climate policies and standards among member countries, and ensure consistent and effective implementation. For example, the European Union enforces the European green deal, aiming for net zero emissions by 2050. Association of Southeast Asian nations (ASEAN) promotes climate resilience and sustainable forest management in Southeast Asia. They facilitate the exchange of information, technology and best practices, enabling less developed nations to adopt sustainable solutions. Organisations often create or support financial initiatives for climate action, especially where global funding falls short.

Climate challenges like deforestation, water scarcity and air pollution are often cross border problems. Regional collaboration ensures effective management of shared resources and ecosystems. Regional cooperation acts as intermediaries between global frameworks and national policies, enhancing collaboration and creating tailored solutions for their unique environmental,economic,and social context.

(Views expressed are of the author and do not purport the views of The Jamia Review)

Return Of Trump And The Unresolved Global Issue Of Climate 

If India's rise in decades after independence was shaped by the Tatas and Birlas, then Adani became synonymous with India’s growth in the 21st century. He is the one who began the year 2023 as one of the richest men, who had surged his value 2500% in 5 years. As he portrays, his rise wasn't his alone, it was inseparable from the growth of India. He often says that his company’s goals are in lockstep with the country's needs. In 2022, he overtook Reliance Industries’ Chairman Mukesh Ambani and China's Jack Ma to become one of the world's top three billionaires.

The journey of Adani's growth and now his speculated fall is indeed very interesting. It almost seems like a fictional story of a magician in a utopian world. The journey makes us realize some of the harshest realities of India's business and political scenario. The story of Adani gives us a taste of Daron Acemoglue and James A Robinson's 2012 book, 

Why Nations Fail : The Origin of Power, Prosperity and Poverty

. The book suggests that extractive institutions often function to safeguard the interests of those in power. Adani’s rapid growth has coincided with favorable government policies and infrastructure projects, particularly under India’s current leadership. Some analysts believe that Adani’s success is partly due to these political connections, allowing for advantageous policies, swift land acquisition, and access to resources. This scenario illustrates the book’s idea that privileged access to state resources can propel corporate growth, potentially undermining fair market competition.

The strengthening of the link between business and politics could push India closer to an extractive pairing between economic and political institutions, both working for a few. To understand the scenario and link between the economic and political world in India, we need to look at the past. At the time of independence, India's private sector was dominated by the clutches of business families and it continued till the 

 came to an end in 1991 due to the LPG (liberalization, privatization, and globalization) reforms by the then Congress government. After the 1990s, new companies were formed. These all were firms in new sectors like IT, healthcare, telecom, etc. But the firms in heavy sectors like infrastructure, stayed hand in hand with the political economy and these firms supported political parties by making donations to them, and some enterprises were even owned by politicians themselves. Political patronage remained beneficial for firms in Captive Coal Block allocation popularly known as the Coalgate Scam (2012) and the Arunachal Pradesh Hydel Scam. Companies with political links got everything they wanted. All that mattered was their willingness to pay. When Adani came to the economic world, India started seeing something new. The government had chosen this particular group as a national champion by encouraging its expansion.

Adani’s companies are not just interested in a wide swathe of India's infrastructure. They have become the first choice as partners in multiple sectors as well. Multi sectors have always been considered as the priority of growth for India. So, giving the first priority to the Adani group only implies that the government wants India to grow only with the help and aid of some particular business giants. Now, the question that remains is how was this particular group chosen as the national champion? Is it the right strategy for India? Elections in India have become very expensive for political parties and capital plays a very vital role in it. Given the financial pressure to win elections, political parties in India are turning kleptocratic. And winning is possible only with the help of connections with business giants. In return, business giants take advantage of these connections with political parties and get involved in the abuse of their situation and position.

In Gujarat, under the Modi government, Adani saw a meteoric growth. It allowed the creation of a world-class port complex at Mundra. The company received government largesse e.g. SEZ (Special Economic Zone) without environmental clearance and in some instances, the Mundra port got more preference than the 

 port. When Narendra Modi came to power at the center, Adani went national, as remarked by Lok Sabha MP, and opposition leader Rahul Gandhi, in his vote of thanks to the President of India in Lok Sabha. In 2018, Adani announced a future expenditure of 167000 crore despite a net profit of 3455.34 crore.

The group benefited greatly from the government's decisions. It got a 1600 MW coal-based power project at Godda, despite the fact that the company was charging a higher rate than normal. Also, a renewable project was given by the Prime Minister of Sri Lanka, Gotabaya Rajapaksha, to Adani under Modi’s pressure. And the third most important instance — the airport rules were changed to get Adani to operate 

. It seems if the government would want companies to set up factories for solar panels, Adani will readily oblige. If the Prime Minister were to set a stiff renewable energy target, somehow Adani would meet the mark. If the government was worried about self-reliant weaponry, Adani would create an indigenous defense ecosystem under “

 said that a handful of investment funds invest almost solely in Adani’s companies.

What would you call it when foreign funds invest their assets in a corporate group company? NSDL (National Security Depository Ltd.) froze the accounts of 3 such funds, Albula Investment Fund, Cresta Fund, and APMS Investment Fund which together own 43,500 crore rupees worth of shares in 4 Adani Group companies. These funds were frozen because of insufficient disclosure of misinformation regarding beneficial ownership as per The Prevention of Money Laundering Act (PMLA). The 

, on 25th January 2023 revealed the findings of their two-year-long investigation, presenting that INR 17.8 billion (US $218 billion) Indian Conglomerate Adani group had allegedly “engaged in brazen stock manipulation and accounting fraud over the course of decades”.

The report also focused on the funds mentioned above. The report was released just ahead of the ₹20000 FPO (Follow on Public Offer) by Adani Group’s flagship firm Adani Enterprises which was later called off. In a 413-page response, Adani Group commented, "It's not an unwarranted attack on any specific company, but a calculated attack on India, the independence, the integrity and the quality of the institutions and growth story and ambitions of India”. Hindenburg, however, in its rebuttal said that Adani did not address any of the substantive points that the report raised, rather Adani just stocked a national narrative.

The initial impact was the loss of US$100 billion. After that, Adani called off the whole FPO and refunded the money. S&P and Dow Jones Indices said that it will remove Adani Enterprises from widely used sustainability indices on February 7, 2023, making shares less appealing to environment-conscious investors. RBI also sought details from banks about market exposure. However, after the issue came to the limelight, a probe was initiated by SEBI's side. According to SEBI, it conducted investigations on 23 out of 24 issues. 6 companies also disclosed their stock exchange and received show cause notice, but with the intention that disciplinary action will only be taken after proof of any discrepancies. The Supreme Court’s January 3, 2024 ruling on the Adani Group case wasn’t explicitly “in favor” of Adani but rather upheld the regulatory authority of SEBI (Securities and Exchange Board of India) to continue its investigation. The Court rejected the petitioners’ requests to transfer the probe to a Special Investigation Team (SIT), emphasizing that SEBI was already handling the matter and had completed most of the investigation. In effect, the decision allowed SEBI to continue its investigation without external interference, signaling confidence in the regulator’s competence rather than a judgment in Adani’s favor. The Court directed SEBI to finalize its probe on the remaining issues within three months, ensuring further scrutiny while avoiding unnecessary disruptions to the ongoing process.

Adani’s journey—from extraordinary success to intense scrutiny—captures the often hidden dynamics of power and influence in India’s economics. His rise isn’t just about one man’s achievements but reflects the vast potential of a nation on the move and the sometimes blurry line between corporate success and political favoritism. As India’s story unfolds, the real challenge will be ensuring that its growth is as fair as it is ambitious, that its institutions stay strong, and that progress is something all can share.

Disclaimer :This is a guest entry. The opinions expressed in this publication are those of the author. They do not purport to reflect the opinions or views of The Jamia Review or its members.

Adani: The Infallible?

The perception of Islam as being forcibly propagated, often encapsulate by the phrase “spread by the sword” which finds roots in narratives originating from the Crusades and remained a cornerstone for anti-Islam polemics for centuries. This was picked up in the late 19th and early 20th centuries by Orientalist scholars such as Sir William Muir. Many others as well who were in a position to benefit from the vilification of Islam to non-Muslim audiences .The Orientalists legitimize pre existing apocryphal stories by tactfully turning facts into lies.

Nevertheless, even in the ranks of the Orientalists there were those, such as Sir Thomas Arnold and De Lacy, who chopped away at the narrative of forced conversions to Islam. Jamal Malik, Jonathan Berkey, and Kevin Barrett are some of the many other historians who have challenged and discredited the “spread-by-the-sword” narrative. De Lacy O’Leary wrote in 1923 in the book “Islam at the cross road” that “

History makes it clear however, that the legend of fanatical Muslims sweeping through the world and forcing Islam at the point of the sword upon conquered races is one of the most fantastically absurd myth that historians have ever repeated.”

Muslim conquerors ordinarily wished to dominate rather than convert, like any other kingdom of other religions wished for and most conversions to Islam were voluntary. This assertion can be comprehended through an examination of historical evidence.

1. After a millennium of Muslim rule in India, over 80% of the population remains non-Muslim, debunking the myth of Islam spreading by the sword.

2. Indonesia, with the world's largest Muslim population, and Malaysia, where Muslims predominate, challenge the notion of Islam spreading through military conquests.

3. If Islam spread by the sword, why isn't Spain still predominantly Muslim, given its 800 years under Muslim rule?

4. An article in Reader’s Digest ‘Almanac’ from 1986 revealed staggering statistics: Islam increased by 235% from 1934 to 1984, while Christianity saw only a 47% increase. This raises the question: what war in this century led to millions converting to Islam?

5. Despite Muslim dominating Arabia for 1400 years, today, 14 million Arabs are Coptic Christians, a testament to the peaceful coexistence and tolerance that prevailed, disproving the notion that Islam spread solely by the sword.

6. According to Hugh Kennedy, claims of the early Muslim conquests in the Middle East made forcible conversion almost impossible as armies were comparatively small, between ten and twenty thousand which conquered Syria and Iraq, 10% population of Egypt and 20% of Iraq. In this condition forceful conversion was out of question. By 705 most of Iran was conquered, however empirical research by Richard Bulliet showed it was only in the mid 9th century that the muslim population hit 50% and took another century to reach 75%.

Also the fiscal dynamics of early Islamic governance offer insight into their strategic approach. While the Quran mandated tribute payments from unbelievers, known as 

, the system evolved to prioritize cash-based revenue. Land taxes, or 

, posed challenges in collection, while jizya provided a reliable source of income, especially during financial crises. The reluctance to actively promote Islam stemmed from the financial benefits of maintaining a diverse tax base. Despite limitations in preventing conversions, Muslim rulers refrained from using force to achieve religious expansion, recognizing the fiscal advantages of religious diversity.

The famous treaty between Sophronius, and the second Muslim caliph,ʿUmar ibn al-Khattāb gives us an example of a dhimma agreement in which forced conversion was explicitly forbidden:

This is the assurance of safety [amān] which the servant of God, ʿUmar, the Commander of the Faithful, has given to the people of Jerusalem. He has given them an assurance of safety for themselves, for their property, their churches, their crosses, the sick and healthy of the city and for all the rituals which belong to their religion. Their churches will not be inhabited by the Muslims and will not be destroyed. Neither they, nor the land on which they stand, nor their cross, nor their property will be damaged. They will not be forcibly converted.

Umar is generally regarded as having been one of the most stringent Muslim leaders, and Jerusalem was a very important city for Muslims. It could be expected, then, that if the early Muslims were so keen to forcibly convert non-Muslims to Islam, Umar certainly would not have made an exception for Jerusalem.

Similar examples are scattered throughout Islamic history, such as the agreement (in 713) between ʿAbd al-ʿAzīz ibn Mūsa and Theodemir that 

“they [i.e., Theodemir’s followers in Spain] will not be coerced in matters of religion, their churches will not be burned, nor will their sacred objects be taken from them.

 It was due to this, that for 2 centuries the majority of inhabitants were non muslims.

According to The Jerusalem Post, in the United Kingdom and France 100,000 people converted in the last decade in each country. According to Guinness, approximately 12.5 million more people converted to Islam than people converted to Christianity between 1990 and 2000. According to The New York Times, 25,000 Americans convert to Islam every year. According to Saudi Gazette more than 56,561, individuals in the Eastern Province have embraced Islam since beginning of 2023 until November, (SPA)

Now, after analyzing aforementioned evidence, the question arises with what sword did Islam spread? Even if Muslims possessed it, they couldn't wield it to propagate Islam, as the Qur’an unequivocally states: “

Let there be no compulsion in religion, for the truth stands out clearly from falsehood” (2:256).

 The renowned classical commentator of the Qur’an, Ismai’l ibn Kathir , said that this passage means “Do not force anyone to become Muslim, for Islam is plain and clear, and its proofs and evidence are plain and clear. Therefore, there is no need to force anyone to embrace Islam.”

Muslims have a collective responsibility to share the message of Islam, but the normative way to do this has been clearly described in the Qur’an : 

“Invite to the Way of your Lord with wisdom and kind advice, and only debate with them in the best manner” (16:125).

Let us look at the other side of the coin as well. Widely-circulated examples of forced conversion to Islam in history come from South Asia. The American historian Will Durant asserted in 1935 that “the Mohammedan conquest of India is probably the bloodiest story in history,” explaining that “millions of Hindus were converted to Islam by sword during this period” (i.e., 800-1700 CE).

However, Durant also stated that “most history is guessing, and the rest is prejudice.” This was popularised by Orientalist Henry Elliot and has been followed by other nationalists and historians. However ,have been addressed by other people such as Rowena Robinson and has argued that “the argument that Islam in India spread everywhere by ‘force’ or the ‘sword’ is almost too hackneyed, apart from being in most cases plainly untrue, to be dwelt upon.

Furthermore, Yohanan Friedmann has pointed out that the phrases found in Persian historical sources that Elliot and his followers have used as evidence for their position are ambiguous and can be interpreted in different ways. Richard Eaton points out that if the spread-by-the-sword position were accurate, “one would expect that those areas exposed most intensively and over the longest period to rule by Muslim dynasties―that is, those that were most fully exposed to the ‘sword’―would today contain the greatest number of Muslims.”

The Ottomans’ devshirme system is another example of forced conversion to Islam. In this system, young Christian boys were systematically taken from their families, converted to Islam according to some historians, and trained to serve in the empire’s bureaucracy or in the sultan’s personal military force, the Janissaries. However, this same system often “provided religious minorities with unfettered access to the highest government positions.” An example is that of Sokullu Mehmet Pasha a slave from Bosnia who rose through the bureaucracy to become the empire’s grand vizier, a position from which he was able to support Bosnia’s Christian community, though he himself remained Muslim.

In conclusion, the assertion that Islam spread by the sword is not only baseless but also serves to sow discord and misunderstanding among individuals of various faiths. Islam, revered as the most just and peaceful religion, rejects the notion of forceful conversions, instead, it beckons seekers with its profound principles of compassion and righteousness. Throughout history, examples abound of people willingly embracing Islam, drawn by its beauty and moral guidance.

Even in periods of Muslim rule, such as in Spain, where admiration for Islamic practices led to the emergence of communities like the Mozarabs, coercion was absent. Islam's true essence lies in winning hearts through its inherent virtues and timeless teachings, making it an inspiration and enlightenment for all who seek it.



Written By: Azrah Shafi Shah
Edited By: Gunjit Verma

This is a guest entry written by the author for The Jamia Review. Views expressed are the writer's own.

Islam Spread by Sword?

ایک خط موسم باراں کے نام

موسم باراں ,ناراض ہو یا بے خبر ,آؤ نہ کبھی میرے گھر

Mosam-e-baran, naraz ho ya bekhabar, aao na kabhi mere ghar

O Season of rains, are you upset, or just oblivious? Come, come to my home someday.

,وہاں کا ہر کونا لا زوال ہے ,اور وہاں کا حسن بےمثال ہے.

Wahan ka har kona la zawal hai, aur wahan ka husn be misal hai,

Every corner of my home is harmless, and its beauty, without a contender.

کیا تمہیں خوف ہے اس جہلم کے پانی کا جس کے کنارے پر سرخ چاند سی دلہن انتظار میں ہے ,آنکھوں میں درد لئے بیٹھی ماں بے قرار ہے.

Kya tumhe khof hai uss Jhelum ke paani ka jis ke kinare par surkh chand si dulhan intezaar mai hai, aankhon mai dard liye baithi maa bekarar hai.

Are you afraid of the waters of that Jhelum, on the banks of which a bride like a red moon, sits waiting

A mother, eyes filled with pain, sits restless

کیا تم جہلم کے پانی میں گھلنا نہیں چاہتی؟

Kya tum Jhelum ke paani mein ghulna nahi chahti?

Do you not wish to become one with the water of Jhelum?

آؤ کبھی تمہیں سیر کراؤں نشاط, شالیمار کی

Aao kabhi tumhe sair karaun Nishat Shalimar ki

Come, someday, so I take you to see Nishat and Shalimar

,پتا ہے وہاں کا ہر کونا نرگس کے پھولوں سے گھرا ہوا ہے اور وہاں چنار کے پتتے زبرون کی گود میں جھو لتے نظر آتے ہیں.

Pata hai wahan ka har kona nargis ke phoolon se ghira hua hai aur wahan chinar ke patte Zabarwan ki god mai jhoolte nazar aate hain.

Do you know? There, every inch is covered with jasmine flowers and you can see the chinar leaves dangling in the lap of Zabarwan

موسم بارا ں کیا تمہیں بھی خبرملی ہے ان پانی میں تیرنے والے گھروں کی جن میں بسنے والے لوگوں کے سینے میں آئینے سا جگر ہے ,اور جو روز راتوں کو اپنی کچی دیواروں میں پکے جزبات پوشیدہ رکھتے ہیں

Mosam-e-baran, kya tumhe bhi khabar mili hai unn paani mai tairne wale gharon ki jinme basne wale logon ke seene mai aayne sa jigar hai, aur jo roz raaton ko apni kacchi deewaron mai pakke jazbaat posheeda rakhte hai

O Monsoon, did you also hear of the houses that float on water, whose inhabitants’ chests encase hearts which are like mirrors

And every night, their fragile walls keep safe their steadfast resolves

کیا تمہیں خبر نہیں کہ جب بھی وہاں لمحے خشک ہوتے ہے اور ابر سے برسنے والے انگارے انسوں میں گَرْماہَٹ پیدا کرتے ہیں تو گھر کا ہر فرد تمہیں شدت سے آواز دیتا ہے ,کیا تم تک وہ آوازیں نہیں آتی, ,کیا پیر کی پہاڑی اس آواز کو دبا دیتی ہے ؟

Kya tumhe khabar nahin ki jab bhi wahan lamhe khuskh hote hai aur abr se barasne wale angaare aanson mai garmahat paida karte hai toh ghar ka har fard tumhe shiddat se awaaz deta hai, kya tum tak woh awaazein nahin aati, kya peer ki pahadi uss awaaz ko daba deti hai?

Do you not know, there, whenever time freezes, and the firebrands that descend from clouds burn one’s eyes

Then, every man from every house calls you out direly. Has their cry never reached you?

Do the mountains of Pir Panjal block their way?

آؤ نہ تمہیں ڈل کی سیر کراؤں جس کے کنارے عقیدت مندوں کی بھیڑ رونق کا سبب بن جاتی ہے اور جو گھر ہے چار

Aao na tumhein Dal ki sair karaun jis ke kinaare aqeedat mandon ki bheed ronaq ka sabab ban jati hai aur jo ghar hai chaar chinaron ka.

Come O, let me take you to Dal, whose banks are lighted up by the crowd of believers,

To Dal, which is the abode of Char Chinar.

.موسم باراں کیا تمہیں اب بھی خوف ہے ان معصوم اولادوں کا جنکی کمسنی سناٹے بھری تھی اورجنکا ماضی شور بھرا ہے ,کیا تم اب بھی ان سے متفق نہیں؟

Mosam e baran kya tumhe abhi bhi khof hai unn masoom aulaadon ka jinki kam sini sanaate bhari thi aur jinka maazi shor bhara hai, kya tum ab bhi unn se mutafiq nahin?

Season of Rain, are you still wary of those innocent children whose young years echo with silence and whose past is weighed down by noise.

حق ہے یہ ,وہاں ہر فرد لا لازوال ہے وہاں کا حسن بےمثال ہے

Haq hai ye, wahan har fard la zawal hai wahan ka husn be misal hai

It’s the truth, every human of my home is harmless and the beauty, incomparable

موسم باراں کر دو ان پہاڑوں کو پار ,اورکر لو تم بھی فردوس کے نظارے.

Mosam e Baran, kar do un pahadon ko paar, aur kar lo tum bhi firdous ke nazare.

O season of rains, come and cross these mountains, and

A letter to the season of rain 

Before proceeding, it should be noted that the nature of this article is rather normative

than explanatory. A recent contribution to the scholarship on the political landscape of Indian Muslims is Prof. Mujibur Rehman’s book “Shikwa-e-Hind: The Political Future of Indian Muslims”. The book, as the title suggests, explores the political future of Muslims in India particularly in the context of the growing Hindu right in India. Drawing on some aspects of the book and other observations, this article aims to explore the political alienation in Kashmir.

Being one of the oldest conflicts that is registered with the United Nations, much has been said and written about Kashmir. 

 also briefly discusses the Kashmir issue. In the book, the author talks of a lack of seriousness among the Indian leaders in solving the issue, and the relationship between Kashmiri and Indian Muslims, while demarcating between the two. The author asserts that there has been a rise of BJP’s foothold in Kashmir and wonders how the Hindu nationalist party will administer the region in the future, that is, through the centre or the state directly. The book also highlights the key issue in Kashmir – the 

 of the people. The lack of seriousness from the Indian leaders, along with stripping people of their democratic rights has furthered this sense of alienation among the people.

Commenting on the abrogation of Article 370, 

 the issue of alienation of Kashmiris from politics. The abrogation of the article, which guaranteed special autonomy to the region in the Indian Union, happened when the region had no elected government. This amounted to imposition of politics and a state of disenfranchisement, stemming from people’s inability to participate in decisions that impacted them, fell over the populace.

Kashmiri Muslims have suffered much more than the Muslims in the other states of India. Kashmiris hold no authority to decide what is suitable for them and laws that they had no say in framing are imposed on them, which has thrown them in a sort of 

” of Kashmiris, while they remain the most traumatized among the Muslims in India, having lost both property and life to a conflict that’s been going on for decades, needs more attention than is being given to it by the Indian elite, and in a way which is acceptable to the people of Kashmir.

“Only when the political future is ensured will Indian Muslims be empowered to bargain

and negotiate their economic or cultural future. The systematic weakening of the political future would cause Indian Muslims to gravitate towards destitution, a permanent state of misery, a life of no rights, and endless persecution. An attempt is being made to make Muslims and secular citizens aware that politics matter because political power matters.”

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