Green Card Setback for Indians | Cleartrip’s ₹800 Cr Free Fall Indians Are Booking Big This Summer

This is Nelson John, and I'll bring you the top business and tech stories, let's get started. 1. India’s $4 Billion Tech Design Ambition India is aiming to move up the electronics value chain with a proposed $4 billion Design-Linked Incentive (DLI) scheme. The goal? To go from “Make in India” to “Design in India.” The scheme will support 30 semiconductor and 30 electronics categories, including Wi-Fi chips, EV components, and smart meters. Incentives will be based on investment and turnover, with a focus on creating patents and IP. This comes as India files only 60,000 patents annually, far behind the U.S. and China, which each cross the one-million mark. As production-linked incentives for mobile phones wind down, this move could mark India’s next leap in tech manufacturing and innovation. 2. Inflation Eases, RBI Shifts Focus to Growth Retail inflation in March dropped to 3.34%, the lowest since August 2019, thanks to cooling food prices. Food inflation fell sharply to 2.69% from 8.5% a year ago. This dip prompted the Reserve Bank of India to cut the repo rate to 6%, with more cuts expected in June. With 12 states reporting inflation below the national average and cereals inflation at a 33-month low, analysts expect the RBI to focus more on supporting growth. 3. Ericsson’s India Sales Slip as 5G Rollout Slows Swedish telecom firm Ericsson reported its sixth straight quarterly revenue dip in India, down 28% year-on-year, as major telcos Airtel and Jio near completion of their 5G rollout. However, revenue rose 32% sequentially, thanks to new contracts from Vodafone Idea and Airtel. India remains Ericsson’s second-largest market, though its share of global revenue dropped to 7% from 10%. Globally, Ericsson’s sales rose 3%, and net profit jumped 63%, signaling strength outside India. The company remains confident in its long-term prospects despite the domestic cooldown. 4. IndiGo Becomes World’s Most Valuable Airline In a landmark moment, IndiGo’s market cap hit $23.45 billion, making it the world’s most valuable airline. That’s higher than Delta, American, or Lufthansa. The airline commands over 60% of India’s domestic market and has proven resilient through multiple industry downturns. Massive aircraft orders placed early have given it an edge amid global supply shortages. The company’s rise is also being seen as a case for privatization—IndiGo has thrived while government-owned airlines have floundered. Still, issues like falling service quality and limited competition loom. 5. Diamond Exports Hit 20-Year Low India’s diamond and jewellery exports are in a deep slump. Exports of cut and polished diamonds fell 15% in FY25 to ₹1.12 trillion, the lowest in nearly two decades. Overall gems and jewellery exports dropped 10%, marking the third straight year of decline. The sector has been hit by post-pandemic demand shifts, sanctions on Russian diamond supplies, and now, slowing consumer demand in the U.S. and China. Lab-grown diamonds, which cost a fraction of natural ones, are also undercutting demand. The industry is calling for government support through tax breaks, easier credit, and promotion campaigns to revive growth.

To get your dose of daily business news, tune into Mint Top of the Morning on Mint Podcasts available on all audio streaming platforms. https://open.spotify.com/show/7x8Nv1RlOKyMV5IftIJwP1?si=bf5ecbaedd8f4ddc This is Nelson John, and I'll bring you the top business and tech stories, let's get started.  China Hits Back with Rare Earth Export Curbs In a powerful response to US tariffs, China has tightened export controls on rare earth minerals—essential for defense tech, EVs, and smartphones. These new rules require permits for seven key rare earth elements, creating delays that could ripple through global supply chains. With China controlling nearly 90% of global supply and refining, this move hits American giants like Tesla, Lockheed Martin, and Apple. The U.S. has only one rare earth mine, intensifying the urgency to diversify supply chains. As Bloomberg reports, China’s message is clear: if Washington plays tariffs, Beijing plays rare earths. Mehul Choksi Arrested in Belgium; India Pushes for Extradition Fugitive diamond trader Mehul Choksi—accused in the ₹14,000-crore PNB scam—has been arrested in Belgium. Indian agencies, including the CBI and ED, are preparing to travel to Brussels to expedite his extradition. Choksi, who obtained Belgian residency in 2023, is contesting the move on medical and human rights grounds. His lawyer cites poor prison conditions in India and claims the case is political. Belgium has acknowledged India’s extradition request, setting the stage for a legal showdown that could mirror past cases like Sanjay Bhandari’s. Dr Reddy’s Slams Downsizing Rumors Amid Strong Q3 Earnings Dr Reddy’s Laboratories has denied reports that it plans to cut workforce costs by 25%, calling the claims “factually incorrect.” Business Standard had reported that high-paid executives and R&D employees were being asked to resign or take voluntary retirement. However, the pharma major insists no such restructuring is happening. Financially, Dr Reddy’s delivered a strong Q3 FY25—profit after tax rose 2% YoY to ₹1,413.3 crore, while revenue jumped 16% to ₹8,358.6 crore. Key growth came from India, Emerging Markets, and the Nicotine Replacement Therapy portfolio. EBITDA hit ₹2,298.2 crore, reflecting solid business fundamentals. Tata Capital Files for IPO, Only Third Tata Listing in 25 Years Tata Capital is preparing for a long-awaited IPO, marking the Tata Group’s third public listing in a quarter-century, after TCS and Tata Technologies. The move follows an RBI mandate requiring systemically important NBFCs to go public by September 2025. The IPO is expected to raise ₹15,000–₹18,000 crore. Once plagued by bad loans and group-level turbulence, Tata Capital has pivoted under Chairman N. Chandrasekaran and CEO Rajiv Sabharwal, growing its loan book to ₹1.5 trillion. With strong focus on affordable housing and SMEs, the IPO is poised to reshape the NBFC space. OYO Faces FIR Over Alleged ₹22 Crore Revenue Inflation Samskara Resort in Jaipur has filed an FIR against OYO, accusing the travel aggregator of fabricating bookings worth ₹22.22 crore, which triggered a ₹2.66 crore GST notice. Madan Jain, associated with the resort, claims OYO backdated and inflated revenues even before their agreement began in April 2019. Actual bookings via OYO reportedly totaled just ₹10.95 lakh. The FIR names OYO founder Ritesh Agarwal and includes charges of cheating, forgery, and criminal conspiracy. Rajasthan’s hotel federation alleges over 20 hotels received similar GST notices, pointing to a broader pattern of grievances against OYO, which is yet to respond.

To get your dose of daily business news, tune into Mint Top of the Morning on Mint Podcasts available on all audio streaming platforms. https://open.spotify.com/show/7x8Nv1RlOKyMV5IftIJwP1?si=bf5ecbaedd8f4ddc This is Nelson John, and I'll bring you the top business and tech stories, let's get started.  Market Holiday Alert Heads up, traders! Indian stock markets will be closed on April 14 (Ambedkar Jayanti) and April 18 (Good Friday). Plan your trades accordingly.   US-China Trade War Reloaded The tariff tussle is back on. U.S. Commerce Secretary Howard Lutnick announced new sector-specific tariffs on smartphones, semiconductors, and pharma, likely within a month. “We can’t rely on China for essentials,” he told ABC News, signaling a push to bring manufacturing home. This comes after Trump temporarily exempted some Chinese electronics from a 145% retaliatory tariff, a move that briefly helped companies like Apple, which had lost $640 billion in market value. With fresh tariffs looming, China is urging a rollback, but the tech and pharma trade war may just be heating up again. Summer Surge: Indians Flock Abroad India’s scorching summer is sending travelers packing. Outbound travel is up 15–20% year-on-year, say visa providers. Top destinations: Europe, US, Canada, and Southeast Asia. “Plan early,” urges VFS Global, as visa demand jumps 11% since 2024. Peak season might stretch into October, and agencies are leaning on AI to speed up processing. From leisure to study and work, Indians are going global—and not looking back. Cleartrip’s Costly Flight Plan Despite MS Dhoni’s pilot pitch, Cleartrip’s financials hit turbulence. In FY24, the travel portal spent ₹988 crore to earn just ₹97 crore, racking up losses over ₹800 crore—half of it on discounts. Flipkart’s 2021 acquisition hasn’t paid off, as rivals like MakeMyTrip and Ixigo fly ahead. With new growth head Manjari Singhal, Cleartrip is eyeing hotels, corporate travel, and cabs. But experts say: “Discounts won’t fly forever.” Will Cleartrip course-correct or stay grounded? Green Card Setback for Indians The May 2025 US Visa Bulletin brings bad news—EB-5 visas for Indians retrogressed by six months to May 1, 2019, increasing wait times. Other categories remain stuck: EB-2: Jan 2013 EB-3: Slight move to April 2013 EB-4: Still unavailable Blame it on high demand, annual caps, and per-country limits. Experts advise exploring faster tracks like EB1 or NIW—but for many, the American dream is on pause.  HDFC Bets Big on Small-Town Homes HDFC Capital is investing ₹1,500 crore in 18 residential projects with Eldeco Group across Tier-II and III cities. Targeting markets like Panipat, Ludhiana, Rishikesh, and Kasauli, the platform eyes ₹11,000 crore in revenue from 10 million sq ft of new housing. “We’re bullish on towns near metros,” says CEO Vipul Roongta, citing rising infrastructure and housing demand. Backed by its $4.2 billion housing fund, HDFC is betting that India’s real estate boom is heading beyond the metros.

This is Nelson John, and I'll bring you the top business and tech stories, let's get started. Wall Street Reverses Course After Tariff Jitters Wednesday’s rally? Short-lived. U.S. stock markets nosedived Thursday, giving back most of their gains after optimism over Trump’s temporary tariff pause faded fast. The S&P 500 fell 3.46%, the Dow lost 1,014 points, and the Nasdaq dropped 4.31%, dragged down by a brutal tech sell-off—Tesla plunged 8%, Nvidia and Meta slid 7%, and Apple fell 4%. What triggered the sell-off? A White House clarification revealed that tariffs on Chinese imports will spike to 145%, not 125% as previously suggested. Even a soft inflation report couldn’t soothe investor nerves. Message from the market: relief rallies are fragile, and volatility may be the new normal. 🇺🇸🇮🇳 U.S. Suspends Extra Tariffs on India for 90 Days In a significant breather for India, the U.S. has suspended additional 26% import duties for 90 days until July 9, after Trump’s sweeping April 2 order targeted over 60 countries. However, a 10% baseline tariff remains. India, which exports 18% of its goods to the U.S., is among the 75 nations engaging with Washington to fix non-reciprocal trade imbalances. China, Hong Kong, and Macau, notably, are excluded from this relief. With global trade reshuffling, India may have gained time—but uncertainty looms beyond July. 📉 India’s Growth Outlook Slips on Tariff Pressures Moody’s Analytics has cut India’s 2025 GDP forecast to 6.1%, down from 6.4%, blaming the economic drag from U.S. tariffs. Though Trump paused most hikes temporarily, the blanket 10% duty could still hurt. India’s Q3 GDP came in at 6.2%, but to meet the fiscal target of 6.5%, Q4 would need to clock a steep 7.6% growth. The RBI has responded by cutting interest rates by 25 basis points to 6% and shifting to an “accommodative” stance, with more rate cuts expected. With exports like gems and textiles under pressure, domestic demand may be India’s buffer—but risks are clearly rising. ⚖️ Byju’s Sued in U.S. Over Missing $533 Million In a blockbuster lawsuit, Byju’s U.S. finance arm, Alpha Inc., has sued founder Byju Raveendran, his wife Divya, and top executives for allegedly stealing $533 million from a $1.2 billion loan. Filed in Delaware, the lawsuit accuses them of fraud, fund diversion, and blocking creditor access. Byju’s calls it a “nefarious ploy” to seize control and blames GLAS Trust and EY for misleading U.S. courts and sabotaging India’s insolvency process. Meanwhile, Byju’s has filed its own FIR in India, accusing GLAS, EY, and former resolution professionals of bribery and conspiracy. Once a startup poster child, Byju’s now finds itself in the eye of a global financial storm. 👟 Kohli’s Next Move: From Puma to Homegrown Agilitas Virat Kohli is stepping up his entrepreneurial game. With his ₹110 crore deal with Puma ending, Kohli is joining Indian sportswear startup Agilitas as investor and brand ambassador. Founded by former Puma India MD Abhishek Ganguly, Agilitas will now scale Kohli’s lifestyle brand One8 in India and globally. The official reveal is expected during the IPL season. Backed by ₹530 crore from Convergent Finance and Nexus Ventures, Agilitas also owns Lotto India and shoemaker Mochiko, signaling serious ambitions to challenge global giants. For Kohli, this isn’t just another endorsement—it’s a brand-building innings.

This is Nelson John, and I'll bring you the top business and tech stories, let's get started. 🌍 Global Trade Truce — Or Just a Timeout? In a dramatic turn, US President Donald Trump announced a 90-day pause on new tariffs and rolled back the “reciprocal tariff” rate to 10% for most non-China trade partners. “No other president would’ve done what I did,” Trump declared, defending his hardline strategy that’s rocked global markets. But China wasn’t spared — tariffs on Beijing were jacked up to 125%, with Trump accusing China of “disrespecting” world markets. China retaliated swiftly, slapping 84% tariffs on US goods. The EU and Canada also joined the tit-for-tat, announcing new levies. Markets cheered the truce — or at least the pause. Wall Street roared: • S&P 500 jumped 9.5% • Nasdaq surged 12% • Dow climbed nearly 3,000 points Over 30 billion shares changed hands, making it the busiest trading day ever. Still, with talks expected to drag and China still targeted, this could just be the eye of the storm. 🏦 RBI Cuts Rates as Growth Wobbles Amid the global chaos, the Reserve Bank of India cut the repo rate by 25 bps to 6%, the second such move this year. More notably, it shifted its policy stance to “accommodative”, signaling further support if the economy slows. RBI Governor Sanjay Malhotra warned of mounting uncertainties, with India’s FY26 growth forecast cut to 6.5% from 6.7%. Why now? Trump’s tariff war threatens global demand. While India’s inflation is cooling (below 4%), the rupee faces pressure as China devalues the yuan, risking India’s export competitiveness. Oil prices have dropped to $60 per barrel, but a currency war could be next. RBI’s “managed float” strategy may soon be tested like never before. 📈 BlackRock Bets Big on Adani In a bold endorsement, BlackRock — the world’s largest asset manager — picked up nearly one-third of a $1 billion bond issue by Adani Group’s promoter firm, Renew Exim. Despite a lingering US bribery case involving Adani promoters, BlackRock’s entry signals investor confidence. Most of the proceeds will fund Adani’s ₹5,000 crore acquisition of ITD Cementation, with the rest going toward a ₹5 trillion capex spree across green energy, ports, airports, and more. On Wednesday, Adani closed its open offer for ITD, acquiring 21% from the public. Post-deal, Renew Exim will control 67.45% of the company. Meanwhile, Adani Green Energy refinanced $1 billion in debt — its first major capital move since the DoJ allegations, proving the group is not just navigating headwinds but accelerating through them. ⚡ JSW Powers Up with O2 Deal JSW Neo Energy, a subsidiary of JSW Energy, has completed its largest-ever green acquisition, buying O2 Power for ₹12,468 crore. Backed by EQT (51%) and Temasek (49%), O2 Power brings 4.7 GW of renewable capacity, including 1.3 GW of operational assets and a robust project pipeline. This deal takes JSW’s total installed capacity to 12.2 GW, with renewables now forming 54%. CEO Sharad Mahendra said this move puts them “significantly ahead” of their 2030 targets. O2’s portfolio includes 3,722 MW tied up under high-credit PPAs, with another 974 MW awaiting contracts. JSW expects strong operational synergies and a solid value payoff from the acquisition. 📉 Market Holiday A reminder: Indian stock markets are closed today, April 10, for Mahavir Jayanti. Trading resumes tomorrow.

This is Nelson John, and I'll bring you the top business and tech stories, let's get started. US-China Tariff War Escalates The US-China trade tensions hit a boiling point as the White House confirmed a 104% tariff on Chinese imports, effective April 9. While President Trump says he’s “waiting for China’s call,” Beijing isn’t backing down, calling the move “blackmail.” Global markets, oddly, bounced back slightly on hopes of negotiations—but signs of a resolution remain slim. Apple’s Satcom Partner Eyes India Globalstar, the satellite partner behind Apple’s emergency SOS feature, has applied to enter India’s growing satellite market. With just 31 satellites compared to Starlink’s 7,000+, Globalstar is eyeing a niche play. But competition is heating up, with players like Jio, OneWeb, and Amazon Kuiper racing for spectrum. India’s satcom sector could grow nearly 10x by 2028. BoAt Sets Sail for IPO—Again India’s popular wearables brand BoAt is gearing up for a ₹2,000 crore IPO. After shelving its 2022 plans, the company has confidentially filed papers under SEBI’s revised norms. The issue includes a ₹900 crore fresh issue and ₹1,100 crore offer-for-sale. Proceeds will fund R&D, product upgrades, and debt reduction—potentially making this one of the year’s most anticipated listings. India’s Big Shipbuilding Ambition India is charting a new course in shipbuilding, teaming up with South Korea’s Hyundai and Japan’s Mitsui. Cochin Shipyard is close to sealing a deal for a new Kochi facility, with land provided by the government. The goal? Boost India’s share in the $100 billion global shipbuilding market from less than 1% to a top-5 position by 2047, backed by a ₹25,000 crore Maritime Development Fund. Apollo Hospitals Bets Big on NCD Care Apollo Hospitals is investing ₹6,000 crore to expand its urban footprint and fight India’s rising tide of non-communicable diseases (NCDs). The two-phase plan will add 3,500 beds across cities like Pune, Mumbai, and Chennai. Apollo’s “Health of the Nation” report reveals 27% of 2.5 million screened individuals had multiple NCD risk factors. The healthcare giant is pushing for nationwide screening and preventive school health programs.

MARKET SHOCK: MONDAY MELTDOWN, BUT A POSSIBLE REBOUND India’s stock markets suffered their worst single-day fall in 10 months, with the Sensex plunging nearly 3%—opening 4,000 points lower—after Donald Trump’s tariff threats sent global investors into panic mode. Midcap and smallcap indices dropped even more, down 3.5% and 3.8%. Despite the turmoil, experts say this isn’t an India-specific issue. “Today’s correction is more global panic than India-specific,” noted Finavenue’s Abhishek Jaiswal. Historically, such sharp corrections are often followed by strong rebounds. Meanwhile, the rupee stayed largely stable, slipping only 0.47%, and India’s markets are still outperforming peers like Japan, Hong Kong, and the US. UP POLITICIAN ARRESTED IN MASSIVE ₹750 CR BANK FRAUD Vinay Shankar Tiwari, son of late UP strongman Hari Shankar Tiwari, was arrested in a ₹750 crore bank fraud case. The ED claims he diverted funds from a ₹1,129 crore loan taken by Gangotri Enterprises, where he was a promoter. After ignoring multiple summons, Tiwari was picked up from Lucknow following raids across five cities. Over ₹100 crore in assets have been seized. The case stems from a CBI FIR filed after complaints from the Bank of India-led lending consortium. Tiwari, once elected on a BSP ticket and later with the Samajwadi Party, is now at the heart of one of UP’s largest banking scandals. TRUMP TARIFFS COULD SHRINK INDIA’S US EXPORTS BY $5.76 BILLION India’s booming exports to the US face a serious threat under Donald Trump’s revived “America First” agenda. According to the Global Trade Research Initiative, new tariffs could slash India’s exports by over 6% in 2025. High-impact sectors include gems and jewellery, electronics, auto parts, and seafood. Of the $89.8 billion India exported to the US last year, $67.2 billion will now face a steep 26% duty—up from lower MFN rates. While some industries may benefit from Chinese penalties, many others face steep losses. India’s government is maintaining a cautious stance, avoiding retaliatory tariffs for now. LPG PRICES UP ₹50; PETROL, DIESEL EXCISE HIKED Households will pay more for cooking gas starting Tuesday, April 8, with LPG cylinder prices hiked by ₹50. Under the Ujjwala scheme, subsidized cylinders will now cost ₹550; others will pay ₹853. The government also raised excise duty on petrol and diesel by ₹2 per litre but clarified that pump prices will remain unchanged for now, thanks to falling global crude prices. “The price hike will be reviewed,” said Oil Minister Hardeep Singh Puri, noting the move will help recover ₹43,000 crore in losses incurred by oil companies due to previous subsidies. PRESTIGE HOSPITALITY GEARS UP FOR ₹2,500 CR IPO Prestige Hospitality Ventures, a subsidiary of real estate major Prestige Group, is preparing to go public to raise ₹2,000–2,500 crore. The company is expected to file its draft IPO papers with SEBI in the next two weeks. The funds will be used to expand its hotel portfolio and reduce debt. The firm currently operates eight hotels (1,477 keys) and has 15 more in the pipeline, including high-end properties in Delhi Aerocity, Mumbai, Goa, and more. With travel demand rising and partnerships like Marriott in place, the IPO aims to tap into India’s fast-growing hospitality market. Prestige joins a wave of hotel IPOs including Samhi Hotels, Juniper Hotels, and Ventive Hospitality, as the sector rides a post-pandemic growth wave.

To get your dose of daily business news, tune into Mint Top of the Morning on Mint Podcasts available on all audio streaming platforms. https://open.spotify.com/show/7x8Nv1RlOKyMV5IftIJwP1?si=bf5ecbaedd8f4ddc This is Nelson John, and I'll bring you the top business and tech stories, let's get started.  Last week, the Indian stock market hit the brakes—and hard. The Sensex plunged over 2,000 points, Nifty dropped more than 600, wiping out a two-week rally. The trigger? Donald Trump’s tariff hike announcement rattled global markets, sending IT and metal stocks into a tailspin—down 7–9%. Banks and FMCG held steady, but foreign investors flipped to sellers, deepening the slide. This week is crucial. The RBI’s monetary policy meet on April 9, along with IIP and CPI data, will set the tone. TCS kicks off Q4 earnings on April 10, adding to the market’s watchlist. Technically, Nifty’s support sits at 22,600—if that breaks, 22,100 could be next. Bank Nifty is showing some strength and might just be the market’s silver lining. Meanwhile, Skoda Auto Volkswagen India is in hot water over a ₹11,526 crore tax dispute. India’s customs department claims Skoda misclassified imported parts as something other than Completely Knocked Down (CKD) kits between 2012 and 2024—costing the exchequer big. Skoda disagrees and has taken the matter to the Bombay High Court. But customs officials say the automaker delayed proceedings by not submitting critical documents—even after repeated requests. A past probe also found Skoda concealed 31 agreements with foreign affiliates. The court has yet to rule, but the government wants adjudication to begin—immediately. India’s PM E-Drive scheme for electric trucks? Still stuck in neutral. One year in, not a single rupee of the ₹500 crore fund has been used. No trucks subsidized. No localization rules issued. The scheme, meant to boost clean logistics, is now looking to steel, cement, ports, and logistics sectors to revive demand. But without a clear Phased Manufacturing Programme (PMP), truckmakers are stuck. They say they need 18 months once rules are notified—but the clock’s ticking. The scheme ends FY26. Still, the market is moving quietly—over 6,000 electric goods carriers were sold in 2024, up from 2,600 in 2023. Chinese major BYD is leading the charge, but with ₹150 crore unused this fiscal, the government’s got work to do—and fast. Premium Indian whiskies might just dodge the U.S. tariff bullet. A fresh 26% duty hike on Indian liquor exports is worrying—but top-shelf single malts are holding their own. “Even a 30% hike won’t shake premium buyers,” says Radico Khaitan’s Amar Sinha. Last year, Indian alcohol exports to the U.S. surged nearly 50% to $10.5 million. The high margins and lifestyle positioning of premium whiskies are helping absorb the blow. But the pain is real for small and mid-sized distillers, especially in low-duty categories like ethyl alcohol. Industry leaders are pushing both governments to strike a balance before long-term growth is jeopardized. And finally, Wipro is going all-in on AI—guided by a new face. Ali Wasti, a veteran deep-tech investor, has joined Wipro Ventures as co-managing partner. He replaces retiring co-founder Venu Pemmaraju. Wasti previously led investments at HPE’s Pathfinder Ventures and brings deep AI and cybersecurity chops. Wipro just topped up its $500 million venture fund with another $200 million, aiming to back startups whose tech can be integrated into Wipro’s services. With 37 portfolio companies—mostly U.S.-based—Wipro is now eyeing AI-powered enterprise solutions as the next frontier. In today’s IT landscape, this isn’t just strategy—it’s survival.

To get your dose of daily business news, tune into Mint Top of the Morning on Mint Podcasts available on all audio streaming platforms. https://open.spotify.com/show/7x8Nv1RlOKyMV5IftIJwP1?si=bf5ecbaedd8f4ddc This is Nelson John, and I'll bring you the top business and tech stories, let's get started.  Trump’s Tariffs Shake Global Trade, But India Stays Steady Donald Trump’s sweeping new tariffs—10% on all imports and 27% on Indian goods—sent global markets into a tailspin, yet India’s markets showed resilience. While Japan’s Nikkei plunged nearly 3% and Hong Kong’s Hang Seng fell 1.5%, India’s Sensex and Nifty 50 barely flinched. Analysts say India’s competitive edge remains intact, though foreign investors pulled ₹2,806 crore from stocks. Meanwhile, gold prices surged as investors sought safe havens amid U.S. economic concerns. With central banks increasing gold reserves, the move signals deeper worries about the dollar’s stability. India’s Fuel Trade With the U.S. Faces New Challenges The 27% tariff on Indian imports is set to disrupt India’s $6 billion petroleum trade with the U.S., particularly in refined fuels like gasoline. As Western nations cut Russian oil post-Ukraine war, India became a major supplier—but the new tariff threatens that role. Despite a 3.7% rise in export volume, revenue dropped 7% to $40.4 billion this fiscal year. Private refiners like Reliance and Nayara Energy are expected to take a hit. India is unlikely to retaliate with counter-tariffs, as that would raise domestic crude and LNG prices. Instead, officials are considering boosting imports of U.S. WTI crude to maintain trade ties. India’s Pharma Industry Wins Tariff Exemption Amid Trump’s tariff spree, Indian pharmaceuticals emerged unscathed. The U.S. exempted the sector, recognizing its role in providing affordable medicines worldwide. India supplies 40% of the U.S.’s generic drugs, saving the American healthcare system $219 billion in 2022 alone. With exports worth $8.7 billion to the U.S. and imports of just $800 million, the exemption benefits both nations. However, legal experts warn of potential future scrutiny under Section 232, which assesses imports based on national security concerns. For now, the exemption reinforces India’s status as the “pharmacy of the world,” opening opportunities for biosimilars and domestic API production. BMW India’s EV Sales Soar Despite Industry Caution BMW India defied concerns over slow EV adoption, reporting a threefold surge in electric vehicle sales in Q1 2024. EVs accounted for 17% of its total sales (3,914 units), with overall sales growing 7% year-on-year. While Tata Motors and Maruti Suzuki remain cautious about EV adoption due to infrastructure challenges, BMW sees strong demand even in smaller cities. The company’s latest EV, the BMW iX1 Long Wheelbase, launched at Auto Expo 2024, has already secured 1,500 bookings. However, the auto industry faces headwinds from Trump’s 25% tariff on auto imports, prompting manufacturers to refocus on internal combustion engines (ICE) amid policy uncertainty. Dusit International Returns to India With a Bold Expansion Plan After exiting in 2017, Thailand’s Dusit International is making a comeback in India with plans to sign 30 hotels and 3,000 rooms in three years. “This time, we’re getting it right,” says Siradej Donavanik, VP of Global Hotel Development. The company is targeting tier-II and III cities while maintaining a presence in metros. Led by industry veteran Deepika Arora, Dusit’s expansion includes luxury and upper-midscale brands, with upcoming hotels in Raipur, Bhiwadi, Kolkata, Lonavala, Kasol, and Manali. As India’s luxury travel market surges toward a projected $410 billion by 2030, Dusit sees a prime opportunity to establish a strong foothold.

To get your dose of daily business news, tune into Mint Top of the Morning on Mint Podcasts available on all audio streaming platforms. https://open.spotify.com/show/7x8Nv1RlOKyMV5IftIJwP1?si=bf5ecbaedd8f4ddc This is Nelson John, and I'll bring you the top business and tech stories, let's get started.  Harvard in Trump’s Crosshairs Harvard is the latest Ivy League school facing Trump’s crackdown on alleged campus antisemitism. On Monday, the White House launched a review of its $9 billion in federal funding—weeks after stripping Columbia University of $400 million. Harvard’s new president, Alan Garber, has acted swiftly: dismissing Middle Eastern Studies leaders, cutting ties with a West Bank university, and reinforcing academic diversity guidelines. Critics say it’s not enough. Former Harvard President Larry Summers accused the school of ignoring Israeli perspectives, while faculty worry Garber is caving to political pressure. Princeton, too, is caught in the crossfire, with Trump pausing dozens of its research grants. Princeton’s president calls it “the greatest threat to American universities since the Red Scare.” Garber warns that losing federal funds could cripple research, but with Trump’s task force investigating multiple institutions, the battle is far from over. India Eyes Bigger Green Bond Target India is considering increasing its ₹25,342 crore sovereign green bond issuance for FY26, riding on investor interest. Green bonds, which fund renewable energy and climate projects, currently see a 2-3 basis point premium (“greenium”) over regular bonds in India, lower than the 3-8 points seen in developed markets. Officials expect higher returns this year amid global shifts towards sustainable finance. However, if investor demand falls short, the government may scale back. Since 2022, India has issued ₹58,000 crore in green bonds to support its 500 GW non-fossil fuel energy target by 2030. The coming months will determine investor appetite and the country’s green finance trajectory. Manufacturing Rebounds, But Trade Risks Loom India’s manufacturing sector rebounded in March, with the HSBC PMI hitting 58.1—its highest in eight months—driven by surging new orders. Strong demand and marketing efforts fueled the recovery, but concerns over potential US tariffs linger. President Trump is set to announce new trade measures on April 2, raising fears of weakened exports. A 20% tariff hike could shave 0.4% off India’s GDP, according to Capital Economics. Inflation is also rising, with higher costs for copper, electronics, and rubber. The RBI, meeting April 7-9, may cut rates to support growth, but with Q4 GDP tracking at 6.7%, below its 6.5% target, economic uncertainty remains. IPL Drives Food Delivery Boom The IPL season is fueling a surge in food orders, with fast-food chains cashing in. Domino’s sees no sign of demand slowing, doubling down on promotions like its six-in-one pizza. Streaming and TV viewership are soaring—JioHotstar reported a 40% spike in digital engagement, while TV audiences hit 253 million in the first three matches. Rebel Foods, which runs Wendy’s and Oven Story, increased marketing spend by 10-20%, banking on the cricket frenzy. Last year, IPL-driven sales jumped 60-70%, and brands expect another blockbuster season despite broader economic concerns.