NEWS POINT | PAGE 18 POLITICS | PAGE 12 Justice BR Gavai to be the next ChiefJustice INTERNATIONAL | PAGE 7 When'Ram','Lakshman' foughttosettleadispute LUCKNOW, THURSDAY, APRIL 17, 2025 NvidiakeptChinausersin thedarkaboutUScurbs FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 18 NO. 114, 22 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 77,044.31 ▲ 309.42 NIFTY: 23,437.20 ▲ 108.65 NIKKEI 225: 33,920.40 ▼ 347.14 HANG SENG: 21,056.98 ▼ 409.29 `/$: 85.69 ▲ 0.09 `/€: 97.33 ▼ 0.07 BRENT: $65.36 ▲ $0.69 GOLD: `94,304 ▲ `1482 THE GLOBALMERCHANDISE trade volumes are expected to contract 0.2% on year in 2025, due to the global tariffwar triggered by the US, according toWTO, reports Mukesh Jagota. ■ PAGE 2 FE S P E C I A L S When AI gives the right vibes Vibe coding makes programming more intuitive & accessible ■ EFE, P9 Harvard vs Trump: A fight over free speech US President Donald Trump has threatened to revoke Harvard’s tax-exempt status ■ EXPLAINER, P9 "This tariff warwas initiated by the US side... China does not want a fight, but it is not afraid of one either," Jian told a regular press conference. White House press secretary Beijing-NewDelhi trade gap nears $100-billion mark MUKESH JAGOTA New Delhi, April 16 INDIA’STRADE DEFICITwithChina is just a few million dollars short of reaching a staggering $100 billion. Despite subdued global trade and a slowdown in India’s import growth due to geopolitical tensions, New Delhi’s trade gap with Beijing surged by 16.6% year-on-year to $99.2 billion in FY25, according to official data. This flies in the face of the notion that India has been trying to curb the influx of Chinese goods into the country. In reality, the neighbouringcountry,whose economyhas seen a steadyand rapid rise inrecentdecades,hasnotonlywithstood the restrictions imposed by India but has also managed to maintain the pace of growth in its exports to its southern neighbour. To be sure, according to China’s own statistics, it recorded a trade surplusof$103billionwithIndiain 2024 — significantly higher than the $57 billion reported in 2019. According to trade analysts, the steady rise in India's trade deficit with China reflects the former's CHINA’S ECONOMYSHOWED surprising strength in early 2025 thanks to consumersubsidies and a rush of export shipments to beat tariffs, although an impasse with DonaldTrump over the tradewar is darkening its outlook and fueling calls for stimulus, reports Bloomberg. China’s gross domestic product grew 5.4% in the first quarterfrom ayearago,the government said Wednesday. ■ PAGE 7 Relentless rise in trade deficit with China Growth in imports from China (%) Growth in India's overall imports (%) India's trade deficit with China ($ billion) 73.3 83.1 85.0 99.2 Govt may offer no import tax on US ethane, LPG 2020-21 2021-22 2022-23 2023-24 2024-25 huge dependence on its northern neighbourforindustrial inputs and consumer goods, despite political tensions and barriers to full economic exchanges. India’s imports from Chinawere up 11.5% on year at $113.4 billion in FY25, while exports contracted 14.5% to $14.2 billion. Barring small spikes seen in 2020-21 and Continued on Page 7 Amid tradewar, China Q1 GDP grows 5.4% DRAGON RISING 44 2021-22,the exports to China have hovered around $15 billion. India’s largest imports from China include machinery, electronic components,plastics,chemicals, and metals—key raw materials that feed directly into industrial processes. Continued on Page 7 THE CENTRE PLANS to end taxes on US ethane and LPG imports under broader negotiations with Washington as it looks to reduce its trade surplus and ease its tariff burden,three sourcesfamiliarwiththemattersaid, reports Reuters.The proposal to get ridofdutiesfortheproductsusedfor cooking gas and petrochemical production comes as India mulls scrappingimporttaxforUSLNGandboostingfuelpurchasesfromtheUS. Sebiplanssustainabilitydisclosuresreview JAYSHREE P UPADHYAY & IRA DUGAL Mumbai, April 16 THE SECURITIES AND Exchange Board of India (Sebi) is rethinking environmental, social and governance(ESG)orsustainabilitydisclosures required of listed firms, including its already delayed plans for companies to report supply chain partners, its new chief Tuhin Kanta Pandey told Reuters. The review, which follows concerns raised by the industry on reporting requirements on environment, labour and other issues that it believes are onerous, could focus on easing disclosures for IN LINE WITH GLOBAL TUHIN KANTA PANDEY, ■ India has fared poorly on ESG scores, with Moody's Ratings classifying the country in the high risk category ■ Sebi has mandated ESG disclosures from the top 1,000 listed companies by m-cap since 2022-23 ■ Top 250 firms are needed to report sustainability metrics for 75% of supply chain partners CHAIRPERSON, SEBI Thedisclosures havetobehonest disclosuresand therehastobe acapacityto measure (accurately) sions are private. Sebi's review follows similar moves on smaller firms, a source familiar with the regulator's thinking said. The person declined to be identified as discus- ESG in other parts of the world.The European Commission in February proposed rules to exempt thousands of smaller European businesses from EU sustainability reporting rules,while US President Donald Trump has pushed back against ESG requirements. India has fared poorly on ESG scores,with Moody's Ratings classifying the country in the high risk categoryonenvironmentandsocial factors. Sebi has mandated ESG disclosures from the top 1,000 listed companiesbymarketcapitalisation since 2022-23. Continued on Page 7 Wipro consolidated financials (` cr) Q3 FY25 % change q-o-q Q4 FY25 22,504 Revenue 1.9 0.8 Ebitda margin (%) 20.3 3,570 Net profit 3,354 Ebitda 4,624 Office meeting.“China wants what we have…theAmerican consumer, or to put another way, they need our money,”Leavitt said. "The president,again,has made it quite clearthat he's open to a deal with China. But China needs to make a deal with the United States of America," Leavitt said. THE COUNTRY'S FOURTHLARGEST IT services firm Wipro on Wednesday beat analyst expectations on the profit front in the January-March quarter, but failed to meet revenue estimates, highlighting continued demand weakness in the global ITservices sector. While the company's bottomline improved sequentially, the »INSIDE« topline performance and its WIPRO muted guidance CLOSES FY25 WITH 10K for the first FRESHERS quarter of FY26 point to ongoing PAGE 4 macroeconomic challenges and client caution. For the quarter ended March, Wipro reported a consolidated revenue of `22,504.2 crore, up 0.8% on a sequential basis but below Bloomberg’s consensus estimate of `22,684 crore. In contrast, net profit came in stronger at `3,570 crore, rising over 6% quarter-onquarter and surpassing Street expectations of `3,350 crore. The operating margin stood at 17.5%, unchanged from the previous quarter. Despite the modest sequential gains, the company struck a cautious tone for the months ahead. For the April–June period, Wipro forecast a sequential revenue decline of 1.5-3.5% in constant currency terms, a more pessimistic range than the (-1%) to 1% guidance it had set for the March quarter. DEAL WINS ROBUST 4,540 Karoline Leavitt said that President Donald Trump is open to making a trade dealwith China but Beijing should make the first move. “The ball is in China’s court: China needs to make a dealwith us, we don’t have to make a deal with them,”Leavitt told a press briefing, saying Trump had given her that statement directly in an Oval EDIT: INDIA NOT READY FOR ZERO TARIFFS PAGE 8 PADMINI DHRUVARAJ Bengaluru, April 16 ■ China has appointed Li Chenggang as the new trade negotiator for a possible deal a point person for talks who has the president’s support »INSIDE« to `3,570 cr; revenue misses estimates 22,319 ■ It also wants the US to appoint number of steps from the US before it agrees to trade talks 11.5 Global goods trade to contract 0.2% in 2025: WTO ■ China has said it wants to see a 6.2 THE BENCHMARK INDICES extended their winning streak for the third consecutive session on Wednesday, with the Sensex closing 309.40 points higher at 77,044.29, reports Kishor Kadam. ■ PAGE 6 This tariff war was initiated by the US side... China does not want a fight, but it is not afraid of one either 3.28 Sensex, Nifty 50 extend relief rally to 3rd straight session The president, again, has made it clear that he’s open to a deal... But China needs to make a deal with the US Wipro’sQ4signals weakstarttoFY26 ● Net profit up 6.4% LIN JIAN, SPOKESPERSON, CHINESE FOREIGN MINISTRY -5.27 THE RESERVE BANK of India has again held back its primary cash management operation, 14-day VRR auction, reports Bloomberg. ■ PAGE 6 IN AN ESCALATION in the ongoing trade war between the world’s largest two economies, the United States has announced up to 245% tariffs on all imports from China. The White House, in a fact sheet released lateTuesday evening,said the move is a result of China’s retaliatory actions. “The individualised higher tariffs are currently paused amid discussions, except for China, which retaliated. China now faces up to a 245% tariff on imports to the United States as a result of its retaliatory actions,” the White House said in a statement. In response, Chinese foreign ministry spokesperson Lin Jian said“you can ask the US side forthe specific tax rate figures,”as quoted by local media. He said his government continues to maintain its solemn position on tariffs. KAROLINE LEAVITT, WHITE HOUSE PRESS SECRETARY 4.16 16.79 RBI skips 14-day VRR again, fuels policy shift speculation AGENCIES April 16 55.43 US VICE PRESIDENT J D Vance will be in India on an officialcum-personal visit as both countries try to close a new trade deal. Meanwhile, Union minister Piyush Goyal on Wednesday met a Starlink delegation and discussed their existing partnerships and future investment plans in India. ■ PAGE 2 China faces up to 245% tariffs 45.02 US VP Vance to visit India; Goyal meets Starlink delegation BALLIS IN CHINA’S COURT,SAYSWHITE HOUSE -0.07 -16.91 IN THE NEWS 6.4 20.5 “The global industry environment remained uncertain for most part of the year. And of course, the recent tariff announcements have only added to that,” said Srini Pallia, Wipro’s chief executive officer and managing director, during the postearnings press conference. “In addition to geopolitics, this year’s macro environment, especially in the context of tariffs, has created a lot of uncertainty for our clients. This varies across geographies and industries. Manufacturing and consumer segments,in particular, are feeling the heat,” he said. Chief financial officer Aparna Iyer echoed the sentiment, noting that the company is navigating multiple headwinds. Continued on Page 12 JSWexploresEVbattery techfromChina,Korea SWARAJ BAGGONKAR & URVI MALVANIA Mumbai, April 16 IN A STRATEGIC move to gain greater control over its electric vehicle (EV) supply chain, JSW Group is in discussions with Chinese and South Korean firms to acquire battery cell technology. This step is critical for the group's EV ambitions, as battery cells remain the only major component not currently manufactured in India. JSW Group, which entered the automotive sectorin 2023 through its acquisition of a stake in MG MotorIndia,announced earlierthis yearits plans to invest in a lithiumion battery manufacturing facility in Maharashtra.The plantwill supplybatteries forthe company’s EVs, including models such as the MG ZS EV and Windsor, both currently adapted from Chinese platforms. JSWGroup chairman,Sajjan Jindal,spoke about the need to localise battery production, at a recent industry conference, highlighting how it was needed to secure a stable and cost-efficient supply. He stated that manufacturing the rest SAJJAN JINDAL, CHAIRMAN, JSW GROUP We are already working on developing the cells with tech from China so that we can make these cells in India ■ Batteries remain a gap in India’s EV play, prompting JSW to seek tech partnerships abroad ■ With a 28% share, JSW MG is the second-largest EV carmaker in the country of the EV is relatively straightforward and can be done using components producedwithin the country.However,battery cells remain a gap in India’s EV ecosystem, prompting JSW to seek technology partnerships abroad. Continued on Page 12 Gensol, BluSmart promoter-brothers take minority shareholders for a royal ride; group risks hostile takeover Jaggimantra:Takeinstitutionalloans,launderfunds,fattenyourwallet ANEES HUSSAIN Bengaluru, April 16 TILL RECENTLY, ANMOL Singh Jaggi was celebrated as a pioneerin India's renewable energy sector. His stock went up when he cofounded BluSmart Mobility, India’s first all-electric ride-hailing platform in 2019. That carefully cultivated image lies shattered after Tuesday’s interim order by the markets regulator. The order details how the copromoterof renewable energyfirm Gensol Engineering along with his brotherPuneetSinghJaggi usedthe listed company for their own benefit by misusing institutional loans, laundering funds through related entities,and financing a super-rich lifestyle with minority shareholders’money. The ‘systemic fraud and fund diversion’, which allegedly created an elaborate network of shell companies to siphon hundreds of crores from Gensol, have ruined thousands of small shareholders. The firm recently had its credit rating slashed to default,wiping out more than 70% of its marketvalue in less than two months. This slump starkly contrasts with the stock’s surge of about 3,600% from 2022 to its all-time high in early 2024. Sebi's investigation found that Gensol obtained `663.89 crore in term loans from IREDAand PFC for procuring 6,400 electric vehicles, but delivered only 4,704 EVs worth `567.73 crore. The remaining COBWEB OF FUND FLOWS ■ Avisit by NSE officials to Gensol's Pune plant earlier this month found virtually no manufacturing activity ■ Anmol (left) & Puneet Singh Jaggi allegedly used the company's money to maintain an ostentatious lifestyle ■ Personal expenses funded through diverted company include a `26 lakh golf set, `1.86 cr to buy foreign currency, `17.28 lakh to Titan Company, `10.36 lakh on spa sessions `262.13croredisappearedthrough what Sebi described as ‘layered transactions’ benefiting the Jaggi brothers personally. Atthecenteroftheschemewasa company called Wellray Solar Industries, nominally owned by a ■ The firm recently had its credit rating slashed to default, wiping out more than 70% of its market value in less than two months former Gensol employee but functioning as the main conduit for fund movement. Wellray received `424.14 crore from Gensol over two fiscal years, while transferring `246.07 crore to Gensol-related parties, including `25.76 crore ■ Its stock though surged about 3,600% from 2022 to its all-time high in early 2024 directly to Anmol and `13.55 crore to Puneet. They allegedly used the money to maintain an ostentatious lifestyle.A striking example of fund diversion involved the purchase of a luxury apartment at DLF Camel- lias in Gurugram. Sebi's order another Jaggi-controlled entity. details how, in September 2022, According to internal sources, Gensol received a loan of `71.41 Anmol would regularly invite crore from IREDA, added `26.06 employees to the Camellias apartcrore from another account, and ment to hold meetings and discustransferred`93.88croreto sions. »INSIDE« vehicle supplier Go-Auto. Sebi’s analysis of bank On the same day, Go-Auto statements has detailed BLUSMART transferred `50 crore to the brothers' personal SUSPENDS CapbridgeVentures,where expenses funded through SERVICES IN SOME AREAS bothJaggibrothersaredesdiverted company money: ignated partners. Cap`26 lakh for a golf set, PAGE 4 bridge then paid `42.94 `1.86 crore to buy foreign crore to DLF for the apartment. currency in AED, `17.28 lakh to The booking advance of`5 crore Titan Company,`10.36 lakh on spa was paid by Anmol’s mother, Jas- sessions, and `50 lakh invested in minder Kaur, also using Gensol's ThirdUnicorn,astartupfoundedby funds. When DLF returned this former BharatPe co-founder Ashadvance, the money wasn't neer Grover. returnedtoGensolbutinsteadwent to Matrix Gas and Renewables, Continued on Page 12 Lucknow