NEWSPOINT | PAGE 16 ECONOMY | PAGE 3 UPI,tradeinlocalcurrency: Modi’sBIMSTECinitiatives INTERNATIONAL | PAGE 7 Howtheworldfellinlove withatasteoftradition KOLKATA, SATURDAY, APRIL 5, 2025 Google,Amazon eye more govt deals than Microsoft FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 34 NO. 131, 16 PAGES, `12.00 (NORTH EAST STATES `13.00 & ANDAMAN `20.00) 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: 75,364.69 ▼ 930.67 NIFTY: 22,904.45 ▼ 345.65 NIKKEI 225: 33,780.58 ▼ 955.35 HANG SENG: 22,849.81* ▼ 352.72 `/$: 85.23 ▲ 0.21 `/€: 93.64 ▲ 0.60 BRENT: $64.72 ▲ $5.42 GOLD: `89,762 ▼ `359 *Prv close Adayafter,TrumppromisesTariffTantrum2.0 US President hits the golf course even as brokerages raise recession odds & top economies reel under his April 2 move Indiajoinsmegaglobal selloff;`10Lcrwipedoff Continued on Page 6 (Open) CAC 40 (France) -4.1 FTSE 40 (UK) -3.0 STI (Singapore) -2.8 Nikkei 225 (Japan) *at 10:00 pm IST on April 4, 2025 75,364.7 (close) 930.67 points THE ANNOUNCEMENT OF reciprocal tariffs by the Trump administration is seeing US buyers seeking discounts of up to 25% from a section of Indian exporters on existing orders. Besides, inflows of new orders from the world’s biggest economy have come to a standstill, with no improvement in sight at least a month,trade sources said. “Business from the US has reduced to the bareminimum.Buyers are reassessing whether their market will accept 26% additional duty. Sellers on the other hand are assessing who will bear the burden Moderate services growth in March SERVICES SECTOR GROWTH moderated in March amid weaker demand, despite firms raising prices at the lowest rate in threeand-a-half years, according to a HSBC Holdings survey. ■ PAGE 3 Global flows into ETFs turn positive GLOBAL PASSIVE FLOWS into Indian ETFs turned positive in March after five months of outflows, reports Ananya Grover. Experts said this could mean the selling intensity by foreign investors is slowing down. ■ PAGE 6 President Donald Trump unveils the first "gold card", a residency permit sold for $5 million each, aboard Air Force One AP 1.22% Source: Bloomberg SNIPPETS Re continues upmove to 85.23 THE RUPEE CONTINUED its rising streak for the second consecutive day, strengthening by 21 paise, or 0.24% on Friday to close at 85.23, reportsSachinKumar.Therisewas driven by a sharp fall in crude oil prices and concerns overa potential recessionintheUnitedStatesdueto tariffs, which weakened the greenbackagainst majorcurrencies.During the intradaytrade,the local currency rose above 85 against the dollar for the first time this year. ■ PAGE 6 Newbizhit;USbuyersseekdiscount MUKESH JAGOTA New Delhi, April 4 of the duties on orders that are in hand,” chairman of Engineering Export Promotion Council Pankaj Chadha said. Engineering sector accounts for more than a quarter of India’s exports. The US has 20% share of India’s engineering exports at around $ 20 billion.Around $ 5 billion of these exports are of steel and aluminium which have been slappedwith25%additionalduties from March 12.Now,the rest of the products also get covered.With levels of margins in single digits the sellers are in no position to absorb the tariffs,he added. LOSSES MOUNT ■ Inflows of new orders from the world’s biggest economy have come to a standstill ■ Apparel exporters have received requests for 20-25% concession from buyers ■ The US has 20% share of India’s engineering exports at around $20 bn Continued on Page 5 India levy set at 26%, US clarifies THE US ON Friday clarified in an updated document that the reciprocal tariff to apply on India from April 9 will be 26%, instead of the widely reported rate of 27%. A placard displayed by US President Donald Trump on April 2 while unveiling the extra customs levies on as many as 60 countries, showed the levy for India at 26%. ■ PAGE 2 Billionaires lose $208 bn in a day THE WORLD’S 500 richest people saw their combined wealth plunge by $208 billion following tariffs announced by Donald Trump. More than half of those tracked by Bloomberg’s wealth index saw their fortunes tumble, with an average decline of 3.3%. Meta’s Mark Zuckerberg & Amazon’s Jeff Bezos were the top losers. ■ PAGE 7 »INSIDE« Subsidylikelyfore-truckpush NITIN KUMAR New Delhi, April 4 EXPANDING E-ADOPTION AFTER STEERING THE electrification of passenger cars, two- and three-wheelers, and public transport buses, the government is now turningitsattentiontothetrucking segment. Under the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-Drive) scheme,launched in October2024, it is preparing to roll out a targeted subsidy programme for electric trucks (e-trucks),with incentives of up to `19 lakh pervehicle. This marks a major push to decarbonise freight transportation and could significantly benefit manufacturers like Tata Motors, ■ The govt is preparing to roll out a launched in October 2024 ■ Manufacturers like Tata subsidy programme for e-trucks, with incentives of up to `19 lakh Motors, Ashok Leyland, IPLTech Electric are likely o benefit from this move ■ The govt has earmarked `500 crore for PM E-Drive scheme AshokLeyland,IPLTechElectric,and PropelIndustries,asthedemandfor battery-powered trucks gets a much-needed nudge. The government has earmarked `500 crore under the PM E-Drive ■ The scheme was scheme specifically for e-trucks. While final contours are still being worked out,officials are evaluating two possible incentive models. Continued on Page 7 Goyal’sjibetouchesarawnerve COMMERCEANDINDUSTRYminister Piyush Goyal’s sharp comments aboutIndia’sstartupecosystematthe Startup Mahakumbh on Thursday havedrawnstrongreactionsfromthe country’s entrepreneurial community,withmanytakingtosocialmedia to express their disappointment and push back against what theyviewed asanunfaircomparisontoChina. GoyalhadurgedIndianstartupsto pivot away from hyperfast grocery delivery and fancy ice creams and insteadfocusondeeptechsectorslike semiconductors,robotics,AI and EVs, areasinwhichhesaidChinesestartups areleading.Hewentfurther,criticising AADIT PALICHA, CEO, ZEPTO MOHANDAS PAI, FORMER CFO, INFOSYS SRIDHAR VEMBU, CO-FOUNDER, ZOHO ANUPAM MITTAL, FOUNDER, SHAADI.COM ...easy to criticise Indian startups, especially when you compare them to those in US/China ...institutional capital remains underleveraged & regulatory frameworks deter longterm investment The govt should not invent smarter robots. That’s for the entrepreneurs We need encouragement and support, not just criticism Indianfooddeliverystartupsforturning unemployed youth into ‘cheap labour’andquestioned,“Arewehappy about being delivery girls and boys? Theremarksstruckanerveacrossthe startup ecosystem,triggering a flurry ofreactionsfromfounders,investors, and industrywatchers.Manyviewed the comments as a dismissal of the hard-wonprogressmadebyconsumer internetstartupswhichhaveemerged in recent years,often in challenging conditions. Continued on Page 7 Nifty Pharma 1.03 % -7.2 Continued on Page 6 -6.9 -6.0 -6.0 -6.0 Beijing hits backwith 34% countertariff on US goods MEI MEI CHU, SUSAN HEAVEY & PHILIP BLENKINSOP Beijing/Washington/ Brussels, April 4 ISSUE LANDS AT WTO CHINAANNOUNCEDADDITIONAL tariffsof34%onUSgoodsonFriday, themostseriousescalationinatrade war with President Donald Trump that has fed fears of a recession and triggeredaglobalstockmarketrout. In the standoff between the world’s top two economies,Beijing also announced controls on exports of some rare earths and filed a complaint at the World Trade Organisation. Itadded11entitiestothe‘unreliable entity’list,which allows Beijing to take punitive actions against foreign entities,including firms linked to arms sales to democratically governedTaiwan,whichChinaclaimsas part of its territory. TARIFFWAR MAY ESCALATE BUT CAN'T LAST: EXPERTS PAGE 2 Startups term minister’s comments unfair comparison to Chinese peers AYANTI BERA Bengaluru, April 4 THEREPRIEVEFORIndia’sdrugcompanies from the Trump administration's reciprocal levies could be shortlived,with the US president Donald Trump saying, ‘pharma tariffs are going to come in at levels you haven’t really seen before’.“We are looking at pharmaceuticals as a separate category. We will be announcing that sometime in the near-future and not too distant future. It’s under review rightnow,”Trumptoldreporters. Lupin -4.5 76,160.1 Nasdaq (US) Pharma losers (% loss) Aurobindo Pharma -4.89 (Previous close) DAX (Germany) Ipca Labs -5.0 « 76,295.4 RISE & FALL MANU KAUSHIK & KISHOR KADAM New Delhi/Mumbai,April 4 Performance of key global indices Granules India INDIAN STOCK MARKETS joined the global selloff on Friday, as investors began to gear up for more pain due to US’ reciprocal tariff policy. Benchmark indices, the Sensex and Nifty, shed up to 1.5% each while broader indices shed over 3%. The fall was triggered by sharp reactionintheUSmarkets,whichfell by up to 6% on Thursday.Also,fresh concerns over potential tariffs on pharmaceutical products impacted investorsentiment negatively. Markets across the world felt the tremors,with all European and Asian markets taking serious hits. While European markets tanked up to 5%, leading Asian markets dropped up to 3.15%. Thailand (3.15%), Singapore (-2.95%) and Japan (-2.75%) were the top losers. South Korea, Malaysia, and the Philippines also recorded drops of up to 1%. Markets in China and Hong Kong were closed. FEAR HITS D-ST Laurus Labs KISHOR KADAM Mumbai, April 4 Trump nowhints at pharma tariffs soon ■ Beijing also announced controls on exports of some rare earths ■ China added 11 entities to the ‘unreliable entity’ list Nations from Canada to China have readied retaliation in a mounting trade war afterTrump raised US tariffbarrierstotheirhighestlevelin more than a centurythisweek,leading to a plunge in world financial markets. Investment bank JPMorgan said it now sees a 60% chance of the global economy entering recession FOR SEAFOOD EXPORTERS, TARIFFS PLAY SPOILSPORT PAGE 2 ■ Nations from Canada to China have readied retaliation in a mounting trade war ■ In Japan, one of US' top trading partners, PM Shigeru Ishiba said the tariffs had created a ‘national crisis’ byyearend,upfrom40%previously. US stock futures fell sharply on Friday,signallingmorelossesonWall Street, after China retaliated with fresh tariffs a day after the Trump administration's sweeping levies knocked off $2.4 trillion from US equities. Continued on Page 5 LIC REJECTS USTR’S UNFAIR ADVANTAGE REPORT PAGE 2 OILTUMBLES 8% ON CHINA’S MOVE PAGE 7 EXPRESS AWE AWARDS, 2025 Women super-achievers to be celebrated today THE JURY ● DeepakParekh-led Deepak Parekh Kiran Mazumdar-Shaw Zia Mody Preetha Reddy Meher Pudumjee Sachin Bansal jurytopresentawards toMallikaSrinivasan, IshaAmbaniand otherstellarwinners FE BUREAU Mumbai, April 4 IT’SAN EVENTto celebrate the outstanding success ofwomen achievers who are doing their bit to break theoutdatedstereotypes.Instituted by Financial Express, the Express Awards for Women Entrepreneurs, 2025, unfolding in Mumbai this evening, is more than just recognition; it is a dedication to supporting women who are leading transformativechangebybreaking barriers, leading innovation, and impacting communities. The highlight of the evening, of course,willbethewinnerswhohave been chosen bya distinguished sixmember jury, each of whom has been a lodestar to budding entrepreneurs – both men and women. Chaired by Deepak Parekh, India Inc’s finance veteran, for- mer chairman of HDFC, the jury comprised Kiran MazumdarShaw, founder and executive chairperson, Biocon; Meher Pudumjee,chairperson,Thermax; Preetha Reddy, executive vice chairperson,Apollo Hospitals; Zia Mody, co-founder & managing partner, AZB & Partners; Sachin Bansal, executive chairman, Navi Group and co-founder of Flipkart. The evening will see Deepak Parekh, Kiran Mazumdar Shaw and Meher Pudumjee speak on the larger business environment and the unique challenges faced by women entrepreneurs. Members of the jury will be joined by Anant Goenka, executive director,The Indian Express Group, to give away the awards. There will also be a fireside conversation between three generations of women leaders – Anu Aga, Kiran Rao and Alina Alam discussing womanhood in 2025. Continued on Page 7 Kolkata