NEWS POINT | PAGE 18 COMPANIES | PAGE 4 Watchdogwithout a pause: Meet new Sebi panel chief INTERNATIONAL | PAGE 7 TCS outlook strong despite Q4 miss Google lays off hundreds inAndroid, Pixel teams LUCKNOW, SATURDAY, APRIL 12, 2025 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 18 NO. 110, 24 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: 75,157.26 ▲ 1,310.11 NIFTY: 22,828.55 ▲ 429.40 NIKKEI 225: 33,585.58 ▼ 1,023.42 HANG SENG: 20,914.69 ▲ 232.91 `/$: 86.05 ▲ 0.64 `/€: 97.97 ▼ 2.22 BRENT: $63.14 ▼ $0.19 GOLD: `93,127 ▲ `3,830 SENSEX SURGES OVER 1,300 POINTS,NIFTYCLOSESABOVE 22,800-MARK Bears, too, take a pause ● Investorwealth surges `7.85L cr NitiAayog seeks fiscal support for auto component makers TO DOUBLE INDIA’S automotive component production to $145 billion by FY30, a Niti Aayog report has recommended a mix of fiscal and non-fiscal measures, including operational expenditure support, cluster development, and free trade agreements (FTAs) with key markets. ■ PAGE 2 FE S P E C I A L S Train to Kashmir, then a road trip The most beautiful parts of the Kashmir Valley can only be discovered by road ■ MOTOBAHN, P9 Check out fixed deposit rates of small finance banks With deposit rates falling, go for a laddering strategy ■ PERSONAL FINANCE, P9 Continued on Page 7 INFLOWS INTO EQUITY mutual funds fell to an 11-month low of`25,082 crore in March, down 14.4% month-on-month, primarily due to redemptions in sectoral or thematic funds, data from the Association ofMutual Funds in India (Amfi) show. Inflows into sectoral/thematic funds plunged 97% m-o-m to just `170 crore during the period. Ifthe fewer number ofdays in February are considered, the m-o-m fallwould be sharper. The drop in inflows comes despite a reasonable recovery by the stock market in March. While the benchmark indices posted gains ofup to 6.3% in March, the broader indices rose as much as 8.25%. However, equity inflows have remained positive for 49 consecutive months. —Kishor Kadam Largecap Total equity Smallcap Multicap Midcap Sector/thematic ■ REPORT ON PAGE 6 Source: AMFI Equity inflows in ` crore 45,000 35,000 25,000 -0.28 25,082 82 18,917 Top sectoral losers (weekly*, %) -4.08 -2.43 -2.35 -1.84 -1.76 -97.0 170 5,712 4,092 9.9 ■ Govt in Sept set a floor price that electronics makers must pay recyclers ■ Daikin, Hitachi and Samsung among manu- facturers who have expressed concerns ■ India is the third-biggest e-waste generator behind China & US measures they say will heighten compliance woes and unsettle businesses.The standoff marks the latest chapter in foreign companies' battles with India over what Rupee surges 64 p THE RUPEE JUMPED 64 paise or 0.74% to close at 86.0537 against the dollar on Friday, recording its biggest gain in two months, reports Sachin Kumar. ■ P6 Delhi women may get `36K off on purchase of electric 2Ws Continued on Page 7 Mar 2025 0.9 ALARM BELLS ■ Johnson ControlsHitachi, Japan's Daikin, India's Havells & Tata Group's Voltas have filed suits to get rules quashed ILLUSTRATION: SUNEESH K Continued on Page 5 Feb 2025 -13.5 9.3 Realty Metal IT Capital goods Industrials some perceive as protectionist policies and shifting regulatory goal posts. MF inflows in ` crore -14.4 -0.58 THE DELHI GOVERNMENT is likely toprovideasubsidyofupto`36,000 on purchase of an electric twowheelertowomenunderitsproposed Electric Vehicle (EV) Policy 2.0, officials said on Friday. The benefit can be availed by the first 10,000 women,who hold a driving licence,according to the policy draft.The proposal is under the government'sconsiderationanditwillbe approved soon. To encourage female participation in the EV shift, the women in Delhi will receive a purchase incentive of `12,000 per kilowatt-hour (kWh),upto`36,000onelectrictwowheelers. Designed to complement the Centre'sPME-DRIVEscheme,theEV Policy2.0aimstoaccelerateEVadoption across Delhi.The scheme,which will remain valid until March 31, 2030,outlines a series of incentives targetingnotjustelectrictwo-wheelersbutalsothree-wheelersandcommercialvehicles. To boost the adoption of electric two-wheelers in the city,the governmentmayofferapurchaseincentive of `10,000 per kWh, capped at `30,000 pervehicle. Inaddition,theregisteredowners who scrap their fossil fuel-driven vehicles--two-wheelers--willbeeligible for an additional incentive of `10,000providedthescrappedvehicle is not olderthan 12years. Forelectric auto-rickshaws in the L5M category,which are intended to replace existing CNG autos,the policyis likelyto offera purchase incentive of `10,000 per kWh, up to `45,000. Mar 2025 3,722 Apr 2024 BSE Midcap PRESS TRUST OF INDIA New Delhi, April 11 Electronics firms up in arms overnewe-waste policy INDIA WANTS TO tackle its mounting e-waste problem.Global electronics companies say the cost is too high. Daikin, Hitachi and Samsung are among manufacturers alarmed by new government rules that require them to pay significantly more to recycle air conditioners, refrigerators, TVs and other appliances, court papers and lobbying letters show. The electronics giants are urging environment officials to abandon the approach, with four companies suing the Centre over the 0.97 1.23 buoyed by positive global cues.The US decision to defer tariffs for all countries except China eased recession concerns, boosted sentiment, and alleviated fears of a global slowdown,” said Ajit Mishra, SVP – research,Religare Broking. Equity MF inflows at 11-month low ADITYA KALRA & ARPAN CHATURVEDI New Delhi, April 11 Sensex *between April 4 and 11 pected pause on reciprocal tariffs by the US,which provided relief amid uncertainty,”saidVinodNair,headof research,GeojitFinancialServices.He addedthatthefocuswillnowshiftto theoutcomeoftheongoingbilateral tradetalksbetweenIndiaandtheUS. “Marketswrappeduptheweekon a strong note, gaining nearly 2%, 15,000 Utilities 1.25 Energy 22,399 Oil and gas 1.92% Apr 9 (close) 3.34 3.49 22,8 ,828 ,8 22,828 Top sectoral gainers (weekly*, %) FMCG Nifty y Consumer durables Consumer m 73,847 3,439 FINANCE MINISTER NIRMALA Sitharaman on Friday urged Austrian companies to invest in India as it offers many opportunities in new and emerging sectors, reports PTI. Several Austrian companies have set up capability centres to leverage the excellent digital and IT talent in India, she added. ■ PAGE 2 Apr 9 (close) 3,407 FM seeks Austrian investment in India’s emerging sectors -0.33 2,866 THE RESERVE BANK of India announced on Friday an additional round of open market purchase of government bonds worth `40,000 crore and a 43-day variable rate repo auction on April 17 to boost liquidity in the banking system, reports Reuters. ■ PAGE 6 -0.15 Nifty 2,479 RBI to buy additional bonds worth `40K cr in liquidity push THE DOMESTIC MARKETS made a belated entry to the global party on Friday, prompted by US President DonaldTrump’sdecisiontodeferthe impositionoftariffsonallcountries, exceptChina,by90days.Asianstocks had also recorded theirbiggest jump inovertwoyearsonThursday.Before theyranoutofsteam,theUSmarkets hadalsoralliedtomulti-yearhighson Wednesday.TheIndianmarketswere closed onThursday. Opening nearly 1,000 points higheronFriday,theSensexhitahigh of75,467.33andmovedinanarrow range after that. It finally ended the day at 75,157.26, rising 1,310.11 points or 1.77%—its biggest singleday gain since February 4.The Nifty closed above the 22,800-mark at 22,828.55,gaining429.40pointsor 1.92%,markingitsbestperformance since January2. “TheIndianmarketfinallyclosed with a positive bias after a very volatile week, aided by the unex- 2,753 INDUSTRIAL OUTPUT IN February expanded at the slowest pace in six months at 2.9% on year, as growth in manufacturing and mining faltered, according to data released by the government on Friday, reports Mukesh Jagota. ■ PAGE 2 Weekly returns* (%) BSE Smallcap 2,518 Poor manufacturing show pulls down IIP growth to 6-mth low 75,157 KISHOR KADAM Mumbai, April 11 29,303 IN THE NEWS Apr 11 (close) 1.77% Sensex 25,082 (For Super Senior Citizen) BULLS TAKE CHARGE China ups levyon US to 125%,says won’t go further ● US administration holds its ground JOE CASH, DOINA CHIACU & KARIN STROHECKER Beijing/Washington/London, April 11 BEIJING INCREASED ITS tariffs on US imports to 125% on Friday, hitting back against US President Donald Trump’s decision to hike duties on Chinese goods and raising the stakes in a trade war that threatens to upend global supplychains. China’sretaliationintensifiedthe economic turmoil unleashed by Trump’s tariffs,which has seen markets tumbling and foreign leaders puzzling how to respond to the biggestdisruptiontotheworldtrade orderin decades. TheUSadministrationwassticking to its guns on Friday, touting its discussions with a number of countries on newtrade dealswhich it says will justify its dramatic upheaval in policy.“Wearedoingreallywellonour TARIFF POLICY. Very exciting for America,andtheWorld!!!Itismoving along quickly,” Trump posted on social media on Friday. However, the tit-for-tat tariff increases by the US and China stand to make goods trade between the world'stwolargesteconomiesimpos- DONALD TRUMP, US PRESIDENT Wearedoingreallywell onourtariffpolicy. Veryexcitingfor America,and theworld!!! Itismoving along quickly XI JINPING, CHINESE PRESIDENT Thereisno winnerinatariff war,andgoing againstthe worldwillonly resultinselfisolation sible,analystssay.Thatcommercewas worth more than $650 billion in 2024. While announcing a 90-day tariff pause on dozens of countries earlierthisweek,Trumpratchetedup tariffs on Chinese imports, raising themeffectivelyto145%. Continued on Page 7 ‘Win-win’trade deal with US likelysoon ● Terms of reference finalised for first part,says official MUKESH JAGOTA New Delhi, April 11 THE PLANNED BILATERAL trade agreement (BTA) between India and the US may take a “win-win shape andform”beforethe90-daywindow created by the pause on full reciprocaltariffs,aseniorgovernmentfunctionarysaid on Friday. The two sides, the person said, havealreadyfinalisedtermsofreference for talks over the first segment of the pact.“A lot of possibilities are there to finalise low-hanging fruits. Everything is possible in 90 days if it is a win-win for both sides,” the official said on condition of anonymity. US vice-president JD Vance is expected to visit India this month and the trade-related issues are expectedtofigureprominentlyinthe talks.External affairs ministerS Jaishankar also said at an event during the day that India wants to seal the deal with the US as quickly and is approaching the talks with a high degree of urgency. The BTA was announced after a meeting between Prime Minister Narendra Modi and US President Donald Trump on February 13, the »INSIDE« MOVING FORWARD ■ With a 90-day pause on tariffs, India is looking to seal a bilateral trade agreement with US early ■ The pact was announced after a meeting between PM Modi and US President Trump on February 13 ■ Both countries are aiming to increase bilateral trade to $500 bn by 2030 from $200 bn at present verydaythattheUSunveileditsreciprocal tariff plan.Through the BTA andrelatedmeasures,bothcountries are aiming to increase their bilateral trade to $500 billion by 2030 from $200 billion at present. Exporters alsowant the BTAto be expeditedsothattheirshipmentscan continue to go to the USwithout any tariff major disadvantage after the 90-daypause expires. Continued on Page 7 STEEL, ALUMINIUM DUTIES: EU SHOULD DELINK CLIMATE INDIATAKES US TO WTO P2 ISSUES FROMTRADETALKS P2 Says promise immense, but cautions that path to implementation not without obstacles Digital foundationwill powerAI in India,says Nilekani FE BUREAU New Delhi, April 11 INDIAIS ON the cusp of a transformative phase where the country’s robust digital public infrastructure could be combined with the power of artificial intelligence (AI) to unlock innovations at an unprecedented scale,Infosys chairman and Aadhaar architect Nandan Nilekani said on Friday. Speaking at the GlobalTechnology Summit, Nilekani said the country’s digital public infrastructure (DPI) offers a strong springboard for AI-led development. “AI makes DPI better,” Nilekani said, emphasising that the digital infrastructure built over the past decade is now being enriched with AI. “India will be uniquely placed because of its history, and itwill combine DPI andAI to create a whole new way of doing things,” he said. According to Nilekani, the promise of AI is immense, but the path to implementation isn’twithout obstacles. “AI is not easy, certainly not an overnight magic,” he noted, urging caution against the current wave of excessive optimism.“There’s a lot to be done if you really want to make all this AI stuff work. And all transitions are painful… this has happened before in everyindustry.The difference this time is the hype is at a different level. People think it is some‘pixie dust’.” NANDAN NILEKANI CHAIRMAN, INFOSYS There’s a lot to be done if you really want to make all this AI stuff work. And all transitions are painful Nilekani stressed that India’s approach to AI must go beyond convenience and focus on improving lives, especially at a population scale. “The running theme in India is how to use AI to make lives better at a low cost,” he said. He pointed out that rather than looking for broad applications, the country is wisely focusing on narrow, high-impact use cases, ensuring that AI is safe, responsible, and inclusive. Akeydistinction of this technological era,Nilekani said,is that for the first time, trust is being placed in non-human intelligence. “We didn’t do that earlier because previous technology was deterministic,predictable.Now,we are essentially expecting the machine to make decisions,and there’s a huge leap of confidence, a huge leap of faith in the ability of technology to take us forward,” he explained. This shift, he argued, introduces new expectations and vulnerabilities. “People are far more forgiving of human error. But when there’s a machine error, it gets a very different response,” he said,using autonomousvehicles as a reference. “If there’s even one fatality,you’re back at the drawing board for two years,”Nilekani said. While India has often been slow to adopt new technologies in the past, Nilekani said this time could be different. “Each cycle of technology takes less and less years. And in general, it has taken so much more time to get adopted in India. Interestingly, this time around, while we expect AI adoption also to take 10-15 years, our belief is that in India it can happen much faster,” he said. Continued on Page 7 Lucknow