COMPANIES | PAGE 5 MARKETS | PAGE 6 Inflation expected to be well aligned to 4% target: RBI guv INTERNATIONAL | PAGE 7 Tesla still weighs India entry on duty concerns LUCKNOW, THURSDAY, APRIL 24, 2025 EU fines Meta,Apple for violating antitrust rules FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 18 NO. 120, 28 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: 80,116.50 ▲ 520.91 NIFTY: 24,328.95 ▲ 161.70 NIKKEI 225: 34,868.63 ▲ 648.03 HANG SENG: 22,072.62 ▲ 510.30 `/$: 85.42 ▼ 0.23 `/€: 97.54 ▲ 0.36 BRENT: $67.30 ▼ $0.14 GOLD: `95,641 ▼ `2,587 LG pauses India IPO plan due to market volatility LG ELECTRONICS HAS paused work on the IPO of its Indian unit, partly because of volatility in markets, according to people in the know, reports Bloomberg. ■ PAGE 6 Negotiations on India-US trade pact begin in Washington THE FIRST IN-PERSON meeting between the chief negotiators for the India-US bilateral trade agreement got underway in Washington on Wednesday, reports fe Bureau. ■ PAGE 2 THE COUNTRY'S TOP four IT services firms are adopting conservative-yetsteady hiring plans for FY26, amid global uncertainty, reports Padmini Dhruvaraj. ■ PAGE 4 ● 2019 2020 2021 TARIFFS & TRADE WARS HURT ECONOMIC ORDER: XI PAGE 7 DAYAFTER, GRIEF &ARED LINE 12,717 15,921 Startup shutdowns Startup launches »FULL COVERAGE ON BACK PAGE« INDIA DOWNGRADES DIPLOMATIC TIES WITH PAKISTAN, SUSPENDS INDUS WATER TREATY SEVEN TERRORISTS, INCLUDING FOURFIVE FROM PAKISTAN, BEHIND ATTACK, INDICATES INITIAL PROBE AIRFARES TO SRINAGAR TANK; AIRLINES ANNOUNCE MEASURES TO AID TOURISTS & healthtech sectors have seen the maximum startup shutdowns, sources say 259 125 2023 2024 2025 fit (PMF) stage,oftenwithout a substantial white space to solve. Once market discipline returned, the inevitable occurred — the pool filtered itself,”Agarwal told FE. Manycompaniesalsoraisedcapital at hefty valuations, because of which they failed to mop up follow- oninvestments,especiallywhenthe business wasn’t doing well. In fact, investors turned very cautious in 2023-2024, and are investing only in ventures with healthy financials and a proven PMF. Continued on Page 15 Sensexreclaims80,000 peakafterfourmonths KISHOR KADAM Mumbai, April 23 Home minister Amit Shah pays his last respects to those killed in the Pahalgam terror attack in Jammu & Kashmir PTI THE WORST HIT ■ Agritech, fintech, edtech, 5,264 8,454 9,600 2022 ratherthanafailureoftheecosystem. PearlAgarwal,founderandmanaging partner, Eximius Ventures, pointedoutthat2021-2022sawan influx of capital that chased opportunities rather than outcomes. “Numerous companies received funding at the pre-product market We are going to have a fair deal with China... »INSIDE« NO PLANS TO FIRE FED'S POWELL: TRUMP PAGE 7 2,101 13,839 867 THE WORLD’S THIRD-LARGEST startup ecosystem has notched up an unenviable record.Over 28,000 startupshaveshutupshopinthelastcouple of years — 15,921 in 2023 and 12,717 in 2024.While some of them havefiledforbankruptcy,othershave remained inactive for more than a year.That’sanover 12-foldjumpfrom 2,300 shutdowns in the previous three years — 2019-2022,according todataintelligenceplatformTracxn. There’smore.Thenumberofstartups launched fell to just 5,264 in 2024fromover9,600ayearbetween 2019 and 2022.Thisyearso far,only 125 startups have been founded. Experts attribute these trends to a “delayed correction”or a calibration 18,074 THE TIDE TURNS THE 30-SHARE SENSEX reclaimed the 80,000-mark after four months onWednesday,asbenchmarkindices extended their winning run for the seventhconsecutivetradingsession. While there was some turbulence intra-day with the Sensex briefly slipping into negative territory, it rebounded later, recouping allintra-daylosses,largelydrivenby arallyinITshares.TheSensexclosed at 80,116.49, up 520.90 points or 0.65%, and the Nifty at 24,328.95, gaining 161.70 points or 0.67%. Over the seven sessions, realty, auto,metal,consumerdiscretionary, industrials, and financial services WINNING RUN 81,000 Sensex 79,000 80,116.5 77,000 « Top four IT firms eye cautious hiring amid global uncertainty remarks followed optimistic comments he made on Tuesday that a deal to lowertariffswas possible. Taking a cue, global markets THE US WOULD look at lowering tariffs on imported Chinese goods surged.ChinesestockstradedinHong pending talkswith Beijing,a source Kong closed 2.1% higher on optifamiliar with the matter said on mism that tensions with the US may Wednesday, adding that any action soften.WallStreet’smainindexesrose would not be made unilaterally, onWednesdayasinvestorswelcomed signs of a thawin the US-China trade according to a Reuters report. war.European shares The source’s comclimbed to a near ments followed a Wall DONALD TRUMP, three-week high on Street Journal report US PRESIDENT Wednesday,as easing that the White House trade tensions is considering cutting between the United its tariffs on Chinese StatesandChinalifted imports in a bid to deinvestor sentiment escalate tensions. globally. China tariffs could Earlier on Tuescomedownfromtheir day, speaking to current level of 145% reporters in Washto anything between ington,the US Presi50% and 65%, the dent said, “145% is paper said, citing a very high and it White House official. won’t be that high.It “We are going to won’t be anywhere have a fair deal with near that high. It’ll China,” Trump told come down substanreporters on tially. But it Wednesday, but won’t be zero.” did not address the specifics of the newspaper Continued report. His on Page 7 AGENCIES Washington, April 23 S SHANTHI Bengaluru, April 23 1,270 LUXURY ITEMS SUCH as handbags, footwear and wrist watches, priced above `10 lakh, will now attract 1% tax collected at source (TCS), the government said, reports fe Bureau. ■ PAGE 2 Trump signals thaw on China import tariffs Startup shutdowns increase 12-fold 12,232 Watches, handbags, shoes worth above `10L to draw 1% TCS GLOBALMARKETSTAKETHECUE,RALLY 1,934 IN THE NEWS 8.5 % 75,000 73,000 73,847.2 Apr 9 Apr 25 emergedasthetop-performingsectors,each gaining over 10%. Continued on Page 15 Lucknow