Business

Pamban bridge, India’s first vertical lift sea bridge, is set to be inaugurated by PM Narendra Modi on April 6, that is on Ram Navmi. Built by the Rail Vikas Nigam Limited to replace the now defunct old Pamban bridge, the new Pamban bridge is unique in many respects. Importantly, it re-establishes railway connectivity to Rameshwaram island. The new Indian Railways bridge is an engineering marvel, and its beautiful photos will leave you awestruck!From top facts such as location, length, salient features to stunning photos – here’s all you should know about the new Pamban bridge:

Of these 3,118 people who posted resumes on Naukri.com, some 232 are in the ₹30 lakh-plus per annum salary bracket, 86 people in the ₹50-lakh plus salary range and 45 people in the ₹70 lakh per annum range.
| Photo Credit: FRANCIS MASCARENHAS

Ola Electric, Bhavish Aggarwal-founded electric scooter manufacturing firm based in Bengaluru, said by March end it completed the ‘restructuring exercise’ it commenced in November 2024 with ‘an aim of accelerating root to profitability.’

‘’We have completed the restructuring plan that we began in November last year. All layoffs were part of our attempt to remove any talent redundancy existing across the organisation,’‘ a company spokesperson told The Hindu.

As part of the restructuring, aimed at improving margins, reducing costs, and enhancing customer experiences, Ola Electric laid off between 1,000 and 1,300 employees in the past five months, according to a senior executive who was also laid off by the company in mid- March. “The company was in a hurry to finish off the layoff and was busy firing people in the months of February and March. Every day they let go of some 50 to 60 people in these two months.’‘

However, official sources at Ola Electric said, the company opened 3,200 stores in the last three months and a large number of people were hired to manage these outlets. In addition to this, the company also hired techies for its cell manufacturing facility, Gigafactory. ‘‘Therefore, Ola Electric’s total number of people on rolls have not really reduced even after the restructuring,’‘ he insisted while refusing to divulge the number of employees post restructuring.

Close to a dozen Ola Electric employees have called up this newspaper to share their concerns after they were laid off without any prior intimation.

“Some 5 or 10 of us individually would get random surprise calls from HR asking us to come to a room where we would be asked to tender our resignations. No other option would be given but on the spot resignation on the HR portal. We were not even allowed to take a picture of our resignation letters,’‘ said an employee who was part of the product team.

A techie worked with the engineering team said, “I was about to wind up my day on March 27th, then out of the blue comes an HR call asking me to resign instantly and go on garden leave for three months.’‘

Most of these employees said they would be getting their salaries for three months, but won’t be receiving their variable pay which is due in April. ‘‘Depending on the seniority, employees were expecting a variable payout in the range of ₹60,000 to ₹6 lakh and above in April,’‘ lamented a terminated senior employee who was part of the marketing team.

As many as 3,118 Ola employees employees took to Naukri.com to post their CVs in last three months

The job market seems flooded, in the last three months, with CVs from employees or former employees of Ola Electric.

For instance, only in the last three months, some 3,118 Ola employees have posted their CVs on Naukri.com, an Indian employment website.

In the last three months, from Tamil Nadu alone, some 525 Ola employees have posted their CVs and from the whole of South India some 1,820 people floated their CVs on the portal exploring new positions.

Of these 3,118 people who applied on Naukri.com, some 232 are in the ₹30 lakh plus per annum salary bracket, 86 people are in the ₹50 lakh plus salary range and 45 people are in the ₹70 lakh per annum range.

Some 94 directors, senior directors and associate directors and key members of the leadership of Ola Electric have posted their CVs on the portal in the last three months. Some of these include managerial talent across HR/talent, revenue management, research, marketing, sales and engineering.

‘’This means most of Ola’s senior managers are looking for jobs. In a real sense, the number of Ola employees who are looking out will be far more, because some must be job hunting only on LinkedIn. The company is hit big time on various fronts: product quality issues, unsatisfied customer service and low employee morale. This is unthinkable in the Indian auto market which is high-tech and future- oriented. It is a matter of concern and the onus to fix it is on the board of Ola,’‘ B.S. Murthy, CEO, Leadership Capital, CXO search firm.

Tata Capital, the financial services arm of the Tata Group, has filed preliminary documents with market regulator Sebi for a mega initial public offering (IPO) estimated at over Rs 15,000 crore.
According to an ET Market report, the Tata Capital’s IPO, which will be conducted under the confidential pre-filing route, will include both the issuance of new shares and an offer for sale (OFS) of shares by Tata Sons, which holds a 93% stake in the company.
Tata Capital, classified as an upper-layer non-banking finance company (NBFC) by the Reserve Bank of India (RBI), has already received approval from its board to move forward with the IPO. The offering will include up to 2.3 crore equity shares, comprising both fresh issues and shares sold by existing shareholders.
Under RBI regulations, Tata Sons and Tata Capital, as upper-layer NBFCs, are required to list their shares by September 2025. If successful, Tata Capital’s IPO will be one of the largest initial public offerings in India’s financial sector, and would mark the second public debut for the Tata Group in recent years following the listing of Tata Technologies in November 2023.
For the fiscal year 2024, Tata Capital reported a revenue of Rs 18,178 crore, reflecting a 34% year-on-year growth. The company’s loan book surpassed Rs 1 lakh crore, growing 40% year-on-year, while profits reached a record high of Rs 3,150 crore. The growth momentum continued into the first half of the current fiscal year, with profits increasing 21% to Rs 1,825 crore.
Tata Capital, a flagship subsidiary of Tata Sons, offers a range of financial services including commercial finance, consumer loans, wealth services, and the distribution and marketing of Tata cards.

Representational image.
| Photo Credit: AFP

Prime Minister Narendra Modi said on Saturday (April 5, 2025) that his government’s nod to four multi-tracking railway projects will improve connectivity infrastructure, boost convenience, reduce logistics costs and strengthen supply chains.

He was reacting to the Union Cabinet’s approval for four projects of the Ministry of Railways involving a total cost of about ₹18,658 crore, a government press note said.

The four projects covering 15 districts in three states of Maharashtra, Odisha and Chhattisgarh will increase the existing network of Indian Railways by about 1,247 km.

PM Modi said the Cabinet’s nod to Vibrant Villages Programme-II is an “exceptional news” for ensuring a better quality of life in border villages.

He said, “With this approval, we are also expanding the scope of the villages covered compared to Vibrant Villages Programme-I.” The objective of the programme is to create better living conditions and adequate livelihood opportunities to ensure prosperous and safe borders, control trans-border crimes and assimilate the border population with the nation and inculcate them ‘as eyes and ears of the border guarding forces’, crucial for internal security.

With a total outlay of ₹6,839 crore, the programme will be implemented in select strategic villages in Arunachal Pradesh, Assam, Bihar, Gujarat, Jammu and Kashmir, Ladakh, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tripura, Uttarakhand, Uttar Pradesh and West Bengal till 2028-29, a statement said.

Stock markets worldwide continued their decline on Friday after China retaliated against President Donald Trump’s latest round of tariffs, increasing concerns that the escalating trade war could push both the US and global economies into a recession.
The Dow Jones Industrial Average plummeted more than 1,600 points, or 4%, following a steep 1,679-point drop the previous day. The S&P 500 also slid by 5%, now down more than 15% from its recent peak. The Nasdaq Composite, home to many tech companies with significant business in China, fell by 4%, marking a near bear market as it hovered 21% below its December record close, according to AP.
The sell-off on Wall Street intensified Friday after Federal Reserve Chair Jerome Powell cautioned that the Trump administration’s tariffs are likely to drive up inflation and hamper economic growth.
On Friday, China’s Ministry of Commerce confirmed it would impose a 34% tariff on all US imports starting on April 10, directly matching the US move to raise tariffs on Chinese goods. This retaliation has exacerbated fears of a prolonged trade war between the world’s two largest economies, shaking confidence in global markets.
Tech stock hit hard for second day
The technology sector was hit especially hard, with Apple, Nvidia, and Tesla among the largest losers. Apple’s stock dropped over 4%, contributing to a 10% loss for the week. Nvidia saw a 7% pullback, while Tesla fell by 9%. These companies, which have substantial manufacturing and sales operations in China, are particularly vulnerable to Beijing’s retaliatory measures.
Recession fears
JPMorgan now estimates a 60% chance of a recession in 2025, up from 40% before the tariffs were imposed, as reported CNBC. Bruce Kasman, head of global economic research at JPMorgan, warned, “If sustained, these policies would likely push the US and possibly the global economy into recession this year.”
However, these projections are still evolving, with details about both the US tariff strategy and China’s response yet to fully emerge. Kasman’s note was published before China’s retaliation was officially announced. Despite a better-than-expected US jobs report, which showed accelerated hiring in March, markets remained on edge due to the long-term risks posed by the trade conflict.
“The world has changed, and the economic conditions have changed,” said Rick Rieder, Chief Investment Officer of Global Fixed Income at BlackRock.
Uncertainty looms
Many investors are now wondering whether this trade war will lead to a global recession. If that happens, stock prices could continue their downward trajectory. The S&P 500 has already lost about 16% from its all-time high in February, and many analysts predict more declines in the near future. Much of the uncertainty revolves around how long the tariffs will last and how other countries will react. Some Wall Street experts are hopeful that Trump might eventually negotiate down the tariffs after securing trade concessions from other nations, while others fear the trade war could drag on for months—or even years—with severe consequences for the global economy.
President Trump has acknowledged that US consumers might face “some pain” due to the tariffs but argued that the long-term benefits—such as bringing more manufacturing jobs back to the US—would justify the short-term costs. He likened the economic situation to a medical operation, suggesting that, while painful, the US economy, like a patient, would ultimately benefit from the procedure.
“For investors looking at their portfolios, it could have felt like an operation performed without anesthesia,” said Brian Jacobsen, Chief Economist at Annex Wealth Management.
The former CEO of Goldman Sachs, Lloyd Blankfein, proposed that President Trump allow countries to negotiate the tariffs in a more flexible manner as reported CNBC. Blankfein suggested keeping the 10% baseline tariff but delaying the implementation of the “reciprocal” tariffs for six months, giving countries the opportunity to negotiate and avoid further escalation.
Meanwhile, the global market turmoil deepened as European stocks also faced steep losses. Major European indexes dropped about 5%, reflecting investor fears over the impact of the trade war. Crude oil prices tumbled to their lowest level since 2021, and copper, an important indicator of global economic health, saw significant declines, signalling growing concerns about a worldwide economic slowdown.
The markets showed brief signs of recovery earlier in the day after the US reported stronger-than-expected job growth, with employers adding more jobs than anticipated in March. However, this positive data quickly lost steam as investors turned their focus back to the longer-term economic risks posed by the trade conflict.

U.S. President Donald Trump’s “liberation day” reciprocal tariffs announced Wednesday marred all expectations of any relief from the trade policy that has unnerved markets for weeks now. India would face 26% tariff rates in addition to a baseline tariff of 10%.  

Mr. Trump argued India subjected U.S. to 52% tariff rates in contrast to Washington charging “almost nothing for years and years and decades”. A similar notion was also cited in the U.S.’ Trade Representative (USTR) report on Foreign Trade Barriers tabled on March 31. Based on the concerns highlighted in the report, initial observations and the sectors highlighted in the Fact Sheet, we list down some industries that may or may not get affected by the recently announced measures:  

Medical devices 

White House charged India of “uniquely burdensome and/or duplicative testing and certification requirements” before being allowed to sell their chemicals, telecom products and medical devices in India. The USTR report elaborated the criterions of the Bureau of Indian Standards (BIS), that seek mandatory compliance, do not fully align with international standards. Further, it held they do not demonstrate about them being “ineffective or inappropriate”.  

According to the White House, U.S. exports of the mentioned products would increase by at least $5.3 billion if barriers are removed.  

On the impact to the sector back home, Rajiv Nath, Forum Coordinator at the Association of Indian Medical Device Industry (AiMed), the tariffs may pose a “significant challenge” to the sector’s growth. India is recognised for its cost-effective and high-quality medical devices, primarily in low-volume high value consumables category. “The tariff may possibly impact device exports, and we have to explore window of opportunities from places where U.S. has been seeking to diversify its supply chain dependence on any one nation,” Mr. Nath held. Furthermore, Himanshu Baid, Managing Director of device manufacturer Polymedicure held the country’s primary obstacle entailed non-tariff barriers than barriers themselves. “Regulatory hurdles in the U.S. are steep, with FDA approval costs ranging from $9,280 to over $540,000, whereas U.S. exporters face relatively minimal costs when entering India,” he underlined. 

Telecom and networking equipment  

White House charged India of levying tariffs of 10-20% on networking switches and routers tariffs in comparison to nil across the Atlantic. Its concerns in the realm were of a similar nature to medical devices. Back home however, opinion is divided on the tariffs’ potential impact.  

According to Professor N.K. Goyal, Chairman Emeritus at the Telecom Equipment Manufacturers Association of India (TEMA), the mobile phone and telecom equipment industry would have no problems if the duties were reduced to zero. He explained IT equipment are already part of WTO agreement most of them covered under zero duty and as of now mobile phones attract duty of 20%. With respect to telecom equipment, Professor Goyal held telecom equipment was earlier coming from China which is not happening now. “We do not see it as a big challenge (reducing duties to zero) because U.S. is not exporting telecom equipment to India but components and raw materials,” he told The Hindu. 

However, Konark Trivedi, Founder & Managing Director with equipment maker Frog Cellsat apprehended the tariff regime could increase costs for manufacturers, disrupt supply chains, and create uncertainty for businesses. “Further, given the telecom infrastructure relies on a complex ecosystem of components, many of which are exported globally, such tariffs would inevitably increase operational expenses and reduce competitiveness of Indian firms in international markets,” he stated. 

Gems and Jewellery 

The Gem and Jewellery Export Promotion Council (GJEPC) held the tariffs are likely to “significantly impact” the sector. Furthermore, Paresh Parekh, Partner and Retail Tax Leader at EY India suggested a potential “adverse impact” that could translate into risk of job losses and margin erosions. He underlined that the sector had already been reeling under stress in the past few years because of changing customer preferences, soaring gold prices and competition for polishing from other countries, among other factors.  

The GJEPC underlined they are anticipating challenges in sustaining the country’s present export volume of about $10 billion to U.S. “We urge the Government of India to advance the Bilateral Trade Agreement with U.S. as it would be crucial in navigating the tariff issues and securing long term interest of the sector,” the council held.  

Automobiles  

The White House observed that European Union (at 10%) and India (at 70%) impose “much higher duties” on similar vehicular imports. The latest round of tariffs thus seek an equalisation of weights.  

However, Rajesh Menon, Director General at the Society of Indian Automobile Manufacturers (SIAM) explained that the order does not include automobiles since they have already been subject to Section 232 tariffs of 25% announced March 26. “We do not expect any significant impact on the Indian Automobile industry since there are limited exports to U.S., but we will continue to monitor the situation,” he stated.  

The same paradigm applied to automobile components as well.  

Textile  

According to Paresh Parekh, the tariff regime poses an opportunity for the Indian textile sector to increase its market share in the U.S. He observed India’s compatriots in the realm were subject to greater tariffs. This entailed Bangladesh (37%), Vietnam (46%), Cambodia (49%), Pakistan (29%), China (54%) and Sri Lanka (44%).  

However, Mr. Parekh warned, “If there is slowdown in consumption in U.S. due to higher prices, the overall US market itself may shrink.”  

Electronic boards show Shanghai stock and other market indices in Shanghai, China April 3, 2025.
| Photo Credit: Reuters

Global markets slid further and Wall Street was on track for another day of crushing losses Friday (April 4, 2025) after China responded to U.S. President Donald Trump’s latest set of tariffs with some of their own.

Futures for the S&P 500 fell 3.6% before the bell, while futures for the Dow Jones Industrial Average shed 3.4%, falling below the 40,000 mark. Nasdaq futures tumbled 4%.

That follows Thursday’s (April 3, 2025) losses for the three major U.S. indices, which ranged between 4% and 6%. Thursday’s (April 3, 2025) wipeout was Wall Street’s worst day in five years.

Markets in Europe were having an even rougher time on Friday (April 4, 2025). By midday, Germany’s DAX had lost 5%, the CAC 40 in Paris slipped 4.2% and Britain’s FTSE 100 gave up 3.8%.

Oil prices fell as much as 8%.

China announced early Friday (April 4, 2025) that it will impose a 34% tariff on imports of all U.S. products beginning April 10, part of a flurry of retaliatory measures following Mr. Trump’s “Liberation Day” slate of double-digit tariffs.

The new tariff matches the rate of the U.S. “reciprocal” tariff of 34% on Chinese exports Mr. Trump ordered this week.

The U.S. exports an array of goods to China, including machinery, soy, corn and aerospace products. Shares in companies that stand to suffer from China’s tariffs include Deere & Co., which fell 4.7% in premarket; and Boeing, which slid 6%.

Apple saw its shares decline 4.7%.

The Commerce Ministry in Beijing also said that it will impose more export controls on rare earths, which are materials used in high-tech products such as computer chips and electric vehicle batteries.

The Chinese government is also subjecting 27 additional U.S. companies to trade sanctions or export controls and filed a lawsuit with the World Trade Organization over the tariffs.

Everything from crude oil to Big Tech stocks to the value of the U.S. dollar against other currencies has fallen since Mr. Trump’s tariff announcement Wednesday (April 2, 2025) afternoon. Even gold, a traditional safe haven that recently hit record highs, pulled lower.

Mr. Trump announced a minimum tariff of 10% on global imports, with the tax rate running much higher on products from certain countries like China and those from the European Union. Smaller, poorer countries in Asia were slapped with tariffs as high as 49%.

Economists say the tariffs increases the risk of a potentially toxic mix of weakening economic growth and higher inflation.

It’s “plausible” the tariffs altogether, which would rival levels unseen in more than a century, could knock down U.S. economic growth by 2 percentage points this year and raise inflation close to 5%, according to UBS.

Later Friday (April 4, 2025) the U.S. government offers up its March jobs report.

Yields on Treasurys tumbled in part on rising expectations for coming cuts to rates, along with general fear about the health of the U.S. economy. The yield on the 10-year Treasury fell to 3.89% from 4.01% late Thursday (April 3, 2025) and from roughly 4.80% in January. The last time it had fallen below 4% was in October.

U.S. benchmark crude oil shed $5.32 to $61.63 a barrel, its lowest level since mid-2021. Brent crude, the international standard, was down $5.26 at $64.88 a barrel.

Shares of Exxon Mobil slid 4.2% and Chevron fell an even 4%.

Markets in Shanghai, Taiwan, Hong Kong and Indonesia were closed for holidays, limiting the scope of Friday’s (April 4, 2025) sell-offs in Asia.

Tokyo’s Nikkei 225 lost 2.8% to 33,780.58, while South Korea’s Kospi sank 0.9% to 2,465.42.

The two U.S. allies said they were focused on negotiating lower tariffs with Mr. Trump’s administration.

Australia’s S&P/ASX 200 dropped 2.4%, closing at 7,667.80.

In other trading early Friday (April 4, 2025), the U.S. dollar fell to 144.89 Japanese yen from 146.06. The yen is often used as a refuge in uncertain times, while Mr. Trump’s policies are meant in part to weaken the dollar to make goods made in the U.S. more price competitive overseas. The euro rose to $1.1074 from $1.1055.

At the interbank foreign exchange, the Rupee opened at 85.07 against the greenback, then gained ground and touched 84.96, up 34 paise from its previous close.
| Photo Credit: The Hindu

Rupee appreciated 34 paise to 84.96 against the U.S. dollar in early trade on Friday (April 4, 2025), as the greenback’s broad-based weakness following the impact of U.S. President Donald Trump’s tariffs offered relief to emerging market currencies, including the Rupee.

The key catalysts for the Rupee’s rebound include the fall in crude oil prices and the weakness of the American currency in the overseas market.

Forex traders said the American currency weakened amid concerns surrounding inflationary pressures following the impact of tariffs and a potential recession in the United States. Moreover, retaliatory tariffs from trading partners could trigger a global trade slowdown, adding to recessionary fears.

At the interbank foreign exchange, the Rupee opened at 85.07 against the greenback, then gained ground and touched 84.96, up 34 paise from its previous close.

On Thursday (April 3, 2025), the Rupee settled at 85.30, higher by 22 paise against the U.S. dollar as the greenback weakened against its major peers after President Trump unleashed reciprocal tariffs on about 60 countries.

“The latest round of reciprocal tariffs was expected to boost the U.S. revenue, but the unintended consequences may be more severe. As higher import costs will ultimately burden consumers, potentially slowing economic growth,” CR Forex Advisors MD Amit Pabari said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.42% lower at 101.64. Brent crude, the global oil benchmark, fell 0.84% to $69.55 per barrel in futures trade.

“Among emerging Asian economies, India has emerged relatively unscathed in the tariff battle, facing a softer levy compared to rivals such as China, Vietnam, and Thailand. While major export-driven economies struggle with steeper the U.S. duties, India’s effective rate remains at 27$, among the lowest after the Philippines (17%). This strengthens India’s competitive positioning and provides relative resilience to its currency,” Mr. Pabari added.

In the domestic equity market, the 30-share BSE Sensex fell 594.05 points or 0.78% to 75,701.31, while the Nifty declined 239.85 points or 1.03% to 23,010.25 points. Foreign institutional investors (FIIs) offloaded equities worth ₹2,806.00 crore on a net basis on Thursday (April 3, 2025), according to exchange data.