Gold Investments, Heatwave, Haldiram's

Welcome to 1947—your sharp, no-nonsense guide to India’s most important news.

It’s April 1. Today: rising gold investments, heatwave raises economic concerns, and Temasek backs Haldiram’s. Plus, job openings at Wipro, Mudrex, Uber, and more in Who’s Hiring.

Policy, Governance & Regulation

> India Rejects NYT Report on HAL-Russia Tech Transfer
The government has dismissed a March 28 New York Times report alleging Hindustan Aeronautics Limited transferred sensitive tech to a blacklisted Russian arms supplier, calling it "factually incorrect and misleading." Officials accuse NYT of distorting facts to fit a political narrative. (NDTV, New York Times)

> Government Clashes with X Over ‘Censorship Portal’ Label
India criticized X for wrongly calling an official website a “censorship portal”, arguing it simply notifies tech firms of harmful content. The dispute escalates a legal battle over content takedowns, as Musk prepares to launch Starlink and Tesla in India. (Reuters)

Health & Environment

> Scorching Summer Threatens Economic Growth
India is set to experience hotter-than-usual weather through June, with more heatwave days than normal. This poses risks of water shortages and increased strain on the power grid as air conditioners see higher demand. Rising temperatures also threaten wheat crops being harvested now. The heat is expected to boost coal consumption at power plants to prevent blackouts, straining resources as policymakers prepare for record electricity demand. (Bloomberg)

Business

> IPO Market Surges, But Investor-Backed Listings Lag
A report says India saw 326 IPOs in 2024, up 20% from 2023. However, VC deal values fell 56% from 2022 to 2024, while PE deal values dropped 13%, raising concerns about the future IPO pipeline. Notable IPOs included Waaree Energies ($514M) and Vishal Mega Mart ($942M). (Axios, Pitchbook)

> PhysicsWallah Nears Rs 2,500 Crore Deal to Acquire Drishti IAS 
PhysicsWallah is in advanced talks to acquire Drishti IAS, a leading UPSC prep firm, for ₹2,500-3,000 crore (approximately $300-360 million). This could be the largest edtech acquisition in years. The move comes as PhysicsWallah prepares for its $500 million IPO, targeting a $5 billion valuation. (Entrackr)

> Investors Seek Safety in Gold
With local equities struggling, Indians are pouring money into gold exchange-traded funds, driving record inflows—₹37.5 billion ($437 million) in January and ₹19.8 billion ($231 billion) in February. As gold prices hit all-time highs, investors are turning to the traditional safe-haven asset. (Financial Times)

> Record $129.4 Billion in Remittances Received in 2024
India received a record $129.4 billion in remittances in 2024, marking the third consecutive year over $100 billion. The December quarter alone saw $36 billion in inflows, the highest ever for a single quarter. India’s stock of international migrants has tripled since 1990, reaching 18.5 million in 2024. (Economic Times)

Tech, Media & Telecom

> Government Raises Vodafone Idea Stake to 48.99%
The government will inject ₹36,950 crore into Vodafone Idea by converting spectrum dues into equity, raising its stake from 22.6% to 48.99%. The move eases the telco’s financial strain but leaves challenges in raising fresh capital and expanding 4G/5G. Citi Research reaffirmed a buy/high risk rating, citing the government’s backing as a balance sheet boost. (Hindu, Economic Times)

> Small ISPs Struggle as Jio, Airtel Dominate Broadband 
Local ISPs are under pressure as Reliance Jio and Bharti Airtel expand their home broadband footprint. Of 2,000 licensed ISPs, only 1,300 are active, with smaller players facing shrinking margins and consolidation. Top ISPs like Hathway (Reliance-backed), ACT Fibernet, Excitel, and Tikona are competing for 300 million addressable homes, but the market is increasingly skewed toward major telcos. (Economic Times)

> Streaming Market Grows Amid Broader Entertainment Slowdown
India’s streaming market is expanding, especially among wealthier consumers. Netflix now has 15 million subscribers, and paid music subscriptions have tripled since 2020. Media companies now earn $1.2 billion from online subscriptions, nearly double the 2021 figure. Despite this, India’s entertainment sector grew just 3% last year, while the anticipated ad boom has yet to materialize. (Bloomberg)

Quick Hits

> Prime Minister Modi will flag off the first Vande Bharat train to Kashmir on April 19, completing the 272 km Udhampur-Srinagar-Baramulla rail stretch.

> India, the world's second-largest hub for international schools, has seen a sharp rise from just 8 International Baccalaureate schools in 2000 to 972 international schools in 2025.

> Singapore's Temasek has acquired a close to 10% stake in Haldiram’s, India’s largest snackmaker, for $1 billion.

> Foxconn plans to assemble 25-30 million iPhones in India this year—more than double last year's 12 million—as Apple expands local manufacturing.

> Spinny, the Gurugram-based used-car platform, has raised $131 million at a flat valuation of $1.7-1.8 billion, led by Accel Leaders Fund.

> Renault will take full control of its Indian manufacturing JV with Nissan, acquiring Nissan’s 51% stake while both brands continue operating independently.

> Sunrisers Hyderabad has accused the Hyderabad Cricket Association president of blackmail and coercion over ticketing demands.

> Ranveer Allahbadia has resurfaced on YouTube months after the ‘India’s Got Latent’ controversy, announcing the return of his podcast.

> In an Instagram post, an American mother shares why she chose to raise her kids in India, citing cultural awareness, multilingualism, and adaptability.

Worth a Look

Acquired, one of the world’s top business podcasts, just dropped a four-hour deep dive into the Indian Premier League. From Lalit Modi’s vision to billion-dollar media deals and spot-fixing scandals, it’s everything you need to know about the IPL’s rise.

Who’s Hiring

> Uber is hiring a Senior Product Manager (Direct Growth).

> Wipro is hiring an Associate Corporate Counsel.

> GoKwik, which offers fullstack solutions for ecommerce brands, is hiring Product Managers, Product Marketing Managers, and more.

> Mastercard is hiring a Counsel, Business Conduct Office.

> Mudrex, a Y Combinator-backed crypto exchange, is hiring an Associate - Global Expansion.

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