New Airlines, Tyre Burning, Travis Scott

Welcome to 1947—your clear, unbiased source for news that helps you cut through the noise and form your own conclusions.

It’s March 26. Today: three new airlines preparing for takeoff, illegal tyre burning concerns, and Travis Scott’s India concert announcement. Plus, job openings at CoinSwitch, Airtel, Amazon, and more in Who’s Hiring.

Policy, Governance & Regulation

> Delhi Budget: 2025-2026
Delhi CM Rekha Gupta presented the ₹1 lakh crore Budget for FY26, marking a 31.5% increase from the previous year. The Budget focuses on ten key areas, including Yamuna cleaning, women’s economic empowerment, infrastructure, and connectivity. Capital expenditure has been doubled to ₹28,000 crore. Key allocations include ₹300 crore for pollution control, ₹9,000 crore for clean water and sanitation, and ₹6,874 crore for healthcare. (The Hindu)

> Government Eyes Tariff Cuts to Avert U.S. Trade Blow
India is open to cutting tariffs on over half of U.S. imports worth $23 billion as part of a trade deal aimed at mitigating the impact of upcoming U.S. reciprocal tariffs, sources say. The move comes as India anticipates that President Trump’s new tariff measures, set to take effect on April 2, could affect 87% of its $66 billion exports to the U.S. The proposed deal would reduce tariffs on 55% of U.S. goods currently facing duties of 5%-30%. (Reuters)

> Samsung Slapped with ₹5,156 Crore Tax Demand
Indian tax authorities have ordered Samsung to pay ₹5,156 crore ($601 million) in back taxes and penalties for allegedly misclassifying telecom equipment imports to evade tariffs of 10-20%. The demand amounts to a significant portion of Samsung India’s ₹8,194 crore net profit last year. The imports, linked to Samsung’s network division, were sold to Reliance Jio. (Reuters)

Health & Environment

> UK’s Waste Tyres Illegally Burned in India
Millions of tyres exported from the UK to India for recycling are instead being burned in makeshift furnaces, releasing toxic gases and chemicals. Estimates indicate that 70% of imported tyres end up in illegal pyrolysis plants, despite official paperwork indicating they are destined for legal recycling. The UK exports around 25 million tyres annually to India, with campaigners alleging that the UK government is aware of the environmental and health risks but has failed to act. (BBC)

> Activist Fighting to Save Delhi’s Dwarka Forest Faces Attack
Naveen Solanki, who has been fighting to protect Delhi’s 120-acre Dwarka Forest from deforestation and waste dumping, claims he was attacked in February, but no FIR has been registered. Since 2022, he has faced opposition for his conservation efforts, which led to a Supreme Court stay in September 2024 on tree felling and construction. However, on March 3, the court clarified that the stay applies to only 30 acres—just 25% of the forest. (Scroll)

Business

> Market Slump Hits Retail Investors Hard
Indian equities have lost over $1.2 trillion in value since September, with the NIFTY 50 falling 16% from its peak and logging its longest losing streak since 1996. Small retail investors, many of whom chased hyped-up stocks, suffered major financial setbacks as corrections took hold. This downturn follows a rapid surge in retail participation, with NSE investor registrations nearly tripling to 92 million between 2020 and 2024. (DW)

> Coming Soon: Three New Airlines
The aviation sector is set for a major expansion in 2025 with the launch of three new airlines—Air Kerala, Shankh Air, and Alhind Air. Shankh Air will be Uttar Pradesh’s first full-service airline, operating from the upcoming Noida Jewar International Airport. Meanwhile, Kerala will strengthen its position as an aviation hub with Air Kerala and Alhind Air, both focusing on regional routes and international travel, particularly to the Gulf. (Free Press Journal)

> IRDAI Flags Claim Settlement Issues at Star Health
The Insurance Regulatory and Development Authority of India (IRDAI) has found serious lapses in the claim settlement practices of Star Health and Allied Insurance. While the investigation is ongoing, regulatory action is expected. The insurer has the highest number of customer grievances among its peers and a lower-than-average incurred claim ratio of 66.47% (industry average: 82.52%). Star Health’s stock fell to a new 52-week low. (Economic Times, Moneycontrol)

Tech, Media & Telecom

> Government Scraps 6% Digital Tax, Easing Costs for Tech Giants
India will scrap the 6% equalization levy on digital advertising services provided by foreign companies starting April 1. The move aims to ease costs for tech giants like Google, Meta, and Amazon while addressing U.S. trade concerns, following pressure from Washington. The announcement was made by Finance Minister Nirmala Sitharaman as part of amendments to the 2025 Finance Bill. (Reuters)

> Paytm Drops Juspay, Moves to Direct Payment Processing
Paytm will stop using third-party payment orchestration platforms like Juspay from April 1, 2025, requiring businesses to transition to Paytm Payments Services Limited (PPSL) for transactions. This aligns with a broader industry trend, as fintech firms like Razorpay, PhonePe, and Cashfree have also shifted to direct processing, reducing reliance on intermediaries. (Moneycontrol)

> Deep Tech Struggles to Scale
India’s deep-tech startups, despite growing significantly, faced a sharp 77% decline in funding in 2023. While the second half of 2024 shows signs of recovery, the overall funding climate remains cautious. Although there are over 3,600 deep tech ventures in India, only about 500 are built on core scientific innovations, with many struggling to secure later-stage capital after seed funding. (Swarajya)

Quick Hits

> Mumbai police have summoned comedian Kunal Kamra for questioning over his remarks about Maharashtra Deputy CM Eknath Shinde.

> The BJP is launching the "Saugat-e-Modi" campaign to distribute festival kits to 32 lakh underprivileged Muslims, but the opposition calls it a political gimmick ahead of Bihar elections.

> Supreme Court takes up suo motu case on Allahabad High Court ruling that grabbing a minor’s breasts is not attempted rape.

> Travis Scott will perform in India for the first time on October 18 at New Delhi’s Jawaharlal Nehru Stadium as part of his “Circus Maximus” tour.

> India will host the 2025 Women's ODI World Cup from September 29 to October 26, with the final set for Mullanpur. Matches will also be played in Vishakhapatnam, Thiruvananthapuram, Raipur, and Indore.

> India claimed victory in both the men’s and women’s Kabaddi World Cup finals. These stunning photos capture the intensity of the sport.

> Gaggan in Bangkok has been named the best restaurant in Asia on the Asia 50 Best Restaurants list, known for its innovative 22-course Indian-accented menu.

Worth a Look

India claimed victory in both the men’s and women’s Kabaddi World Cup finals. Here are some captivating photos from the tournament that showcase the intensity and excitement of the sport.

Who’s Hiring

> Amazon is hiring a Corporate Counsel - Healthcare & Technology Operations to lead compliance for teleconsultation, pharmacy operations, and an upcoming diagnostics launch.

> JPMorganChase is hiring a Strategy and Business Development Associate, requiring prior experience in business management or operations.

> CoinSwitch is hiring a Senior Associate - Legal to assist with product advisory, contract management, and more. Ideal for lawyers keen on crypto regulation.

> Cashfree is hiring Product Managers, Senior Manager - Legal, and more following its recent $53 million fundraise.

> Airtel is hiring a Growth Marketing Manager.

Share 1947

Here’s a quick message you can send family, friends, and colleagues.

As always, we’d love to hear your thoughts on this issue—what works, what doesn’t, and how we can make this even better.

Thanks for reading! See you tomorrow.