Trump's Tariffs, Smart Cities, Billionaires

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

It’s April 3. Today: US slaps tariffs on Indian goods, India’s Smart Cities Mission falls short, and the country’s billionaire count surges. Plus, job openings at Nokia, Nutanix, Swiggy, and more in Who’s Hiring. And don’t miss our new Social Spotlight section featuring sharp takes from founders, investors, and thinkers shaping India.

Policy, Governance & Regulation

> Lok Sabha Passes Waqf (Amendment) Bill, 2025
After a 12-hour debate, the Lok Sabha passed the Waqf (Amendment) Bill, 2025, despite strong opposition calling it unconstitutional. The Bill mandates the permanent inclusion of Muslim women and non-Muslims in key waqf institutions like the Central Waqf Council, State Waqf Boards, and waqf tribunals. India has the largest waqf holdings globally, with 8.7 lakh properties spanning 9.4 lakh acres. (Bar & Bench, NDTV)

> Parliament Approves Immigration and Foreigners Bill, 2025
The Immigration and Foreigners Bill, 2025 introduces stricter regulations on immigration and foreign nationals. The legislation imposes up to seven years in jail and fines up to ₹10 lakh for using forged passports or visas. It also mandates hotels, universities, and hospitals to report foreigners' details to track overstayers. Critics, including Congress MP Abhishek Manu Singhvi, argue the Bill treats all foreigners with undue suspicion. (Livemint)

> US Flags Trade Concerns with India
The US trade report has raised multiple trade concerns about India, citing internet shutdowns disrupting businesses, a ban on blood meal in dairy feed, and agricultural subsidies distorting markets. The lack of strong intellectual property protections—including long patent approval times and no dedicated trade secret laws—has also led the US to place India on its ‘Priority Watch List’. (Indian Express)

> Smart Cities Mission Falls Short of Promises
A decade after its launch, PM Modi’s Smart Cities Mission is set to officially end by March 31, 2025, five years behind schedule. Initially envisioned as 100 high-tech cities, the project was later scaled down to renovating and retrofitting existing cities, focusing on housing, clean water, power, and transport. Despite repeated extensions, the initiative faced implementation hurdles, with projects largely managed by private and public-private special purpose vehicles. (The Wire)

Health & Environment

> Maharashtra’s Akola Faces Water Crisis
Residents of over 60 villages in Maharashtra’s Akola district are battling a severe drinking water crisis, with highly saline water causing kidney failure and other health issues. The worst-hit areas include Balapur, Telhara, and Akot, where villagers are forced to travel 15-20 km daily for potable water or buy it at high prices. (India Today)

Business

> US Slaps 26% Tariff on Indian Imports
President Donald Trump has announced new reciprocal tariffs, targeting countries that impose high duties on US exports. India will face a 26% import tariff, while China is hit with 34%, both of which Trump described as "discounted reciprocal tariffs"—roughly half of what he claims those countries charge the US. The EU (20%) and Vietnam (46%) also face steep levies, with Vietnam bearing one of the highest. (Economic Times, NDTV)

> Government Plans to Cut EV Tariffs
India plans to lower import tariffs on electric vehicles (EVs), despite pressure from domestic automakers to delay cuts until 2029, sources say. Currently, tariffs on imported EVs can reach around 100%, and automakers had proposed a phased reduction to 30% over time. However, New Delhi is pushing ahead, aiming to include EV tariff cuts in an upcoming trade deal with the US. (Reuters)

> Karnataka HC Suspends Bike Taxis
The Karnataka High Court has ruled that bike taxi services like Rapido, Uber, and Ola cannot operate in the state until the government issues proper guidelines under the Motor Vehicles Act, 1988. The court has given the state government three months to formulate regulations and has directed all bike taxi operations to cease within six weeks. (Indian Express)

> Billionaires Grow Despite Market Correction
India set a new record with 205 billionaires on Forbes’ World’s Billionaires List, despite market corrections and a weaker rupee. Mukesh Ambani retained his title as India’s richest person and Asia’s wealthiest, though his net worth fell 20% to $92.5 billion. Gautam Adani lost a third of his fortune but stayed India’s second richest at $56.3 billion. Meanwhile, Savitri Jindal, India's richest woman, climbed to the third spot with $35.5 billion. (Forbes)

Tech, Media & Telecom

> BSNL’s 10-Year Billing Lapse Costs Government ₹1,757 Crore
The government lost ₹1,757.56 crore as BSNL failed to bill Reliance Jio from May 2014 to March 2024 under their passive infrastructure-sharing agreement, according to the CAG. Additionally, BSNL incurred a ₹38.36 crore loss by not deducting the licence fee share from payments made to telecom infrastructure providers. (The Hindu)

> Uber Launches ‘Uber for Teens’ in India
Uber has introduced ‘Uber for Teens’, a dedicated ride-hailing service for 13- to 17-year-olds, across 37 Indian cities, including Delhi, Mumbai, and Bengaluru. Designed for safety and convenience, the service offers GPS tracking, real-time monitoring, and an emergency button, allowing parents to oversee rides in real time. (Economic Times)

> Agentic AI is on the Rise
India is emerging as a global leader in agentic AI, with 80% of businesses actively developing autonomous AI agents. These AI systems operate independently, requiring minimal human intervention to achieve specific goals. The report also highlights a growing emphasis on multi-agent workflows, where sub-agents collaborate under a master agent’s supervision—a key priority for 50% of Indian firms. (Business Standard)

> Tech IPO Boom: $100 Billion in Listings by 2027
India’s tech IPO market is set for a major revival, with over 36 startups—valued at a combined $100 billion—planning to go public by 2027, per Rainmaker Group. Among the biggest names eyeing a listing are Flipkart, PhonePe, and Oyo Hotels. While India was the world’s second-largest IPO market last year, momentum has slowed recently. (Bloomberg)

Quick Hits

> India produced a record 1,681 railway locomotives in FY 2024-25, outpacing major regions like the US and Europe.

> Zerodha co-founder Nithin Kamath warns of rising digital fraud, with over ₹2,000 crore lost in the year, including scams where fraudsters impersonate police officers.

> Indian startups raised $3.7 billion in Q1 2025, driven by large deals and steady early-stage investments.

> Men’s fashion brand The Bear House raises ₹50 crore in Series A, led by JM Financial.

> Documentary Amma’s Pride follows Srija and her mother’s fight for legal recognition of Tamil Nadu’s first transgender marriage in 2019.

> MF Husain’s rediscovered masterpiece Untitled (Gram Yatra) sold for a record $13.8 million at a Christie's auction.

Worth a Look

It’s been 14 years since India won the ODI Cricket World Cup on April 2, 2011. Watch the highlights to relive that iconic day.

Who’s Hiring

> Nokia is hiring a Corporate & Business Counsel.

> Swiggy is hiring a Senior Manager - Strategy & Investment.

> Allo Health, which runs a sexual wellness clinic, is hiring a Generalist - Founder’s Office.

> Nutanix, a US-based cloud computing company, is hiring a Commercial Legal Counsel.

> Target is hiring a Senior Program Manager.

Social Spotlight

> Myntra co-founder Mukesh Bansal emphasizes the need for India to focus on innovation over efficiency-driven startups.

> A hepatologist critiques Bryan Johnson’s longevity products, questioning their health claims.

> An investor shares his perspective on the challenges of being a founder—and how the tables turned when he switched to investing.

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