From Trump tariffs' impact on India to the evolution of EV market, our top stories of the week

In this week's newsletter, also read about how Anish Shah is revolutionising Mahindra Group, legacy automakers' attempt at claiming the EV throne, Forbes India's new podcast 'Gone Public', and more

By Forbes India

Published: Apr 5, 2025 10:00:00 AM IST

Updated: Apr 4, 2025 04:26:31 PM IST

1) Trump tariffs and India

US President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, DC, US on April 2, 2025. Image: Carlos Barria / Reuters

On what he dubbed as 'Liberation Day', US President Donald Trump unveiled unprecedented trade tariffs for countries across the globe. Trump, while speaking at the White House, said Prime Minister Narendra Modi was a "great friend" but that he had not been "treating us right". On the charts displayed at the announcement, the tariffs listed India at 26 percent, but a subsequent annexe put duties at 27 percent. In addition to the 10 percent baseline tax for all countries by the US, these numbers threaten inflationary pressures, a slowdown in growth and volatility in stocks worldwide. But how does it impact India specifically? How are markets taking this new development? Will an easy monetary policy provide some respite until the negotiations of the first tranche of a bilateral trade agreement with Washington are finished? Here are some answers.

2) Remaking Mahindra Group

Anish Shah, CEO, Mahindra & Mahindra Image: Mexy Xavier

Anish Shah is the first group head from outside the founding family of Mahindra & Mahindra since its inception in 1945. Shah first took charge as a deputy managing director and group chief financial officer in April 2020. He stepped up as CEO a year later. Since then, the group's automotive business has come out of its rough patch as bestsellers Scorpio, Thar, Bolero, and even their tractors outsell the competitors. Shah operates with the mantra: Do less, but whatever you do, do it well. As a manager, he is seen to be driven by numbers. Here, we present an overview of the opportunities and challenges that Shah needs to tackle to achieve what only a few leaders in corporate India have managed.

3) Reclaiming the throne

Bajaj’s EV manufacturing plant in Akurdi, Pune. So far in 2025, Bajaj has sold 54,348 electric two-wheelers Image: Courtesy Bajaj Auto

“They came, they saw, they kept quiet, and then they captured.” Amit Kaushik, managing director (India) at Urban Science International, a Detroit-based global consulting firm, told Forbes India in October last year when he was asked about the recent success of legacy players in the EV two-wheeler market. Bajaj, TVS, Hero, and Honda, which were enjoying their ICE success, took their sweet time to make room for the EV evolution. In EVs, the three big boys—Hero, Bajaj and TVS—were pale shadows of their dominating might in petrol two-wheelers as Ola Electric and Ather Energy started capturing the market. Come 2025, Bajaj has become the largest electric two-wheeler maker in the country, followed by TVS Motors. What changed? Is it the tipping point for the Indian EV two-wheeler market? Here are some answers.

1) Vi - Relying on one more lifeline

Image: Indranil Mukherjee / AFP

Vodafone Idea, India's third largest telecom operator, has posted Rs11,360 crore revenue in Q3FY25, only a 6 percent rise from its September 2023 numbers. It has failed to stop the subscriber base freefall of the last 26 consecutive quarters. Its plans to raise Rs25,000 crore in debt have not materialised, and the company is still spending money on upgrading the subscriber base from 2G to 4G. At a glance, nothing seems to be going right for the entity created after the merger in 2018, except for the recent government approval to convert Rs36,950 crore spectrum liability into equity. This will raise the government's stake to nearly 49 percent and give Vi some breathing room to figure out the next steps to survive the competitive Indian telecom market. Lifelines are temporary measures. Here's a quick analysis of what Vi needs to do to show growth and become viable to attract investors.

2) Gone Public

Welcome to Gone Public, a new podcast series by Forbes India. This new podcast will take you behind the scenes of an IPO or an initial public offering with investment banker and host Mangesh Ghogre. The podcast aims to uncover the untold stories behind the IPO process, from the challenges a company faces to the highs and lows. Whether you're an entrepreneur, investor, or just curious about the world of public listings, this conversation will offer valuable insights for everyone. In the first episode, Aloke Bajpai, the co-founder and managing director of Ixigo, discusses the strategic decisions, hurdles, and pivotal moments they experienced.

3) Cyberbullying in the age of 'Adolescence'

Image: Shutterstock

Netflix drama series Adolescence has found itself stirring a conversation about the role of social media in shaping adolescent behaviour and the urgent need for proactive measures to protect young individuals from online harm. The story of 13-year-old Jamie Miller in the series sheds light on the pervasive nature of cyberbullying, illustrating how digital platforms can worsen feelings of isolation and vulnerability among teenagers and how simple it is to draw them into harmful online subcultures which propagate misogynistic ideologies. These toxic communities and dangerous behaviours are not limited to the Western world. With its explosive digital growth, India has also become a fertile ground for these noxious practices. 19.2 percent of Indian children are bullied through social networks and online programmes, while 7.9 percent are bullied through electronic video games. These numbers and their impact raise alarm bells for parents, schools, and authorities.

4) How India is going electric

Mahindra & Mahindra Ltd. Chakan plant near Pune. Plant's V Block TCF is dedicated to Electric Origin Suvs XEV9e and BE6. Image: Amit Verma

India’s electric vehicle landscape has evolved from a niche concept to a rapidly growing industry driven by technological advancements and policy support in just three decades. Kerala-based Current Controls launched India's first electric car, 'Ladybird' in 1993. The launch of the Reva (later Mahindra e2o) in 2001 was one of the earliest attempts at commercialising electric cars. Government initiative Faster Adoption and Manufacturing of Electric Vehicles (FAME) in 2015 brought a shift. Indian auto giants such as Tata Motors, Mahindra & Mahindra, and Hero began investing heavily in the sector. The launch of the Tata Nexon EV in 2020 marked a significant milestone, proving that EVs could be both affordable and practical for Indian consumers. The 2020s are experiencing exponential growth in the sector, attracting a global player like Tesla. Here's a look at how India's EV story is evolving.