Trump slaps 25% tariff on India: How should India be responding? Experts debate
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Mint
7 minutes ago
- Mint
India's EV reality check, TCS layoffs heat up, and a $1.5 billion rejection
For the longest time, I drove a diesel SUV as my daily commuter. It wasn't ideal, but even when the fuel gauge dipped to the dreaded 'low fuel' warning, I never panicked. What's the worst that could happen? I could always call roadside assistance through my insurance, and they'd show up with fuel cans. Life with an electric car is very different. No one's going to rush in with a giant battery to bail you out, at least not yet. There is HopCharge, a startup that'll come to your location (in five cities) and charge your car. But when things go wrong with an electric vehicle (EV), they can go really wrong. In my 3,000-km experience, I've encountered vandalized chargers, roadside hawkers refusing to move from charging spots, cars wrongly parked at EV stations, so-called 'fast' chargers working at snail's pace, glitchy mobile apps, and non-existent customer support. If you're buying an EV, a home charger isn't just useful, it's essential. And if you're thinking of long road trips, even the most enthusiastic EV owner should think twice about relying solely on public chargers for a 400-km journey. This is the story of India's EV infrastructure, and the critical loopholes that need plugging before electric vehicles can truly go mainstream. On 27 July, Tata Consultancy Services, India's largest mass tech recruiter, announced that it would lay off about 2% of its global workforce. But as Mint's Jas Bardia and Varun Sood report, insiders have flagged several inconsistencies in how the process has played out. One big question: what exactly do these layoffs achieve? During a leadership meeting with CEO K Krithivasan, business heads were instructed to tell impacted employees that this isn't about profits, it's about 'restructuring' to enable future growth. But someone ran the numbers. If the average salary of those laid off (mostly mid- and senior-level staff) is ₹ 25 lakh per year, letting go of 12,000 employees would save about ₹ 3,000 crore. That's just 6.7% of the ₹ 45,000 crore TCS paid out in dividends in FY24. So, was there another way to manage this? Soon after Operation Sindoor, the Ministry of Defence allocated a $4.5 billion emergency fund to the Army, Navy, and Air Force for procuring critical defence technologies that India currently lacks. One top contender: a compact, lightweight combat drone that can be launched from almost anywhere, functions without GPS, and operates even in network-jammed environments. The Indian Air Force is particularly keen on this drone, with the deal reportedly finalized in principle and awaiting official sign-off. That's not all. India is also in the market for uninterrupted, high-resolution satellite surveillance data. While India's own SBS-3 programme aims to address this gap, existing surveillance satellites still fall short in both resolution and refresh rates. To bridge the gap, the Centre is eyeing foreign partners for round-the-clock, ultra-high-resolution data that could dramatically improve India's real-time intelligence capabilities. Read the full scoop on what's coming next for India's defence tech. India's police satellite network, PolNet, first launched in 2002, is long overdue a revamp. And now, a mix of domestic giants and global players, including Adani and Tata group subsidiaries, Navratna PSU Bharat Electronics, and Cisco, are vying to modernize it. PolNet currently relies on ageing satellite tech. The government's new plan involves bringing in modern, low-earth orbit (LEO) satellites—à la Starlink—for better last-mile connectivity. But despite several extensions and interest from top vendors, the upgrade is stuck in limbo. At stake are contracts worth hundreds of crores. Who will win the race to modernize PolNet? Mint's Jatin Grover investigates. A JPMorgan note suggests that Apple could launch its first foldable iPhone next year, priced at around $2,000. The announcement can't come soon enough: after a strong quarter that beat analyst expectations, Apple's stock rose 3.5%—only to dip again by 6% in the days that followed. With AI seen as its Achilles' heel, can a sleek, foldable device revive Apple's innovation image? And finally, meet Andrew Tulloch, the AI engineer who reportedly turned down a $1.5 billion (yes, billion) offer from Meta to rejoin the company. Tulloch, who spent nearly 12 years at Meta before joining OpenAI and later Mira Murati's new venture, Thinking Machines Lab, is now at the heart of Silicon Valley's most aggressive talent war. Zuckerberg, sources say, still hasn't given up. Transformer by Mint is your weekly lens into the biggest shifts in India's technology landscape. From boardroom battles and AI breakthroughs to defence tech and electric cars, we track the innovations shaping your future.
Economic Times
7 minutes ago
- Economic Times
Piaggio expects L5 electric 3-wheeler penetration to reach 50pc by mid-2028
Small commercial vehicle maker Piaggio Vehicles is expecting L5 electric three-wheeler segment penetration in the domestic market reaching 50 per cent at the most by mid-2028, owing to a structural shift and other factors, a top company official has said. The company, which last month rolled out two new electric passenger three-wheelers -- the all-new Ape E-City Ultra and upgraded Ape FX Maxx- also said there is a need for the government to provide clarity on the issue of continuation of the incentives. Piaggio Commercial Vehicles Pvt Ltd (PVPL) is the Indian subsidiary of Italian auto major Piaggio Group. "There is a spike in the penetration of L5 category electric three wheelers in the country in the last one-and-a-half years. And this is when the government incentives under the FAME program have reduced to one-fourth in the same period," Diego Graffy, Chairman and Managing Director of PVPL, told PTI in an interaction. He said that if the level of penetration continues at this pace, "we expect this to reach 50 per cent by the end of 2027 or the beginning of mid-2028 even if the incentives are withdrawn, as there is a structural shift taking place in the market." There are two categories-- L5 and L3-- in the electric three-wheeler segment. L5 Category refers to three-wheeler auto-rickshaws for carrying passengers or cargo while e-carts fall in L3 category. Both the Central Government and state governments are promoting the faster adoption of EVs through various fiscal incentives to the EV buyers. The second phase of the government's flagship scheme, Faster Adoption and Manufacturing of Electric Vehicles (FAME), launched in 2019 with an initial outlay of Rs 10,000 crore, later increased to Rs 11,500 crore, ended in March last year. Subsequently, a new PM E-Drive Scheme with an outlay of Rs 10,900 crore for two years to boost EV sales, replacing FAME programme was announced in September 2024. "The Government reducing the subsidy to one-fourth in the last one-and-a-half years could have definitely been a big disruption (in terms of demand) but instead of depressing the market, it has only kept on increasing. It means that the change or the shift that is happening now is structural and not anymore incidental. And this shift is happening for multiple reasons," Graffy said. Apart from the structural shift, the factors for the higher penetration include improved charging infra, lower cost of acquisition and ease of financing and servicing. "These challenges have largely been addressed in this period leading to increased penetration, particularly of the passenger segment," he said. According to industry statistics, L5 passenger electric three-wheeler penetration accounted for 22.8 per cent in the total EV sales in FY 25 while the goods e-three-wheeler penetartion stood at 21.5 per cent in the same period. Also, in the April-June quarter of this fiscal, as much as 32.4 per cent of the total ev penetration was recorded in the passenger e-three wheeler segment and 22.8 per cent in the cargo e-three-wheeler segment. Graffy said that the adoption rate across Southern and Western parts of the country however, is still much lower, adding that, it is expected to increase in the next couple of years and when it happens, the overall penetration rate would go much higher than 50 per cent." He said that the e-commerce transition was leading to the demand for cargo e-three-wheelers, which is on the wane now while the passenger segment is picking up very rapidly due to the reason cited earlier. Due to a structural transition that we see, now the passenger segment will have a much higher rate of adoption in the next few months, he stated. He said that Piaggio Vehicles is "maintaining" more or less the pace at which the industry is growing, adding that the company keeps on renewing its product portfolio every two years since 2019 when it first introduced its e-three-wheeler in the country. "We are not doing (renewing products) so frequently unlike many other players are doing in the space. We prefer to take our time. So, we are reviving our products every two years trying to introduce new features with innovation and technology," he said. "We believe EVs are an opportunity to reshape urban transport and improve livelihoods. New ApA© E-City Ultra and ApA© E-City FX Maxx are being built with these realities in mind. They deliver what the Indian customer needs: best in class range, low battery degradation, strong performance, and minimal operating costs," Graffy said on the launch of the two models, which are priced at Rs 3.80-lakh and Rs 3.30 lakh, respectively. "These vehicles are enablers of economic mobility, future-ready solutions that can scale across cities and small towns alike. Our focus is not only on innovation but also on contributing to a more inclusive and sustainable future," he said. On the incentives, he said," uncertainty on (the continuation) of the incentives is definitely very disturbing and some clarity going forward is required." "Even if the government wants the incentives to discontinue from a particular date, declare it clearly so that every OEM can plan the strategy accordingly," Graffy said.
Time of India
16 minutes ago
- Time of India
'No review of pacts, duty on US goods': MEA on speculation over India's response to Trump's tariff; 'disinformation being spread'
MEA FactCheck NEW DELHI: The ministry of external affairs on Sunday debunked claims doing the rounds on social media that "India is considering suspending or reviewing certain bilateral agreements with the United States if hostile economic policies continue". Posting a snapshot from two X handles -- Middle Eastern Affairs and China in English, the foreign ministry said: "Disinformation being spread on X". — MEAFactCheck (@MEAFactCheck) This comes at a time when India-US trade relations hit a bump after US President Donald Trump declared a 25 per cent tariff on Indian goods, even as both nations continue to negotiate a trade deal. Trump also warned of additional penalties on India for buying Russian arms and oil and expressed displeasure over BRICS, of which India is a member, and called India a "dead economy". Meanwhile, Prime Minister Narendra Modi on Saturday made a strong appeal for reviving the spirit of Swadeshi, urging Indians to prioritise locally-made products and stand united in the face of growing global economic uncertainty. Speaking at a public meeting in his Varanasi Lok Sabha constituency, PM Modi warned that the world economy is entering a phase of instability and unpredictability. Calling for a nationwide movement to support indigenous industry, the Prime Minister said the time had come for every Indian, across political lines, to rise above partisanship and back the local economy. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trapani: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Undo "This is not just about Modi saying it, every Indian should say this, if we want India to become the third-largest economy, every political party and every leader, keeping aside their hesitations, must work in the nation's interest and awaken the spirit of Swadeshi among the people," he said.
