From Trump Tariff Shock To Waqf Bill's Passage — The Week That Was

The first week of the new financial year didn't tiptoe in — it crashed through the gates with Donald Trump's global tariffs. The US president announced a sweeping 10% duty on all exports to the US — not even sparing the penguins of Antarctica or the uninhabited McDonald Islands.

Back home, Union minister Piyush Goyal's comments at the Startup Mahakumbh about India's startup ecosystem sparked a heated debate, led by Zepto’s Aadit Palicha.

India has found itself squarely in the crosshairs of Trump’s latest tariff offensive. A 27% duty has been slapped on all Indian imports, as part of a sweeping measure that imposes a minimum 10% tariff on exports from every country to the United States. The move is aimed at narrowing trade deficits, with Trump calling it "our turn to prosper".

Speaking from the White House on 'Liberation Day', Trump made it clear that countries wanting zero tariffs would need to "build in America". India, which has seen growing exports to the US in recent years, is now one of 60 countries facing additional penalties under Washington's new "reciprocal tariffs" framework.

Former US Assistant Secretary of Commerce Ray Vickery warned of a potential trade war, while BCA Research's Marko Papic called Trump's tariff logic "borderline laughable". Ajay Bagga advised Indian investors to stay focused on local fundamentals and consider hedging with gold. Bernstein said the tariffs could stoke inflation if they remain in place and expects retaliatory action from some of the affected countries, including India.

A few major players gave early peeks into their fourth-quarter performance ahead of earnings season kickoff next week, with Tata Consultancy Services Ltd. reporting on April 10 — a market holiday for Mahavir Jayanti. 

• Vedanta: It posted record aluminium and zinc production for fiscal 2025. Annual aluminium output rose 2% to 2,421 kt. Zinc International fourth quarter production surged 52% year-on-year, and total power sales rose 18% sequentially.

• HDFC Bank: The company reported a 14% jump in deposits and 5.4% growth in gross advances. Retail loans were up 9%, rural and commercial loans grew 12.8%, but corporate lending dropped 3.6%. The private lender's results are due April 19.

• Avenue Supermarts: The D-Mart operator added 28 stores in the last quarter of fiscal 2025 — its highest-ever quarterly addition. Revenue rose 17% to Rs 14,462 crore. The chain now has 415 stores nationwide.

Piyush Goyal stirred up quite the hornet’s nest at the Startup Mahakumbh. The commerce minister urged Indian startups to move away from "ice cream and grocery delivery" and toward deep tech like AI, semiconductors, and robotics. "Are we going to be happy being delivery boys and girls?" he asked bluntly.

Zepto CEO Aadit Palicha clapped back with a data-heavy LinkedIn post, defending consumer internet startups. Zepto alone, he said, provides 1.5 lakh jobs, brings in over Rs 1,000 crore in taxes, and has attracted over a billion dollars in foreign direct investment. "If that isn't a miracle in Indian innovation, I don’t know what is," he wrote.

Zoho's Sridhar Vembu offered a more conciliatory take, seeing Goyal's comments as a challenge rather than a dismissal. Former Infosys CFO Mohandas Pai asked the government to have faith and enable Deep Tech. And Anupam Mittal flagged capital and ecosystem constraints as major hurdles for startups wanting to go deeper than delivery.

Vodafone Idea got another shot at survival — the government agreed to convert Rs 36,950 crore worth of spectrum dues into equity. Vi will issue 3,695 crore shares at Rs 10 each. This move bumps the government's stake in the telco from 22.6% to nearly 49%.

Promoters will retain operational control, but with spectrum-related dues wiped clean, Vi now has breathing room to borrow more and invest in capex. As former Airtel CEO Sanjay Kapoor puts it — this isn't about numbers, it's about keeping the company alive. EY's Prashant Singhal said the government’s intent is clear: keep Vi running. TRAI's Satya N Gupta, meanwhile, wondered why the government isn't seeking a board seat despite nearly half ownership.

Parliament wrapped up the week with a legislative flurry. Among the big ones cleared:

• Waqf (Amendment) Bill, 2025 was passed after a marathon 13-hour debate. Opposition called it anti-Muslim; the government called it historic reform.

• Immigration and Foreigners Bill, 2025 got Rajya Sabha nod after being passed by the Lok Sabha last week.

• Protection of Interests in Aircraft Objects Bill, 2025 aims to boost aircraft leasing — cleared by both Houses this week.

• Finance Bill 2025 was returned to Lok Sabha with 35 amendments, including scrapping of the 6% digital ad tax.

• Appropriation Bill (3) also passed, bringing this year’s budget session to a formal end.

Stories from us this week that you should read:

• Trump's 'Liberation Day' Tariffs — Impact On India And Possible Response

• In Charts: India-US Trade From A Global Lens

• America Is Headed For A Grim Fiscal Reckoning

• Quick Commerce Is Burning Itself And Disrupting Others | Open Interest

• New Tax Slabs From April 1: What Changes For Taxpayers From Today—Everything You Need To Know