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Tag: Donald Trump

  • Trump Supporter, Billionaire Bill Ackman Warns of ‘Economic Nuclear Winter’ Due to Tariffs

    In order to avoid “a self-induced economic nuclear winter”, a billionaire supporter of Donald Trump, Bill Ackman, has urged the US president to halt his newly announced trade penalties. The president should give nations three months to reconsider their trade agreements with the United States, according to hedge fund investor Ackman. Other well-known Wall Street personalities reiterated Ackman’s warning on March 7. Jamie Dimon, the head of JPMorgan Chase, stated that Trump’s tariffs run the risk of raising costs for Americans. The White House has hurried to describe speculation that the US president may halt fresh tariffs as “fake news”.

    Ackman stated in a post on X that if the new taxes are implemented, corporate investment will stop, and customers will stop spending money. He further added that America will suffer significant harm to its standing with the rest of the globe, which may take years or even decades to repair.

    Global Economy Taken a Massive Hit

    Trump already imposed a 10% base duty on all US imports of products on 5 April, and dozens of economies are preparing for even higher tariffs beginning on 9 April. Major US trading partners China and the European Union are among those hardest-hit nations. They will be subject to increased levies of 34% and 20%, respectively. In an annual letter to shareholders, Dimon stated that the new tariffs are making many people think that there is a higher chance of a recession and would probably raise inflation. He went on to say that while it’s unclear if the tariff option will lead to a recession, it will hamper GDP. In a post on X on April 7, billionaire Stanley Druckenmiller, the founder of the investment firm Duquesne Family Office, stated that he opposed tariffs higher than 10%. Fisher Investments’ founder and executive chairman, billionaire Ken Fisher, later in the day remarked on X that Trump’s announcement on 2nd April was foolish, incorrect, rudely extreme, uninformed in terms of trade, and using the wrong instruments to solve a non-issue. He commented further that as far as he can tell, though, it will fade and fail, and the fear outweighs the issue; therefore, he is bullish. Although he usually stays out of the public eye when it comes to presidential activities, Fisher pointed out that Trump is far outside the pale when it comes to tariffs.

    Musk Hoping for ‘Zero Tariff Situation’

    Even Elon Musk, the richest man in the world and a leading Trump supporter, expressed his hope on 6 April for a “zero-tariff situation” between the US and Europe. During a video connection chat with Matteo Salvini, the deputy prime minister of Italy, Musk expressed his desire to see a successful “free-trade zone” established between North America and Europe. Simon MacAdam, deputy chief global economist at consulting firm Capital Economics, echoed Ackman. He stated that companies were likely to postpone investments because of the uncertainty surrounding Trump’s tariff policies. He stated that a person operating a mid-sized or even large-cap company will be really unsure of what to do. Speaking to a media outlet, he stated that entrepreneurs would be burning their time and possibly hundreds of millions of dollars on new plants in the United States if those tariffs were to be lowered again in a few months.

  • Alert for Google, Amazon, and Microsoft’s H-1B Visa Employees

    According to a recent post by the US’ renowned media house, US tech businesses are warning visa-holding employees not to leave the country for fear of being denied entry again. Under the new Trump administration’s immigration policies, Indian tech workers—who comprise the largest group of H-1B visa holders in the United States—are already dealing with increasing uncertainty. The H-1B program, which uses a lottery system to approve about 65,000 visas a year, has become crucial to the US IT industry. The majority of these approvals are given to Indians, who are followed by Chinese and Canadian citizens. Amazon, Google, Meta, Microsoft, and Apple are among the major employers.

    Fear Mounting Among Indians Working US

    Fearing denial of re-entry to the United States, two H-1B employees interviewed by a US media group have cancelled their plans to travel to India. One person voiced worries that a future child would be stateless—that is, neither American nor Indian—due to the administration’s possible modifications to birthright citizenship. According to an H-1B employee who spoke to a US media source via an attorney, everyone who is not a US citizen is presumed to be here illegally. Practical difficulties have also been brought about by the uncertainty. Businesses are paying for accelerated processing of visa extensions to offset delays. With a significant percentage of H-1B applications coming from IT outsourcing companies like Infosys and Cognisant, the tech sector is highly dependent on foreign expertise, particularly Indians.

    Green Card Tougher Nut to Crack Now

    The process of obtaining permanent residency is already incredibly drawn out for Indian tech workers. Even though they work for renowned companies, many Indians endure decades-long wait times because of per-country Green Card limits. Despite starting a business with hundreds of employees, Aravind Srinivas, CEO of the AI startup Perplexity, which was reportedly valued at $9 billion, posted on social media that he had been waiting three years for a green card. The administration’s larger immigration policy has caused a great deal of fear. Denial rates for skilled visas increased to 15% during Trump’s first term, and immigration lawyers are cautioning their clients that such increases could happen again.

    President Trump’s most recent executive order caused a great deal of criticism, mostly among Indian-Americans. Signing of the order took place on January 20, 2025. It stops children born to temporary visa holders—including those with H-1B—from obtaining U.S. citizenship at birth. Accordingly, children will only be eligible for U.S. citizenship if at least one of their parents is a citizen or a holder of a green card.

    With hundreds of thousands of Indians residing in the US on temporary work, study, or dependent visas, the ramifications are enormous. Critics point out that Trump’s interpretation of the 14th Amendment is inaccurate because it was enacted to guarantee citizenship to all people born in the United States, regardless of the immigration status of their parents.

  • Wall Street in Turmoil as Trump’s Tariffs Shake Markets

    The US stock market took a huge hit as about $1.7 trillion was wiped out from the S&P 500 Index at the start of trading. The sharp drop came after President Donald Trump declared sweeping tariffs, which sent fear of a recession through the markets. Companies that depend on international supply chains were the most affected, with big names like Apple, Nike, and Walmart taking major hits.

    Massive Market Selloff

    When trading commenced, the S&P 500 took its possibly largest drop since 2022, with close to 70% of its companies going down. Apple Inc., which relies almost entirely on China for manufacturing, fell 8%. Nike and Lululemon, with their main supply link in Vietnam, lost about 10% each. Then there were the big retailers. Walmart fell 2%. Dollar Tree dropped 11%. By the time trading ended, the S&P 500 had closed down 6.4%.

    By midday, the market downturn took a turn for the worse, with the S&P 500 sinking 4%, marking its severest single-day dive since the COVID-19 crash. The Dow sank an astounding 1,412 points, down 3.3%, while our old friend, the tech-heavy Nasdaq, was hit particularly hard, plummeting 5.1%. Futures tied to the indices were spiraling downward too—S&P 500 futures were off 5%, Dow futures were down 2.8%, and Nasdaq futures were lower by 3.8%. Oil prices also took a beating, slumping over 4%, while the US dollar fell to its lowest value against the Japanese yen in months.

    Tech Stocks Lead the Decline

    The selloff hit the tech sector hardest. The Philadelphia Semiconductor Index plunged almost 6%. Nvidia, Broadcom, and Micron Technology each dropped over 5%.

    The Magnificent Seven tech stocks (Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla) lost value. A combined drop of more than $1 trillion from these stocks was noted over two trading days.

    Economic Consequences and Recession Fears

    Market analysts fear that Trump’s tariffs—now more aggressive than his first-term measures—could set off a broader economic downturn. Atif Malik of Citigroup estimated that if Apple had to absorb the new tariff costs, which are applied at a rate of 25% (up from 10%) on most Chinese products, its gross margin could shrink by as much as 9%. Meanwhile, JPMorgan economist Michael Feroli warned that the tariffs represent the largest tax hike since 1968 and could increase inflation by 1.5%, which would then dent personal incomes and consumer spending.

    According to Bhanu Baweja of UBS Group AG, if there is continued uncertainty over tariffs or if talks with trading partners stall, the risk of a downturn in the U.S. stock market rises. Some analysts go further and say that if trade developments worsen, the S&P 500 could drop below 5,000—much deeper into slump territory than where it stands right now.

    A universal 10% import duty and additional charges on certain countries characterized the new tariff regime. Far from being equal, these tariffs hit China the hardest, with their total coming to 64% when you add up the previous trade measures. The European Union (20%), Taiwan (32%), and Vietnam (46%) were also hit hard. The new regime sent financial markets across the globe into a tizzy, though international reaction was considerably milder than Wall Street’s. 

  • Founder of OnlyFans and Hbar Foundation Placed Late-Stage Bid to Purchase TikTok

    They newly formed collaboration between Hbar Foundation and Tim Stokely, the creator of OnlyFans, announced on 3 April that it has submitted a late-stage plan to buy the short video app TikTok from its Chinese owner, ByteDance. The Hbar Foundation, which oversees the treasury of the Hedera cryptocurrency network, and Zoop, the new business of millionaire Stokely, sent the intent to bid to the White House this week. OnlyFans is mostly renowned for its erotica content. On the other hand, Zoop is a mainstream, family-friendly website that rewards its users for increasing user engagement by returning the majority of its profits to the people who post on it. RJ Phillips, a co-founder of Zoop, told the media that the company’s offer for TikTok is about establishing a new paradigm. This development means the value that creators create directly benefits their communities as well as themselves. According to Phillips, the partners have been collaborating with a group of investors. He refused to elaborate on the bid or the investors supporting it.

    Amazon also Putting its Bid

    According to a media report, Amazon also made a last-minute bid to acquire TikTok on 2 April. US President Donald Trump is anticipated to review a proposal for TikTok that would determine the future of the 170 million-user app. According to US legislation that went into force on January 19, ByteDance has until April 5 to sell TikTok or risk being banned from the US for national security reasons. Concern in Washington that TikTok’s ownership makes it accountable to the Chinese government and that Beijing could use the app to carry out influence operations. These concerns were reflected in the bill, which was passed last year with widespread backing from both parties. Supporters of TikTok contend that the prohibition violates the First Amendment of the US Constitution, which protects free speech, by illegally threatening to deny Americans access to foreign media.

    Trump Pushing the TikTok Deal

    After taking office in January, Trump delayed the law’s implementation until April 5 in order to negotiate an agreement. He has stated that if necessary, he could further extend the deadline. According to a media outlet, discussions on TikTok have come to a consensus on a plan for the largest non-Chinese investors in ByteDance to increase their investments and buy the app’s US business. Without naming the groups, Trump said last month that his administration was in contact with four of them on a potential TikTok merger. The White House is acting as an investment bank in the much-publicised TikTok sale, and US Vice President JD Vance is in charge of the bidding.

  • Elon Musk Denounces “Fake News”, Says won’t be Leaving as DOGE Chief

    Politico and other media sites were criticised by Elon Musk and the White House on 2 April for claiming that the billionaire would “step down” as director of the Department of Government Efficiency. President Donald Trump reportedly “informed his inner circle” that his special adviser would resign from all federal positions. ‘This story’ is garbage, said White House press secretary Karoline Leavitt in response to a tweet about the Politico revelation. Both President Trump and Elon Musk have said in public that after his amazing work at DOGE is finished, Elon will leave public service as a special government employee.

    Politico’s Report

    Trump informed close associates and members of his Cabinet earlier in the day that Musk will shortly leave his position in the administration, according to Politico. In recent days, the president and his wealthy buddy agreed that the latter would resume his commercial ventures, the publication reported. This follows a precipitous decline in the value of Tesla’s stock, which is led by Musk. According to Donald Trump, Musk has “been amazing,” but he has a large company to manage, Trump told reporters on March 31. Additionally, he will eventually return. He desires to, added Trump.

    Critics Calling Musk Co-President

    Since the beginning, there has been uncertainty over Musk’s ability to sustain his exceptional status. This status has allowed him to become so close to Trump that critics have dubbed him the ‘co-president’. The so-called Department of Government Efficiency, or DOGE, has been leading an ideologically motivated crusade for two months under the direction of Musk. According to an international news agency, Musk has caused widespread worry by destroying US scientific research and international aid programmes virtually overnight. Trump has assigned the CEO of Tesla to spearhead initiatives to restructure the federal bureaucracy and reduce government spending through the Department of Government Efficiency. Musk’s tenure as a special government employee would expire at the end of May, assuming a 130-day term. Last week, he told the media that he was sure he would do the majority of the work needed to reduce federal expenditure by $1 trillion.

    Musk has been under fire since assuming the position in January for his vigorous efforts to reduce federal expenditure and abolish government employment. This moves he claims are essential to reorganising Washington. Under Musk’s leadership, the DOGE initiative has already implemented significant staff and contract cutbacks. Apart from that, reports further indicate that his initiatives are aimed at saving federal spending by $1 trillion.

  • After US Imposes 26% Reciprocal Tariffs, India’s Stock Dropped

    Following the imposition of reciprocal tariffs of 26% by the United States, India’s stock plummeted on April 3. U.S. President Donald Trump imposed a 26% reciprocal duty on India on 2 March as part of his plan to impose a 10% baseline tariff on all trade partners from 5 April. Further, he also imposed greater tariffs on dozens of other countries, including 34% on China from April 9. China’s major indices dropped 1.5%, while Thailand and Vietnam saw declines of 1% and 6.1%, respectively. While small-cap stocks increased by 0.2%, the Indian mid-cap index fell by 0.2%. Although analysts pointed out that the reciprocal tariffs are lower than those imposed on Asian exporters like China, Vietnam, and Thailand. This advantage may give India a competitive edge. Experts further stated that the immediate impact on Indian markets is negative due to worries about global trade and growth.

    India’s Pharmaceutical Sector Exempted From Trump’s Reciprocal Tax

    In his “reciprocal tariffs”, Trump exempted imports of energy, pharmaceuticals, and some minerals. This move is expected to provide India’s generic drug industry a reprieve. In an information sheet, the White House stated that the Reciprocal Tariff would not apply to certain products. These include (1) items covered by 50 USC 1702(b); (2) steel/aluminum products and automobiles/auto parts already subject to Section 232 tariffs; (3) copper, semiconductors, pharmaceuticals, and lumber products; (4) any and all items that could be subject to Section 232 tariffs in the future; (5) bullion; and (6) energy and other specific minerals that are not available in the United States.

    US Tariffs don’t have as Much of an Impact on India: ASSOCHAM President Sanjay Nayar

    According to ASSOCHAM president Sanjay Nayar, the United States’ tariffs are not having a significant negative impact on India. ASSOCHAM’s Nayar emphasised that the Indian economy is more inward-looking than its peer Asian markets. Nayar stated that he believes India is not as severely affected by the tariffs; while the 26% tariff figure may seem high, it appears to be less so when compared to other Southeast Asian nations. Other significant nations with import duties include China (34%), the European Union (20%), Vietnam (46%), Taiwan (32%), Japan (24%), India (26%), the United Kingdom (10%), Bangladesh (37%), Pakistan (29%), Sri Lanka (44%), and Israel (17%). Steel, aluminium, and auto-related products will be subject to a 25% tax under the imposed duties, whereas pharmaceuticals, semiconductors, copper, and energy products would not be subject to any tariffs. The analysts claim that the tariffs placed on Indian goods going to the US pose a dilemma for the country’s manufacturing industry.

  • The Reciprocal Tariffs Implemented by Donald Trump from April 2: Is it a Worrying Factor for India?

    The reciprocal tariffs that President Donald Trump intends to implement on April 2 will apply to all countries. Earlier, it was speculated to be meant for those with the most significant trade imbalances with the US. India, China, the European Union, Mexico, Vietnam, Taiwan, Japan, South Korea, and Canada are among the nations that are expected to be impacted by Donald Trump’s “Liberation Day” tariffs. On 31 March, however, White House press secretary Karoline Leavitt stated that the president will announce his intentions to apply reciprocal tariffs on all of the US’ trading partners on 2 March. She went on to say that Trump alone will decide whether or not the tariffs’ specifics are made public. Trump has consistently demonstrated his aggressiveness with tariff threats since taking office for a second term in January of this year.

    President’s Claims Vs Reality?

    The leader of the Republic has maintained that tariffs will shield American businesses from unfair competition. He further pointed out that it will also provide revenue for the federal government. He also mentioned that it will also empower the government to pressure other countries into making concessions. But according to reports, analysts have warned that imposing wide tariffs at these rates might only backfire. Tariffs have a tendency to increase prices for consumers, but companies worldwide stand to lose a great deal if their expenses rise and sales decline. Import levies have already angered the financial markets and eroded consumer confidence, as has the uncertainty surrounding future trade.

    Is it Alarming for India

    According to an international news agency report earlier this week, India and the US have agreed to finish a portion of a bilateral trade pact by this year. However, neither party has indicated any signs of any tariff exclusions. Days before the implementation of US President Donald Trump’s reciprocal trade tariff plan, both nations held trade negotiations in New Delhi this week. Furthermore, the postponed import duties on Mexico and Canada may soon be implemented.

    Indian Pharma Sector Already Raising its Eyebrows

    India now levies a 10% duty on pharmaceutical imports from the US. On the other hand, the US does not impose any tariff on Indian pharmaceutical imports. According to analysts, reciprocal tariffs on imported medications will, at most, amount to 10% if they are applied to the pharmaceutical industry. Pharma corporations, according to experts, would try to pass on the tariff increases to payors. The entire supply chain will have to partially absorb the rise if the expenses are not transferred to the final patients. According to a media source, businesses that are most exposed to the US generics market will probably experience a one-time impact to their Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of between 9% and 12% if there is no pass through.

  • India May Export More Auto Parts as a Result of Trump’s Tariff Bombshell

    India is unlikely to suffer much from the 25% tax on automobiles and auto parts. MEMA, the Motor Equipment Manufacturers Association of the USA, stated that auto parts tariffs will go into force “no later than May 3, 2025”. It further stated that automobile tariffs would go into effect on April 3. To begin with, India’s overall vehicle exports to the US, at about $10 million, are utterly inconsequential and essentially equal to a rounding error in Japan’s automobile exports to the US. With $2.2 billion in exports to the US, or about 30% of its total vehicle component exports, India is a more formidable competitor in the auto parts market. In contrast, this represents less than 3% of all vehicle parts imported into the United States. Although this is not Donald Trump’s primary aim, it might end up as collateral damage in his attack on the major US component exporters, including China, Mexico, and Canada.

    How Tariff Hike is Changing the Business Dynamics?

    Since the 25% tariff is administered consistently to all nations, the impact on each country’s competitive advantage is equal. Because of this, Indian auto parts manufacturers don’t worry about their rivals undercutting them. They are afraid that importers will put pressure on them to cover at least some of the expense, hence reducing profitability. Some businesses have already begun a cost-cutting initiative in anticipation of this eventuality. Local US producers employing this 25% shield to establish production in the US and outbid imports is the other potential danger. This is likely to hurt high-cost nations like Canada, Japan, and Germany, who would totally lose out to American producers. But when it comes to low-cost countries like China, Vietnam, India, and several East European countries, the situation is different. It would be difficult for US manufacturers to match the costs of components from low-cost countries, even with the 25% advantage.

    India’s Labour Cost Advantage

    The rationale is that the labour arbitrage cost advantage that low-cost nations enjoy is measured in orders of magnitude rather than percentages. A typical US worker would earn at least $4,000 per month. On the other side, an auto component worker in India would make between INR 30,000 and INR 40,000. This corresponds to a labour cost advantage of 10:1, while the wage advantage is counterbalanced by increased US productivity. The range of this could be 2:1 to 3:1. This isn’t because American labourers work three times as fast as Indian labourers. Automation is a major contributor to the productivity gap, while human productivity resulting from physical attributes and machine speed are also important factors. As a result, man-machine ratios in India may be 1:1, while in the US they may be 1:2 or 1:3.

    The fact that US manufacturers would be hesitant to set up capacity to take on Indian products because they are unsure of how far they can decrease prices. This is another aspect that should reassure Indian exporters. This is on top of the reality that these inexpensive imports only make up a small portion of the market. Local producers would start by focusing on the low-hanging fruit, which would be significant amounts of expensive imports from expensive countries.

  • Trump Declares 25% Tariffs on Automobiles Manufactured Abroad

    On March 26, President Donald Trump announced broad plans to impose a 25% tariff on all imported vehicles and light trucks into the United States, with the declaration that the decision would be permanent. Collection will start on April 3 after the tariffs go into force on April 2. “We will impose a 25% tariff on all automobiles that are not produced in the United States,” stated the President. In the Oval Office, Trump declared, “This will be permanent.” “We start off with a 2.5% base, which is what we’re at, and go to 25%.” “This will continue to spur growth like you haven’t seen before,” he said, asserting that the action would encourage economic growth. However, there are no tariffs if your car is built in the US. Days before Trump is anticipated to reveal a more comprehensive set of trade policies, the announcement was made. He has designated April 2 as “liberation day” and plans to impose a broad range of so-called reciprocal tariffs on imports that his administration claims are unjustly subject to taxes from US trading partners.

    What are the Key Benefits of this Move?

    The White House estimates that these tariffs will bring in about $100 billion a year. Although analysts caution that higher costs could harm consumer demand and economic growth, the government is certain that this money can help lower the budget deficit and assist American industry. An imported car may cost about $12,500 more if manufacturers pass the entire tariff cost on to consumers. The average cost of a new car is already close to $49,000, so middle-class buyers might find it difficult to afford new cars. According to the Trump administration, the tariffs will incentivise automakers to relocate their manufacturing to the United States, generating jobs. As evidence that his policies are effective, Trump pointed to Hyundai’s $5.8 billion steel facility in Louisiana. Restructuring supply networks takes time, despite the White House’s claim that tariffs will boost the US auto industry. Before any benefits appear, automakers and consumers may have to pay more in the short run, and job losses may occur.

    What are Repercussions of this Move?

    European Union (EU) and Canadian leaders slammed the levies and warned of potential economic disruptions. While the EU issued a warning about harm to consumers and trade relations, Canadian Prime Minister Mark Carney pledged to protect Canadian companies. Other countries may impose countermeasures in response to the tariffs, which may start a worldwide trade war. Trump has previously threatened to impose a 200% tax on European alcohol in response to the EU’s proposal of a 50% levy on US spirits. Economists caution that these tariffs may restrict consumer options and increase inflation. They are a component of Trump’s larger economic agenda, which also includes tariffs on energy, computer chips, steel, and aluminium.

    Musk’s Tesla Suffers Setback but May Still Prevail

    All of Tesla’s automobiles are produced in the United States, mostly at its operations in Fremont, California, and Austin, Texas. Because of this, the business has a significant edge over competitors like GM, Ford, and global brands like Hyundai, Toyota, and Volkswagen that mostly depend on imports or cross-border supply networks. However, many of the parts used in Tesla’s automobiles are imported, even if the final assembly takes place in the United States. This covers everything from lithium-ion battery cells and electric motors to the raw materials needed to produce EVs. Now that those parts are subject to taxes, Tesla’s production costs and maybe sticker prices will go up.

    Tesla is already struggling with dwindling market share and growing competition at the moment of the levies. Musk has cautioned investors that this year could see a slowdown in the company’s growth rate. In a more competitive EV market, higher production costs brought on by tariffs may make price competition more difficult. Musk is resisting any notion that Tesla will gain an advantage on its own, even with that protection. Like other manufacturers, the company’s intricate worldwide supply network is nonetheless at risk.

  • From April 1, India Plans to Eliminate the 6% Google Tax

    India plans to eliminate the Google tax, a 6% equalisation levy levied on online advertising services provided by Google and Meta, starting on April 1. The action is probably intended to appease US President Donald Trump, who has threatened to impose retaliatory tariffs on nations that, starting on April 2, impose digital taxes on US internet businesses. Nirmala Sitharaman, the finance minister, introduced 59 amendments to the Finance Bill in the Parliament on Monday, including the clause. In order to encourage them to migrate to India, the other major revision suggests eliminating the phrase “indirectly” from a clause controlling offshore funds. In connection with search and seizure evaluation, a new word, “total undisclosed income”, is introduced in another modification.

    India is Strengthening its Partnership With US

    The above development makes it clear that the sole purpose of a search and seizure procedure is to tax unreported income. To allow the Income Tax Department to make modifications while processing a return, a new subclause is being proposed. The planned change to eliminate the equalisation levy follows trade negotiations between the US and India, with New Delhi seeking to avoid the impending announcement of reciprocal duties on April 2. In addition, the government has suggested eliminating the income tax benefits that these businesses currently enjoy in place of the equalisation levy. To please Trump, some other nations, like the UK, are also thinking about eliminating the internet tax.

    Experts believe that the government of India (GoI) made a wise decision in eliminating the equalisation charge because the revenue was not very high, and, at the same time, it was raising concerns for the US government by giving the impression that there were “non-tariff” tax obstacles. They added that India might use this action as leverage in talks with the US on trade tariffs. In addition to providing taxpayers with predictability, the ruling allays partner countries’ worries about the levy’s initial unilaterality, including those of the US.

    Amendments in Offshore Funds

    Additionally, the government has suggested changes to offshore fund managers’ Section 9A. According to the Finance Bill, Indian citizens could not “directly or indirectly” participate in or invest in more than 5% of the corpus. A media report on February 10 stated that the phrase “indirectly” appeared to be impeding foreign fund managers’ desire to move to India. Many trade analysts feel that the proposed amendments to the Finance Bill, 2025, are largely clarifying in nature, in line with the government’s mission to address doubts and issues being faced by the taxpayers and businesses at large.