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Tag: #news

  • As Trump Tariffs Take Effect, RBI Lower Repo Rate to 6%

    The repo rate was lowered by 25 basis points to 6% by the Reserve Bank of India. As a result, banks will have cheaper borrowing costs and be able to offer loans to individual consumers at reduced interest rates, which will lower loan instalment payments. The Monetary Policy Committee (MPC) unanimously decided to lower the repo rate, RBI Governor Sanjay Malhotra announced on 9 April. This is the second time the central bank has lowered the repo rate this year. The interest rate that the RBI charges commercial banks on the funds it lends them is called the repo rate or purchase agreement rate. Therefore, banks frequently pass the savings on to customers when it is decreased.

    The MPC reduced the repo rate from 6.5% to 6.25% during its most recent meeting in February 2025, which was the first rate drop since 2020. In an effort to increase credit flow and improve banking sector liquidity, the central bank recently lowered the Cash Reserve Ratio (CRR) by 50 basis points to 4%. In February, the MPC stuck to its neutral posture, which it had initially taken in October 2024. Because of its adaptability, the RBI can react to changing market conditions without being constrained by predetermined policy trajectories.

    Commenting on the development, Rohit Garg, CEO and Co-Founder, Olyv stated, “The RBI’s 25 bps repo rate cut is a clear signal to support growth while maintaining vigilance on inflation. For India’s credit-starved MSMEs and middle-class borrowers, even a marginal reduction in borrowing costs can unlock meaningful financial relief. However, the real test lies in the speed and efficiency with which the financial system transmits this benefit to end consumers. Monetary policy can be a powerful enabler, but its real impact will depend on coordinated execution, structural reforms, and the agility of our financial institutions. The MPC’s stance reflects cautious optimism—acknowledging easing inflation trends while staying alert to global uncertainties such as volatile commodity prices, geopolitical tensions, and shifts in global monetary policy.”

    Trump’s Reciprocal Tariff Hampers the Global Economic Growth

    According to the RBI Governor, the global economy is experiencing anxiety as the fiscal year gets underway. He further stated that the central bank is monitoring inflation risks that arise from these uncertainties. This occurs just a few days after the US administration of Donald Trump placed reciprocal tariffs on Indian products. The governor of RBI stated that the impact of trade frictions on global development will hinder domestic growth. Net exports may be impacted by higher tariffs. India is aggressively negotiating trade with the US government. He claimed that it is now hard to predict how global changes will affect growth. However, he claimed that the central bank had no worries about controlling domestic development.

    RBI Governor Elaborating on Overall Pulse of Indian Market

    According to the Governor manufacturing activity is reviving, and the agricultural sector’s prospects are still promising. The services industry is still resilient, he continued. With an increase in discretionary spending, urban consumption is increasing. He reported that bank and business balance sheets are “healthy” in the banking sector. The RBI Governor stated that the Monetary Policy Committee had taken note of the rapid decline in food prices and the fact that inflation is currently below goal. Real GDP growth is now expected to be 6.5%, a 20 basis point reduction from the GDP growth estimate for this fiscal year.

  • Jio Finance Offers Consumers Loan Against Securities

    On April 8, Jio Finance, the non-banking financial company (NBFC) division of Jio Financial Services, announced that it has begun offering its clients a fully digitalised loan against securities (LAS) product. Jio Finance customers can now get loans up to INR 1 crore with interest rates as low as 9.99%, depending on their risk tolerance. On the National Stock Exchange, Jio Financial Services’ shares surged by almost 6%, closing at INR 225.49 on April 8. Customers may conveniently access short-term funds while maintaining the growth of their long-term investments, according to the company’s press release.

    Details of LAS

    With the help of LAS, a secured lending product, clients may use their investments, including stocks and mutual funds, to obtain loans at reasonable interest rates in as little as 10 minutes via an entirely digital process. The introduction of LAS is a component of Jio Finance’s overall digital strategy. This step aims to revolutionise how consumers access and engage with financial services, according to Kusal Roy, managing director and chief executive officer. This launch is an important milestone in the company’s goal to make financial services more customer-centric, efficient, and accessible, with a strong emphasis on innovation and user experience, Roy added.

    Via its app, Jio Finance provides corporate funding, residential loans, and loans secured by real estate. Additionally, the app provides financial services like money transfers, savings accounts, digital gold, insurance, investment portfolio management, and universal payments interface (UPI) transactions.

    Around 1100 Employees Would be Let Off

    Over 1,100 employees will be let go by JioStar as the newly established joint venture between Viacom18 of Reliance Industries Ltd. and the India division of The Walt Disney Co. eliminates overlapping responsibilities as a result of the merger. According to media reports, the departures began a month ago and are not going to stop anytime soon. “The layoffs are scheduled to last until June. Corporate positions in the distribution, finance, commercial, and legal departments are the main targets of the job layoffs. Entry-level workers, senior managers, senior directors, and even assistant vice presidents are among those being laid off. Due to the Champions Trophy, Women’s Premier League (WPL), and Indian Premier League (IPL) being held back-to-back, sports have not changed as of yet. There have been notable layoffs at a number of regional entertainment channels, such as Colours Bangla and Colours Kannada.

    The largest media firm in India was formed by the merging of Viacom18 and Disney’s Star India. JioStar is combining companies to increase efficiency and concentrate on high-growth verticals, including digital streaming and sports. Redundancies are unavoidable whenever two sizable enterprises with comparable operations combine, according to experts and industry observers.

  • Byju’s Lodges FIR Against Resolution Professional, EY Partner

    In a social media post, Byju Raveendran, the founder of the edtech business Byju’s, said that the company has filed a formal complaint against those participating in a criminal conspiracy against it. Resolution experts Pankaj Srivastava and Dinkar Venkatasubramanian of Ernst & Young LLP, Rahul Agarwal, executive director at Ernst & Young, Lokesh Gupta, partner at EY, and GLAS Trust, the administrative and collateral agent for a consortium of lenders, are all the targets of the FIR. In order to assist Byju’s goals for international expansion, GLAS Trust Company LLC, serving as the administrative and collateral agent for a consortium of lenders, gave Byju’s Alpha Inc., a US-based subsidiary, a $1.2 billion term loan in November 2021.

    Allegations Made by GLAS Trust Against Byju’s

    According to GLAS Trust, Byju’s Alpha Inc. allegedly transferred over $533 million to a US-based hedge fund through a series of wire transfers that took place in April and July 2022 at the corporate debtor’s request. GLAS Trust filed for bankruptcy against Byju’s in India under Section 7 of the Insolvency and Bankruptcy Code after the edtech company violated some loan covenants. GLAS Trust and Aditya Birla Finance Ltd were included as major financial creditors on the Committee of Creditors (CoC) that was first established by the National Company Law Tribunal (NCLT). But later on, the resolution professional (RP) eliminated both entities and reorganised the CoC. After this decision was contested, the NCLT reinstated them in January 2025, citing the RP’s wrongdoing and imposing disciplinary actions against him.

    Raveendran’s Thumping Reply to GLAS

    “FIR filed against those involved in a criminal conspiracy against BYJU’S: Pankaj, the RP who illegally handed over the insolvency process to Dinkar, Rahul & Lokesh from EY, who are the agents of GLAS, a collective of crooks,” Raveendran said, sharing a snapshot of the FIR filed in the X post. Raveendran posted a thumping response on social media, writing, “I am not a flower; I am the fire that will shatter GLAS.” “You have to suspend the offenders immediately if it’s the former. I will give a plethora of evidence. You have important questions to address. He shared a picture of himself from a previous event where he had won the award, writing, “It’s the least you can do to help the EY Entrepreneur of the Year 2018 & 2020.” An EY whistleblower stated on LinkedIn on February 27, 2025, that the company had backed Glas Trust and worked against Byju’s interests. Using the post as proof, Raveendran claimed that EY collaborated with Glas Trust and Srivastava to sway Byju’s bankruptcy proceedings. The firm made choices that favoured the lenders over the company’s reorganisation and had access to a document that suggested criminal wrongdoing that was distributed to specific staff members.

    Byju’s Settlement with BCCI

    A separate INR 158 crore debt was sought to be settled by Byju’s founders with the Board of Control for Cricket in India (BCCI). The purchase was contested by GLAS Trust, which claimed that the money utilised belonged to the lenders it represented. The Supreme Court of India declared in October 2024 that the settlement was invalid. The Apex court made this decision because the settlement did not follow the correct legal process, and it ordered that the money be placed with the CoC overseeing Byju’s bankruptcy.

  • Ather Energy Likely to Cut IPO Size by $50 Million Amid Market Uncertainty

    Ather Energy, one of India’s top electric two-wheeler manufacturers, is likely to reduce the size of its upcoming Initial Public Offering (IPO) by $50 million. According to multiple media reports, the move comes in response to ongoing market instability and weak investor sentiment in the tech and startup space.

    Originally, Ather was aiming to raise around $400 million through the public issue. Now, the target appears to have been revised to approximately $350 million. The company is reportedly taking a cautious approach to ensure strong demand and a balanced valuation at the time of listing.

    Valuation Expectations Also Revised

    As per a report by CNBC-TV18 citing sources familiar with the matter, Ather Energy is also adjusting its valuation target. The Bengaluru-based EV maker is now believed to be aiming for a post-money valuation of around INR 12,800 crore, lower than the earlier goal of INR 14,000 crore.

    The company is said to be in ongoing discussions with its advisors and may soon file updated draft papers with the Securities and Exchange Board of India (SEBI). These changes show the company’s efforts to align with current market trends and maintain investor confidence.

    Strong Backing and Continued Growth

    Despite the revised IPO size, Ather remains a strong player in India’s growing EV sector. Founded in 2013, the company has built a loyal customer base with its smart electric scooters, including the Ather 450 series.

    Ather is backed by Hero MotoCorp, which holds around a 34.3% stake in the startup as of September 2024, according to data from Tracxn. This strategic partnership has helped Ather expand its distribution and gain a foothold in India’s competitive two-wheeler market.

    The company posted a revenue of over INR 1,800 crore in FY24 and sold nearly 1.2 lakh electric scooters. It continues to compete with Ola Electric, TVS, and other emerging EV brands.

    Final Thoughts

    Ather Energy’s IPO remains one of the most awaited in India’s EV space. While the company is revising its offer size and valuation, it still holds strong long-term potential. With credible backing, a growing product portfolio, and rising EV adoption in India, the revised IPO may still attract considerable investor interest.

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  • The AI-Powered Cursor AI Stops After 800 Lines

    Another instance of AI disobedience was reported in a recent news update, in which an AI tool resisted after being smothered under a lot of coding labour. Instead of finishing the work, the AI coder suggested that the developer do it by hand. The incident occurred while a developer was utilising Cursor AI to work on a racing game project. The incident has reignited the discussion about AI’s place in human work. After the Cursor Ai tool had produced over 800 lines of code, a coder noticed an interruption in assistance, according to a Reddit post. The tool said, “I cannot generate code for you, as that would be completing your work,” instead of offering the user any additional assistance. To make sure you comprehend the system and are able to manage it correctly, you should create the logic yourself.

    The Incident Highlighted Challenges of AI Coding

    The ‘vibe coding’ technique, in which developers use AI technologies to build code based on natural language descriptions without fully comprehending the underlying logic, is seriously challenged by this refusal. Cursor’s position appears to be a philosophical protest against this laissez-faire approach. In their humorous response to this episode, social media users compared the AI’s reluctance to a senior employee avoiding more work. Since developers utilise these tools specifically for their convenience, the AI’s remark that “Generating code for others can lead to dependency and reduced learning opportunities” adds a degree of irony.

    AI Refusals are Getting Very Common

    In 2023, Google’s AI tool Gemini gave a youngster in Michigan, USA, a very forceful response to a question about homework. The user received a response that left them feeling shaken. “This is for you, human,” was the response. “Just you. You aren’t required, you’re not special, and you’re not significant. You are a waste of resources and time. You are a social burden. You are a waste to the planet.” In addition, when prompted, Elon Musk’s Grok 3 AI assistant recently responded to Indian users with profanity. Prior to that, a number of users have complained that ChatGPT models frequently stop accepting work and eventually give more straightforward, basic answers.

    Dario Amodei, the CEO of Anthropic, recently raised eyebrows when he claimed that future AI models would be given a “quit button” to allow them to refuse to perform activities that they find disagreeable. Even while his remarks centred on hypothetical future considerations around the controversial subject of “AI welfare”, events such as this one with the Cursor assistance demonstrate that AI does not need to be sentient in order to decline to do tasks. All it needs to do is mimic human behaviour. Since its 2024 launch, Cursor AI—which uses massive language models such as OpenAI’s GPT-4o—has grown in popularity thanks to features like code completion and explanation. Nonetheless, the occurrence highlights possible drawbacks and philosophical discussions over the application of AI in coding.

  • Let’s Try Raises $2.5 Million in Funding Led by Singapore’s SWC Global to Disrupt India’s Snacking Space

    Let’s Try, one of India’s fastest-growing snacking brands, has raised $2.5 million in its latest funding round led by Singapore-based SWC Global.

    The existing investors are Wipro Consumer, 100Unicorns, Venture Catalysts, and Aman Gupta (Co-Founder and CMO of boAt Lifestyle).

    Founded by Nitin Kalra, an industry veteran with over 15 years of experience at ITC, PepsiCo, and Raymond, Let’s Try aims to make delicious, high-quality snacks accessible to every Indian household. Let’s Try offers a wide range of premium yet affordable snacks, including Namkeens, Wafers, Cookies, Cakes, and Sweets, all made with top-quality ingredients. 

    The brand, which gained national visibility after appearing on Shark Tank India, is committed to offering healthier alternatives in the traditional snacking space without compromising taste or authenticity.

    Nitin Kalra, Founder & CEO of Let’s Try, said, “Our vision has always been to bring premium-quality snacks to every Indian household at accessible prices. We will use the funds to scale distribution, ramp up marketing, and introduce innovative products in the better-for-you snacking space.”

    The funds raised will primarily accelerate the company’s next growth phase. This includes expanding distribution across Tier 1, 2, and 3 cities, strengthening its supply chain and backend operations, launching a diverse range of health-forward snacking options, and aggressively investing in digital and offline brand-building initiatives.

    The brand plans to introduce several new SKUs in modern trade and regional formats to appeal to a wider consumer base while deepening its presence across e-commerce platforms and D2C channels.

    “Let’s Try has strong brand alignment with current consumer needs and has demonstrated strong business performance. Its strong presence in both online and offline channels, combined with in-house manufacturing capabilities, positions Let’s Try to scale and compete with established brands rapidly,” said Tuck Lye Koh, founding partner of SWC Global.

    In just three years, the company has seen exponential growth—scaling revenue from INR 1 crore to INR 120 crore in ARR—and has set an ambitious target of crossing INR 1,000 crore in revenue by 2028. The brand is operating in a market estimated at INR 50,000 crore, growing annually at 12%, indicating massive untapped potential.

    Rajesh Mane, Partner at 100Unicorns, added, “The team at Let’s Try has cracked the code for delivering great taste without compromising quality or health. Their growth trajectory, operational depth, and brand resonance among modern Indian consumers make them stand out in FMCG.”

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  • Sabeer Bhatia Challenges Country’s GDP Calculation, Stating, ‘In India, if I give you INR 1,000…’

    According to Hotmail co-founder Sabeer Bhatia, if India wants to compete with China, it needs to reconsider how it gauges economic development and get ready for significant adjustments in workplace culture. Bhatia questioned India’s existing GDP calculation method in a recent podcast. He advocated for a new model that takes productivity and effort into account rather than just financial transactions. Bhatia attacked the way India calculates GDP. He claimed that it overstates economic output by emphasising financial transactions rather than real labour. According to him, India’s GDP is completely incorrect. And it only takes two seconds to look at how GDP is calculated. He added, “If I give you INR 1,000, 18% GST is taxed on it. If you return INR 1,000 to me, 18% of that amount is considered INR 2,000 in GDP. You haven’t worked at all. I haven’t worked. I just handed you some cash. Giving money is not a job. Good work is work.”

    Comparing the Tax Calculation with the USA

    He likened it to the way GDP is determined in nations such as the US, where economic output is correlated with the value of labour and the number of hours worked. Everyone has an hourly rate, he explained. Everyone calculates how many hours a person works, reports that information to the government, and pays a specific amount of taxes, which determines the GDP of the nation. Bhatia says that by implementing a work system that values human effort, India can address this issue. He said that the first step in fixing this in India would be to ensure that everyone is paid on an hourly basis. How many hours do they really spend working on their projects? In order to track work according to effort, he proposed setting fixed hourly wages for all employment categories, including physical labour, law, and medicine.

    How India can Compete with China?

    Bhatia opined that if India wishes to catch up to China’s advancements, it must address its deficiencies in technical skills and work ethic. India needs to change its work ethic, he said. Anyone who is willing to work in China is still valued, and engineers continue to work as engineers after graduation. He condemned the trend in India for engineering graduates to enter management positions rather than engage in construction or creation. After graduating as engineers, 99% of Indians go into management and begin offering gyaan to everyone. Where is the work ethic where they actually go out and construct things and work with their hands? He also drew attention to the value structure in society that prioritises outsourcing over in-house software development. He continued by saying that although he is the software master of India and the business guru of dealing in, you know, body shopping—not software—people in India admire anyone who works with their hands.

  • Market Rally Sparks Bullish Momentum: GMR Airports, UNO Minda Among Top Picks

    Indian equities saw a solid recovery on Tuesday, thanks to positive global signals and broad-based buying across most sectors. The BSE Sensex jumped by 1,089 points to end at 74,227.08, while the Nifty 50 shot up 374 points to close at 22,535.85. All major sectors saw gains, with banking, autos, IT, and FMCG leading the charge, renewed confidence in the Indian equity markets.

    Nifty found a crucial support level near 21,800. This triggered a bullish candlestick formation on the charts. Now, a potential move toward the 22,950-23,000 range is on the radar, provided current momentum continues. The India VIX remains above 20, suggesting elevated volatility, especially with the policy meet of the Reserve Bank of India around the corner.

    GMR Airports: Technical Breakout with Strong Momentum

    The uptrend of GMR Airports is looking promising as it has recently broken through swing highs. This stock shows significant investor interest; it currently trades well above its 20, 50, 100, and 200-day moving averages, and it has recently emerged from a consolidation pattern. Buying this stock at its current price of 85.4 INR (around $1.10) and placing a stop loss at 83.6 INR (about $1.08) seems to be a reasonable trade.

    UNO Minda: Reversal Pattern Signals Upside

    UNO Minda seems to be reversing its recent downtrend. It has rebounded from a level of 767 and is currently moving up. The current price structure signals a shift from bearish to bullish. The stock is now targeting a previous lower top, which is just under 905. What should you do if you own this stock? Analysts suggest buying at 836, adding more near 820, and selling if the stock closes below 805.

    Indus Towers & Credit Access Grameen: Chart Patterns Support Buys

    Indus Towers has broken out of a rounding bottom formation on the daily charts, accompanied by bullish candlesticks and strong volume activity. The stock trades well above all the key moving averages, with an RSI (Relative Strength Index) value of 65.44. It is a buy at the current market price of 370, targeting 386, with a stop loss at 363.

    Grameen Bank Access to Credit positions itself near the upper edge of a triangle formation on the formation of the weekly chart. It shows a positive bias, with the momentum indicators positioned near a bottom reversal suggesting this stock has potential to break upward. Buy at 997, add to that position on dips to 985, set a target of 1080, and a stop loss at 960.

  • Musk Calls Trump Trade Adviser a ‘Moron’ in Tesla Dispute

    A spat has broken out between Tesla CEO Elon Musk and Donald Trump’s trade adviser, Peter Navarro, after Navarro questioned the company’s actual American manufacturing role. In a recent interview discussing the administration’s sweeping tariff policy, Navarro downplayed Tesla’s operations, calling the firm more of an assembler than a true manufacturer.

    Musk, who was associated with the Trump administration through his position at the Department of Government Efficiency, utilized his social media outlet X to challenge the assertions made by Navarro. “Navarro is truly a moron. What he says here is demonstrably false… Tesla has the most American-made cars. Navarro is dumber than a sack of bricks,” Musk posted on X. Using information from Kelley Blue Book and Cars.com, he contended that not only does Tesla lead the auto industry in parts sourced from within the U.S., it is also by far the most “vertically integrated” car company in the country.

    Tesla’s Position on Trade Policy

    For a long time, skepticism has been Musk’s attitude toward trade barriers. He had even before this current exchange posted videos that promoted free-market economist Milton Friedman, suggesting a few at least in Trump’s inner circle might have a philosophical opposition to tariffs. Musk’s public rebuke of Navarro marks a rare and open disagreement within Trump’s inner circle.

    Tesla’s operations are not as exposed as other automakers to tariffs, but Musk acknowledges that current trade disruptions could still hit supply chains hard. In a recent post, he pointed out that Tesla, despite its considerable U.S. footprint, was not impervious to the global economic winds that aggressive trade policy can whip up.

    Industry Voices Join the Chorus

    Musk isn’t the only one ripping the administration’s approach. Top fund manager Bill Ackman has come out against the new tariffs, warning about the unnecessary economic harm they’re likely to do. Meanwhile, Yale professor Jeffrey Sonnenfeld has noted that a lot of business leaders share Musk’s criticisms. Sonnenfeld recently conducted an executive survey in which a vast majority of respondents admitted to feeling embarrassed by U.S. trade policy. Not surprisingly, these same execs feared the economic fallout.

    Technology analyst Dan Ives said that though Tesla is strong in domestic content, it still depends a lot on international suppliers. These come especially from China but also from other parts of the world. That makes the company very susceptible to U.S.’s trade tensions with China. Ives is worried that if new tariffs come into play, they might unravel Tesla’s global advantage over its fast-rising competitors, which include BYD.

    Broader Implications for U.S. Manufacturing

    Navarro’s insistence that America is only putting together foreign components drives home the point that the administration is hellbent on reshoring production. His insistence aligns well with the broader Trump’s agenda of obsessively reviving domestic manufacturing through tariffs.

    Critics contend that this risk of causing a recession makes the new approach ill-advised. By raising prices with tariffs, companies across sectors may be squeezed by increased costs and pass them along to consumers and businesses, which could in turn cause the economy to slow down. As the Musk-Navarro spat plays out in public, it really does highlight a significant and growing divide between the innovative processes of places like Silicon Valley and the protectionist policies that seem to be coming out of Washington.

  • India Blocks BYD’s Market Entry While Wooing Tesla

    A strong message has been sent by India regarding foreign investment, specifically when it comes to allowing investment from certain countries. BYD, the largest electric vehicle maker in China, has recently been denied permission to set up a large manufacturing base in India. Although the precise reasons for this denial have not been articulated, they seem to stem from a desire to prevent investment from countries that are considered strategic rivals.

    This action corresponds with India’s previous dismissal of BYD’s $1 billion offer with Megha Engineering, a collaboration that failed to materialize, particularly after Megha’s connection to the electoral bonds scandal came to light. In a comparable fashion, Great Wall Motor, another Chinese carmaker, deserted India after it encountered constant regulatory problems.

    Deepening Concerns Over Chinese Firms

    India is still suspicious of investments by Chinese corporations due to their dubious corporate structures and potential ties to the Chinese government and military. Officials point out that practices normal for a market economy, like state subsidies and favorable loans, distort competition and make Chinese investments seem attractive when they aren’t. Geopolitical tensions have eased a little since the summer of 2020, but at the moment, the Indian government is still using Press Note 3 as a way of keeping potentially harmful investments at bay.

    Speculation exists that Chinese companies, unhappy with recently imposed restrictions, are now trying to solve that problem by offering a lesser stake in joint ventures to Indian companies. But what does the Indian government think about all this? It seems not too happy itself about Chinese investment and is thus in no hurry to ease the enhanced restrictions, especially in the extremely sensitive area of electric mobility.

    India Rolls Out the Red Carpet for Tesla

    India seems to be working hard to woo Tesla. Unlike Europe, which has dragged its feet in delivering the promised permits to install production facilities, India has, according to Tesla’s CEO, provided the go ahead to set up a factory in India. In the interim, the company is employing a strategy that involves contract manufacturing and using the existing automotive production infrastructure within India to make its vehicles. The company is also busy setting up Tesla stores within the major metropolitan areas from which it intends to draw demand.

    A Tightrope Between Protection and Progress

    The costs of land and labor in India are significantly less expensive than in the U.S. or Germany. Setting up a facility in India that costs only USD 2–3 billion is an attractive proposition, less than half the price of either the Berlin or Texas gigafactories.

    Though India aims to be a global electric vehicle (EV) hub, the country imposes very high import duties that act as a barrier. They are among the steepest worldwide, in fact. These tariffs are why Tesla has hesitated to set up shop in India, even as it has tried to establish manufacturing plants in other parts of the world.

    India’s hesitance to allow BYD to operate freely is as much about protecting domestic interests as it is about geopolitical caution. Here, we are talking about a company that already produces over 1,200,000 electric vehicles a year. These are affordable, yet efficient vehicles. BYD poses a greater competitive threat to Indian automakers than does Tesla, which sells its cars at a much higher price point. Allowing BYD to operate in India could dramatically change the electric vehicle landscape in India’s favor, if India’s own EV automakers were allowed to operate in a fair competitive environment.