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By EquityPandit

BUSINESSECONOMY

Norway to Raise Taxes by $3 Billion on Power Firms, Fish Farms

Shares in fish farmers such as Mowi ASA, Leroy Seafood Group ASA and SalMar ASA dropped on the news.

On Wednesday, Norway’s government said that it plans to hike taxes on electricity manufacturers and fish farmers to increase an extra 33 billion crowns ($3 billion) a year.

The finance ministry said that the aquaculture industry and energy producers make billions of crowns on our common resources. The government is now of the view that more of the value created should go back to society.

Shares in fish farmers such as Mowi ASA, the world’s largest, Leroy Seafood Group ASA and SalMar ASA dropped on the news and were down between 15% and 19% at 0719 GMT, thereby underperforming an Oslo benchmark index which was 3.4% lower.

While Norway has the world’s largest sovereign wealth fund with $1.2 trillion, the government says it plans to cut spending from the fund next year in order to tame inflation.

The extra taxes levy a resource rent tax on aquaculture and wind power, a hike in the resource rent tax on hydropower and an extraordinary tax on wind and hydropower due to the exorbitantly high electricity prices.

The government has asserted that costs linked to taking in refugees, current public construction projects, household power subsidies and benefit payments would rise by some 100 billion crowns in 2023.

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ECONOMY

Cabinet approves Rs 6,839 crore for Vibrant Villages Programme-II to boost border development

Dhruva Kulkarni

The Union Cabinet, led by PM Modi, approved the second phase of the Vibrant Villages Programme (VVP-II) with an outlay of Rs 6,839 crore.

The programme will run until FY 2028-29, covering strategic villages in 18 states and UTs, excluding those on the India-China border.

Union Minister Ashwini Vaishnav emphasised developing and securing border villages to prevent migration and strategic risks.

Phase 1 covered 700 villages, while Phase 2 aimed to reach 2,000 villages with essential infrastructure and connectivity.

Key objectives include improving roads, electricity, water, internet, healthcare, education, and employment opportunities.

Developments under the scheme include better roads, 24×7 electricity, digital connectivity, schools, healthcare centres, tourism promotion, and skill training.

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ECONOMY

Trump’s Tariff Move a Wake-Up Call for Indian Manufacturing: PwC India

Dhruva Kulkarni

The latest US tariffs may not directly impact India. Still, they serve as a wake-up call for Indian manufacturers to enhance efficiency and scale, says PwC India Chairman Sanjeev Krishan.

US President Donald Trump has announced new tariffs, including a 10% baseline levy on all imports, a 34% duty on Chinese goods, and a 27% tariff on Indian exports.

Krishan stressed that while India is affected, the key is to focus on long-term competitiveness rather than relying on others facing higher tariffs. He emphasised the need for greater efficiency, stating, “Big can be beautiful and big can be better.”

Amitendu Palit, Senior Research Fellow at the National University of Singapore, warned of indirect consequences such as slower US growth and disruptions in global supply chains that could impact demand and exports.

He also cautioned that the US may use tariffs as leverage in trade negotiations, putting pressure on India in areas like quality control, currency practices, and government procurement.

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ECONOMY

India’s Manufacturing PMI Hits 8-Month High at 58.1 in March

Dhruva Kulkarni

India’s manufacturing activity surged in March 2025 as the PMI climbed to 58.1, marking an eight-month high and signalling a strong recovery.

New orders hit their highest level since July 2024, driven by strong customer interest, favourable demand, and effective marketing.

Production expanded sharply, though international sales growth slowed to a three-month low, with exports rising in Asia, Europe, and the Middle East.

Finished goods inventories saw their steepest decline over three years, prompting firms to boost input purchases at the fastest rate in seven months.

Supply chains remained stable, with lead times improving for the thirteenth straight month, while input costs rose due to higher prices of copper, electronics, leather, LPG, and rubber.

Hiring increased steadily, though capacity pressures limited job growth. Manufacturers remained optimistic about future output, supported by strong demand and pending projects.

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BUSINESS

Ashok Leyland Invests Rs 500 Crore in Subsidiary 

Ali Waghbakriwala

Hinduja Group’s commercial vehicle manufacturer, Ashok Leyland, has completed an investment of GBP 45 million (approximately Rs 500 crore) into its UK subsidiary, Optare Plc, which is the holding company of Switch Mobility. This transaction increased Ashok Leyland’s stake in the Yorkshire-based bus manufacturer by 0.41%, bringing its total ownership to 93%. The company informed stock exchanges on 2 April.

In its filing, the company said that the Board of Directors of Optare Plc, at their meeting on 1 April 2025, approved the allotment of 64,963,55,352 ordinary shares of £0.001 each at an issue price of £0.006927 per share (including a premium of £0.005927 per share) to the company.

Previously, Ashok Leyland had announced its intention to invest Rs 500 crore into Optare to meet capital expenditure requirements. Optare serves as the parent entity for both Switch UK and Switch India, with a portion of the investment expected to be allocated to the Indian arm.

Shenu Agarwal, Managing Director and CEO of Ashok Leyland, said that as this investment is directed into Optare, part of it will be utilized by Switch UK, while some may flow into Switch India for capex needs. The funds are intended to reduce Switch UK’s interest burden and support its capital expansion plans.

Switch UK has been grappling with low sales volumes, leading to revenue fluctuations. In response, Ashok Leyland recently announced the closure of one of its manufacturing and assembly operations at the Sherburn facility in the UK.

According to Agarwal, inconsistent order inflow is a major challenge for Switch UK, causing periods of both underutilization and overcapacity at its factory.

As of February 2025, electric buses, including battery-electric and plug-in hybrid models, account for 15.9% of new bus sales in the European Union, while diesel-powered buses dominate at over 62%. Overall, electric vehicles make up just 1.9% of the EU’s total bus fleet, according to data from the European Automobile Manufacturers’ Association (ACEA). The sluggish demand in the public transport sector, where Switch UK operates, is primarily attributed to high upfront costs, range anxiety, and inadequate charging infrastructure.

Buses and coaches handle only about 7.3% of passenger transport on EU roads, ACEA reported. “EV market is still kind of very, very subdued in UK against our expectations 2-3 years ago. So, we are evaluating the options for Switch UK because there we are making losses,” Agarwal stated in February 2025.

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ECONOMY

US slams high India duties on farm goods before 2nd April tariffs

Dhruva Kulkarni

The Donald Trump administration has raised concerns over India’s high tariffs on American farm goods just days before reciprocal duties take effect, increasing pressure on India to ease restrictions in its agriculture sector.

The White House criticised India’s 100% tariff on American farm products, pointing to similar trade barriers in the EU, Japan, and Canada.

A US report highlighted India’s 39% tariff on agricultural imports—eight times the US rate—covering items like apples, corn, and coffee. It also noted non-tariff barriers such as import bans and licensing requirements.

Despite opposition from Indian farmers to free trade deals, New Delhi is considering lowering tariffs on select US agricultural products.

India has already reduced duties on bourbon whiskey and high-end motorcycles, with both nations aiming for a trade deal by October or November.

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