🔋 India bets big on EVs

Good morning. The news from yesterday is heavy and heartbreaking.

At Up N’ Running, our thoughts are with all the families affected by this tragedy.

We hope everyone is taking care of themselves - both physically and mentally - during this time. 🫶

Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🔋 India bets big on EVs

• 🗞️ Bite-sized summaries

  • 🧑‍🚀 A delay of plans

  • 💰️ All publicity… is good publicity?

• 🧑‍🍳 What else is cookin’?

MARKETS

🇮🇳 India

• Indian stock markets ended sharply lower. Broad-based selling was seen across sectors amid weak global cues and profit booking. Banking, IT, and auto stocks led the decline. Investor caution prevailed ahead of key macroeconomic data releases and global central bank policy decisions.

🌍️ International

• US stock markets closed higher as investor sentiment improved following favourable inflation data. Oracle shares surged after strong earnings, boosting tech stocks. Optimism over potential Federal Reserve rate cuts also supported the market’s positive momentum across major indices.

ELECTRONIC VEHICLES

🔋 India bets big on EVs

India has drawn a clear line in the sand when it comes to green mobility: public money will only support zero-emission vehicles.

• According to Niti Aayog, the country’s top policy think tank, incentives funded by taxpayers will be reserved exclusively for electric vehicles (EVs) with no tailpipe emissions.

• Hybrid vehicles, while more fuel-efficient than petrol or diesel cars, won’t be punished-but they also won’t be rewarded with government subsidies.

• The message is simple: if it pollutes, it doesn’t get public support.

This sharper focus is part of India’s broader strategy to become not just a major user, but a manufacturing powerhouse for EVs. Beyond consumer adoption, the government is investing heavily in innovation—16 out of 23 IITs are working on battery chemistry, vehicle electronics, and supply chain technologies to reduce dependence on imports and stay ahead of the global curve.

From a layman’s perspective, this is about more than cleaner air. It’s a strategic pivot: building self-reliance, creating jobs, and reducing oil imports. The shift includes GST cuts on EV components, better financing for charging networks, and ₹36,800 crore across two major schemes—the PLI for local manufacturing and PM e-Drive for consumer incentives.

Critically, the government isn’t saying the industry is on its own - it’s saying the help will be smarter and more targeted. Support won’t vanish, but it’ll flow where it makes the biggest climate impact.

The takeaway? India’s EV push is no longer just about catching up - it’s about leading the global race for clean, indigenous mobility.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🧑‍🚀 A delay of plans - The Axiom-4 mission to the International Space Station—featuring Indian astronaut Shubhanshu Shukla - has been delayed again, with no new launch date announced. The delay follows the discovery of a leak in SpaceX’s Falcon 9 rocket and a pressure issue in the ISS’s Russian Zvezda module. NASA and Roscosmos are investigating the issue. The mission, led by Axiom Space’s Peggy Whitson, also includes astronauts from Poland and Hungary. Originally set for May 29, the launch was pushed to June 10 due to weather, then delayed again due to technical concerns. The 14-day mission marks a key return to spaceflight for three nations.

💰️ All publicity… is good publicity? - Elon Musk’s net worth rose by $191 million to $411.4 billion after he publicly apologized for harsh comments about President Trump. The apology, posted on X, followed a private call to Trump and marked a truce after their clash over Trump’s economic legislation—mocked by Musk as “The Big Ugly Bill.” Musk had recently stepped down from his role at the Department of Government Efficiency before his online tirade. Trump acknowledged the apology as “very nice,” and the White House expressed appreciation. The détente appears to have slightly boosted investor sentiment, nudging Musk’s wealth upward amid ongoing political drama.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• Boeing shares drop 5% after Air India flight crashes in Ahmedabad.

• Air India plane crash: One survivor found in seat 11A, currently under treatment.

• India's digital businesses are innovating faster with Data + AI, says Databricks founder.

• Bank of Maharashtra slashes retail loan rate by up to 50 bps.

• US weekly jobless claims steady at higher levels.