🚗 Rescuing BluSmart?

Good morning. Hope you had a enjoyable long weekend. Now that we are back at it - let’s get this bread 🍞 

Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🚗 Rescuing BluSmart?

• 🇮🇳🤝🇺🇸 India-US trade deal talks speed up

• 🗞️ Bite-sized summaries

  • ❤️‍🩹 Budget cuts affect WHO

  • ☀️ Power up

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Indian markets were closed on the occasion of Good Friday.

🌍️ International

• US markets were closed on the occasion of Good Friday.

GENSOL SCANDAL

🚗 Rescuing BluSmart?

India's EV ride-hailing space is seeing major turbulence - and a possible turnaround.

Climate-focused PE firm Eversource Capital is reportedly in advanced talks to acquire BluSmart for ₹800–1,000 crore ($90–120 million), a steep drop from BluSmart’s earlier $300 million valuation.

So, what’s going on?

BluSmart has landed in hot water due to its links to Gensol Engineering, the company at the center of a ₹262 crore fund diversion scandal involving cofounders Anmol and Puneet Singh Jaggi. With SEBI cracking down on the Jaggi brothers—barring them from directorship and market activities—BluSmart’s future looked shaky.

But Eversource seems ready to step in, with strings attached.

The Rescue Plan (With Conditions)

Eversource wants both Jaggi brothers out. If the deal goes through, they’ll exit operational roles and the board, clearing the way for a fresh start.

The plan?

• Merge BluSmart with Lithium Urban Technologies, Eversource’s existing EV fleet startup

• Infuse $100 million into the combined entity

• Clear BluSmart’s pending salaries and dues

• Resume cab operations soon

Interestingly, BluSmart is 4X the size of Lithium in terms of revenue and fleet—so this is less of a lifeline and more of a strategic consolidation move.

Why does this matter?

• If this deal materializes, it could salvage trust in India’s EV startup ecosystem, which took a hit from the Gensol fiasco.

• It also signals that institutional capital is still bullish on clean mobility, provided governance is in place.

And with public figures like MS Dhoni’s family office among BluSmart’s backers, this could also help reassure investors watching from the sidelines.

Read more: Inc42

TECHNOLOGY

🇮🇳🤝🇺🇸 India-US trade deal talks speed up

Big things are brewing in Washington next week. Starting April 23, India and the US are kicking off in-person negotiations for a much-anticipated bilateral trade agreement (BTA). And the clock is ticking — literally.

Why now? 

• The US has temporarily paused new tariffs (except on China), giving India a 90-day window to fast-track an “early tranche” of the trade deal.

• Think of this as a warm-up round, focusing on easier wins like market access for specific goods and removing non-tariff barriers, while postponing tougher topics like digital trade and government procurement.

So, what does India want?

• India is eyeing lower tariffs on exports like textiles, leather, plastics, shrimp, and gems & jewellery - all crucial for small manufacturers and job creation.

• The US, on the other hand, wants more access for agri-products, dairy, petrochemicals, and EVs..

Both countries are aiming to double trade to $500 billion by 2030 (it’s around $191 billion right now). That means deeper ties in everything from semiconductors and critical minerals to pharmaceuticals and ICT goods.

What’s new this time?

• This is the first major negotiation since Modi’s visit to DC in Feb 2025

• India has experience negotiating phased trade deals - like with Australia (ECTA in 2022).

• The Terms of Reference are already locked — covering 19 areas like tariffs, rules of origin, customs, and more.

A solid BTA could shield Indian exports from future US tariffs, especially as the global trade landscape becomes more protectionist. It also positions India as a more strategic alternative to China — especially with the US imposing up to 245% duties on Chinese goods.

Overall: If this early tranche lands well, it could unlock a new era of India-US economic collaboration, bringing mutual gains in manufacturing, innovation, and trade resilience.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

❤️‍🩹 Budget cuts affect WHO - The WHO has warned that U.S. foreign aid cuts and plans to withdraw from the agency are worsening global health crises. With funding frozen and USAID being dismantled, critical support for healthcare systems, emergency response, and disease surveillance is at risk — especially in conflict zones like Gaza, Sudan, and Yemen. WHO’s regional director Hanan Balkhy said vital programs are halting due to budget shortfalls. In Sudan, disease outbreaks are rising, and in Gaza, hospitals are barely functioning. A U.S. exit from WHO could also break ties with key research institutions, threatening global cooperation on emerging health threats.

☀️ Power up - Uttar Pradesh is ramping up solar power in a big way - targeting 8 lakh rooftop solar plants by March 2027 under the Pradhan Mantri Surya Ghar Yojana. With 2.65 lakh installations planned this year alone, the UP government is pushing hard to make solar accessible across districts. UPNEDA is leading the charge, tracking progress via the CM's dashboard. Over 1 lakh systems are already installed, and more than 2,500 vendors are empanelled, many receiving formal training and loan support to speed up deployment. The initiative marks a major step in UP’s green energy transition.

HEADLINES

🧑‍🍳 What else is cookin’?

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

• PM Modi to address civil servants on Monday; present awards on excellence in public administration.

• China's export controls are curbing critical mineral shipments to the world.

• Indian Bank eyes to disburse Rs 20,000 crore to SHGs in this financial year.

• Amaravati to be world's first fully renewable-powered city.

• India's oil and gas production fall in 2024-25.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Sinners review: messy, ambitious and occasionally overwhelming.

• IPL 2025:

  • PBKS beat RCB by 5 wickets;

  • GT beat DC by 7 wickets;

  • LSG beat RR by 7 wickets;

  • RCB beat PBKS by 7 wickets;

  • MI beat CSK by 9 wickets.

  Leaderboard here.