Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, January 27, 2025. This is Nelson John, let's get started.

US President Donald Trump's "Make in America" initiative aims to revitalize American manufacturing by encouraging companies to establish operations in the US or face higher tariffs on exports. Trump proposes incentives like a low 15% corporate tax rate for domestic manufacturing. This move challenges the existing global manufacturing hubs in Asia, like China and Vietnam, known for their lower costs and extensive supply chains. The impact of Trump's policy could be significant, as it encourages high-tech and sophisticated manufacturing to return to the US. For India, this is a wake-up call to enhance its manufacturing competitiveness. Key issues include outdated technology, high logistics costs, and regulatory complexities. Despite the government's efforts through policies like the productivity-linked incentive scheme, progress is slow. India's investment in R&D is also minimal compared to global standards, affecting innovation. Shelley Singh writes about how Trump’s “Make in America” approach will impact India.

Indian-American businessman Digvijay Danny Gaekwad's bid to acquire a significant stake in Religare Enterprises for ₹5,000 crore might hit a regulatory snag. Anirudh Laskar reports that Gaekwad's offer, priced at ₹275 per share, is more competitive than the Burman family's offer of ₹235 per share but could violate SEBI's takeover norms due to its timing and the size of the stake sought. SEBI’s rules also require a counteroffer to involve more shares than the initial bid. Moreover, there are concerns about the conditions attached to Gaekwad’s offer and the clarity around his funding sources. The battle for control is really about Religare’s profitable health insurance arm, Care Health Insurance. Religare’s chair, Rashmi Saluja, has been resisting the Burmans' attempts to take over the company since the Dabur owners first showed interest in the financial services company in September 2023. Now, with Gaekwad's sudden move, things might get even more tangled.

India plans to tighten enforcement on third-party vehicle insurance by linking it to everyday vehicle-related activities. The Union finance ministry is considering measures such as mandatory insurance checks when buying fuel, obtaining FASTags, or renewing driving licenses and pollution control certificates, Subhash Narayan reports. This push comes amid concerns that over half of the vehicles on Indian roads lack third-party insurance, despite the legal requirement under the Motor Vehicles Act, 1988, which mandates such coverage and prescribes severe penalties for non-compliance. The proposed changes, which are still being finalized, aim to ensure that more vehicles are insured by integrating insurance checks with regular vehicle-related transactions.

Motilal Oswal Group is considering selling its housing finance arm, Motilal Oswal Home Finance, which began as Aspire Home Finance Corp in 2014. Currently, the group holds a 97.49% stake in the subsidiary, which has a loan book of Rs 4,098 crore. Shayan Ghosh reports that industry valuations suggest the unit could be worth between Rs 3,612 crore to Rs 5,031 crore, based on its March-end net worth of Rs 1,290 crore. Despite initial asset quality issues, with gross non-performing assets peaking at 9.2% in FY19, the situation has improved significantly, with a gross NPA ratio of 0.86% as of March 2024.

The Union budget for FY26 is likely to significantly boost funding for R&D of high-yield hybrid seeds for essential crops like pulses, edible oils, and cotton, to address shortages and reduce import dependency. This move aims to develop climate-resilient seed varieties to increase productivity and improve farmers' incomes. The planned increase in budget allocation reflects a broader effort to improve agricultural outputs amid challenges such as climate change. For instance, cotton imports are expected to rise by 42% this financial year due to falling exports and domestic production issues. Currently, funding for agricultural education is set to rise by 8% in FY25, emphasizing the government's focus on enhancing agricultural capabilities through education and research. Additionally, the government has initiated the release of 109 high-yield crop varieties, expected to reach farmers in three years.

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, January 23, 2025. This is Nelson John, let's get started.

Geopolitics is reshaping global tech strategies, with the US’s Stargate Project a prime example. Spearheaded by President Trump, this initiative involves a consortium including OpenAI, Oracle, SoftBank, and MGX committing $500 billion to develop AI data centres across the US. This move aims to bolster America's AI infrastructure, create 100,000 jobs, and enhance its competitive edge against China in AI technologies. China, despite trailing behind the U.S. in AI, continues its rapid advancement, highlighted by innovations such as DeepSeek's new open-source AI model. This model promises to deliver high-level AI functionalities at a fraction of the cost of current leading technologies, posing a direct challenge to America’s dominance. India is also not far behind, and is aggressively expanding its AI infrastructure. New initiatives and investments, such as Microsoft's $3 billion expansion and major semiconductor projects, are set to significantly boost India's capabilities in AI and chip manufacturing, aiming to make it a pivotal player in the global tech landscape. So, will the Stargate Project help the US trump China? Leslie D’Monte explains.

The division of real estate magnate Mangal Prabhat Lodha's empire aimed to prevent family conflict but has led to a legal battle between his sons Abhishek and Abhinandan Lodha. Despite an initial settlement that divided the business, including a payout to Abhinandan, disagreements over the use of the Lodha name have surfaced. Abhishek's company, Macrotech Developers, has sued to stop Abhinandan’s business from using the name, claiming it confuses customers and dilutes the brand. This dispute has become public, hampering Macrotech's stock and highlighting the complexities of family business transitions and brand management. Nehal Chaliawala and Varun Sood take a deep dive into the conflict in the Lodha family.

UPI Circle, a feature on the BHIM app, allows a primary user to authorize a secondary user to handle transactions from their bank account. This setup is ideal for helping those who may struggle with digital payments, and offers both full and partial delegation options. In full delegation, secondary users can process transactions up to ₹15,000 per day without further approval. Partial delegation, however, requires the primary user’s confirmation for each transaction, adding a layer of security. The service is available through the BHIM app, and is supported by major banks such as SBI, HDFC, and ICICI, but it's not yet live on the most popular UPI platforms such as PhonePe or Google Pay.

The rapid expansion of quick commerce in India has led to a surge in demand for dark store workers, vital for operations of businesses such as Zomato's Blinkit and Swiggy's Instamart. These workers are essential for picking, packing, and loading goods quickly to meet the quick-delivery promises. With Zomato planning to double its dark stores and Zepto aiming for significant growth, the sector sees high churn rates and competition for workers, pushing companies to offer better salaries and incentives. Industry specialists note that dark store workers typically earn between ₹15,000-18,000 a month, with potential bonuses that could add another ₹6,000. However, attrition rates are around 12-15% a month – much higher than in other sectors. This high turnover means companies such as Zepto and Blinkit could see their entire workforce change over the course of a year, which drives up hiring costs, Mansi Verma reports.

The upcoming Union Budget for FY26 may include financial support for green hydrogen initiatives targeting major polluting industries such as steel, cement and power. This move is being considered to speed up the adoption of green technologies, which has been slower than expected because of high costs. The Ministry of New and Renewable Energy has proposed incentives for adopting green hydrogen and carbon capture, utilization, and storage, recognizing that fiscal support is crucial to meet India's energy transition goals. Currently, under the ₹19,700 crore National Green Hydrogen Mission, the government provides ₹17,490 crore for green hydrogen and electrolyzer production under the SIGHT scheme, Rituraj Baruah reports. The goal is to produce 5 million tonnes of green hydrogen by 2030, leveraging India's renewable energy capabilities to make it a significant player in the global market.