Saturday, April 5, 2025 | 35 Pages | `5 & for State (+4 pages) `6 only Reg.No MCS/048/2021-23; RNI No. 1541/1957 M.p.c.s office Mumbai. PIN 400001 THE FREE PRESS JOURNAL Vol. 68 No. 156 | Leader in E-paper circulation l www.freepressjournal.in ● EDITIONS: ● MUMBAI ● INDORE ● PUNE ● BHOPAL ● NASHIK ● KONKAN ● E-paper ● Member: Audit Bureau of Circulation (July to December 2024) MARKET VALUE SHEDS $4.9 TRN With China retaliating, growth in most major nations seems set for a blow. This comes just as countries were putting a series of shocks, from Covid to the Ukraine war, behind them. The initial falls across the three main US indexes have already deepened. The Nasdaq is down 3.3%, the S&P 500 is 3.1% lower and the Dow Jones is off 2.7%. Global stock market value has shed sheds $4.9 trillion, say investment analysts. 4See also | world Partial OC: MREAT jolt for builder FPJ News Service MUMBAI 4Contd on | nation US DEPLOYS B-2 BOMBERS T he Pentagon has deployed at least six B-2 bombers—representing 30% of the U.S. Air Force’s stealth bomber fleet—in Diego Garcia, a remote Indian Ocean island, in what analysts see as a warning to Iran, amid renewed tensions in the Middle East. The move came as President Donald Trump and Defense Secretary Pete Hegseth vowed further action against Iran and its allies, even as U.S. jets continued to pound Tehranbacked Houthi rebels in Yemen. Satellite images taken on Tuesday by private imaging firm Planet Labs reveal the bombers stationed on the tarmac, alongside tankers, cargo aircraft, and shelters that may house additional planes. Biswajeet Banerjee The battleground has shifted from Parliament to the Supreme Court, as opposition mounts against the controversial Waqf (Amendment) Bill, 2025. After its passage in both the Lok Sabha and Rajya Sabha, the Bill now awaits President Droupadi Murmu’s assent. Meanwhile, legal and political resistance is intensifying. All India Majlis-e-Ittehad-ul- Vietnam has told US it wants to cut tariffs down to zero if they are able to have an agreement. US planned to hit Vietnam with 46% tariffs but the latter has asked the Trump administration to delay tariffs for 3 months to create space for more negotiations. Eye for an eye, jaw for a jaw BEIJING/WASHINGTON China announced  additional tariffs of 34% on US goods on Friday, the most serious escalation in a trade war with President Donald Trump that has fed fears of a recession and triggered a global stock market rout.China is retaliating for Trump's 54% tariffs, one of the  highest  rates  for any country, on imports from the world's No. 2 economy. “This practice of the US is not in line with international trade rules, seriously undermines China’s legitimate rights and interests, and is a typical unilateral bullying practice,” China’s State Council Tariff Commission said in  a statement while announcing its re- taliatory tariffs, CNN reported. Separately, China’s Ministry of Commerce said it was adding 11 American companies to its list of “unreliable entities,” essentially barring them from doing business in China or with Chinese companies. The ministry has also imposed a licensing system to restrict exports of seven rare earth elements that are mined and By invitation S Ramachandran There was a point when one did feel that only Manoj Kumar knew what the problems in India were all about and only he held the solutions to them. There was never a better line that could tickle the political campaigner today than "Bharat ka rehne wala hoon, Bharat ki baat sunata hoon." We have lost a true icon with the passing of Manoj Kumar. He was much more than just an actor who appeared on screen; for many Indians, he embodied the spirit and values of their nation. When people thought of a patriotic Indian on film, they often pictured Manoj Kumar, earning him the affectionate title of Bharat Kumar.    Born as Harikrishan Giri Goswami, he chose his screen name, Manoj Kumar, as a sign of his deep admiration for the ₹2,500 crore GST call on Coca-Cola stayed Urvi Mahajani MUMBAI The Bombay High Court has stayed a ₹2,500 crore GST demand against Hindustan CocaCola Beverages Pvt. Ltd., ruling that the revenue department’s interpretation of tax provisions appears prima facie flawed. The demand stemmed from allegations that the company had undervalued goods over seven assessment years by offering retrospective discounts to distributors. Authorities claimed that Coca-Cola structured these discounts to artificially lower the taxable value of its supplies. According to the tax department, distributors first extended discounts to re- tailers, and Coca-Cola later adjusted its own discounts to distributors based on these past transactions—a practice the department argued was designed to evade tax. A bench of Justices B.P. Colabawalla and Firdosh Pooniwalla, however, disagreed, calling the tax department’s reasoning “prima facie incorrect.” The court granted interim relief, staying the demand and restraining any coercive action. 4Contd on | nation The Uttar Pradesh government has heightened security across all 75 districts. Drones monitor dargahs and mosques, and flag marches are underway. Muslimeen (AIMIM) chief and MP Asaduddin Owaisi filed a petition in the Supreme Court on Friday, challenging the Bill’s constitutional validity. Congress leader Mohammad Jawed has also approached the apex court, calling the legislation discrimi- natory and rushed. Owaisi's petition argues that the amended Bill "irreversibly dilutes" statutory protections for Waqf properties while favouring other stakeholders. 4Contd on | nation legendary actor Dilip Kumar. This early inspiration eventually led him to work alongside his idol in the powerful film  Kranti, a moment that surely marked a significant achievement in his career.  While he showcased his acting abilities in a variety of roles, it was his self-directed films, often cantered around themes of patriotism, social responsibility, and strong moral principles, that truly cemented his place in Indian cinema history.    One of the most famous stories about Manoj Kumar highlights his profound connection to the nation's sentiments. Following the 1965 Indo-Pakistani War, the then Prime Minister, Lal Bahadur Flip-Flop HEAT ON WAQF ASSETS: A day after the passage of the contentious Waqf (Amendment) Bill, 2025, in the Rajya Sabha, the UP government has directed all DMs to identify illegally declared Waqf properties and take action. According to official records, there are 2,963 Waqf registered properties, while the Sunni and Shia Waqf Boards have listed 7,785 properties under their control. The significant discrepancy has raised suspicions about illegal land acquisitions, prompting the government’s intervention. NOTICE TO 2 BJP MPS: The BJP has issued notices to two of its MPs from Odisha -- Union Minister of Tribal Affairs Jual Oram and Aparajita Sarangi – to explain their absence from the voting on the Waqf Amendment Bill in the Lok Sabha following Wednesday’s discussion despite the party having issued a three-line whip seeking the presence of all its lawmakers for the same. Both Oram, who represents Sundargarh, and Sarangi, who is MP from Bhubaneswar, were not present in the House when the voting took place. offgrid Are we a nation of shopkeepers? Ketan Narottam Tanna MUMBAI Union Commerce Minister Piyush Goyal lobbed a rhetorical grenade at India’s startup ecosystem on Thursday, questioning whether the country’s entrepreneurial energy was being squandered on “delivering ice cream” instead of building semiconductor chips. Speaking at the Startup Maha Kumbh in New Delhi, Goyal didn’t mince words: “Are we content being delivery boys processed almost exclusively in China and are used in everything from electric cars to smart bombs. The commerce ministry also announced it was beginning two trade investigations into American exports of medical imaging equipment — one of the few manufacturing categories in which the United States remains internationally THE REEL PATRIOT IS GONE Waqf Bill Battle Shifts to SC LUCKNOW ZERO TARIFF? The era of cheap goods appears to be over for the American consumer. The higher tariffs are expected to automatically translate into inflation and higher prices. The buzz is the White House has asked retailers not to put up prices. The US has benefited from cheaper goods from overseas, at the expense of losing manufacturing jobs. But, now they want the manufacturing jobs back, it’s difficult to see how the price and inflationary situation will stay benign. MEDIEVAL JUSTICE | Beijing imposes additional tariffs of 34% on US imports as both nations go for each other’s throat; former knocks at WTO’s doors FPJ News Service In a landmark ruling that could send ripple across Mumbai’s real estate sector, the Maharashtra Real Estate Appellate Tribunal (MREAT) has directed a city-based developer to register its commercial project with MahaRERA due to the absence of a full Occupation Certificate (OC). The decision could impact hundreds of buildings across the city which currently hold only partial OCs. The case pertains to Wadhwa Constructions’ Trade Centre project in Bandra Kurla Complex (BKC), a 10-storey commercial building that received a partial OC in 2008. While office spaces from the third to tenth floors, ground floor, and part of the first floor were certified, the developer allegedly failed to secure an OC for the remaining part of the first and second floors. Despite this, office units were sold and occupied. In 2017, a society was formed, which later filed a complaint with MahaRERA demanding a full OC. The developer contended that the project was completed before the Real Estate (Regulation and Development) Act, 2016, came into effect, and therefore was not liable for registration. NO MORE CHEAP GOODS and girls? Is that India’s destiny?” he asked, contrasting Indian startups’ obsession with food delivery and fantasy sports with China’s laser focus on EVs, AI, and advanced manufacturing. His punchline? “Dukaandari hi karna hai? (Do we just want to sell things?)” The remark struck a nerve. India’s startup community, long celebrated as the world’s third-largest hub—with 100+ unicorns and 1.57 lakh registered ventures—found itself in an existential squabble. Dukaandari hi the next Were they buildingkarna hai? Chips perfecting Alibaba, or just vs. Ice Cream: India’s the art of biryani delivery? startup crossroads Goyal’s critique wasn’t merely about ice cream. It was a pointed jab at India’s innovation priorities. “Only 1,000 deep-tech startups in India? Disturbing,” he declared, urging founders to swap “cheap gig labour” for moonshots in robotics, AI, and semiconductors. His China comparison was deliberate: while Indian startups hustle to feed the urban elite, Chinese firms, he argued, are “building the future.” 4Contd on | nation Shastri, made a heartfelt appeal to the film community to create movies that would resonate with his powerful slogan, "Jai Jawan Jai Kisan." This clarion call deeply moved Manoj Kumar. It is said that during a simple bus journey from Delhi to Mumbai, the entire story and screenplay of what would become the iconic film  Upkar  took shape in his mind. This anecdote beautifully illustrates his ability to connect with the national mood and transform it into meaningful art that touched the hearts of millions. Today, which filmmaker writes his entire bound script on a bus? But then, bus travel also has its roots. 4Contd on | nation competitive. Soon after the markets opened at 9.30am in New York,  the S&P 500 was down 2.53 percent — as another $1 trillion was wiped from an index almost every American has in their normal and retirement investments. It lost $2 trillion yesterday. 4Contd on | nation Handshake, only Modi, Yunus meet amid calls for regional trust and accountability FPJ News Service MUMBAI In their first formal interaction since the dramatic ouster of Sheikh Hasina last August, Indian Prime Minister Narendra Modi and Bangladesh’s interim Chief Adviser Prof Muhammad Yunus met on the sidelines of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) summit on Friday. What unfolded was a candid, high-stakes exchange underscoring the fragility—and necessity—of regional trust and accountability. Modi’s message was clear and firm: India is deeply concerned about the rising insecurity of minorities, particularly Hindus, in Bangladesh. He conveyed India’s “expectation” that the Bangladeshi interim government would safeguard vulnerable communities and launch thorough investigations into all reported atrocities. 4Contd on | nation