1) Forbes India CEO of the Year
Rajesh Jejurikar, Mahindra & Mahindra’s (M&M) executive director and CEO (auto and farm sector) Image: Amit Verma
Rajesh Jejurikar has invested 22 years of his career in Mahindra Group. He became executive director and CEO of the auto and farm equipment sector on April 1, 2020. One of the most challenging times to accept one of the most demanding roles in one’s career. Automakers had to deal with disrupted supply chains worldwide and unprecedented chip shortages during the pandemic. But post-Covid, premiumisation set in and Mahindra’s SUV models–Thar, XUV700 and Scorpio N took the market by storm. Under Jejurikar’s leadership, M&M also makes electric vehicles a functional reality for the masses. This is just a snapshot of what Jejurikar has achieved in recent times. In this story, discover why he was chosen as CEO of the Year at the Forbes India Leadership Awards 2025.
2) Forbes India Entrepreneur of the Year
Supam Maheshwari, Managing director and CEO, Brainbees Solutions Image: Madhu Kapparath
Running a business is not a child’s play. But Supam Maheshwari, managing director and CEO of Brainbees Solutions, has made FirstCry India’s biggest omnichannel retailer of children’s products. FirstCry posted Rs 6480.86 crore in operating revenue in FY24, and its losses were Rs 321.51 crore. In the third quarter of FY25 (Oct-Dec), loss reduced to Rs14.74 crore. If we let the numbers talk, FirstCry has 1136 stores and 1.8 million SKUs from 8023 brands to offer. Until December last year, the company had 10.3 million annual unique transacting customers. What does it take to build a retail behemoth like this and become Entrepreneur of the Year at the Forbes India Leadership Awards 2025? Here’s a chronicle of Maheshwari’s roller coaster ride so far.
3) Forbes India Institution Builder
Ashish Dhawan, Founder and trustee, CSF and Co-founder, Ashoka University Image: Amit Verma
The Forbes India Leadership Award for Institution Builder honours visionary leaders who have built enterprises and created ecosystems and institutions that strengthen key pillars of society. Ashish Dhawan, co-founder of one of India’s first and most successful private equity funds, ChrysCapital, switched careers to create an educational institution that is at par with global standards. His colleagues believed he was taking on a near-impossible task, possibly setting himself up for failure. However, Dhawan established Ashoka University in 2010 and has not looked back since. Achievements of Ashoka University speak for themselves, but in this story, you will find out why the FILA jury chose him for this honour.
Discover
1) Ambition Vs Commitment
According to the Ministry of New and Renewable Energy, as part of the updated NDC submitted to the UNFCCC (United Nations Framework Convention on Climate Change) in August 2022, India has committed to reducing its emissions intensity by 45 percent by 2030 (compared to 2005 levels), achieving 50 percent of cumulative electric power capacity from non-fossil fuel sources by 2030. However, India’s ambition to become one of the crucial players in the global AI and semiconductor ecosystem might become a hurdle in fulfilling these commitments. Because right now, much like the rest of the country, data centres (which are crucial for a country producing around 20 percent of the world’s data) are primarily powered by coal-led thermal power. But is it possible that these contradictory ambitions fuel each other? The answer is yes, and this story explains India’s options.
2) Trump’s tariff offensive and the world
Image: Andrew Harnik/Getty Images
Since returning to the White House for his second term, US President Donald Trump has also signed plans for sweeping “reciprocal tariffs” that could hit both allies and adversaries by April 2. India has responded quickly to this eye-for-eye approach so far, preemptively cutting the tariffs on products, including high-end motorcycles and bourbon whisky. Trump’s tariff tussle continues with Canada, Mexico, and China, but it spells bad news for the global economy and various asset classes, including interest rates and inflation. There is very little room left for investors to escape these battles. Here’s a quick overview of how they are navigating these troubled waters.
3) Golden opportunity?
Image: Kevin Lamarque/ Reuters
Trump Administration 2.0 has developed a high-price version of the traditional green card. These new residency permits come at a price of $5 million each. US Commerce Secretary Howard Lutnick said that the money raised from these cards would be used to reduce the US deficit. Indian investors looking for US citizenship prefer the EB-5 programme, which grants a green card to immigrants who make a minimum investment of at least $1,050,000, or $800,000, in economically distressed zones. On the surface, the new announcement from Trump looks like a ‘golden’ opportunity for Russian oligarchs, but it remains to be seen whether it will have Indian takers. Here’s how immigration experts weigh both routes.
4) Bargaining power
US President Donald Trump shakes the hand of C.C. Wei as he announced an investment of a $100 Billion, four-year investment into American Chip manufacturing by Taiwanís chipmaking titan TSMC on March 3, 2025. Image: Roberto Schmidt / AFP
TSMC, which counts Apple and Nvidia among its clients, announced the plan this week after US President Donald Trump threatened to impose tariffs on overseas-made chips. It will take the total amount the world’s biggest chipmaker has pledged to invest in the United States to $165 billion. The decision has more angles than the tariff threat. Chip manufacturing for tech giants comes with a bargaining power to protect Taiwan from an invasion or blockade by China—and an incentive for the United States to defend it. How does that work? Will it have any adverse effect on the Taiwanese economy? Here’s a quick primer on the subject.
