Thursday, September 17
India is expected to forego customs revenue of Rs 4,060 crore in the first year of the free trade agreement with the UK, as tariffs are reduced or eliminated on a wide range of goods, think tank Global Trade Research Initiative (GTRI) said on Monday. The calculation is based on the current import figures from the UK. By the tenth year, it said, as tariff elimination phases-in more broadly, the annual loss is projected to rise to Rs 6,345 crore or around British Pound 574 million, based on FY2025 trade volumes. The India-UK free trade agreement, which was signed on July 24, will lead to a loss of customs revenue for both the countries, as tariffs are reduced or eliminated on a wide range of goods, GTRI added. India imported USD 8.6 billion worth of goods from the UK in 2024-25. Industrial p
India’s largest IT services companies are quietly reshaping their hiring playbooks—and freshers are feeling the heat, The Times of India has reported. In a sign of changing priorities, net employee additions at the top five firms barely crossed 4,700 in the June quarter, a far cry from the 50,000-plus levels seen just two years ago. TCS, Infosys, Wipro, HCLTech, and Tech Mahindra together brought in just 4,787 people this quarter. TCS accounted for the bulk with 6,071 hires, while Infosys added a marginal 210. The rest—HCLTech, Wipro and Tech Mahindra—shrunk their headcount by 269, 114, and 1,111 respectively. The drop highlights how fresher hiring is becoming the first casualty as companies focus on experienced, cross-functional talent, TOI report said. Back in FY21’s June quart
