Rajeev Shukla to be BCCI interim president: Indian media
This comes as the current president Roger Binny will turn 70 on July 19, surpassing the age cap set out in the BCCI constitution.
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Khaleej Times
25 minutes ago
- Khaleej Times
AI automation shift: Hiring becomes more selective
NRI Biz Matters Question: There have been recent reports in the Indian press that companies in the IT sector have laid off employees during the last month. What is the reason for this downturn and are there any prospects of its reversal? ANSWER: You are right in pointing out that in the last few weeks some of the top IT companies in India have reduced their workforce, mainly mid-level employees. The industry is undergoing a structural shift in line with global trends where major tech firms are streamlining resources, reallocating assets, and shutting down divisions that no longer align with strategic priorities. Many experts believe that AI is disrupting the traditional workforce pyramid and replacing broad-based hiring models with leaner, more specialised structures which would yield higher revenues. In short, the shift is driven by the widespread adoption of AI, automation and cloud-based architectures. However, the silver lining is that robust outsourcing demand from Europe in recent months has helped IT companies to maintain revenue growth. Europe has started to build capabilities to sustain its tech sovereignty which at the moment is heavily dependent on the United States. The United Kingdom, Ireland and the Benelux countries are enhancing their capabilities in generative AI, cloud, digital and cyber security. Europe comprises around 25 to 30 per cent of the global market for India's top tier IT companies, while the United States is at 40 to 50 per cent. With AI-driven automation reshaping business models, companies are prioritising digital transformation and employee upskilling. Hiring has become more selective and aligned with core business objectives. Question: The US administration has imposed tariffs of 25% on Indian goods exported to America. Will this have a significant impact on the Indian manufacturing sector? ANSWER: The textile, gems and jewellery sectors will be adversely impacted by the 25 per cent tariff. However, India is in the process of negotiating a Bilateral Trade Agreement with the United States. Once this is signed and comes into effect, the provisions and tariff rates as prescribed in the agreement will prevail. . Pharmaceutical products will continue to be exported from India as they have been widely used in the American medicare system and such products are not readily available in large quantities from other countries at the same competitive rates at which Indian companies supply. Question: Have provisions been made for preserving the confidential data of taxpayers in the new income tax law which is to be passed shortly? Is there any difference between the existing law and the new one? ANSWER: The new income tax law has not given any additional powers to officers of the tax department which will continue to work on the philosophy of 'trust first and scrutinise later'. The government has directed tax officials to work on the presumption that taxpayers declare their income honestly. Steps for search and seizure and scrutiny of assessments are taken only where there is credible evidence of large scale tax evasion, concealment of income or involvement in illegal activities. The new tax law has made provisions for maintaining confidentiality of taxpayer data and has put in place internal controls to safeguard its integrity. The faceless nature of procedures like assessments and appeals introduces a layer of anonymity by design. This ensures a neutral, fair and objective approach. Risk assessment uses identity-blind and rule-based algorithms. Powers to access digital devices during search and survey operations have been updated in conformity with the needs of the digital age. In course of time, AI will play a critical role in detecting and curbing shell companies, unaccounted money and illegal transactions. Thus, AI will be used primarily for fraud and anomaly detection, pattern recognition, trend identification, predictive modelling and processing of unstructured data.
Khaleej Times
an hour ago
- Khaleej Times
ILT20: West Indies star Shimron Hetmyer joins Desert Vipers
West Indies star Shimron Hetmyer joined the the Desert Vipers for season four of the DP World ILT20 (December 2-January 4). The 28-year-old was part of the Gulf Giants in the first three seasons of the DP World ILT20, including season one where that team won the title by defeating the Desert Vipers in the final. Desert Vipers Director of Cricket, Tom Moody, welcomed the new recruit. 'Shimron is a player we rate extremely highly so for us to secure his services is a real coup,' he said. 'He has proved a thorn in our side in the DP World ILT20 in the past so to have him in our ranks now is great news.' The left-handed batter has played some memorable knocks against the Vipers, including smashing 70 off just 35 deliveries in season one. Hetmyer said he was looking forward to joining the squad. 'I am so happy to be joining the Desert Vipers. I have enjoyed my battles with the team during the past three seasons. The franchise is filled with quality players and I am looking forward to playing with them rather than against them.' With a strike rate of over 150 across those three seasons, having scored 390 (48 fours and 33 sixes) of his 666 runs in fours and sixes, Hetmyer is a hard hitter who can bring down any opposition on his day. Moody believes he could be a key disruptor for the team. 'Shimron is a game-changer with the bat and someone who can fill multiple roles,' he said. 'He is capable of batting in the top order and as a finisher, and his power and his ability to clear the fence are attributes we welcome. 'But he is also a smart cricketer who knows the T20 format inside-out. I have no doubt Shimron will be a huge asset for the Desert Vipers in the coming season and we look forward to welcoming him to our team later this year.' The Desert Vipers have twice been runners-up in the DP World ILT20 but are yet to win a championship, and Hetmyer is eager to change that statistic. 'I have seen the way the Vipers have been run, and the fact the team has reached two finals in three years speaks for itself,' he said. 'They have been so close to the trophy and hopefully my arrival will be the final piece of the puzzle to make sure the team finishes season four as winners. 'I love the tournament. It is such a great experience as a player, and I cannot wait to link up with the team in Dubai later this year.' Hetmyer brings with him a wealth of experience, having represented the West Indies at junior and senior levels, including leading them to victory in the ICC Under-19 Cricket World Cup in 2016. The left-hander is also in great demand on the franchise circuit and has played across the globe including in The Hundred, the Pakistan Super League, the Indian Premier League, the Caribbean Premier League, Major League Cricket and the DP World ILT20.
Khaleej Times
an hour ago
- Khaleej Times
'Game changer': New rupee rule to deepen trade ties with India, says senior UAE official
A senior UAE trade and investment official has called India's latest rupee trade reform a 'game changer' that will deepen economic ties between the two nations. He predicted that non-oil trade would cross the $100 billion mark well before 2030, a figure he said looked unthinkable until just a few years ago. He noted that the move will not only benefit large corporations but also open fresh opportunities for small and medium-sized enterprises on both sides. The Reserve Bank of India (RBI) announced on August 5 that Indian Category-I Authorised Dealer (AD) banks can now open Special Rupee Vostro Accounts (SRVAs) for foreign banks they already have correspondent relationships with, without needing prior RBI approval. What is an SRVA? An SRVA is a dedicated account that allows foreign banks to hold Indian rupees and process payments for trade with India. Until now, prior approval was mandatory. Industry experts say the change removes a long-standing barrier to local currency settlement. The reform has been widely hailed by UAE-based Indian business leaders, who say it will cut costs, speed up transactions, and strengthen the trade corridor between the two countries. Mohamed Haris, Chairman of Alhind Group, called it a positive step towards strengthening cross-border trade. He said the move will ease and speed up transactions between India and the UAE, benefiting businesses on both sides. Rohit Vachchani, co-founder and CEO of Merlin Group, said expanding the use of the rupee in cross-border trade and simplifying settlement processes will enhance efficiency and add resilience to the trade corridor. Historic bonds Highlighting the historic bonds between the UAE and India, the UAE official recalled how the Indian rupee was widely used in the Emirates in earlier decades. 'This reform builds on a long tradition of economic partnership,' he said. 'It will ease transactions, cut costs, and expand trade in ways that reflect our shared history and future ambitions.' 'Allowing settlement in rupees without prior approval will give Indian exporters a stronger competitive edge in the UAE and worldwide markets,' said Rayad Kamal Ayub, managing director of Rayad Group. Indian companies led by the tech industry would increasingly incorporate in the UAE, given the ease of doing business and tax benefits, he added. John Thomas of Dubai-based JV Thomson Chartered Accountants said the rules could encourage Indian companies hit by the recent 50 per cent US tariff on Indian goods to move manufacturing to Gulf countries, where tariffs are far lower. 'The UAE offers a strategic location, a favourable business environment, and a proven re-export model to the US,' he said. Exporters with large US orders are expected to lead the shift, followed by fast-moving consumer goods producers. The UAE is already a major destination for Indian investment, with more than 75,000 Indian companies registered with the Dubai Chamber of Commerce. Experts expect that number to rise sharply as more firms incorporate in the Emirates to leverage rupee settlement, CEPA benefits, and lower tariff exposure. Gagan Mehrotra, portfolio manager at Singapore-based Cocogem Fund, called it 'a visionary move' that will boost bilateral settlements without the 'cumbersome compliance' of third-currency transactions. 'A small Indian exporter can now bill in rupees without having to enter into complex foreign exchange contracts,' he said. The UAE is India's third-largest trading partner, with bilateral trade reaching $83.6 billion in 2023-24, according to India's Ministry of Commerce. Non-oil trade alone stood at $65 billion in 2024, boosted by the Comprehensive Economic Partnership Agreement (CEPA) signed in 2022, which reduced tariffs on most goods. Many products now enter the UAE duty-free, and re-exports via UAE free zones can avoid duties entirely. Banking analysts say integrating payment systems, card networks, and payment messaging between the two countries will be key to maximising the benefits of the RBI's move.
