BPO sector ripe for AI disruption, says TCS CEO K Krithivasan
While there is talk of AI displacing various entry-level and lower-end jobs in call centres, experts say that it could create high-value roles in data science, AI system development, and digital marketing, among others. This comes days after French IT services major Capgemini agreed to buy WNS, an Indian-origin provider of BPO technology, for $3.3 billion (Rs 28,280 crore) in cash.
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Time of India
36 minutes ago
- Time of India
Calls for reforms rise as additional 25% levy may impact growth, jobs
NEW DELHI: The potential impact of additional 25% tariff announced by US President Donald Trump on goods imports from India could be larger for economic growth than previously estimated, if they are implemented after Aug 27 deadline, economists said. Estimates showed initial 25% tariff imposed on Indian exports would have a muted impact on growth in the range of 0.2-0.4 percentage points. However, additional 25% tariff could impact growth and jobs in some of the key export sectors and could hurt overall sentiment. There is a window open for talks, with a team from US expected to visit India on Aug 25, which could help ease some of tariff burden. Goldman Sachs said it expects some more potential impact on growth due to additional tariff. "We previously estimated a potential direct impact of around 0.3 percentage point (annualised) to India's real GDP growth, following President Trump's announcement of a 25% tariff," it said in a report. "If the new additional duty (including exclusions) is enforced, then that would constitute a potential incremental drag of around another 0.3 percentage points (annualised)," the report said, adding, 4% of India's GDP is exposed to US final demand. Goldman Sachs, however, said it was not making any changes to its growth forecasts for calendar years 2025 and 2026 for now as there is a three-week window for negotiations until the new incremental tariffs roll out. RBI on Wednesday kept its growth forecast unchanged at 6.5% for the current fiscal year but cautioned about the "headwinds emanating from prolonged geopolitical tensions, persisting global uncertainties and volatility in global financial markets pose risks to the growth outlook. " Trump's announcement of additional 25% tariff for India has sparked dismay and outrage, with external affairs ministry calling the move "unfair, unjustified and unreasonable." However, it also triggered calls from top industrialists and bureaucrats for more aggressive reforms, from ease of doing business to GST revamp to labour reforms and privatisation, and stepping up tourism to help overcome any adverse impact of Trump's unfair decision. Industrialist Anand Mahindra said US tariffs would have unintended consequences of creating new growth drivers and India should use the opportunity to unleash reforms like the ones rolled out in 1991 and promote tourism as a forex engine. Ficci president Harsha Vardhan Agarwal said it was time to focus "all our energies" into strengthening industrial economy and services sector. "Trump has provided us a once in a generation opportunity to take the next big leap on reforms. Crisis must be fully utilised," former G20 Sherpa and former CEO of govt's policy think tank Niti Aayog Amitabh Kant said on microblogging site X. Stay informed with the latest business news, updates on bank holidays and public holidays .
Time of India
36 minutes ago
- Time of India
Agriculture key to UP's $1 trn economic vision
Lucknow: Maintaining that farmers remained its top priority, govt said on Thursday that agriculture is playing a pivotal role in transforming UP into a $1 trillion economy. "The state govt is working towards the farmers' uplift. Tired of too many ads? go ad free now Govt has undertaken historic initiatives over the eight years under guidance of Prime Minister Narendra Modi," a state govt spokesperson said. UP holds 11% of the country's cultivable land and contributes over 20% to India's total foodgrain production. Govt said that maize was being procured at MSP during rabi season — an unprecedented move that not only benefited farmers but also ended exploitation faced under previous govts. "Today, farmers are earning lakhs through maize cultivation, thanks to fair prices and govt support," he claimed. He said that agricultural scientists moved beyond laboratories to engage with farmers in the field. UP farmers are the biggest beneficiaries of the PM Kisan Samman Nidhi, one of the world's largest DBT schemes. "So far, 20 instalments totalling over Rs 90,000 crore have been transferred to the accounts of around 2.5 crore farmers in the state. In PM's parliamentary constituency of Varanasi, farmers received approximately Rs 900 crore under this scheme. " he said. Before 2017, the farmers' plight in UP was dire—many were driven to suicide and sugarcane farmers were struggling to receive dues. "Procurement centres for maize, oilseeds, pulses, potatoes, millets, sorghum, paddy and wheat lacked proper management," the spokesperson said. One of the Yogi govt's first major decisions in 2017 was to waive Rs 36,000 crore in farm loans, benefitting 86 lakh farmers. To strengthen irrigation infrastructure, govt leveraged the PM Krishi Sinchai Yojana, through which an additional 23 lakh hectares has been brought under irrigation. Besides, 15 lakh private tubewells were provided free electricity, with the govt allocating Rs 2,700 crore annually to the power department to ensure uninterrupted supply to farmers.
Time of India
41 minutes ago
- Time of India
Trump tariffs: 17% effective rate, $50bn monthly customs revenue
NEW DELHI: For all the noise over India being the tariff king, the US effective tariff rate for all countries is now estimated at 17%, Fitch Ratings has estimated after the latest reciprocal tariff announcements. The effective rate that Indian goods will pay to enter US before Aug 27 was estimated at 20.8%, including exempted products. In 2024, the latest period for which data is available with WTO, India's simple average tariff was estimated at 16.2% - 36.7% for agricultural products and 13% for non-agricultural goods. Following the Budget in Feb, the average is estimated to have come down further. According to the WTO database, the average US tariff in 2024 was 3.3% with farm goods facing a 5% levy, while non-agri products attracting 3.1% import duty. But with additional duties upwards of 10% for most countries, the average tariff is set to jump. In case of India and Brazil, the additional tariff will be 50%, while China and South Africa are in the 30% bracket. While the average tariff in the US may be low - after all, for decades it was the biggest champion of low tariffs - it does have goods which attract high levies. For instance, certain types of peanuts in shells attract 54.6% duty at MFN rate, which after the "reciprocal tariffs" will rise to nearly 105% for India and Brazil. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Most Beautiful Female Athletes Right Now Undo Similarly, peanut butter attracts 44% customs duty in the US and several types of footwear see tariffs of 37.5% on MFN basis. Dates, apricots and dried onions are in the 30% range, while several types of women's trousers and some tracksuits face 28.2% duty. Boys' trousers and bovine meat are in the 26-27% range. There are complicated ones too such as wristwatches where there is a mix of specific levies and ad valorem rates as is the case with several other items. The new tariffs are seen to be a custom revenue generating move by Trump with the tax yielding $30 billion (Rs 2.5 lakh crore) in July. In an interview, US commerce secretary Howard Lutnick on Thursday said that customs revenue is headed to the $50-billion mark (Rs 4.4 lakh crore) - almost twice India's projected customs revenue for govt for 2025-26 financial year. Stay informed with the latest business news, updates on bank holidays and public holidays .
