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Citi's India head of commercial banking exits after 25 years with bank
'We can confirm both developments. Bhanu would be pursuing an external opportunity. The bank will shortly announce his successor,' Citi said in an email response to Business Standard.
Vohra has been with the bank since November 2000.
In March 2023, he took over as the MD & India Head of Citi Commercial Bank in India, where he led a team of over 300 banking and risk professionals, managing the banking needs of mid-corporate, digital, new-age, and SME clients.
Citi's Commercial Bank provides global banking solutions to mid-sized companies looking to grow rapidly and expand internationally. The bank, with its global network, comprehensive solutions, and industry expertise, helps these businesses succeed across a wide variety of industries and at most stages of their growth.
Prior to being MD & Head of Commercial Banking at Citi, he was MD & India Head of Citi Global Subsidiaries Group from August 2020 to February 2023. Earlier, he was MD of Global Markets and Head of Forex (Citi Private Bank). Vohra has worked in a variety of roles, including in operations, transaction banking, and global markets at Citi.
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Indian Express
8 minutes ago
- Indian Express
Trump's 50% tariff: Beginning to get foothold in US market, Agra's leather belt takes a hit
US Tariffs Impact on Indians: In a sprawling shoe manufacturing unit in Agra, men in sweat-soaked vests move along the assembly lines in a choreography honed over the years — working in perfect rhythm, their hands following the machine's pace. As each shoe travels down the conveyor belt, it pauses briefly at each station dedicated to a specific task, such as removing wrinkles, cotton brushing, seat lasting, sole heat activation — a display of how a hundred small acts turn the raw leather into products destined for sale in international markets, including the US. However, US President Donald Trump's decision to raise tariffs on Indian goods — hiking duties on leather footwear from 5-8% to 25%, with a further 25% increase threatened by August 27 — has cast a shadow over the unit. India's leather exports across the world rose from $3,681 million in 2020-21 to $4,828 million in 2024-25 — a 31% rise. In the same period, exports to the US rose from $645 million to $1,045 million — a 62% jump. For manufacturers who had only recently begun gaining a foothold in the US market, the move has come as a significant setback. 'There will definitely be an impact. We only have three US-based customers, as most of Agra's exports have traditionally gone to Europe. But the US was a major market we were trying to enter. It's a huge consumer base, and any success there would have changed the scale of our business. This is going to slow that push down,' said Sushant Dhapodkar of Tej International Pvt Ltd. Agra is one of India's largest footwear manufacturing hubs, alongside Kolkata, Kanpur and Chennai. The city has around 10,000 micro-units apart from 150 small-, 30 medium-, and around 15 large-scale industries. Many use leather imported from Turkey, which takes 45–50 days to arrive via road, along with Indian leather sourced mainly from Kanpur and Chennai, and some from Jalandhar. While Europe remains the mainstay for Agra's leather shoe exporters, the US market, the largest consumer base in the world — accounting for 24% of global consumption despite just 4% of the population — has been developing fast. In the last quarter alone, nearly half of Agra's export business, worth about $594 million, went to the US. The growth was so sharp that many manufacturers had invested heavily in expanding production capacity. 'Those who were earlier working on six assembly lines are now running 14,' said Puran Dawar, chairman of the Development Council for Footwear and Leather Industry and president of the Agra Footwear Manufacturers and Exporters Chamber. 'We ourselves had set up a unit bigger than our existing one to tap into the US market. That's definitely out of the question now.' The tariff announcement has also come at the peak of production for autumn and winter collections — the busiest for Agra's export factories. Orders for leather boots, closed-toe shoes, and high-end formal wear are typically placed months in advance by American buyers. These are now in the final stage of production or ready for shipment — but buyers have been calling to put the stock on hold. According to manufacturers, some buyers are ready to look towards China for an alternative. Dawar said: 'This is the peak season for autumn and winter orders, and buyers are already telling us to hold shipments, even for goods ready to go. They want us to share the tariff loss. But the US is a price-sensitive market — nobody can afford to share even 12.5% of the burden, let alone 50%. Some buyers have already cancelled and are looking to China because their tariff is 30%, and to Vietnam, where it's just 20%. We can't compete at those rates.' Nazir Ahmed, owner of Park Exports, said the problem goes far beyond price competition. 'Now with the initial 25%, it's going to be a disaster unless Trump goes back to the original tariff,' he said. 'This won't just be a problem for India, but for the US as well… the higher the duty, the more expensive their product will be. In countries where lower tariffs are imposed, they will have the advantage, and we wouldn't be able to compete with them,' said Ahmed. He also highlighted the potential impact back home. 'If orders aren't placed, factories will be without work. And if factories are without work, workers will be without work. This industry is labour-intensive, so unemployment could run into millions if this continues. And I'm not just talking about manufacturing — textiles, tools, every industry linked to this process will take a hit,' he said. Manufacturers said the setback is particularly bitter because of the efforts they made to break into the US market. 'It's a setback to our plans to double or triple exports to the US,' Ahmed said. 'The government increases targets every year, and the American market has the potential to match our exports to Europe. Now all that planning is on hold.' Others, like Dawar, believe the hike is a 'pressure tactic' and will eventually be rolled back. 'The government is in touch with us to see how they can help. We were called to meet Commerce Minister Piyush Goyal last week to discuss relief. One idea discussed was that the government could bear a part of the hike, and the remaining could be between the manufacturer and the US importer.' The current uncertainty, meanwhile, is already triggering ripple effects beyond Agra. Naseem Khan, a Kanpur tannery owner whose leather is supplied to manufacturers linked to US exports, said clients have begun cancelling or freezing orders. 'Whatever the stage of production, they're saying stop immediately. Even though we don't directly export to the US, we are deeply connected; the leather we produce is approved by those who manufacture finished goods for the US,' Khan said. Meanwhile, exporters are brainstorming alternatives. Russia, once a major market for Agra, is being considered for revival. Others are looking inward to India's growing middle class — a customer base whose purchasing power has risen in recent years. Until now, much of the footwear sold domestically was made locally from scraps and leftovers of the export process. But with international orders in limbo, manufacturers are weighing whether to redirect their best designs and full-scale production to the home turf. Chairman, Council for Leather Export, Rajendra Kumar Jalan said, 'Currently, the dispatches have come to a standstill. All US buyers and Indian manufacturers exporting finished goods to the US have put their orders on pause because of the 50% tax. When the tax was raised to 25%, there was still some hope — we were still on par with competing nations like Bangladesh, Indonesia, Vietnam, and, to some extent, China. But now, we are completely out of the picture. China, in fact, is gaining an advantage because the additional Russian oil tariffs do not apply to them, and they also enjoy a 90-day moratorium.' 'That being said, the US purchases from us are in large volumes, and for these bulk buyers, getting an alternative source of production for these huge orders, and that too in a short period, will be extremely difficult,' said Jalan 'At present, the reaction is one of panic. But we remain hopeful of finding alternative markets. There will be competition from other leather manufacturing nations, but our focus will be on countries where India has signed or is about to sign an FTA — countries such as Chile, Peru, and some European nations,' he said. — With inputs from Nirbhay Thakur
Time of India
38 minutes ago
- Time of India
Union Cabinet approves 2 semiconductor projects worth Rs 4,009cr for Odisha
Bhubaneswar: Union Cabinet on Tuesday approved two major semiconductor manufacturing units worth Rs 4,009 crore for Odisha. The two projects, to be set up in Bhubaneswar's Info Valley, will generate thousands of high-skilled jobs, catalyse electronics manufacturing and help place Odisha on the global semiconductor map, sources said. The two manufacturing units will be built by SiCSem and 3D Glass. Given the growing demand for semiconductors in telecom, automotive, data centres, consumer electronics and industrial electronics, the newly approved projects will significantly contribute to creating an ' Atmanirbhar Bharat ', official sources said. Thanking Prime Minister Narendra Modi for the Cabinet's approval, chief minister Mohan Majhi said in an X post, "The recent amendment of the Odisha Semiconductor Manufacturing and Fabless Policy, aimed at enhancing investment viability, competitiveness, and sustainability, together with this significant Cabinet approval, marks a major milestone in the state's industrial and technological advancement. I look forward to continued partnership between the state and central govts to further this strategic initiative for the comprehensive development of Odisha and the nation." SiCSem Pvt Ltd, in collaboration with UK-based Clas-SiC Wafer Fab Ltd, will set up India's first commercial compound semiconductor fabrication facility here. The plant will manufacture silicon carbide (SiC) devices, known for their efficiency in high-power applications, with an annual capacity of 60,000 wafers and 96 million packaged units. The SiC devices will have applications across critical sectors, including missiles, defence equipment, electric vehicles (EVs), railway, fast chargers, data centre racks, consumer appliances and solar power inverters. The facility is expected to give India a strategic edge in producing next-generation power electronics domestically. The second project, by US-headquartered 3D Glass Solutions Inc (3DGS), will introduce the world's most advanced semiconductor packaging technology. The unit will manufacture glass interposers, silicon bridges and 3D heterogeneous integration (3DHI) modules. The component are crucial for miniaturisation, high performance and energy efficiency in electronics. With a planned capacity of about 69,600 glass panel substrates, 50 million assembled units, and 13,200 3DHI modules annually, the facility will cater to applications in defence, high-performance computing, artificial intelligence, RF and automotive electronics, photonics and co-packaged optics. Officials said the two projects will not only bring cutting-edge technology to Odisha but also create a ripple effect in the state's electronics ecosystem, encouraging ancillary industries and boosting technical skill development. Apart from two Odisha projects, the Cabinet also approved one project each for Punjab and Andhra Pradesh under the India Semiconductor Mission (ISM). Union education minister Dharmendra Pradhan hailed the Cabinet's decision to set up the two units in Odisha. He said the decision is a pivotal moment for the state, emphasising its potential to create jobs and generate substantial revenue. Pradhan expressed his gratitude to the PM and highlighted that this move marks a new chapter in the 'Purvodaya' mission. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
an hour ago
- Time of India
Assam university's Rs 30 crore guesthouse turns luxury hotel, sparks row
GUWAHATI: An international guesthouse of the state-run Assam Agricultural University (AAU) built at a cost of over Rs 30 crore to host key seminars and conclaves has transformed into a luxury hotel listed on online travel platforms, sparking opposition from student and teacher bodies. Rohika AAU-International Guesthouse came up in Khanapara here at a veterinary college affiliated to Jorhat-based AAU. It was inaugurated in 2023 by CM Himanta Biswa Sarma with the promise of advancing academic and research collaboration. However, within a year of its inauguration, the state-of-the-art guesthouse was leased out to a private firm for a five-year term, subject to renewal every 11 months. The decision, taken by AAU's board of management, was attributed to a lack of trained manpower to manage the facility of such scale, officials said. It boasts 12 VIP rooms, 43 executive rooms, a 40-seat VIP dining area, an eight-seat private dining space, and a conference hall, among other amenities. "Before construction, it was not decided that the property would be leased out. But after construction was completed, it was decided it would be leased out on rent as staff members could not go there (Guwahati) to manage the guesthouse," said AAU registrar Tapan Kumar Gohain. Student and teacher bodies have decried the handover, arguing that university property should remain in public control. With the veterinary college on the verge of becoming a full-fledged university - only a vice-chancellor's appointment is due - faculty members are hopeful that the guesthouse will eventually return to academic hands. "A decision was made to bifurcate veterinary university from AAU. As far as we know, when the university starts functioning, properties will also be bifurcated. Since the guesthouse is on college land, we hope it will come back to the college and later to the university," said Raj Jyoti Deka, general secretary of AAU Teachers Association (Veterinary Faculty).
