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Want to boost your career as a finance professional? Here are 5 important ways to climb the ladder of success like a pro

Want to boost your career as a finance professional? Here are 5 important ways to climb the ladder of success like a pro

Hindustan Times2 days ago
As a finance professional, do you often wonder how to rise above your peers and reach the next level of success? In the competitive world of finance, possessing only a strong number-crunching skills is no longer the easy way to boost your career. An individual must also have rich expertise in other areas - from communication skills, leadership qualities, tech savviness to the ability to take decisions and strategic thinking. Check the five smart ways by Forbes that finance professionals can consider to climb the ladder of success. (Unsplash)
For lasting success and a future-proof career, finance professionals must be ready to be committed to lifelong learning, irrespective of whether they are starting out in their profession or aiming for leadership opportunities.
Also read: Are you an AI engineer looking for jobs? Check out these 7 high paying jobs shared by Forbes
This is where some smart tips for finance professionals by Forbes Finance Council members comes into play, offering clear guidance to accelerate growth and unlock new opportunities in the finance domain. In this article, we have listed down 5 tips published in the Forbes report.
Staying true to one's word
Finance professionals should let their work speak for themselves, and not get involved in workplace politics. Individuals must avoid taking everything they hear at face value. Additionally, they should also not get swept away by the highs or bogged down by lows.
Learn by taking as many tasks as possible
Finance professionals must try to learn as much as possible by taking multiple tasks. The rule is simple - the more one does, the faster he/she learns. This in turn also helps them get noticed by their seniors who acknowledge your efforts of getting things done, thereby making you a dependable team-player and a have a potential for growth.
Also read: Study Abroad: The dos and don'ts of student visa applications amid new social media scrutiny
Make yourself indispensable
Another tip to climb the corporate ladder as a finance professional is by making onself someone that the team cannot do without. It is extremely important to continuously upskill, build a strong network and share new insights. Professionals must know how to create opportunities to grow rather than waiting for chances.
Finding the right environment
A crucial point that finance professionals should understand is that success in the financial sector also depends on the workplace - one that allows them to grow and encourages your progress. They should understand that not every role can be the best match, therefore it is important to identify the environment that keeps them motivated and pushes them to excel.
Also read: Where Indian Students Can Study for Free in 2025: These countries offer full scholarships
Networking is key
Finance professions must always keep in mind that success lies beyond numbers - they should also possess people skills. They should be able to connect to people, and be able to build trust. In addition, they should be brave to take calculated risks, work with integrity, and be ready to embrace change. This, as the Forbes report points out, will help the finance professionals stand out.
(With inputs from Forbes)
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Never mind the US drub, India continues to buy oil from Russia; discount seen rising
Never mind the US drub, India continues to buy oil from Russia; discount seen rising

Mint

time20 minutes ago

  • Mint

Never mind the US drub, India continues to buy oil from Russia; discount seen rising

New Delhi: India continues to buy oil from Russia notwithstanding the punishing penalty and calling out by the US earlier this week, and it is even reaping a bigger discount. State-owned refiners—Indian Oil Corp Ltd (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL)—continue to buy oil from Russian suppliers, and negotiations are underway for spot deals, said two people in the know of the developments. One of the two people mentioned above said that over the past few days, two cargoes of Russian oil had been purchased by Indian refiners with better discounts than usual. 'OMCs (oil marketing companies) are negotiating for Russian oil supplies currently. There is no decision as to go slow or stop Russian oil," said the person mentioned above. "They (Russian supplies) may have declined amid cheaper global oil prices and narrowing discounts in the past, but there is no decision on halting imports from Russia." 'Although discounts have declined from the highs, of late, there has been a spike of around $1 per barrel in discounts in the latest few deals," the person added. The last two or three cargoes have been booked at a discount of up to $3 a barrel, compared to about $1.7 in the earlier purchases, and it is likely to rise further, even if not significantly, after US President Donald Trump's censure of India for its Russian energy purchases, the person in the know said. The discounts on Russian oil have narrowed down to single-digit from the high of around $30 per barrel in 2022. 'The deals which are being negotiated now are for deliveries to be made in September. Till then, refiners are already tied up," said the second person in the know of the developments. There was no response to queries on the issue sent to the petroleum ministry, IOC, BPCL, HPCL and Rosneft till the publishing of this report. On 30 July, the US President announced a 25% tariff on Indian exports, starting 7 August, along with a penalty for India's energy and defence purchases from Russia, which has been berated for its war with Ukraine. The punishing announcement had raised concern over energy supply crunch and price increase. Russia exports about 4.5 million barrels of oil daily on an average, and if it goes out of the market global prices may shoot up as was witnessed in 2022, according to experts. Prashant Vasisht, senior vice-president and co-group head, corporate ratings at ICRA Ltd, said refiners would need to carry out techno-economic feasibility before halting refining of a particular variety of crude oil and completely replacing it with another. 'Of late, prices have seen an uptick due to optimism of completion of the US-European Union (EU) trade deal. However, the demand-supply dynamics will play out, going ahead. Further, if supplies from Russia continue as usual and demand supply dynamics play out, prices may somewhat ease going ahead from the current levels," Vasisht said. The second person cited above said the supply of Russian oil is not prohibited since it is not sanctioned, as in the case of Iranian and Venezuelan crude, which are sanctioned and are not purchased by Indian refiners. 'The only thing OMCs need to respect, and they have always complied with, is the price cap (of $60 per barrel)," the person said. The price cap announced by the US and G7 countries in December 2022. The European Union last month announced to lower the cap to about $47 per barrel, which will be implemented starting September. Russian oil comprises of about 7% of the daily global oil consumption and 36% India's total oil imports. On the back of deep discounts starting February 2022, after its invasion of Ukraine, Russia became the top supplier to India. Earlier, the country catered to only about 2.5% of India's oil import. China and India are top buyers of Russian oil. Although the US and EU have raised concern over India's oil purhases from Russia, India has maintained that its energy procurement would depend on its needs. India imports over 88% of its crude oil requirement, and has diversified its oil sources to nearly 40 countries in order to ensure energy security. Responding to the US President's warning of secondary tariffs on countries that import Russian oil, minister for petroleum and natural gas Hardeep Singh Puri had said the country was not overtly worried, and would navigate any eventuality as there was enough supply in the market.

Centre scrambles to revamp export plan as US tariffs hit Indian goods, favour ASEAN rivals
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Centre scrambles to revamp export plan as US tariffs hit Indian goods, favour ASEAN rivals

New Delhi: Faced with steep tariffs imposed by the US government, the Centre is huddling with export promotion councils and manufacturers to find a way to rework the country's exports strategy, two government officials aware of the development said. The development comes on the back of a deadlock in bilateral trade agreement (BTA) negotiations between India and the US, which the two countries have been grappling with since June, as reported by Mint on 11 June. The new plan involves diversifying into markets such as the UK, with which India recently signed a free trade agreement (FTA), and the European Union (EU), where negotiations are in the final stage and a deal could be signed before the end of the year, the officials cited above said on the condition of anonymity. India's plan would also focus on sector-specific challenges and policy measures to support exports, including exploring new markets with the help of Indian missions overseas, the officials said. The government sees strong export potential in regions like Saudi Arabia, France, Vietnam, the Netherlands, Mexico, and Ethiopia, among other countries. The review will additionally focus on India's growing competitiveness gap with Bangladesh and with ASEAN countries such as Vietnam and Indonesia, which have received significant tariff relief under the latest US executive order. While India faces a 25% duty — just 1 percentage point down from 26% in the 2 April notification — Vietnam's tariffs have been reduced from 46% to 20%, Indonesia's from 32% to 19%, and Bangladesh's from 37% to 20%, giving these exporters a clear edge in the US market. 'Sectoral discussions will have special attention to cases like Vietnam, which imports Indian shrimp, processes it, and re-exports it to the US under a more favourable tariff, and Indonesia, which enjoys a lower duty on electronics exports," one of the officials said. 'Bangladesh, a major garments exporter, now benefits from a lower 20% rate compared to the 25% levied on Indian textiles." The meetings will also examine the implications of the new US rules on transshipment, which impose a 40% punitive duty on goods rerouted to evade tariffs, this person said. Queries sent to the commerce ministry, which is spearheading the consultations with industry, remained unanswered till press time. The tariffs explained On Thursday, the US imposed a 25% tariff on the value of all goods shipped from India that will come into effect on 7 August. To be sure, Indian goods will also attract existing MFN (most-favoured nation) duties, which average 3% but differ across sectors. Goods that are already on their way to the US and will reach ports there before 5 October will have to pay 10% duty. Further, certain sectors are exempted from the new 25% tariff, but they still have to pay the MFN duty. 'As of now, exports worth around $30 billion — comprising sectors like petrochemicals ($4 billion), pharmaceuticals ($15 billion), and electronic goods ($11 billion) — would not be impacted, as these are exempt from the additional duty," said the first among the two officials mentioned above. The first official added that sectors that are of concern are textiles (exports worth $10.91 billion), engineering goods ($19.16 billion), agriculture ($2.53 billion), gems and jewellery ($9.94 billion), leather ($948.47 million), marine products ($2.68 billion), and plastics ($1.92 billion). Notably, India exported goods worth $86.5 billion to the US in FY25, which is 20% of the country's total merchandise exports of $433.56 billion in FY25. Industry reactions According to the Global Trade Research Initiative (GTRI), a Delhi-based think tank, India's goods exports to the US may decline by 30% to $60.6 billion in FY2026. 'This order is more than just a tariff measure — it's a pressure tactic," said Ajay Srivastava, founder of GTRI, adding that the US is using access to its markets through tariffs as leverage to advance its geopolitical goals and extract one-sided trade concessions. 'Countries like China have retained exemptions on critical goods such as pharmaceuticals, semiconductors, and energy. But India has been singled out for harsher treatment, with no product-level exemptions whatsoever," Srivastava added. Tariffs on China have not been revised under the latest order and will continue at 30%. Vipul Shah, former chairman of the Gem & Jewellery Export Promotion Council (GJEPC), said the government should consider incentivising exporters, especially those heavily dependent on the US market, as the new tariffs are a significant blow to sectors like gems and jewellery. 'Immediate support is crucial to help these industries navigate the shock," he said. However, Ashwani Mahajan of the Swadeshi Jagran Manch, which opposes a one-sided trade deal, said India should not be overly worried about higher US tariffs, as the country is not as export-dependent as China. 'Work is already underway to diversify and explore new markets," he said. Mithileshwar Thakur, secretary general of the Apparel Export Promotion Council (AEPC), said the Indian apparel industry has an exposure of about 33% to the US market. He added that the FTA with the UK and ongoing FTA negotiations with the EU together can offer significant opportunities for the Indian apparel industry, and partly offset losses in US business. But, to tide over the current crisis, the government should offer incentive in the immediate term to the exporting community to stay afloat in the US market. 'It is unfortunate that India has been hit with the highest tariffs. This will definitely impact our competitiveness. 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Trump says he heard India halted Russian oil purchases after tariff threat, calls it 'good step'
Trump says he heard India halted Russian oil purchases after tariff threat, calls it 'good step'

First Post

time20 minutes ago

  • First Post

Trump says he heard India halted Russian oil purchases after tariff threat, calls it 'good step'

US President Donald Trump said that he had heard India had halted the purchase of Russian oil after his administration introduced a 25% tariff on Indian goods. Trump went on to call it a 'good step' read more Days after introducing high tariffs against India, US President Donald Trump said on Friday that he heard that India is no longer purchasing oil from Russia. While speaking to the reporters, Trump went on to describe the halting of oil purchases as a 'good step'. 'I understand India no longer is going to be buying oil from Russia,' Trump told reporters as he departed the White House for his weekend trip to his Bedminster Golf Club in New Jersey. 'That's what I heard. I don't know if that's right or not, but that's a good step. We'll see what happens,' he said. STORY CONTINUES BELOW THIS AD Earlier this week, Trump accused New Delhi of committing unfair trade practices by extensively purchasing oil and military equipment from Russia. 'INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST,' he wrote on Wednesday on Truth Social. #WATCH | "I understand that India is no longer going to be buying oil from Russia. That's what I heard, I don't know if that's right or not. That is a good step. We will see what happens..." says, US President Donald Trump on a question by ANI, if he had a number in mind for the… — ANI (@ANI) August 1, 2025 However, he is yet to reveal the specifics of the 'penalty'. While Trump admitted that India is a 'friend'. He slammed India's trade barriers and Russia connections. 'India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World,' he wrote. STORY CONTINUES BELOW THIS AD The trade between the US and India has remained substantial for decades, with goods reaching $129 billion in 2024, and Washington running a $45.7 billion trade deficit, according to the Office of the United States Trade Representative. India looks for options Trump's remarks on the matter came days after multiple media reports suggested that Indian state refiners have temporarily paused Russian oil purchases due to narrowing discounts and shipping challenges. However, the Indian government has yet to confirm the move officially. Meanwhile, the Ministry of External Affairs Spokesperson Randhir Jaiswal on Friday responded to the criticisms hurled by the Trump administration and defended India's longstanding partnership with Russia. 'India and Russia share a steady and time-tested partnership,' he said. Jaiswal also reaffirmed the strength of the India-US relationship, noting it is based on 'shared interests, democratic values, and robust people-to-people ties,' and expressed confidence that bilateral relations would continue to move forward despite current tensions.

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