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The Hindu
18-07-2025
- Business
- The Hindu
India needs to be careful, clever while negotiating trade pact with US: Raghuram Rajan
India needs to be 'very careful and clever' while negotiating trade agreements with the U.S., especially with regard to the agriculture sector, which is heavily subsidised by developed countries, former RBI Governor Raghuram Rajan said on Friday (July 18, 2025). In an interview with PTI Videos, Mr. Rajan said India's economic growth has sort of settled in the range of 6-7%, and a fraction of percentage point may be affected by the global trade uncertainties. "I think where it is much more sort of difficult (trade negotiations) is in areas such as agriculture, where every country subsidises its producers, and our producers may be relatively smaller, may have somewhat lower flow of agricultural products into the country may create problems for them," he said. Earlier this week, the Indian team was in Washington for the fifth round of negotiations for the proposed Bilateral Trade Agreement (BTA). "For example, can we encourage more foreign direct investments from those countries (developed countries) to enhance the value added in some of those sectors, the milk for example, sort of improving the value added in our milk products, milk powder, cheese, etc, could be beneficial to our milk producers," the eminent economist noted. U.S. President Donald Trump has said that the proposed trade deal with India would be on the lines of what America has finalised with Indonesia. Giving access in the agriculture sector is proving to be a political issue for the government. "Are there things we can do, rather than necessarily saying we welcome sort of more milk into the country from other countries. "So all this requires very careful, clever negotiation, and I hope that is what our government officials are engaged in," Mr. Rajan, currently a professor of finance at Chicago Booth, said. India has hardened its position on the U.S. demand for duty concessions on agricultural and dairy products. New Delhi has, so far, not given any duty concessions to any of its trading partners in a free trade agreement in the dairy sector. Noting that the trade tensions are negative for both in terms of exports as well as investment, Rajan said, "But you must remember that there are opportunities also in what is happening to the extent that India is perceived as an alternative route to some of the other regions like the United States." According to him, if the tariffs imposed by the US on China and some other parts of Asia are much higher than tariffs on India, there may be an opportunity for some manufacturing to flow to India. While pointing out that Indian exports in manufacturing to the United States are not that big, he said any kind of tariffs (on India) will have some modest dampening effect, but not a lot. Mr. Rajan said that India's economic growth has sort of settled at a 6-7 per cent range, a fraction of percentage point maybe affected by the global sort of tariff environment. "But in the longer term, this would spell opportunity for India," he added. Trump announced heavy tariffs on a number of countries, including India, on April 2. However, it was soon postponed for 90 days until July 9 and later to August 1. India is seeking the removal of an additional tariff (26%). It is also seeking the easing of tariffs on steel and aluminium (50%) and auto (25%) sectors. As far as tariffs go, Mr. Rajan said he thinks there are certain areas where India has become more protectionist, and added, "certainly we can reverse that protectionism". He said that there are areas where India has been historically protectionist, and bringing down the level of tariffs, increasing competition in those sectors can be quite beneficial. "For example, in car manufacturing, we have some advantages. We produce certain kinds of cars very well, and bringing competition in the automobile sector can actually be quite beneficial," Mr. Rajan observed.
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Business Standard
18-07-2025
- Business
- Business Standard
India needs to be careful, clever in trade talks with US: Raghuram Rajan
India needs to be 'very careful and clever' while negotiating trade agreements with the US, especially with regard to the agriculture sector, which is heavily subsidised by developed countries, former RBI Governor Raghuram Rajan said on Friday. In an interview with PTI Videos, Rajan said India's economic growth has sort of settled in the range of 6-7 per cent, and a fraction of percentage point may be affected by the global trade uncertainties. "I think where it is much more sort of difficult (trade negotiations) is in areas such as agriculture, where every country subsidises its producers, and our producers may be relatively smaller, may have somewhat lower subsidies... the kind of harm that unconstrained flow of agricultural products into the country may create problems for them," he said. Earlier this week, the Indian team was in Washington for the fifth round of negotiations for the proposed Bilateral Trade Agreement (BTA). "For example, can we encourage more foreign direct investments from those countries (developed countries) to enhance the value added in some of those sectors, the milk for example, sort of improving the value added in our milk products, milk powder, cheese, etc, could be beneficial to our milk producers," the eminent economist noted. US President Donald Trump has said that the proposed trade deal with India would be on the lines of what America has finalised with Indonesia. Giving access in the agriculture sector is proving to be a political issue for the government. "Are there things we can do, rather than necessarily saying we welcome sort of more milk into the country from other countries. "So all this requires very careful, clever negotiation, and I hope that is what our government officials are engaged in," Rajan, currently a professor of finance at Chicago Booth, said. India has hardened its position on the US demand for duty concessions on agri and dairy products. New Delhi has, so far, not given any duty concessions to any of its trading partners in a free trade agreement in the dairy sector. Noting that the trade tensions are negative for both in terms of exports as well as investment, Rajan said, "But you must remember that there are opportunities also in what is happening to the extent that India is perceived as an alternative route to some of the other regions like the United States." According to him, if the tariffs imposed by the US on China and some other parts of Asia are much higher than tariffs on India, there may be an opportunity for some manufacturing to flow to India. While pointing out that Indian exports in manufacturing to the United States are not that big, he said any kind of tariffs (on India) will have some modest dampening effect, but not a lot. Rajan said that India's economic growth has sort of settled at a 6-7 per cent range, a fraction of percentage point maybe affected by the global sort of tariff environment. "But in the longer term, this would spell opportunity for India," he added. Trump announced heavy tariffs on a number of countries, including India, on April 2. However, it was soon postponed for 90 days until July 9 and later to August 1. India is seeking the removal of an additional tariff (26 per cent). It is also seeking the easing of tariffs on steel and aluminium (50 per cent) and auto (25 per cent) sectors. As far as tariffs go, Rajan said he thinks there are certain areas where India has become more protectionist, and added, "certainly we can reverse that protectionism". He said that there are areas where India has been historically protectionist, and bringing down the level of tariffs, increasing competition in those sectors can be quite beneficial. "For example, in car manufacturing, we have some advantages. We produce certain kinds of cars very well, and bringing competition in the automobile sector can actually be quite beneficial," Rajan observed.
Forbes
15-04-2025
- Business
- Forbes
University Of Chicago Given $100 Million For Its Executive MBA Program
The University of Chicago has received a $100 million gift from entrepreneur and investor Konstantin Sokolov. The donation will be used to support multiple components of the university's Executive MBA Program at its Booth School of Business. In honor of the donor, the university said it would rename the program the Sokolov Executive MBA Program. It will also create a new clinical professorship for a scholar who will teach Executive MBA students. 'With this extraordinary gift, Konstantin Sokolov offers a powerful testament to the impact of the education provided by the University of Chicago Booth School of Business,' said University of Chicago President Paul Alivisatos, in a news release. 'I am pleased to know that students will benefit from his generous support, which will allow the school to continue fostering innovation, leadership and excellence in business education.' Chicago's executive MBA program has a long and distinguished history. First created in 1943, its initial cohort consisted of 52 students who met two nights a week at a building on Michigan Avenue. Today, it trains more than 200 students annually in a 21-month multidisciplinary curriculum — dubbed 'The Chicago Approach' — that's offered in Chicago, London and Hong Kong. In addition to formal classes, it places special emphasis on career and leadership development through personalized executive coaching, leadership workshops and an executive-in-residence experience. Konstantin Sokolov immigrated to the U.S. from Russia at age 21; he received his Executive MBA from the University of Chicago in 2005. Sokolov is the founder of IJS Investments, a private equity firm located in Chicago. His gift marks the 20th anniversary of his graduation from the program. 'I am immensely proud to be able to support the incredible achievements made by Chicago Booth, an institution with a legacy of pioneering research and transformative education since its founding,' Sokolov said in the news release. 'I am deeply honored by the school's decision to give my name to its world-leading Executive MBA Program," he added. "Two decades after my graduation, the lessons I learned, the experiences I gained, and the friendships I forged at Booth remain the foundation of my career and my life. The school's relentless pursuit of knowledge is an inspiration, and I hope my support will contribute to its continued success.' The new gift will be used for several purposes, according to the university, including additional support for student scholarships and daily operations as well as enhancements to the curriculum and the forging of greater professional connections and related opportunities for students. 'With Konstantin's remarkable commitment, the Sokolov Executive MBA Program will continue to educate future generations of leaders, giving students the insight and skills they need to move people and organizations to success,' added Madhav Rajan, dean of Chicago Booth and the George Pratt Shultz Professor of Accounting. 'This gift will help the school further adapt and refine its offerings to meet the evolving global business landscape.' Chicago's Booth School is widely recognized as one of the leading business schools in the nation. Forbes recently ranked it first on its list of best business schools.
Chicago Tribune
15-04-2025
- Business
- Chicago Tribune
Daywatch: Chicago Booth renaming executive MBA program
Good morning, Chicago. A Russian-born entrepreneur and private equity investor whose career was launched at the University of Chicago Booth School of Business is paying it forward with a $100 million donation to the executive MBA program that made it possible. Konstantin Sokolov, 49, who is celebrating the 20th anniversary of his graduation this month, is hoping the gift will open doors and change lives for the next generation of business leaders, as it did for him, a young Russian immigrant at the dawn of the new millennium. 'Chicago Booth played a very important role in my life,' Sokolov told the Tribune. 'The business school served as a foundation of my career success and then my success as an entrepreneur.' The gift, announced today, is among the largest ever made to Chicago Booth. It will benefit the executive MBA program, which allows professionals to continue working while earning their graduate degree. Booth offers the 21-month program in Hong Kong, London and in Chicago at the Gleacher Center in Streeterville, where Sokolov attended classes. In recognition of the gift, the executive MBA program at Chicago Booth will be renamed after Sokolov. Here are the top stories you need to know to start your day, including: what bankruptcies at suburban senior homes mean for residents, members of the Chicago Teachers Union making an historic vote and who the Chicago Sky selected in the WNBA draft. US Army to control land on Mexico border as part of base, migrants could be detained, officials say A long sliver of federal land along the U.S.-Mexico border that President Donald Trump is turning over to the Department of Defense would be controlled by the Army as part of a base, which could allow troops to detain any trespassers, including migrants, U.S. officials said. The transfer of that border zone to military control — and making it part of an Army installation — is an attempt by the Trump administration to get around a federal law that prohibits U.S. troops from being used in domestic law enforcement on American soil. Gov. JB Pritzker says he's undecided on congressional invitation to testify on immigration Gov. JB Pritzker signaled he was open to testifying before a Republican-led congressional committee on the state's so-called sanctuary policies for protecting immigrants, but hadn't yet decided whether to accept the panel's invitation. Mayor Brandon Johnson's green housing loan fund hits union snag Mayor Brandon Johnson's plan to create a revolving loan fund to spur affordable housing development has hit a new hitch as it slowly moves forward. Last Wednesday, aldermen in the City Council's finance and housing committees held off on a vote regarding the so-called green social housing ordinance — a top focus for the mayor — amid calls for more specific language and time to hammer out details. But a fresh holdup emerged yesterday when they met again to discuss updates Johnson's administration made in response to their concerns: the opposition of a key government workers union. CTU members approve contract with historic support, avoiding strike as union prepares to fight federal threats Members of the Chicago Teachers Union voted to ratify a new contract with Chicago Public Schools, marking the first time in 15 years that the union settled its contract without a strike or a strike vote. It has been far from easy to get the tentative agreement across the finish line, despite the union's ally, Mayor Brandon Johnson, helping the negotiation process along. Bankruptcies at suburban senior homes collectively cost residents millions of dollars in entrance fees A recent bankruptcy filing by a network of senior living facilities in Illinois and Indiana highlights the financial risk posed to residents who pay large entry fees to continuing care retirement communities, but get limited government protections, senior advocates say. Jury in state Sen. Emil Jones III bribery trial hears earful about his corrupt former colleague Martin Sandoval State Sen. Emil Jones III may be the one who's on trial for bribery, but the jury deciding his fate heard plenty yesterday about one of Jones' former colleagues: deceased state Sen. Martin Sandoval. Downers Grove South teacher pleads not guilty to sexual assault, abuse of student A Downers Grove South High School teacher appeared briefly in DuPage County Circuit Court, where she pleaded not guilty to sexually abusing a student. Chicago Sky's top draft pick might not play in the WNBA this season — but front office is focused on the future General manager Jeff Pagliocca couldn't be higher on Ajša Sivka. He didn't expect her to be available toward the end of the first round of the draft — after all, it's not exactly common to find a 6-foot-4 forward with the fluid perimeter shot and on-ball creativity of a guard. Pagliocca believes Sivka will be an 'outlier' talent. But he also can't guarantee that Sivka will play in the WNBA this season. Illinois loses Kasparas Jakučionis and Will Riley as both freshmen declare for the NBA draft Two of Illinois' best players declared for the NBA draft. Their departures mean only two of five starters will return from the team that lost to Kentucky in the second round of the NCAA Tournament last month. Column: 3 takeaways from the sports weekend, including why the Masters was like Game 7 of the 2016 World Series The NBA regular season is finally over. The Masters provided an epic ending for the ages. And the Chicago White Sox are off to another slow start on the field and at the box office. Paul Sullivan has three takeaways from a wild weekend of watching sports. As a professional recipe developer focused on baking, Martin Sorge is more aware of the cost of eggs than most folks. Try making a custard tart that calls for eight egg yolks, then testing it three more times. That's two dozen eggs for one recipe. Ouch. When thinking of transforming a bake into something eggless, he first thought of an egg-heavy bake like a custard tart. But then he realized that those treats celebrate eggs. What about a bake that needs eggs for structure but not really for flavor? Enter the birthday cake. Ted Aliotta, musician and 'unreconstructed hippie' who played role in seminal Chicago song, dies at 78 Ted Aliotta was a Chicago-area musician for 60 years, performing in bands including the Maybes, the Fabtones and the Cave Dwellers and playing a role in the creation of the early 1970s song 'Lake Shore Drive,' which gained regional popularity as an ode to Chicago's landmark highway. What to make of a man who admits that Howdy Doody was the first friend he ever had and who devoted some of his final years in professional wrestling, wrestling women for amusement? The man was Andy Kaufman and those questions are but two of many that linger decades after his death, writes Rick Kogan.
Yahoo
15-04-2025
- Business
- Yahoo
Daywatch: Chicago Booth to be renamed for alum
Good morning, Chicago. A Russian-born entrepreneur and private equity investor whose career was launched at the University of Chicago Booth School of Business is paying it forward with a $100 million donation to the executive MBA program that made it possible. Konstantin Sokolov, 49, who is celebrating the 20th anniversary of his graduation this month, is hoping the gift will open doors and change lives for the next generation of business leaders, as it did for him, a young Russian immigrant at the dawn of the new millennium. 'Chicago Booth played a very important role in my life,' Sokolov told the Tribune. 'The business school served as a foundation of my career success and then my success as an entrepreneur.' The gift, announced today, is among the largest ever made to Chicago Booth. It will benefit the executive MBA program, which allows professionals to continue working while earning their graduate degree. Booth offers the 21-month program in Hong Kong, London and in Chicago at the Gleacher Center in Streeterville, where Sokolov attended classes. In recognition of the gift, the executive MBA program at Chicago Booth will be renamed after Sokolov. Read the full story from the Tribune's Robert Channick. Here are the top stories you need to know to start your day, including: what bankruptcies at suburban senior homes mean for residents, members of the Chicago Teachers Union making an historic vote and who the Chicago Sky selected in the WNBA draft. Today's eNewspaper edition | Subscribe to more newsletters | Asking Eric | Horoscopes | Puzzles & Games | Today in History A long sliver of federal land along the U.S.-Mexico border that President Donald Trump is turning over to the Department of Defense would be controlled by the Army as part of a base, which could allow troops to detain any trespassers, including migrants, U.S. officials said. The transfer of that border zone to military control — and making it part of an Army installation — is an attempt by the Trump administration to get around a federal law that prohibits U.S. troops from being used in domestic law enforcement on American soil. Gov. JB Pritzker signaled he was open to testifying before a Republican-led congressional committee on the state's so-called sanctuary policies for protecting immigrants, but hadn't yet decided whether to accept the panel's invitation. Mayor Brandon Johnson's plan to create a revolving loan fund to spur affordable housing development has hit a new hitch as it slowly moves forward. Last Wednesday, aldermen in the City Council's finance and housing committees held off on a vote regarding the so-called green social housing ordinance — a top focus for the mayor — amid calls for more specific language and time to hammer out details. But a fresh holdup emerged yesterday when they met again to discuss updates Johnson's administration made in response to their concerns: the opposition of a key government workers union. Members of the Chicago Teachers Union voted to ratify a new contract with Chicago Public Schools, marking the first time in 15 years that the union settled its contract without a strike or a strike vote. It has been far from easy to get the tentative agreement across the finish line, despite the union's ally, Mayor Brandon Johnson, helping the negotiation process along. A recent bankruptcy filing by a network of senior living facilities in Illinois and Indiana highlights the financial risk posed to residents who pay large entry fees to continuing care retirement communities, but get limited government protections, senior advocates say. State Sen. Emil Jones III may be the one who's on trial for bribery, but the jury deciding his fate heard plenty yesterday about one of Jones' former colleagues: deceased state Sen. Martin Sandoval. A Downers Grove South High School teacher appeared briefly in DuPage County Circuit Court, where she pleaded not guilty to sexually abusing a student. General manager Jeff Pagliocca couldn't be higher on Ajša Sivka. He didn't expect her to be available toward the end of the first round of the draft — after all, it's not exactly common to find a 6-foot-4 forward with the fluid perimeter shot and on-ball creativity of a guard. Pagliocca believes Sivka will be an 'outlier' talent. But he also can't guarantee that Sivka will play in the WNBA this season. Chicago Sky pick Ajša Sivka and Hailey Van Lith in the 1st round of the WNBA draft Two of Illinois' best players declared for the NBA draft. Their departures mean only two of five starters will return from the team that lost to Kentucky in the second round of the NCAA Tournament last month. The NBA regular season is finally over. The Masters provided an epic ending for the ages. And the Chicago White Sox are off to another slow start on the field and at the box office. Paul Sullivan has three takeaways from a wild weekend of watching sports. As a professional recipe developer focused on baking, Martin Sorge is more aware of the cost of eggs than most folks. Try making a custard tart that calls for eight egg yolks, then testing it three more times. That's two dozen eggs for one recipe. Ouch. When thinking of transforming a bake into something eggless, he first thought of an egg-heavy bake like a custard tart. But then he realized that those treats celebrate eggs. What about a bake that needs eggs for structure but not really for flavor? Enter the birthday cake. Ted Aliotta was a Chicago-area musician for 60 years, performing in bands including the Maybes, the Fabtones and the Cave Dwellers and playing a role in the creation of the early 1970s song 'Lake Shore Drive,' which gained regional popularity as an ode to Chicago's landmark highway. What to make of a man who admits that Howdy Doody was the first friend he ever had and who devoted some of his final years in professional wrestling, wrestling women for amusement? The man was Andy Kaufman and those questions are but two of many that linger decades after his death, writes Rick Kogan.
