Latest news with #Goenka
Mint
a day ago
- Business
- Mint
Harsh Goenka lauds Jeff Bezos' idea on CEO's role, netizens say ‘identify employees who may have big ideas'
RPG Group Chairman Harsh Goenka posted a clip of Amazon founder Jeff Bezos, who described the role of a CEO in identifying big ideas, enforcing execution, and nurturing future leaders. In a post on the social media platform X, Goenka shared a video of Bezos with the caption, 'Role of CEOs …very succinctly put by Jeff Bezos.' The Amazon founder, during an interaction at the Dealbook Summit last year, said, 'Big leaders have to identify the big ideas, they have to enforce tough execution against those big ideas, and they need to grow the next generation of leaders. That's really it. So two things, and so my job part of what my job is right now is to make sure Andy Jassy and the whole leadership team are successful.' Several social media users have reacted to Goenka's post, where most of them resonated with the sentiment of growth through empowering others. One of the users commented, 'You grow by raising others …' Lauding Bezos' statement, another user said, 'Rightly put.' Meanwhile, one of the users stated, 'True but it starts with identifying people/ employees who may have big ideas. Then create a conducive environment at the work place so that potential grows and big ideas become reality.' Another user added, 'Focus on what won't change and then build relentlessly around it.' In a separate post on X, Goenka previously highlighted an incident where a global CEO expressed that he wants his Indian counterpart to excel in execution while relying on the UK for strategic thinking, reflecting a trend of increasing preference for Indian companies among job seekers. His post read, 'A global CEO with the most progressive Indian subsidiary told me, 'I want my Indian CEO to be the best execution engine- great hands and legs, but no need for brains. That part's here in the UK. This approach is why more people are preferring to work for Indian companies.' His post received mixed reactions from social media users. One of the users wrote, 'This mindset is exactly why Indian talent is increasingly choosing homegrown companies. We want brains valued, not just execution.' 'Isn't it unfortunate thought? What if Indian CEO has brains to improve the company overall?' added another user.
Time of India
5 days ago
- Business
- Time of India
The Hundred: Lucknow Super Giants seal 70% stake in Manchester Originals in deal worth ₹929 crore
Max Holden of Manchester Originals in action during a The Hundred match against Birmingham Phoenix (Photo by) Indian Premier League franchise Lucknow Super Giants have acquired a 70% stake in the Hundred team Manchester Originals, completing an £80 million (approximately ₹929 crore) deal with Lancashire County Cricket Club. The transaction was formalised earlier this week, but the contracts were signed on Friday morning during the first session of the England-India fourth Test at Old Trafford. As per a report from The Observer, the timing was intentionally aligned with the Hindu festival of Hariyali Amavasya, which marks the beginning of a two-day celebration dedicated to Lord Shiva. Considered an auspicious occasion, the day was specifically chosen by Lucknow's parent company, RPSG Group, to commence their ownership. Go Beyond The Boundary with our YouTube channel. SUBSCRIBE NOW! This move makes Manchester Originals the latest franchise in The Hundred to attract major external investment, as English cricket stands to earn an estimated £520 million (approximately ₹6,040 crore INR) from the sale of its eight teams. RPSG's new acquisition will soon be renamed Manchester Super Giants, bringing the franchise into alignment with their existing teams - the Lucknow Super Giants in the IPL and Durban Super Giants in South Africa's SA20. Bombay Sport Exchange Episode 1: Interview with Sanjog Gupta, CEO (Sports) at JioStar Shashwat Goenka, vice-chairman of RPSG, had outlined the group's ambitions when they secured the franchise in February. 'We are not football, we are cricket,' Goenka said. 'We want the Manchester franchise in the Hundred to become the third biggest sports team in Manchester and challenge those two sports teams in Manchester,' said Goenka, as quoted by The Observer. Other sales across The Hundred are progressing swiftly. Knighthead Capital, owners of Birmingham City, have taken a 49% stake in Birmingham Phoenix for £40 million (around ₹464 crore). GMR Group, co-owners of the Delhi Capitals, have completed a 100% buyout of Southern Brave for approximately £98 million (about ₹1,138 crore). Poll Do you believe the renaming of Manchester Originals to Manchester Super Giants is a positive change? Yes, it aligns with branding No, they should keep the original name Deals for London Spirit, Welsh Fire, and Northern Superchargers are expected to be finalised shortly. However, negotiations involving the Oval Invincibles and Trent Rockets have hit delays. Talks with the Ambani family and a consortium linked to Chelsea FC owner Todd Boehly are reportedly more complex and unlikely to conclude before The Hundred begins on August 5. The England and Wales Cricket Board had hoped to unveil all eight franchise deals ahead of the new season. For real-time updates, scores, and highlights, follow our live coverage of the India vs England Test match here. Catch Rani Rampal's inspiring story on Game On, Episode 4. Watch Here!
Time of India
5 days ago
- Business
- Time of India
Stitching a comeback: India's textile trade finds new threads in UK deal
The landmark Free Trade Agreement (FTA), inked on July 24 between India and the United Kingdom, is set to usher in a transformative era for India's textile industry, strategically positioning it for a significant global surge. This agreement grants India duty-free access for an overwhelming 99% of its exports to the UK, encompassing over 1,143 crucial textile and clothing items. This is not merely a beneficial tariff reduction; it's a strategic game-changer that directly addresses the long-standing 10–12% duty disadvantage Indian textiles previously faced, finally levelling the playing field against competitors like Bangladesh, Cambodia and Pakistan, who have historically enjoyed zero-duty access to the UK market under various preferential schemes. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Libas Purple Days Sale Libas Undo A $27 billion opportunity, largely untapped India has long had the scale and capability to dominate global textile trade, but its actual footprint in key markets like the UK has been underwhelming. Despite being the fourth-largest supplier of textiles and clothing to the UK, India accounts for just 6.6% of the country's total imports in this category, according to The Economic Times. Live Events The UK imported $27 billion worth of textile products in 2024, with apparel alone making up 83% of that. China leads with a 25% share, followed by Bangladesh (15%) and Turkiye (8.5%). As ET Markets points out, the UK's total textile imports are pegged at $27 billion, well below India's global textile exports of $36.71 billion. But India's exports to the UK stand at only $1.79 billion. That gap underscores how much untapped potential remains in what is now India's third-largest textile export destination. Bilateral trade between India and the UK currently hovers around $56 billion, with both sides aiming to double that by 2030, Commerce and Industry ministry data shows. With the FTA now in play, the $1.79 billion export figure is poised to rise sharply. Industry leaders like Welspun's B.K. Goenka are calling this a 'fresh boost' and expect India's share in the UK market to grow meaningfully. Local clusters gear up for export surge The positive effects of this agreement are expected to permeate deep into India's diverse textile ecosystem, from the robust family-run weaving units and artisan clusters in Panipat (known for home textiles), Bhadohi (carpets) and Agra (leather and textile crafts), to the highly skilled designers, dyers and embroiderers in Kanchipuram (silk sarees), Bhagalpur (Tussar silk), Varanasi (brocades) and Jaipur (block prints and ready-to-wear). A new wave of economic prosperity is anticipated. Increased job creation is also on the horizon for major textile hubs like Tirupur and Kanpur. K.M. Subramanian, President of the Tirupur Exporters Association, is particularly optimistic, projecting knitwear exports from Tirupur to the UK to rise from Rs 8,000 crore to an impressive Rs 13,000 crore. In anticipation of the FTA's ratification, the 2,000 knitwear units in Tirupur have already embarked on an expansion spree over the past six months. Beyond direct trade, the Cotton Textiles Export Promotion Council highlights that the FTA is poised to foster greater bilateral cooperation, encouraging robust joint ventures, innovation partnerships, and market development initiatives between Indian and UK textile companies, potentially leading to shared expertise and technology. An underdeveloped trade relationship India, having surpassed the UK to become the world's fifth-largest economy in late 2021, has now further advanced to become the world's fourth-largest economy by nominal GDP in 2025. The International Monetary Fund (IMF) estimates that by 2025, India's GDP at current prices is projected to reach $4.19 trillion, comfortably surpassing the UK's estimated $3.84 trillion. This economic ascent is underpinned by a confluence of factors, including a young demographic, increasing digital adoption and a strong government focus on manufacturing. Despite this confluence of factors and India's growing economic heft, trade between the two nations has remained modest. While India consistently enjoys a trade surplus with the UK, exporting significantly more than it imports, the overall bilateral trade volume remains relatively small, given the size of both economies. India's exports to the UK have steadily climbed from $8.55 billion in 2016–17 to an estimated $14.55 billion in 2024–25. Imports from the UK, though growing, remain significantly lower, rising from $3.67 billion to about $8.61 billion over the same period. This persistent surplus highlights how much more India sells to its former coloniser than it buys, and how much room there is for a more balanced trade relationship. India's share in the UK's overall trade remains strikingly low, just 1.9% of UK exports and 1.8% of UK imports. This stands in stark contrast to the European Union, which makes up 47.7% of UK exports and over 53% of imports, and to other major partners like the US (16.2% of exports, 9.7% of imports) and China (4.6% and 11%, respectively). Even smaller economies like Hong Kong, the UAE, Norway and Turkey currently hold larger trade shares with the UK than India. India's diverse export basket to the UK is led by telecom instruments ($1.52 billion), followed by petroleum products ($1.32 billion), electric machinery and equipment ($1.21 billion), and cotton readymades ($900 million). Drug formulations and biologicals also feature prominently, contributing $773 million. On the import side, silver dominates India's imports from the UK with a staggering $2.12 billion value in 2024–25, followed by electric machinery and equipment ($971 million) and alcoholic beverages ($356 million). US tariffs on Bangladesh could tilt the scales Even as India secures duty-free access to the UK under the new FTA, the focus has fallen on Bangladesh, where a disruptive development is unfolding. The US is set to impose a 35% tariff on Bangladeshi textile and apparel exports starting August 1. That's a major jump from the typical 15–16% rate Bangladesh has historically faced under the Most-Favoured Nation (MFN) framework. With existing duties layered on top, the effective tariff could exceed 50%, a dramatic shift expected to severely undercut Bangladesh's competitiveness in its most important export market. And the numbers matter. The US accounts for nearly 87% of Bangladesh's garment exports, valued at around $7.3 billion in 2024. This tariff hike could force American retailers to look elsewhere for sourcing, and India is watching closely. India holds ground in US, for now For now, India is in a better position. Its textile and apparel exports to the US attract an average tariff of about 10%, already giving it a slight edge over competitors like Vietnam and Bangladesh. But that edge could narrow soon. A looming threat is the proposed 26% 'reciprocal tariff' the US may impose if a new bilateral trade agreement with India isn't in place by August 1, 2025. If implemented, Indian exporters could face steep penalties on top of existing duties. A product currently taxed at 10% could suddenly be subject to a 36% tariff. That's why industry veterans like B.K. Goenka are sounding the alarm. 'If the US imposes a tariff as high as 25%, then the benefits from the India-UK FTA will be neutralised,' he said, underlining the tightrope India must walk. According to the Apparel Export Promotion Council (AEPC), while Indian products remain competitive in natural garments (where the cost disadvantage is relatively small, at 3–4%), Indian manufacturers face a larger cost gap of around 10–11% in synthetic garments, mainly due to higher production costs. Vietnam's shifting fortunes Vietnam, another major global textile exporter, has also been significantly impacted by shifts in US trade policy. In 2024, the US accounted for approximately 38% of Vietnam's total textile and garment exports, valued at $44 billion. Despite global uncertainties, Vietnam's textile and garment exports showed resilience in the first half of 2025, increasing by 10% year-on-year to nearly $22 billion. However, US trade actions have introduced new complications. In April 2025, the US imposed an additional 10% tariff on all Vietnamese textile, clothing, and footwear products, increasing the average tariff from approximately 5% to 15%. This was followed by further escalated tariffs, potentially reaching as high as 51%. A subsequent trade agreement, formalised in mid-July 2025 between the US and Vietnam, stipulated a revised tariff structure: direct Vietnamese textile exports to the US are now subject to a 20% tariff, while goods identified as transshipped (to avoid trade restrictions) face a higher 40% tariff. In return, Vietnam committed to removing tariffs on US imports. AEPC CEO Mithileshwar Thakur stated: 'India, even with the existing reciprocal tariff rate (26% announced in April), will gain in export competitiveness vis-à-vis major garment-exporting competing countries.' 'Besides, we are quite hopeful of India striking a favourable trade deal which will further improve the competitiveness of India's apparel exports in all-important US market... Even a moderate reduction in the reciprocal tariff to around 15% could significantly improve our competitiveness across both natural and synthetic garment categories, thereby opening infinite export possibilities for India amid shifting global sourcing trends.' India has a shot India's textile and apparel industry is in the midst of a strong growth phase. According to the Ministry of Textiles, the sector is projected to reach $350 billion by 2030 and generate an additional 3.5 crore jobs. This momentum is being fuelled by increased budget allocations in the Union Budget 2025–26 and key government initiatives like the Production Linked Incentive (PLI) scheme and PM MITRA parks. But this isn't just a story about numbers. It's about livelihoods, infrastructure, and the global shifts redefining the market. The textile sector is one of the largest employers in the country, providing over 45 million direct jobs and supporting more than 100 million people indirectly. It plays a particularly vital role in rural areas and among women, making it central to inclusive economic growth. Government programmes like PM-MITRA, PLI, and Samarth are aimed at modernising infrastructure, upskilling workers, and expanding employment. Still, challenges persist. India's cotton is among the most expensive in the world due to government-set minimum support prices, squeezing manufacturers' profit margins. Many production units are operating with outdated machinery and inefficient logistics, making them less competitive compared to rivals in Vietnam or China. At the same time, international buyers are tightening standards around labour rights, environmental impact, and supply chain transparency, areas where enforcement in India remains uneven. So yes, the opportunity is real. But whether India's textile industry can turn this moment into lasting global leadership depends on how it tackles these gaps, through reform, investment and sustained execution.
Time of India
6 days ago
- Business
- Time of India
India-UK CETA to boost textile sector, help it compete with Bangladesh, Pakistan
The India-UK Comprehensive Economic and Trade Agreement (CETA) will help India compete in the textile and clothing sector against Bangladesh and Pakistan who were till now enjoying zero duty on the export of these goods to the UK. Till now, Indian textile and clothing exports to the UK attracted 10-12% duty depending on the product. Textile company Welspun Group chairman B.K. Goenka said India will now have a level playing field in the UK market. 'The CETA will give a fresh boost to textile and apparel exports from India to the UK," he said. Explore courses from Top Institutes in Please select course: Select a Course Category Data Analytics Cybersecurity Project Management PGDM Data Science Healthcare Artificial Intelligence Public Policy MCA Product Management Finance Digital Marketing Degree Technology others Others Design Thinking Data Science MBA Management Leadership CXO Skills you'll gain: Data Analysis & Visualization Predictive Analytics & Machine Learning Business Intelligence & Data-Driven Decision Making Analytics Strategy & Implementation Data Analysis & Visualization Predictive Analytics & Machine Learning Business Intelligence & Data-Driven Decision Making Analytics Strategy & Implementation Duration: 12 Weeks Indian School of Business Applied Business Analytics Starts on Jun 13, 2024 Get Details Skills you'll gain: Data Analysis & Visualization Predictive Analytics & Machine Learning Business Intelligence & Data-Driven Decision Making Analytics Strategy & Implementation Duration: 12 Weeks Indian School of Business Applied Business Analytics Starts on Jun 13, 2024 Get Details India is the fourth largest supplier of textile and clothing products to the UK with a nearly 6.6% share in UK's total imports of these. During 2024, the UK imported such products worth $27 billion, with apparel constituting 83% of the total. China is the largest supplier to the UK with 25% share followed by Bangladesh and Turkiye whose market shares were 15% and 8.5% respectively. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Alvarez: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Undo Rakesh Mehra, chairman of Confederation of Indian Textile Industry, said India is a potential supplier of raw material like man-made fibre filament and specialised non-woven fabrics. 'CETA will enable our companies to significantly improve their market share not only in the top 20 product categories, but across the broader segment," he said. The government said family run weaving units and artisan clusters in Panipat, Bhadohi, Agra along with designers, dyers and embroiderers from Kanchipuram, Bhagalpur, Varanasi and Jaipur will benefit from this trade agreement. It said there will be more jobs in hubs like Tirupur and Kanpur. Live Events KM Subramanian, president of Tirupur Exporters Association, said the knitwear units there export apparels worth Rs 8,000 crore to the UK which can increase to Rs 13,000 crore. The 2,000 knitwear units in Tiruppur are on an expansion spree over the last six months in anticipation of the India-UK CETA, he said. Goenka, however, said all eyes are now on what tariff the US imposes on the textile and apparel sector. "If the US imposes a tariff as high as 25%, then the benefits from the India-UK CETA will be neutralized," he said. On the investment side, the India-UK CETA is expected to encourage greater bilateral cooperation between Indian and UK companies, facilitating joint ventures, innovation partnerships and market development initiatives, said The Cotton Textiles Export Promotion Council.
India.com
6 days ago
- Business
- India.com
Good news for Noel Tata, this company earns Rs 3310000000 in…, to compete with Mukesh Ambani, Isha Ambani's…
Tata Consumer Products Ltd (TCPL), the FMCG arm of the Tata Group, reported a 14.7% rise in consolidated net profit to Rs 331.75 crore for the June quarter, driven by strong performance in its India business. In the same quarter last year, the company had posted a net profit of ₹289.25 crore, according to its regulatory filing. Revenue from operations grew 9.8% year-on-year to Rs 4,778.91 crore, up from Rs 4,352.07 crore in the corresponding period last year. TCPL Q1 Results The growth was led by India business, which was up 11 per cent. Core businesses of tea and salt had a very good quarter, supported by underlying volume gains, TCPL Group Chief Financial Officer Ashish Goenka told PTI in a post-results interaction. In the June quarter, TCPL's overall branded business was up 10.6 per cent to Rs 4,270.9 crore. It was at Rs 3,861.51 crore in the corresponding quarter last fiscal year. TCPL's branded businesses include tea, coffee, water and other various value-added businesses. Its revenue from the branded business in India was up 11 per cent to Rs 3,125.7 crore in the June quarter. 'However, for us, RTD (ready-to-drink) got impacted by unseasonal rain, which has to be seen from the other beverages as well. Apart from higher competitive intensity in that category, the good news there is that we still had a volume growth of 3 per cent,' he said. TCPL's water business had a volume growth of 13 per cent. TCPL International Business Revenue TCPL's international branded business was up 9.44 per cent to Rs 1,145.20 crore. 'On the international side, business continues to grow in line with our expectations. The overall growth on an underlying basis was 5 per cent and within that, the US is coming back on growth,' said Goenka. Besides, TCPL's revenue from non-branded business was at Rs 535.76 crore, up 7.02 per cent during the quarter. This segment includes TCPL's plantation and extraction business of tea and coffee. Total expenses of TCPL in the June quarter were at Rs 4,354.66 crore, up 10.9 per cent. Tata Consumer's total income, which includes other income, was at Rs 4,820.08 crore, up 9.76 per cent. Tata Consumer Products and Reliance Consumer Products are direct competitors in the Indian FMCG market. Reliance Consumer Products has been rapidly expanding and has reached a scale comparable to Tata Consumer Products. But now growth of TCPL can create a challenge in front of Mukesh Ambani, Isha Ambani led Reliance Consumer Products. (With Inputs From PTI)
