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Time of India
a day ago
- Business
- Time of India
TCS's 12,000 job cuts spark fears of larger IT layoffs
Representative image BENGALURU: TCS laying off over 12,000 mid- and senior-level employees has sent shockwaves across the tech industry. This move not just challenges the perception of TCS as a company known for job security and stability, but shows that India's IT sector is in the early stages of a significant reset. The industry is undergoing a structural shift, mirroring global trends where major tech firms are streamlining resources, improving cost efficiency, reallocating assets, and shutting down divisions that no longer align with strategic priorities. Margin Pressures: Industry experts attribute this transformation to mounting margin pressures, prompting companies to control costs by reducing headcount. Many believe that AI is disrupting the traditional workforce pyramid, replacing broad-based hiring models with leaner, more specialised structures which yield higher billing. As a result, the future of services will rely heavily on a blend of newer tech and human ingenuity, where billability is determined by the premium clients are willing to pay for niche skills rather than volume of resources. Bench Policy: TCS has said its restructuring efforts are aimed at making the company future-ready. As part of this initiative, sources told TOI the company has begun focusing on employees who have remained unbilled - commonly referred to as being on the "bench" - for extended periods, typically ranging from 3 to 18 months. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is it better to shower in the morning or at night? Here's what a microbiologist says CNA Read More Undo These individuals, many of whom have between 3 and 10 years of experience with the firm, are being either relocated or let go. This has sparked concerns within the industry over the potential for a wave of sudden and unexpected exits. Sudden Exits: Several employees who spoke to TOI on condition of anonymity said those impacted had been on the bench for anywhere between 3 and 18 months. In one case, an employee claimed she was called into a meeting where three HR representatives handed her a "discharge letter" and asked her to resign. "It was sudden and shocking. There was no prior intimation," she said. TCS, however, maintains that it has consistently offered relocation and retraining options to benched employees to enhance their chances of being deployed on projects. Meanwhile, lateral hires awaiting onboarding have reported uncertainty. In response to one such candidate, a TCS HR executive reportedly said, "Do not wait for TCS. New announcements are going on. We are helpless," suggesting that onboarding timelines are unclear amid ongoing changes. Campus Chaos: Indian campuses are facing a stark dichotomy - freshers without job offers on one side, and large salary packages on the other. The recent layoffs at TCS have sounded an alarm across the industry. Global capability centres (GCCs) continue to lead recruitment efforts as Indian IT companies adapt to a major transformation in the tech as upskilling becomes part of everyday work life, lower net additions are making engineering graduates anxious. Indian campuses today present a stark contrast: while some students receive lucrative offers, many others are left without any. For computer science students, the future is deeply intertwined with AI, offering exciting opportunities but also demanding rapid adaptation. Ramkumar Ramamoorthy, partner at tech growth advisory firm Catalincs, said, "In the context of digital and AI, there is a crying need for India to reimagine its higher education to stay relevant. Beyond STEM programmes, we must integrate AI across disciplines - liberal arts, law, medicine, management, and social sciences. The only way to do this at scale is through collaboration with experts and practitioners. Otherwise, we risk producing graduates who are misaligned with market needs, potentially leading to serious social implications. " Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
India Today
15-07-2025
- Business
- India Today
Non-veg milk a red line in India-US trade talks. Here's why
As top negotiators hold intensive talks on the India-US trade deal, agriculture and dairy are emerging as the sectors where the two sides are looking for a common ground. Apart from securing farmers' interests, cultural sensibilities over "non-veg milk" is a big issue even as Washington DC pushes New Delhi to open its dairy market. However, India is insisting on strict certification that ensures imported milk comes from cows not fed animal-based products like meat or blood. Rooted in religious and cultural sensitivities, India sees this as the "non-negotiable red line" to protect its India-US trade talks, aimed at securing an agreement and boosting bilateral trade to $500 billion by 2030, have hit a roadblock. New Delhi's dairy sector, along with agriculture, remains the big red the heart of the impasse is India's insistence on strict certification, ensuring that imported dairy products come from cows that are not fed animal-based products like meat or blood. "Imagine eating butter made from the milk of a cow that was fed meat and blood from another cow. India may never allow that," Ajay Srivastava of Global Trade Research Institute (GTRI), a New Delhi-based think tank, told news agency just for consumption, diary products also form an essential part of everyday religious rituals in Washington DC has termed India's insistence on not budging on dairy and agriculture as an "unnecessary trade barrier". India, the world's top milk producer, stands firm to shield its millions of small dairy DRAWS RED LINE ON DAIRY IN TRADE TALKS WITH USAccording to top government sources, India has firmly refused to concede on dairy. The sector feeds more than 1.4 billion people, and employs over 80 million, primarily smallholder farmers."There is no question of conceding on dairy. That's a red line," the senior government source told India Today TV, earlier in position is a result of the cultural and dietary preferences of Indians, particularly among its large vegetarian population, who view the consumption of dairy from cows fed animal by-products as incompatible with religious of now, India imposes high tariffs: 30% on cheese, 40% on butter, and 60% on milk powder, rendering imports from even low-cost producers like New Zealand and Australia unviable, reported The Indian India's Department of Animal Husbandry and Dairying mandates veterinary certification for food imports. This ensures that the products, including the ones of dairy, are from animals that are not fed bovine-derived feed, a requirement the US has criticised at the WTO. That makes dairy not just an economic sector but a lifeline, India's largest agricultural commodity, contributing 2.5–3% to its GDP. OPENING DAIRY TO US MAY COST INDIA RS 1.03 LAKH CRORE ANNUALLY: SBIThe US, a major dairy exporter with $8.22 billion in global exports last year, is pushing for greater market access to India, which is the world's largest milk producer and dairy sector, now valued at $16.8 billion, accounts for nearly a quarter of global milk production (239 million metric tons) and supports the livelihoods of millions, says a report in The Business the market to US dairy imports could flood it with cheaper products, potentially driving down domestic prices and threatening the economic stability of small-scale farmers."The government needs to make sure we're not hit by cheap imports from other countries. If that happens, the whole industry will suffer, and so will farmers like us," Mahesh Sakunde, a farmer from Maharashtra told news agency analysis by the SBI has estimated an annual loss of Rs 1.03 lakh crore if India opens its dairy sector to US imports, reported news agency dairy industry, integral to its rural economy, contributes approximately 2.5-3% to the national Gross Value Added (GVA), amounting to Rs 7.5-9 lakh crore. The GVA is the total value of goods and services produced in an economy after subtracting the cost of inputs and raw SAYS NO TO MILK FROM MEAT-FED COWSWhile the economy and employment may take a major hit for milk and dairy producers in India, concerns for consumers of dairy products are equally crucial if import curbs are to be are dietary, cultural and religious sensitivities that complicate the issue of dairy imports from the US, especially when it comes to items derived from animals not raised according to the norms of several Indian products, including milk and ghee (clarified butter), are used in everyday religious rituals in India. Tied deeply to India's palate and tradition, milk yields several derivatives widely used across households, like, curd, ghee, butter, paneer, buttermilk, khoya, cream, and condensed milk.(AFP Image) These concerns are deeply rooted and can't be dismissed as mere trade hurdles, as they touch upon dietary restrictions, traditional practices, and are still allowed to eat feed that can include parts of pigs, fish, chicken, horses, even cats or dogs... And cattle can continue to consume pig and horse blood for protein, as well as tallow, a hard fat from rendered cattle parts, as a fattening source," noted a report in American daily, The Seattle Times, headlined, 'Cattle feed is often a sum of animal parts'.In some cases, even poultry litter, a mixture of bedding material, spilled feed, feathers, and chicken droppings, is used as a low-cost feed firmly maintains its ban on importing dairy products from cows fed animal-derived feed, according to the USRT's National Trade Estimate (NTE) Report, reported cow-to-cow feeding, pertaining to some body parts, is banned to prevent mad cow disease, according to the US' Centers for Disease Control and Prevention (CDC).India's resistance to opening its dairy sector to US imports, amid trade talks, is not just economic. Opening up the sector to cheap dairy imports from the US also defies the cultural, religious, and dietary convictions of a majority of Indians. As both nations push for a broader deal, this divide over "non-veg milk" is proving to be one of the toughest to bridge.- EndsMust Watch
The Guardian
11-07-2025
- Politics
- The Guardian
Nacc architect calls for robodebt investigation update, saying corruption watchdog has been ‘too secretive'
A key architect of the National Anti-Corruption Commission has called for a public update on the investigation into the illegal robodebt scheme, warning community confidence in the watchdog and its commissioner, Paul Brereton, is on the line. The independent MP Helen Haines, who helped craft legislation to establish the Nacc and has sat as a member of a parliamentary oversight committee, said it had been 'too secretive' in the first two years of operations, including over its investigation into the Coalition's welfare payment recovery scheme. As many as 440,000 Centrelink recipients were hounded over alleged incorrect payments, based on faulty income averaging algorithms. Sign up for Guardian Australia's breaking news email Haines, the MP for the Victorian seat of Indi, said it was disappointing the commission had not provided transparency over its U-turn on a decision to investigate six individuals referred by the robodebt royal commission, after an independent review into its initial refusal. In February, the Nacc said five public servants and one public official would be investigated to determine whether or not they 'engaged in corrupt conduct'. 'It took 11 months for the Nacc to decide it wouldn't take an investigation in the first place,' Haines said. 'Then we really saw a damning report from the Nacc inspector that brought us to this situation where this is being reviewed. It took months to decide really whether that decision would be reconsidered by an independent delegate, and we're now five months since that all happened and we haven't heard any more. So again, that's disappointing.' The Nacc's original decision not to investigate was heavily criticised, with its own watchdog, inspector Gail Furness, revealing she had received more than 1,000 complaints. Furness released a report in October 2024 finding that Brereton was 'affected by apprehended bias' and should have 'removed himself from related decision-making processes and limited his exposure to the relevant factual information'. The report found Brereton had appointed a deputy commissioner as a delegate to decide on the robodebt referrals due to a perceived conflict of interest with one of the individuals who was 'well known to him', which he declared. The Nacc noted the report contained 'no finding of intentional wrongdoing or other impropriety'. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion Brereton rejected calls to step down, suggesting 'an error of judgment' did not justify that move. Haines said a public update on the investigation was appropriate, but she stopped short of calling for Brereton to step down. 'We're two years in and I think that the question of robodebt and the transparency around where the commission is at will, I think, determine just how much confidence the public ultimately has in the National Anti-Corruption Commission and in the stewardship of Commissioner Brereton.' Haines made the comments in an interview for Guardian Australia's Australian Politics podcast, released on Friday. The Guardian has contacted the Nacc for response. Last month the Nacc released a report revealing a senior home affairs department official had abused public office and misused internal information to get her future brother-in-law a job, including hiding their relationship and sharing interview questions with her sister. The woman was given a pseudonym and has not publicly commented on the case.
Hindustan Times
10-07-2025
- Climate
- Hindustan Times
Gurugram residents bemoan lack of preparedness during monsoon rains
The failure of civic agencies to adequately address the city's drainage issues left Gurugram residents trapped in waterlogged roads for over five hours on Wednesday night, as intense rainfall overwhelmed the already fragile infrastructure. Despite repeated warnings during the monsoon season, the city's drainage system failed to cope with the 133mm of rainfall, including 103mm between 7:30pm and 9pm, leading to widespread traffic congestion and flooding. As the rainfall continued, the India Meteorological Department (IMD) issued an Orange Alert for the city. (HT picture) The hardest-hit areas were the Delhi-Jaipur Highway, Sohna Road, Golf Course Extension Road, and Sheetla Mata Road, with many commuters stranded for hours. One of the most affected routes was the stretch from Cyber City to Sector 37C, where vehicles came to a halt, unable to move due to rising water levels. Hero Honda Chowk, a critical junction, became completely impassable, trapping hundreds of vehicles and causing even more chaos for residents. Vikas Bansal, a resident of Taksila Apartments in Sector 37D, shared his experience, 'After being stuck for over 5.5 hours in waterlogged roads from Cyber City to Sector 37C, with water entering vehicles and Hero Honda Chowk virtually impassable, it's clear that Gurugram urgently needs a reliable drainage system. Every monsoon, the city faces the same chaos — causing business losses, property damage, and even risking lives. In medical emergencies, these roads could become death traps. It's time for authorities to prioritize effective, lasting solutions over temporary fixes,' he said. Also Read: Overnight rains in Gurugram leads to traffic snarls, severe waterlogging Anita Kapoor, a resident of Sector 45, expressed frustration with the city's preparedness. 'It was horrible. My children were crying in the car, and we were stuck for more than four hours. The water levels were rising so quickly, and I was terrified that we wouldn't make it home. My toddler was scared, and there was nothing I could do. This is not how a city should function, especially with the kind of rainfall we get every year.' Residents from Sector 49 Orchid Petals and Central Park also described the nightmarish conditions. Rajiv Mehra, from Sector 49, said, 'We were stuck in traffic for almost 5 hours. The water entered our car, and my young daughter was terrified. We couldn't even turn the engine off because we were afraid the water would seep in completely. I could see other families in distress. It felt like a nightmare. The authorities really need to focus on infrastructure that can handle such downpours.' Neha Arora from Vipul Greens in Sector 48 added, 'It was a nightmare. The roads were flooded, and our car was stuck for hours. The children in the car were crying, and we couldn't do anything but wait. It's heartbreaking to see how little has changed year after year. Why are we still struggling with the same issues every monsoon?' As the rainfall continued, the India Meteorological Department (IMD) issued an Orange Alert for the city, warning of heavy rainfall, thunderstorms, and lightning. The District Disaster Management Authority (DDMA) advised corporate offices and private institutions to have their employees work from home on Thursday, to reduce traffic congestion and ease the strain on the city's infrastructure.
Time of India
07-07-2025
- Business
- Time of India
Jane Street saga: NSE's early warnings shaped Sebi's regulatory crackdown. Here's how
India's National Stock Exchange has emerged as the unsung enforcer behind the Securities and Exchange Board of India's ( Sebi ) sweeping clampdown on Jane Street , after its early detection of suspicious expiry-day trades and forensic data submissions laid the groundwork for the market manipulation case against the U.S.-based quant trading giant. NSE was the first to raise the alarm over suspicious expiry-day trading patterns by Jane Street and subsequently played a central role in the data analysis that underpinned Sebi's 105-page interim order, issued on July 3. The Sebi order records that on July 23, 2024, the regulator directed NSE to examine Jane Street's trading activity following global media reports linking the firm to a legal dispute involving its proprietary strategies. By November 13, 2024, NSE submitted a detailed analysis highlighting abnormal trading on expiry days in both Nifty and Bank Nifty contracts. The exchange's inputs, which included expiry-wise patterns, trade structures, and potential distortions, were instrumental in shaping Sebi's subsequent investigation. The exchange's alertness did not stop at the analytical stage. On February 6, 2025, months before Sebi's formal action, NSE issued a caution letter to Jane Street's local entities. The exchange advised them 'to refrain from taking large cash-equivalent positions and to avoid trading strategies that could disrupt market fairness.' The order stated that this communication was sent on Sebi's instructions, reinforcing NSE's role as a frontline surveillance body. Also read | Rs 735 crore in 1 day! Jane Street's most profitable day on Dalal Street was built on Nifty Bank's fall Surveillance tools and data depth The Sebi order credits NSE's real-time surveillance systems with identifying manipulative strategies executed on key expiry dates, including January 17, 2024; July 10, 2024; and May 15, 2025. The exchange's detection of high-frequency trading patterns and intra-day price distortions was backed by granular data that captured LTP (last traded price) impacts, delta build-up trends, and abnormal volume activity. NSE's technical capability in providing granular order-level trade data—spanning cash, futures, and options markets, formed the analytical core of Sebi's investigation. These inputs included multiple tables and trade breakdowns that the regulator cited in building its case against Jane Street. Crucially, the Sebi order makes no mention of similar alerts or data contributions from other Indian exchanges. This places NSE as the sole market infrastructure institution to have proactively flagged and escalated concerns, a role the regulator explicitly acknowledged when directing all exchanges to step up surveillance in the aftermath of the Jane Street case. Also read | How Sebi's crackdown on Jane Street unfolded: A 15-month trail of scrutiny and ignored warnings Systemic implications and market reform While Sebi's action has stirred debate on the vulnerability of Indian derivatives markets to algorithmic manipulation, the episode has also brought to the fore the NSE's role in safeguarding market integrity. The exchange initially closed its probe after receiving a response from Jane Street's local trading partner, Nuvama Wealth. But Sebi chose to go further, launching an in-depth forensic probe that led to the interim order barring Jane Street and four affiliated entities from accessing India's securities market. Nevertheless, the NSE's early intervention and data support may prove critical in reinforcing investor confidence. As Sebi faces mounting pressure to tighten oversight of expiry-day trading and high-frequency strategies, the NSE's technological capacity and proactive compliance are likely to become central pillars of the country's evolving regulatory framework. The case also reinforces the importance of a responsive and data-driven market infrastructure in an environment where 93% of retail options traders reportedly lose money and sophisticated global players deploy complex strategies at lightning speed. Sebi has now instructed all exchanges to monitor Jane Street's future trading activity closely, while specifically highlighting NSE's role in ongoing surveillance. The regulator's expectations point to a broader mandate for the exchange in preventing recurrence of such manipulation. In a derivatives market that accounts for over 60% of global equity contracts, NSE's conduct in this case may serve as a blueprint for the kind of institutional vigilance required to navigate the complexities of high-speed, cross-border market structures. Also read | Jane Street clampdown raises big questions for Sebi: Can the regulator stop another derivatives fraud?
