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Time of India
a day ago
- Business
- Time of India
Indo US BTA: A strategic crossroad for services sector of both economies
In 2024, the U.S.-India trade relationship reached $191 billion, underscoring the growing interdependence between the world's largest and fifth-largest economies. At the heart of this relationship lies a deepening trade in services, especially in IT and professional services. Yet, as both nations work towards a Bilateral Trade Agreement (BTA), the path forward is strewn with strategic opportunities and emerging policy challenges. Synergies in Digital Services between India and USA by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Thanh Pho Ho Chi Minh: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Undo India's total services exports rose by 13.6% to $387.5 billion in FY 2024-25, out of which, exports to the U.S. reached $33.2 billion; led by IT-enabled services ($20 billion), professional services ($10 billion), and BFSI (banking, financial services, and insurance) exports ($2 billion). Conversely, the U.S. exported $25.9 billion in services to India with a surplus of $102 million, primarily from exports in finance and consulting. The digital services sector in particular reflects a symbiotic relationship between the two countries. India today is the third largest start-up hub and one of the leading countries in global SaaS businesses. There is a deep organic relation between Indian and US tech businesses, with 60% of total investments in Indian start-ups in 2020 coming from US investors. Overall, US investors were part of 75% of the deals, followed by Singapore based investors (15%) and Japanese investors (10%). Moreover, major global US tech businesses like Alphabet and Meta have increased their presence in India, making it their second base (or base for their Asia operations) for much of their product development and marketing activities. Live Events Friction Points: Tariffs, Taxes, and Technological Tensions Unfortunately, it has not been smooth sailing for the BTA as2025 has brought fresh headwinds. In April, the U.S. introduced a reciprocal 26% tariff aimed at select sectors—primarily tech and electronics. India's recent decision to remove its 6% equalization levy (digital services tax) was seen as a conciliatory gesture in support of the BTA process, but teething problems still remain. For instance, fundamental differences in data protection frameworks—India's more state-centered model vs. the U.S.' consumer and market-driven approach— are bilateral e-commerce trade reached $15 billion in 2024, but DPDPA compliance costs $500 million yearly for IT exporters. Alignment could boost trade by 15% ($2.25 billion) by 2030. Visa policy is another sore point. Current visa caps cost $800 million in losses and BFSI exports face U.S. regulatory barriers. A WTO study suggests negotiating a 20% increase in H-1B visa quotas could grow India's $10 billion Mode 4 exports by $5 billion, while reciprocal BFSI market access could triple India's $2 billion BFSI exports by 2030. Addressing the dragon in the room Much of these hurdles exist because historically India and USA have often perceived each other as competitors in digital technology and services. However, the BTA finds utility when both countries face a bigger challenge in the form of China. The National Strategy for Critical and Emerging Technologies (2020) by USA recognises China as a major threat in the field of technology. The US is actively seeking to de-couple from China on all fronts; from manufacturing to new technologies. Much of the initial phase of the Indian tech start-up ecosystem was developed by investments from Chinese sources such as Alibaba, Tencent or Didi Chuxing. However, over time there has been a conscious shift by the Indian Government to decouple from Chinese influence which also involved banning certain Chinese service providers. Chinese technology firms are aggressively expanding into Latin America and Africa, offering bundled solutions, low-cost hardware, and subsidized services. China is also fast emerging as a major tech innovator in the new-age technologies such as AI. These developments threaten business interests of both India and USA. India and USA signed a critical treaty under the previous US Administration in the form of United States–India Initiative on Critical and Emerging Technologies (iCET), that sought to leverage complementarities between the two countries in the fields of AI, quantum computing, semiconductors and wireless telecommunications. This initiative, which is critical for both countries to counter the Chinese developments, now needs to be fostered by a BTA that helps realise the stated objectives. Fresh Perspective for the BTA: from competitors to allies The Indo US BTA between the global leaders in the services is no more about turf war between competitors. It is now more about geofencing out the competition from China. Businesses are presently more allied to the idea (as is evident from the degrees of integration); the authorities need to foster it.
Time of India
3 days ago
- Business
- Time of India
Canada, India agree to resume diplomatic services, designate new High Commissioners
Kananaskis [Canada]: India and Canada agreed to resume full diplomatic services, ending the thaw between the two countries, triggered by Canadian allegations that Indian agents were involved in the killing of NIA-designated terrorist Hardeep Singh Nijjar outside a gurdwara in Canada in 2023. At the G7 Leaders' Summit in Kananaskis, Alberta, Canadian Prime Minister Mark Carney held talks with Prime Minister Narendra Modi and both leaders agreed to designate new high commissioners, with a view to returning to regular services to citizens and businesses in both countries, according to a press release from the Prime Minister of Canada. Prime Minister Carney and Prime Minister Modi reaffirmed the importance of Canada-India ties, based upon mutual respect, the rule of law, and a commitment to the principle of sovereignty and territorial integrity. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Thanh Pho Ho Chi Minh: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Undo They discussed strong and historic ties between their peoples, partnerships in the Indo-Pacific, and significant commercial links between Canada and India -- including partnerships in economic growth, supply chains, and the energy transformation, read the release. Prime Minister Carney also raised priorities on the G7 agenda, including transnational crime and repression, security, and the rules-based order. Live Events The discussions on deepening engagement in technology, digital transition, food security, and critical minerals came even as India-Canada ties remain strained due to ongoing political tensions. India has repeatedly voiced concern over extremism and anti-India activities in Canada, urging Canadian authorities to act against such elements. Tensions escalated further when former Canadian Prime Minister Justin Trudeau claimed that his government had "credible allegations" of India's involvement in the killing of Khalistterrorist Hardeep Singh Nijjar in Canada in 2023. India has strongly denied the allegations, terming them "absurd" and "motivated," and has accused Canada of giving space to extremist and anti-India elements. In the aftermath, India recalled six diplomats from Canada after they were declared "persons of interest" by Canadian authorities investigating Nijjar's killing. Nijjar was shot dead outside a gurdwara in Surrey, British Columbia, on June 18, 2023. The diplomatic rift between India and Canada has since widened, with Canada allegedly violating various international norms such as the Vienna Convention, and subjecting Indian diplomats to surveillance--against which the Ministry of External Affairs had lodged a formal protest with the Canadian government.
Time of India
6 days ago
- Politics
- Time of India
When ICE strikes, Santa Ana's grocery heroes roll out: Undocumented community gets volunteers for help
As a grassroots response to a growing crisis in Santa Ana , California, a quiet but powerful movement is unfolding as volunteers mobilize to support undocumented families paralyzed by fear of immigration enforcement. What began as a small, neighborhood effort in the city's Delhi area has rapidly expanded into a citywide network, providing essential services like grocery shopping and rides to appointments for families too afraid to leave their homes. Recent federal immigration sweeps have sent shockwaves through Orange County's large immigrant community. Santa Ana, where nearly half the population is foreign-born and about 102,000 residents are non-U.S. citizens, has become an epicenter of anxiety. Reports indicate that many undocumented residents are staying home from work and relying on citizen relatives or volunteers for basic necessities, fearing encounters with Immigration and Customs Enforcement (ICE). One volunteer, who goes by Cuauhtli, described how her involvement began with her child's grandmother, who was too afraid to leave the house. 'That's when I knew, 'Oh my God, there must be more people afraid to leave their homes,'' she told NBC. Cuauhtli now delivers groceries to families she's never met, fulfilling simple requests for staples like beans, fruit, and rice. 'I see a need and I just feel a sense of urgency to fill it,' she said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Thanh Pho Ho Chi Minh: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Undo A surge in requests In just one week, the volunteer group received a flood of requests for help, ranging from food deliveries to rides for medical appointments. The effort quickly outgrew its original neighborhood focus, with more than 200 people stepping up to offer time and donations. 'People think that going out and protesting is the only type of action you can take, but you can support the undocumented community in many ways,' Cuauhtli emphasized. The support network is not limited to food and transportation. Local organizations like the Orange County Rapid Response Network and Orange County Communities Organized for Responsible Development are coordinating mutual aid and legal support, aiming to reassure residents that they are not alone. Live Events Wider support infrastructure: Legal and social services Santa Ana's city government and nonprofit partners have also responded to the crisis. The city's Immigration Legal Defense Fund provides legal assistance to low-income immigrants facing deportation, operating under a universal representation model to ensure publicly funded defense for all, regardless of status. Community-based organizations, such as Building Healthy Communities and Immigrant Defenders Law Center, work in tandem with volunteers to make legal and social services accessible. Other groups, like Voice of Refugees and Catholic Charities of Orange County, offer a spectrum of support, from food deliveries and ESL classes to help with citizenship applications and employment assistance. The Office of Immigrant and Refugee Affairs coordinates these efforts, connecting families with food banks, legal aid, and financial support. Data and the scale of need Santa Ana's immigrant population: Approximately 153,900 immigrants, 46% of the city's population; about 102,000 are non-U.S. citizens. Four out of five children in Santa Ana have at least one immigrant parent, with most of these children being U.S. citizens. Over 200 volunteers have joined the grassroots grocery and errand delivery network in just one week. Local organizations report a surge in requests for help, as families avoid public spaces and essential errands due to fear of ICE activity.
Time of India
11-06-2025
- Business
- Time of India
India's Big 4 - The 'century' should begin by creating them
India 's rise in sectors such as steel, telecom, software, and automobiles—underwritten by targeted government support—has propelled it into global leadership. Tax incentives powered the IT revolution, protective duties nudged manufacturing, and industrial policy nurtured the auto sector. As we enter India's century, as many experts are calling it, the logical next frontier is professional services. But one sector remains conspicuously underdeveloped: advisory and consulting. Today, India's advisory ecosystem is dominated by foreign-origin professional firms, essentially member firms of large global consulting firms. These firms, collectively forecast to earn over ₹45,000 cr in FY25, operate across multiple areas such as public sector mandates, infrastructure planning, digital governance, and transaction advisory. This also leads to royalties flowing abroad and profit-sharing with global entities while IP creation in India suffers. Meanwhile, despite depth in talent and global experience, no Indian-origin firm has scaled anywhere near this level. This imbalance persists because artificial barriers, such as restrictive pre-qualification requirements, no additional Governmental support, which results in Indian professional services firm not being able to scale quickly. Also Read: Panel may be set up for creating India's 'Big Four' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Thanh Pho Ho Chi Minh: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Prime Minister Narendra Modi has highlighted the need for Indian firms to scale global heights in advisory and consulting. The direction is clear: 'India's decade' of growth must evolve into India's century, and that requires not just manufacturing and software, but homegrown advisory and audit powerhouses. Why India must build its own National Security & Data Sovereignty: As geopolitical volatility intensifies, allowing foreign firms to handle critical government and infrastructure advisory poses security vulnerabilities. If sensitive data and frameworks are stewarded outside India's jurisdiction, risk multiplies. Similarly, there could always be a risk of global firms not adhering to India's interests, as was seen in case of recent global geopolitical challenges. Live Events IP Creation & Domestic Capability: Global consulting firms retain proprietary methodologies and tools, paying royalty fees abroad that drain domestic IP development. This stifles our ability to innovate India-centric advisory models tailored to our economic complexity. Artificial Barriers to Entry: Qualification criteria in large tenders are skewed–past experience with international clients, global network affiliation, or high turnover gatekeep Indian firms. This perfectly engineered disqualification cycle keeps domestic firms small. Limited Knowledge Transfer: Indian affiliates of foreign firms largely function as execution arms, not strategy centers. Most domestic value creation, leadership power, and profits remain locked overseas. Also Read: We will have our big four in India soon: Goyal How do we create our own Indian Big 4s To correct the structural imbalance in India's professional services sector, the government must adopt an enabling and strategic approach. Key recommendations include: Reserve public consulting contracts below ₹10 crore for Indian-origin firms, with at least 40% of overall annual advisory procurement value allocated to them. This ensures meaningful access and market development for homegrown players. Reform Pre-Qualification (PQ) norms that favour high global turnover or international affiliations. Capability, sectoral expertise, and team quality—not revenue size—should drive eligibility. Prioritise Indian firms in digital-era sectors. A portion of AI, cloud, energy transition, and BFSI reform projects should be earmarked for domestic consultants, backed by performance-linked incentives or partial co-funding. Reform State-Level Tiering and PQ Criteria: State governments must revise tender rules that exclude domestic firms through arbitrary revenue thresholds or legacy international credentials. Instead, eligibility should be based on team quality, relevant experience, and outcome track records. Launch a ₹10,000 crore 'Professional Services Growth Fund', seeded by Government organizations such as SIDBI and LIC , to help Indian firms expand globally through acquisitions in ASEAN, Africa, and the Gulf. Launch a 'National Quality Framework' for Consulting: Regulators like SEBI, RBI, and IRDAI should develop clear Indian-origin firm accreditation standards, and issue guidance encouraging clients to engage certified Indian consultants. Brand and elevate Indian consulting globally through an 'IndiPro Global' campaign—akin to Make in India—anchored by DPIIT and MEA. Mandate joint audits in large PSUs and listed companies, ensuring Indian firms get equal mandates alongside foreign networks. Even the Chamber of Tax Consultants had previously highlighted the necessity. Create a government-backed 'audit-tech stack', open to all registered audit firms, enabling technology parity with global players. Use Trade Deals to Open Markets for Indian Firms: if UK or US firms can access Indian public procurement, Indian firms should be allowed into their government or regulatory projects. Indian qualifications should be recognised abroad as part of trade diplomacy. These measures, collectively, will help India create globally competitive, credible, and sovereign professional-service institutions. (The author is CEO & MD of Primus Partners )
Time of India
24-05-2025
- Business
- Time of India
Gold jewellery sales in India remain subdued amid high prices and economic uncertainty
Gold jewellery sales in India during April and early May remained subdued, except on the day of Akshaya Tritiya, due to high and volatile gold prices coupled with broader economic uncertainties, according to a World Gold Council (WGC) report. Anecdotal evidence suggests that consumers were deferring their purchases, waiting for price stability, or opting for lighter-weight jewellery to accommodate fixed budgets and need-based buying, WGC said. Gold's momentum accelerated in April, surging to a record high of US$3,500/oz and marking its fourth consecutive month of gains, with a 6% increase. The speed and sharp rise were fuelled by a weakening US dollar, heightened geopolitical and economic uncertainties, and strong inflows into global gold ETFs. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Thanh Pho Ho Chi Minh: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Undo However, prices have since retreated, with the LBMA Gold PM price falling 8% so far in May. In India, domestic gold prices mirrored the global trend. Although the May m-t-d correction was milder at 5%, cushioned by the appreciation of the Indian rupee WGC said that stability in gold prices could prompt a resurgence in demand. Consumer sentiment that the downside to gold prices is limited would reinforce gold's appeal as a reliable investment. Live Events So far in 2025, the LBMA gold price PM in USD has climbed by US$583/oz or 22%, to US$3,192/oz. The Indian domestic spot gold prices have also followed a similar trajectory, rising 23% y-t-d to Rs 93,407/10g. Despite the recent decline, gold outshines other major asset classes on a year-to-date basis The festival of Akshaya Tritiya, which traditionally drives gold purchases, fell on 30 April this year. Overall demand during the festival was restrained and mixed as per market reports. While large and corporate retailers reported higher footfalls and sales – largely driven by aggressive promotional and marketing campaigns - small and independent jewellers experienced sharp declines in demand. The bullion segment, bars and coins, performed better than jewellery, with low weight coins (especially 5g) proving popular. These were bought as 'token' purchases for the festival, with a notable share of sales occurring through online and e-commerce platforms. This behaviour highlights a growing consumer shift towards organised players and investment-oriented gold products, WGC said. Regional trends also varied. The southern states recorded stronger sales compared to the other parts of the country, given the greater significance of Akshaya Tritiya in the region. A moderate performance followed this in the western parts of the country. Despite a likely year-on-year decline in the volume of gold sold during Akshay Tritiya, the overall value of sales is expected to have increased, reflecting the nearly 30% rise in gold prices since last year. This indicates a degree of resilience in Indian gold demand. Additionally, the exchange and recycling of old gold jewellery remained a prominent trend.
