
India, UK to negotiate mutual recognition pacts to ease movement of professionals: Official
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
India and the UK have agreed to negotiate mutual recognition agreements (MRAs) after implementing the trade deal, as these pacts are important for facilitating the movement of professionals such as nurses, accountants and architects to Britain, an official said.The India-UK trade agreement was signed on Thursday and it may take about a year for its implementation as it requires approval of the British parliament."It has been agreed that both countries will engage on mutual recognition of qualifications because in certain professional services, recognition of qualifications is an essential requirement like nurses, architects, accountants, and dentists. Within a period of 36 months, we will try to enter into MRAs with the UK," a commerce ministry official said.MRAs in professional services are voluntary pacts between competent authorities of respective nations. These confer recognition of certain licensing or qualification requirements obtained in the jurisdiction of other countries.Such requirements include those regarding education, training, certification, accreditation and professional experience.Under the trade pact, the UK has also provided an assured mobility regime for various categories of Indian professionals such as business visitors for all sectors (90 days in any 6 months period); intra-corporate transferees for all sectors including spouses and dependent (three years); investors (1 year); contractual service suppliers (12 months in any 24 months); and independent professionals (12 months in any 24 months).In the IT sector, about 60,000 Indian intra-corporate transferees are working at present in the UK and "for that the UK has committed that they will provide a visa for three years not only for workers but also for their partners and dependents," the official said."Most important is that the UK has also agreed that no numerical restrictions will be imposed on the workers," the official added.India has, in turn, given market access in some of the important services such as professional, financial (like insurance), environmental and other services."The UK has expertise in these services and it will lead to investments also in India," the official said.India enjoys a trade surplus of around USD 6.6 billion with the UK. India's services exports stood at USD 19.8 billion, while imports were USD 13.2 billion."India has ensured that its policy space in sensitive sectors is preserved," the official said.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


India Today
26 minutes ago
- India Today
Is US economy nearing recession? July jobs report shows rise in unemployment rate
US job growth in July 2025 fell short of expectations, delivering a sharp blow to economists and unsettling financial markets. According to a closely watched Labor Department report released on Friday and cited by Reuters, nonfarm payrolls added just 73,000 jobs last month, well below expectations, while employment gains from May and June were revised downward by a staggering 258, unemployment rate also ticked up to 4.2 per cent from 4.1 per cent, signalling that the once-resilient labor market may finally be cracking under market strength had been a main support for the U.S. economy, helping it hold up against high inflation and tough policies from the Trump administration, such as new tariffs and strict immigration measures. But the latest Bureau of Labor Statistics (BLS) data paints a troubling picture of a cooling job market, raising the specter of a looming the most startling revelation in the report wasn't July's weak job creation alone, but the massive downward revisions to previous job gains were cut from 144,000 to just 19,000, and June's numbers were slashed from 147,000 to a paltry 14, Freeze Signals Broader SlowdownThe three-month average for job gains has now dropped to just 35,000, a sharp drop from monthly averages exceeding 240,000 in like retail, tech, and manufacturing are reporting either stagnant hiring or outright layoffs. Wage growth is also slowing, job openings are declining, and the unemployment uptick marks a critical turning point for analysts who had seen labor data as a key measure of economic resilience.'This is the slowdown we've been bracing for,' said Luke Tilley, chief economist at Wilmington Trust. 'Firms are adjusting to a very different cost structure and holding off on hiring.'Trump's Tariffs: A Major Obstacle to GrowthPresident Donald Trump's sweeping 2025 tariff agenda is emerging as a key factor weighing down job creation. The average US tariff rate has surged to between 18 per cent and 21per cent, the highest in over a to the Penn Wharton Budget Model, the long-run effect could be a 6 per cen reduction in GDP and a 5 per cen decline in real wages. Middle-income households may lose an estimated USD 22,000 in lifetime Tax Foundation compares the tariffs to a stealth tax hike, estimating they could shrink 2025 GDP by 0.8% and cost households between $1,200 and $1,600 this year alone. Higher input costs—up 2% to 4.5% in some sectors—are pressuring businesses to scale back hiring or cut jobs Under Pressure to PivotWith inflation still stuck between 2.6 per cent and 2.8 per cent, the Federal Reserve has been trying to strike a careful balance. But the sudden slowdown in the job market may push it to to CME Group data, investors now see a 75.5 per cent chance the Fed will cut interest rates in September—up from just 40 per cent the day before the jobs report came central bank had been using strong employment numbers to justify holding rates steady. Now, the dramatic slowdown in hiring may compel policymakers to act to prevent a deeper economic all sectors fared equally. Healthcare, construction, and government continued to post modest job gains, but at a slower pace. Meanwhile, tech, retail, and manufacturing either stagnated or saw declines in hiring.A Turning Point for the Economy?The July jobs report may mark the moment when a soft landing slipped out of reach. With hiring slowing, jobless claims ticking upward, and consumer spending dampened by inflation and higher costs due to tariffs, many economists believe the second half of 2025 could see the US slipping closer to, or even into a recession.'This report is a gamechanger,' said Heather Long, chief economist at Navy Federal Credit Union, via CNBC. 'The labor market is deteriorating quickly.'- Ends


Indian Express
26 minutes ago
- Indian Express
Delay in onboarding lateral hires due to market conditions, will honour offers, TCS tells Chief Labour Commissioner
Skipping an in-person meeting with the Chief Labour Commissioner (CLC) on the delay in onboarding lateral hires and its recent layoffs, IT services company Tata Consultancy Services (TCS) instead communicated via an email Friday that it will honour all the offer letters it has issued, and that such deferments are a common industry practice, depending on project timelines. On August 1, the Chief Labour Commissioner held a meeting to discuss the recent layoff of more than 12,000 TCS workers, and a delay by the company in onboarding over 600 lateral hires. The meeting was sought by the Nascent Information Technology Employees Senate (NITES), which represents workers in the IT services sector. While a representative from the union was present, TCS skipped the meeting, NITES said in a press statement. NITES said TCS in its email to the CLC outlined that deferment was temporary, owing to prevailing market conditions, that it was attempting to keep the delay as minimum as possible, and the positions the company had offered had not been withdrawn. It also added that NITES had no locus standi to intervene in the matter. While the company reiterated its intention to eventually honour the offers, it failed to provide any clear onboarding schedule, offer compensation for the delay, or propose any support mechanism for the affected employees, many of whom remain unemployed, financially strained, and emotionally distressed, NITES said in its statement. TCS did not respond to an immediate request for comment. Last month, TCS, India's largest IT services firm, undertook the first major layoff in the Indian IT sector, slashing 2 per cent of its global workforce — roughly 12,200 jobs. Framed as a push toward building a 'future-ready generation' through 'skilling and redeployment,' the move is, in effect, a sweeping cost-cutting exercise. The axe will fall hardest on mid- and senior-level employees, signalling a tough new chapter in the industry. TCS' decision is expected to create uncertainty in the Indian IT industry, with industry experts anticipating that other major firms may follow suit. The move signals a potential shift in workforce strategies, especially as companies increasingly turn to automation and cost optimisation. As one of the sector's largest employers, TCS' actions could set a precedent, prompting similar measures across the industry and raising concerns among employees about job security and long-term career stability. Soumyarendra Barik is Special Correspondent with The Indian Express and reports on the intersection of technology, policy and society. With over five years of newsroom experience, he has reported on issues of gig workers' rights, privacy, India's prevalent digital divide and a range of other policy interventions that impact big tech companies. He once also tailed a food delivery worker for over 12 hours to quantify the amount of money they make, and the pain they go through while doing so. In his free time, he likes to nerd about watches, Formula 1 and football. ... Read More


Indian Express
26 minutes ago
- Indian Express
Real estate, infra sectors short of 20 lakh skilled workers; increasingly difficult to provide affordable housing: NAREDCO chair Hiranandani
The real estate and infrastructure sectors are currently short of 20 lakh skilled workers — a gap that could widen to 50 lakh over the next five years, according to Niranjan Hiranandani, chairman of the Hiranandani Group. Speaking at an industry event on Friday, Hiranandani also flagged declining sales in the affordable housing segment, adding that high land costs around city centres must be addressed for developers to build such housing. 'In real estate and infrastructure, we are 20 lakh skilled workers short in India today… On one side we have unemployment, on the other side we have no skilled workers,' he said at a National Real Estate Development Council (NAREDCO) gathering. Hiranandani is also NAREDCO's chairman. 'This is going to grow in the next five years because of real estate and infrastructure growth — the gap will go to 5 million skilled workers. This is (a) disaster because neither the private sector nor the government sector has been able to fulfill (the demand),' Hiranandani added. Earlier, in June, Larsen & Toubro (L&T) chairman S N Subrahmanyan had said the group's construction business is facing a shortage of 25,000-30,000 labourers. 'Affordable housing not possible due to high costs' While he remains bullish on the real estate sector, which he claimed grew by 10 per cent in 2024-25, Hiranandani flagged a dip in affordable housing sales. 'In the affordable housing segment, for the first time in my 45 years in real estate, sales have decreased by 15 per cent. I am talking about the whole country, not just Delhi and Mumbai. This is a big problem that is to be sorted out,' he said. Since 2020, the Indian real estate market has seen rapid premiumisation, with the share of supply priced below Rs 40 lakh shrinking across key cities and most new launches priced above Rs 80 lakh — driven largely by demand for luxury homes above Rs 1.5 crore. Hiranandani said while the PM Awas Yojana 2.0 will provide interest subsidy for 1 crore homes in urban areas, building affordable housing near city centres is difficult due to rising circle rates. 'How do you match rising land prices and giving affordable housing? It is not possible today with inflation in the cost of construction, the tax rates which are there, stamp duty rate, GST rate, local authority rates, etc. You cannot make affordable housing close to the city centre where employment opportunities exist,' he told The Indian Express, calling for the government and local authorities to intervene. 'No dip in pan-India housing sales' In India's top seven residential markets — Delhi-NCR, Mumbai, Bangalore, Pune, Hyderabad, Chennai, and Kolkata — overall sales dropped by 3.5 per cent year-on-year in 2024. In the first half of 2025, sales fell 24.3 per cent, according to data shared by property consultancy Anarock. Hiranandani said there has been no dip in pan-India housing sales. 'If you look at the national level, real housing growth has been more than 10 per cent (in 2024-25). On an annualised basis, it will go up by more than 15 per cent (this fiscal). So it will probably be one of the highest growth years ever,' he said. Aggam Walia is a Correspondent at The Indian Express, reporting on power, renewables, and mining. His work unpacks intricate ties between corporations, government, and policy, often relying on documents sourced via the RTI Act. Off the beat, he enjoys running through Delhi's parks and forests, walking to places, and cooking pasta. ... Read More