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Business Standard
15 minutes ago
- Business Standard
Cognizant undecided on salary hike timing, wants to cover most in 2nd half
Cognizant said it is yet to decide on when to provide salary hikes to its employees as the business environment remains uncertain, following the paths of other IT services companies that have adopted a cautious stance or pushed it back indefinitely. 'Given the macro environment at play and the uncertainty around it, we have not yet taken a decision on salary increase. Our endeavour is to cover a vast majority of our employees during the second half of this year as and when we decide. This decision was made with a long-term view that considers both investment in our people and the future of our business,' Chief Financial Officer Jatin Dalal told Business Standard during an earnings conference call. Wipro, which implemented hikes from 1 September last year, also said earlier this month it would take a call after assessing the demand scenario. TCS, which decided to fire 12,000 employees, has deferred the hikes for this year indefinitely. Not only has the demand environment remained volatile, but the Indian IT industry is also facing headwinds from US President Donald Trump's retaliatory tariffs announced on Wednesday, which have further clouded the scenario. Cognizant added 7,500 people during the second quarter, and its headcount stood at 343,800 as of 30 June, as the company hired fresh engineering graduates from Indian colleges. 'We have taken freshers and will continue to take them for the rest of the year. Our target is about 15,000–20,000 and we are on track to do that,' said Kumar. He added that freshers can do more work with AI. Attrition, however, inched up just like other IT companies to 15.2 per cent from 13.6 per cent sequentially.
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Business Standard
15 minutes ago
- Business Standard
India's rice exports to stay resilient despite US tariff: Exporters' body
An association of rice exporters on Thursday said the 25 per cent tariff imposed by the US on Indian goods, including rice, will be a "temporary hurdle" and not a major disruption for the sector. The new tariff, effective from August 1, includes duties on Indian rice exports to the US, which stood around 2.34 lakh tonnes in FY'24, a small share of India's total 52.4 lakh tonnes of global basmati rice exports, the association said. "This tariff is a temporary hurdle, not a long-term roadblock. With strategic planning, diversification, and flexibility, Indian rice exporters can protect and even expand their presence in the US market," Indian Rice Exporters Federation (IREF) national president Prem Garg said. US President Donald Trump announced the imposition of a 25 per cent tariff on all goods coming from India starting August 1, plus an unspecified penalty for buying military equipment and crude oil from Russia. He noted that the US is not the top basmati market for Indian exporters, with West Asia remaining the primary destination. Garg also emphasised India's relative competitiveness, stating that despite the new duties, Indian rice still attracts lower tariffs compared to key exporters from China, Vietnam, Pakistan, and Thailand. Echoing a similar sentiment, Ricevilla Group CEO Suraj Agarwal said, "The 25 per cent tariff may slow down rice exports in the short term, but India's competitive advantage and annual exports of 2.5-3 lakh tonnes to the US will likely sustain its market presence." With China facing a 34 per cent tariff, Vietnam at 46 per cent, and Thailand at 36 per cent, India's relatively lower tariff rate may provide a competitive edge in the long term, he said. The IREF, which represents over 7,500 stakeholders in the rice export value chain, said it would continue to engage with government agencies and trade bodies to mitigate the impact of the new tariff and push for market diversification.
Mint
15 minutes ago
- Mint
Over 1 lakh jobs at risk? Jewellery industry raises alarm as Donald Trump imposes 25% tariffs on India
US President Donald Trump's announcement to impose 25 per cent tariffs on Indian goods will significantly impact the country's gems and jewellery industry, including over 1 lakh jobs in the sector, according to a report by ANI, citing jewellery manufacturers and exporters. 'The handmade jewellery exports could be hit hard. These products may no longer be accepted or sold there,' said Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council. When the US levied a 10 per cent tariff earlier, nearly 50,000 workers in the industry reportedly were affected, he added. "Previously, when there was a 10 per cent tariff, around 50 thousand people were suspected to be unemployed. If the same pattern follows with the new tariff hike, more than one lakh people could be impacted this time. Such an outcome would be very unfortunate for the jewellery industry," Rokde said. Speaking on the latest 25 per cent tariffs expected to come into effect from August 1 onwards, Rokde noted, 'This is very sad; the tariffs have been increased from 10 per cent to 25 per cent, which will be implemented from August 1.' However, he also mentioned that this could have a greater impact on America than on India. 'Jewellery from India is exported across the world. In such cases, India had earlier found alternate markets like the European Union and the Middle East,' Rokde stated. According to data from the Ministry of Commerce, the US is among India's largest markets for gems and jewellery. In the previous financial year, India exported $9.9 billion worth of jewellery to the US. Expressing concern over the US President's move, Colin Shah, Managing Director of Kama Jewellery, was quoted as saying, 'With the US being one of the key export destinations, this will severely impact sectors like gems and jewellery that are heavily dependent on exports.' He also mentioned that the industry has been facing challenges for over two years due to ongoing geopolitical tensions between Russia- Ukraine and in the Middle East. "With the return of Trump to power, his tariff threats have caused uncertainty in Indian markets. Going ahead, we expect trade activities with the US to remain muted," Shah said. Industry stakeholders are now anticipating the sixth round of India-US Bilateral Trade Agreement talks, set for late August, hoping to secure a deal or find relief when the US counterparts visit India. (With inputs from agencies)
