Business
US-India trade: Tariffs to hit leather sector; Kolkata exporters pondering ‘Made in Europe’ question – Times of India

India’s leather industry, a vital labour-intensive sector with exports worth $4.1 billion, has been hit hard by US President Donald Trump’s decision to impose a 25% tariff on imports from India. The move, coupled with an additional 25% tariff on Russian oil purchases from 27 August 2025, is expected to deepen the crisis exporters are facing.Government data shows India exported nearly $4.1 billion worth of leather and leather products between April 2024 and February 2025, with the US accounting for $870 million. The American market makes up around 20% of India’s overall leather exports. Kolkata, one of the country’s key hubs for leather goods, faces the sharpest impact as West Bengal alone contributes 50% of India’s exports in this sector. Out of 2,020 tanneries nationwide, 538 operate in the state, which also houses 230 leather footwear units and 436 leather goods units, according to an ET report.According to experts, the sudden spike in duties has left them paralysed. Ramesh Juneja, vice chairman of the Council for Leather Exports, explained the uncertainty saying, “The industry is in a wait-and-watch mode. We are unable to offer any discounts to buyers either. Right now, we are just waiting for some clarity to emerge. Last year, the leather industry did Rs 50,000 crore business in leather and leather product exports and footwear. The US market is a significant geography for us.”Industry leaders further warned that the tariff structure will make Indian products far less competitive. “If it sticks to where it is now, we will have about an 8.5% MFN tax; 25% would be the reciprocal tax, and then the 25% extra tariff for the oil trade with Russia. This is going to have an impact on the price and cost at which the American importer imports the product from this country,” Arjun Mukund Kulkarni, president of the Indian Leather Products Association (ILPA) told ET. He also added that the shock will ripple into European markets as well, as Kolkata made products are sold to the Europe which then sells them to America.“So, it is going to be a challenge, and we will have to figure out ways and means around this situation,” Kulkarni noted.Exporters are already considering workarounds, such as partial production in Europe, ET reported. “A lot of people are thinking on these lines, and it could then be labelled as a ‘Made in Europe’ product, or from any other country where the final production takes place before being sold to the US. So, people are looking at such ideas where the final product can have a ‘Made in Europe’ stamp,” Kulkarni said.The footwear category is expected to suffer the most, given that it represents 40% of leather products worldwide. Kanishk Maheshwari, co-founder and managing director of Primus Partners India, highlighted the scale of the problem saying, “In 2024-25, leather footwear exports to the US were close to $500 million, which had been growing steadily over the last four years. With this new tariff, a pair of shoes that landed at $100 in US retail will now face almost 10 times more duty (from 5-8% to 50% now) and add an extra $50 to the price, while Vietnamese or Indonesian footwear competes at a duty of just 19-20%. This cost gap alone explains why US buyers are already pivoting orders away from the Agra and Kanpur clusters.”Although Vietnam, Indonesia and China also face tariffs, theirs remain significantly lower, Vietnam at 20%, China at 30%, and Bangladesh at 35%. “Only India and Brazil are subject to a 50% US tariff. This has instantly wiped the competitiveness that India had worked to build through various schemes like rebates under RoDTEP and various export incentives. India’s 1% share in the $100-billion US leather import market is about to shrink further,” Maheshwari told the outlet.Experts suggest market diversification, product repositioning, and quality upgrades may soften the blow, but stress that government support will be crucial. Kulkarni calls for urgent intervention, “The government needs to come up with some revolutionary ideas, subsidising or supporting the industry. The Brazilian government, for instance, has reached out and is giving subsidies. The Indian government will also have to think about something to keep the exporters afloat amid such high tariffs.”
Business
Women in banking: SBI aims for 30% female workforce by 2030; steps up inclusion and health initiatives – The Times of India

The State Bank of India (SBI) has set a target to raise the share of women in its workforce to 30 per cent by 2030 as part of a broader push to strengthen gender diversity and inclusivity across all levels of the organisation.SBI Deputy Managing Director (HR) and Chief Development Officer (CDO) Kishore Kumar Poludasu told PTI that women currently account for about 27 per cent of the bank’s total workforce, though the figure rises to nearly 33 per cent among frontline staff.“We will be working towards improving this percentage so that diversity gets further strengthened,” Poludasu said, adding that the bank is taking targeted measures to bridge the gap and meet its medium-term diversity goal.With a staff strength of over 2.4 lakh — among the highest for any organisation in the country — SBI has rolled out several initiatives aimed at creating a workplace where women can thrive professionally while maintaining work-life balance.Among the women-centric measures, the bank offers creche allowances for working mothers, a family connect programme, and dedicated training sessions to help women re-enter the workforce after maternity, sabbatical, or extended sick leave.Poludasu said SBI’s flagship initiative, Empower Her, is designed to identify, mentor, and groom women employees for leadership roles through structured leadership labs and coaching sessions. The programme aims to strengthen the pipeline of women leaders across the organisation.The bank has also introduced wellness initiatives tailored to women’s health needs, including breast and cervical cancer screenings, nutritional allowances for pregnant employees, and a cervical cancer vaccination drive.“These programmes are designed keeping in mind the women and girls who are employed in the bank,” Poludasu said, adding that SBI remains committed to fostering an inclusive, secure, and empowering workplace.Currently, the lender operates over 340 all-women branches across India, and the number is expected to increase in the coming years.SBI, one of the world’s top 50 banks by asset size, has also been recognised among India’s best employers by multiple organisations. Poludasu said the bank continues to drive innovation across processes, technology, and customer experience while ensuring that diversity and inclusion remain central to its transformation journey.
Business
Trade talks: India, EU wrap up 14th round of FTA negotiations; push on to seal deal by December – The Times of India

India and the 27-nation European Union (EU) have concluded the 14th round of negotiations for a proposed free trade agreement (FTA) in Brussels, as both sides look to resolve outstanding issues and move closer to signing the deal by the end of the year, PTI reported citing an official.The five-day round, which began on October 6, focused on narrowing gaps across key areas of trade in goods and services. Indian negotiators were later joined by Commerce Secretary Rajesh Agrawal in the final days to provide additional momentum to the talks.During his visit, Agrawal held discussions with Sabine Weyand, Director General for Trade at the European Commission, as both sides worked to accelerate progress on the long-pending trade pact.Commerce and Industry Minister Piyush Goyal recently said he was hopeful that the two sides would be able to sign the agreement soon. Goyal is also expected to travel to Brussels to meet his EU counterpart Maros Sefcovic for a high-level review of the progress made so far.Both India and the EU have set an ambitious target to conclude the negotiations by December, officials familiar with the matter said, PTI reported.Negotiations for a comprehensive trade pact between India and the EU were relaunched in June 2022 after a hiatus of more than eight years. The process had been suspended in 2013 due to significant differences over market access and tariff liberalisation.The EU has sought deeper tariff cuts in sectors such as automobiles and medical devices, alongside reductions in duties on products including wine, spirits, meat, and poultry. It has also pressed for a stronger intellectual property framework as part of the agreement.For India, the proposed pact holds potential to make key export categories such as ready-made garments, pharmaceuticals, steel, petroleum products, and electrical machinery more competitive in the European market.The India-EU trade pact talks span 23 policy chapters covering areas such as trade in goods and services, investment protection, sanitary and phytosanitary standards, technical barriers to trade, rules of origin, customs procedures, competition, trade defence, government procurement, dispute resolution, geographical indications, and sustainable development.India’s bilateral trade in goods with the EU stood at $136.53 billion in 2024–25, comprising exports worth $75.85 billion and imports valued at $60.68 billion — making the bloc India’s largest trading partner for goods.The EU accounts for nearly 17 per cent of India’s total exports, while India represents around 9 per cent of the bloc’s overall exports to global markets. Bilateral trade in services between the two partners was estimated at $51.45 billion in 2023.
Business
Telcos network costs rise: Gap between expenditure and revenue exceeds Rs 10,000 crore; COAI flags rising network investment burden – The Times of India

The gap between telecom operators’ network expenditure and revenue continues to widen, prompting industry body COAI to defend calls for higher mobile tariffs, citing the increasing financial burden of network deployment on service providers.Speaking at the India Mobile Congress, Cellular Operators Association of India (COAI) Director General, SP Kochhar, told PTI that while the government has provided significant support to telecom operators through policies such as the right of way (RoW), several authorities continue to levy exorbitant charges for laying network elements.“Earlier, the gap until 2024 for infrastructure development and revenue received from tariffs was around Rs 10,000 crore. Now it has started increasing even further. Our cost of rolling out networks should be reduced by a reduction in the price of spectrum, levies etc. The Centre has come out with a very good ROW policy. It is a different matter that many people have not yet fallen in line and are still charging extremely high,” Kochhar said.He also defended the recent cut in data packs for entry-level tariff plans by select operators, stressing that the move was necessary given competitive pressures.Kochhar pointed out that competition among the four telecom operators remains intense, and there has been no significant trend suggesting that consumers are shifting towards low-cost data options.“There is a need to find ways to make high network users pay more for the data. Seventy per cent of the traffic which flows on our networks is by 4 to 5 LTGs (large traffic generators like YouTube, Netflix, Facebook etc). They pay zero. Nobody will blame OTT but they will blame the network. Our demand to the government is that they [LTGs] should contribute to the development of networks,” Kochhar said.He added that the investments made by Indian telecom operators are intended for the benefit of domestic consumers and are not meant to serve as a medium for profit for international players who do not bear any cost.
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