India may let US, foreign firms bid for big government contracts, sources say
Live EventsYou Might Also Like: Interim trade deal with US likely by July 8; India for full exemption from 26% additional tariffYou Might Also Like: India, EU looking for early harvest trade agreement by July: Official(You can now subscribe to our(You can now subscribe to our Economic Times WhatsApp channelIndia is opening up a chunk of its protected government procurement market to foreign firms, including the U.S, two government sources said, in a shift that could extend to other trading partners after it was offered to the UK under a trade deal this month.The government is likely to allow U.S. firms to bid for contracts worth over $50 billion, mainly from federal entities, as it negotiates a trade deal with Washington, the sources said.Total public procurement - including by federal, state and local governments and state-run firms - is worth an estimated $700 billion-$750 billion per year, according to government estimates. Most is reserved for domestic firms, with 25% set aside for small businesses, although sectors like railways and defence can buy from foreign suppliers when domestic options are unavailable.Earlier this month, India and the UK agreed on a free trade pact that gives British firms access to federal government contracts in select sectors - covering goods, services and construction - on a reciprocal basis. "In a policy shift, India has agreed to open its public procurement contracts gradually to trading partners including the U.S. in a phased manner and reciprocal manner," said one of the officials, with the knowledge of the matter.Only a portion of the government's procurement contracts - mainly linked to federal projects worth around $50-$60 billion - will be opened to foreign firms, while state and local government purchases will be excluded, the official said. "Following the UK pact, India is ready to open a part of its public procurement market to the U.S. as well," said a second official.Both sources requested anonymity, as details of the ongoing talks have not been made public.The commerce ministry did not respond to requests for comment on the U.S. proposal or extending the plan to other nations.India has long resisted joining the World Trade Organisation's Government Procurement Agreement, citing the need to protect small businesses.In its March report on foreign trade barriers, the U.S. Trade Representative said India's restrictive procurement policies pose challenges for U.S. firms due to "changing rules and limited opportunities. "Opening procurement to foreign firms on a reciprocal basis offers an opportunity for Indian businesses in overseas markets as well," he said.
Source:The Times
May 23, 2025 14:10 UTC
Harvard University can still keep international students if it meets these 6 conditions in 72 hours
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Source:The Times
May 23, 2025 14:08 UTC
From next Gary Neville to brush with jail: the fall of Brandon Williams
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Source:The Times
May 23, 2025 14:05 UTC
Shubman Gill set to be announced as India's new Test captain for 5-Test series vs England
Poll Should the selectors consider veteran players like Cheteshwar Pujara for the Test squad? A big indication that Iyer wasn't there in the selectors' scheme of things was evident when he was ignored from the India A squad shadow tour to England, which precedes the series. The left-handed from Tamil Nadu has been rated highly, and it would help that his opening partner and captain Gill will now be the new captain of the Test side. With Gill likely to slip down to No 4 to fill in the big shoes of Kohli at that slot, the No. Though he couldn't get a game in the Border-Gavaskar series in Australia which India lost 3-1, Sarfaraz has been picked for the India A side to tour England.
Source:The Times
May 23, 2025 12:53 UTC
Short of Prison Space, U.K. Will Adopt U.S. Model of Time Off for Good Conduct
In February, Britain’s justice secretary, Shabana Mahmood, traveled to Texas. As a lawmaker from the center-left Labour Party, her trip to the Republican state was somewhat off-brand, but she was on a serious mission: to try to find solutions to Britain’s chronic prison overcrowding crisis. During a visit to Estelle Supermax Penitentiary in Huntsville, Ms. Mahmood spoke to inmates and officers about their experiences. She was accompanied by David Gauke, a former Conservative Party politician, who had been asked by the government to draw up a plan for tackling Britain’s shortage of prison cells. It recommended the government adopt a policy being used in Texas, and indeed more widely across the United States, allowing inmates to earn early release through good behavior.
Source:The Times
May 23, 2025 12:38 UTC
Diabetes professor appointed chair for REF 2029 sub-panel
Professor Samuel Seidu from the University of Leicester has been selected to chair an expert panel of the Research Excellence Framework 2029 (REF). The REF is the UK’s system for assessing the excellence of research in UK higher education providers. The Professor in Primary Care Diabetes and Cardio-metabolic Medicine will chair the Public Health, Health Services, and Primary Care sub-panel. Speaking about his prestigious appointment, Professor Seidu said: “I am honoured to be appointed a REF 2029 sub-panel chair. In addition, he is co-chair of the Diabetes Delivery Group for Leicester, Leicestershire and Rutland Integrated Care System.
Source:The Times
May 23, 2025 11:18 UTC
Nirav Modi bail denies by UK court cites risk of accessing 'untraceable' Rs 5,000 crore
Nirav Modi (File Image)MUMBAI: The UK court, while denying Nirav Modi bail, has said that he would be able to access Rs 5,000 crore that remains untraceable if he is released.This amount represents the gap between the total fraud amount of Rs 6,500 crore and the currently frozen, recovered or confiscated funds worldwide.The judge also spoke about a company, Diamond Holdings Ltd, a UK company established by Raj Patel, a semi-retired accountant after appointing Nirav as CEO with 20,000 pounds (Rs 23 lakh) monthly salary while the latter was under Indian investigation.Nirav Modi fled to London in February 2018 and on February 16 that year, his Indian passport was suspended.Patel, who was the sole director and shareholder, said that he was aware of the criminal probe. "The questions that start arising relate to the amounts of money that were subsequently being offered as pre-release security in the context of bail applications by Patel on behalf of the company," the judge noted.All of these amounts are being said by Patel as being capable of being put forward while leaving the company's position entirely and responsibly financially secure, the court said. The judge, however, said that he does not want to underestimate the "lucrative" nature of the diamond industry.Considering these facts along with others, the court rejected Nirav Modi's bail application on May 15, despite him being in jail for the past six years and two months.Till date, the Enforcement Directorate (ED) had attached/located assets valued at Rs 2,596 crore (around 40% of the total cheated amount) both domestically and internationally in the money laundering case that they are investigating against Nirav Modi for defrauding the Punjab National Bank (PNB). The Central Bureau of Investigation is investigating Nirav Modi for defrauding the bank with the help of forged documents and in connivance with the bank officials.Nirav Modi has remained in custody in the UK since his arrest in London on March 19, 2019, with the Indian authorities seeking his extradition for the PNB cheating and money laundering trials.The court identified Nirav as the primary perpetrator in the Punjab National Bank fraud , noting his role in fraudulently obtaining bank documents that enabled foreign bank withdrawals totalling 1,015.35 million US dollars.
Source:The Times
May 23, 2025 09:37 UTC
UK chancellor considers mandating chemical castration for serious sex offenders
Lord high chancellor of Great Britain Shabana Mehboob (Image: AP)Justice secretary exploring mandatory chemical castration for some sex offendersLord high chancellor of Great Britain, Shabana Mahmood is considering introducing mandatory chemical castration for the most dangerous sex offenders in England and Wales, United Kingdom. Officials are planning to expand the trial to 20 more regions before considering a national rollout.The proposal is part of recommendations made by former conservative justice secretary David Gauke. At the end of March 2025, sexual offences made up to 21 per cent of all adult prison sentences, as reported by the Guardian.Gauke recommended that short prison sentences of under 12 months should be used only in rare cases. Shadow justice secretary Robert Jenrick said, “By scrapping short prison sentences Starmer is effectively decriminalising crimes like burglary, theft and assault. This is a gift to criminals who will be free to offend with impunity,” as reported by the Guardian.
Source:The Times
May 23, 2025 09:12 UTC
Who was Dave Shapiro? Sound Talent Group co-founder killed in San Diego plane crash
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Source:The Times
May 23, 2025 06:16 UTC
Iconic 1980s Porsche left abandoned in a barn for 14 years sells for whopping £76,000 – three times its value
It was capable of doing 0-60mph in 5.6 secondsHIDDEN GEM Iconic 1980s Porsche left abandoned in a barn for 14 years sells for whopping £76,000 – three times its valueAN ICONIC 1980s Porsche left abandoned in a barn for 14 years has sold for over £76,000, which was over triple its estimate. According to records, the car only covered 476 miles in the five years before it went into the barn. The iconic 911 was first registered in May 1989 and had five previous owners before being snapped up in October 2002, the listing read. It comes after astonishing images showed an abandoned graveyard of vintage cars and fire engines left to rot. 5 It was expected to fetch around £25,000 Credit: Jam Press/Iconic Auctioneers
Source:The Times
May 23, 2025 05:55 UTC
Indigenous Amazon tribe says New York Times story led to its members being smeared as porn addicts
Read our Privacy noticeAn Indigenous tribe from the Brazilian Amazon has sued The New York Times, saying the newspaper's reporting on the tribe's first exposure to the internet led to its members being widely portrayed as technology-addled and addicted to pornography. It also names TMZ and Yahoo as defendants, alleging that their stories amplified and sensationalized the Times' reporting and smeared the tribe in the process. The misperceptions brought on by the aggregation and repackaging of the story led the Times to publish a follow-up. Rather than issuing a retraction or apology, the follow-up downplayed the original article’s emphasis on pornography by shifting blame to third-party aggregators.”Nicas wrote that he spent a week with the Marubo tribe. Both were instrumental in bringing the tribe the internet connection, which they said has had many positive effects including facilitating emergency medicine and the education of children.
Source:The Times
May 23, 2025 04:22 UTC
HSBC UK to employees: Start working from office or get ready for ...
HSBC UK links office attendance with bonusesWhat can gets you BANNED on Twitch? Lloyds Banking Group, JP Morgan Chase and others roll back remote work policiesHSBC UK has reportedly informed its retail banking staff that their annual bonuses could be reduced if they failed to meet in-office requirements, making it one of the latest major banks to tighten remote work policies. The move follows similar actions by Lloyds Banking Group, which earlier tied senior executives’ bonuses to office attendance. It comes amid a broader shift among banks and corporate employers away from pandemic-era remote work flexibility.Globally, investment banks such as JPMorgan Chase, Barclays, and Citigroup have all rolled back remote working arrangements in recent months. JPMorgan CEO Jamie Dimon recently criticized remote work during a company town hall, while Citigroup shuttered its Málaga outpost known for offering junior bankers a better work-life balance.Other UK firms, including Big Four accounting giants PwC and EY, have also begun more closely tracking in-office presence.
Source:The Times
May 22, 2025 20:26 UTC
Accenture’s long-awaited salary hikes are here: 15,000 Indians rejoice as promotions roll out
Internal documents reviewed by Bloomberg reveal that about 15,000 promotions will take place in India, 11,000 in Europe, the Middle East and Africa, and 10,000 across the Americas. Operating margins have come under pressure compared to the same quarter last year. Still, the company said it remains focused on “disciplined execution” and helping clients lead reinvention efforts.Unlike Accenture, domestic IT majors have taken a more cautious stance. The company cited ongoing instability in the geopolitical and economic environment. Whether these hikes and promotions are enough to secure workforce satisfaction remains to be seen — but they mark a significant step forward after months of uncertainty.
Source:The Times
May 22, 2025 19:53 UTC
Nurse union fury as NHS pay deal announced
The Agenda for Change pay rise announced by Mr Streeting is higher than the 2.8% for which he previously said the government had budgeted for 2025-26. She said it was “grotesque” to give doctors a better pay increase than nurses, and that starting salaries for nursing staff remained “too low”. Professor Ranger added: “Nursing staff have suffered 15 years of pay erosion and this award is symptomatic of a broken system which erodes our pay each year and keeps nursing staff weighted to the bottom." Ms Whyley added: “This announcement has come far too late, leaving nursing staff waiting once again for recognition they urgently deserve. “That will generate more discontent from an already demoralised workforce.”Some health leaders have welcomed the news that NHS pay deals for 2025-26 have been decided.
Source:The Times
May 22, 2025 19:14 UTC