India and the UK signed a Memorandum of Understanding (MoU) Wednesday for collaboration in cancer research, the Ministry of Science and Technology said in a statement.
The pact between the Department of Biotechnology (DBT) and the Cancer Research UK (CRUK) for the India-UK Cancer Research Initiative was signed here for collaboration for the next five years.
Both CRUK and DBT will invest £5million each in this five-year pilot project, and seek further investment from other potential funding partners.
The India-UK Cancer Research Initiative will identify a core set of research challenges that address issues of affordability, prevention and care of cancer patients by bringing together leading Indian and UK experts in clinical research, demographic research, new technologies and physical sciences, the statement said.
"The initiative will provide funding to develop new research alliances and undertake impactful research to enable significant progress against cancer outcomes," the statement added.
This is a follow-up to the joint statement issued by the premiers of India and UK during the visit of Prime Minister Narendra Modi to the UK in April.
Modi had then stated, "As thriving democracies, we share a desire to work closely together and with all who share our objective to support a rules-based international order that upholds agreed international norms, global peace and stability.
"Together the UK and India are a force for good in an uncertain world. We are sharing our experience and knowledge to tackle global challenges. India's Department of Biotechnology (DBT) and Cancer Research UK propose to launch a £10 million bilateral research initiative which will focus on low cost approaches to cancer treatment."
Speaking at the launch of this initiative, Secretary of DBT, Renu Swarup, said, "Cancer is a global epidemic that requires radically new approaches through inter-disciplinary and multi-national efforts. The India-UK Cancer Research Initiative will provide a catalysing platform for scientists and researchers in the UK and India to co-create solutions for affordable cancer care that improve cancer outcomes around the globe."
On the occasion, Nick Grant, Cancer Research UK's executive director of international partnerships, spoke in the importance of the research partnership saying no country escapes the impact of cancer.
India’s $283 billion IT industry, which contributes more than 7 per cent to the country’s GDP, has for over three decades provided services to major clients including Apple, American Express, Cisco, Citigroup, FedEx and Home Depot.
INDIA’s IT sector is facing uncertainty as US lawmakers consider a 25 per cent tax on companies using foreign outsourcing services.
Analysts and lawyers said the proposal has led to customers delaying or re-negotiating contracts, raising concerns in India, the world’s largest outsourcing hub.
They said the bill is unlikely to pass in its current form but could trigger long-term changes in how American firms purchase IT services. Companies heavily dependent on outsourcing are expected to resist the move, setting up lobbying and possible legal battles.
India’s $283 billion IT industry, which contributes more than 7 per cent to the country’s GDP, has for over three decades provided services to major clients including Apple, American Express, Cisco, Citigroup, FedEx and Home Depot. The industry has also faced criticism abroad over jobs shifting to India.
Last week, Republican Senator Bernie Moreno introduced the HIRE Act, which proposes taxing companies that hire foreign workers instead of Americans. The bill also aims to prevent firms from claiming outsourcing expenses as tax-deductible, with the revenue directed toward US workforce development.
The proposal comes at a difficult time for Indian IT, which is already seeing weak revenue growth in its key US market as clients cut non-essential spending due to inflation and tariff concerns.
“The HIRE Act proposes sweeping changes that could alter the economics of outsourcing and significantly increase the tax liability associated with international service contracts,” said Jignesh Thakkar, EY India’s compliance head.
In some cases, combined federal, state and local taxes could raise the levy on outsourced payments to as much as 60 per cent, Thakkar added.
“While its partisan proposal may seem initially attractive, it’s ultimately an artificial cost which makes organisations less competitive and profitable globally,” said Arun Prabhu, partner at Cyril Amarchand Mangaldas.
The idea has been gaining traction. This month, White House trade adviser Peter Navarro reposted a call from far-right activist Jack Posobiec for tariffs on services as well as goods.
“When political noise turns into regulatory risk, clients quickly insert contingencies, reopen pricing and demand delivery flexibility,” said Saurabh Gupta, President of HFS Research. “Clients will simply take longer to sign, longer to renew, and longer to commit transformation dollars,” Gupta said.
Backlash expected
Industry watchers said US firms are likely to push back strongly against the bill and challenge it legally if it is enacted.
“A bill like this would probably face a lot of backlash from US companies that rely heavily on outsourcing, who would likely bring litigation to challenge various aspects of the bill, if it were ever to be passed into law,” said Sophie Alcorn, CEO of Alcorn Immigration Law.
Analysts noted that sweeping restrictions are unlikely due to the difficulties of enforcement. “More likely is a diluted version, with narrower provisions or delayed enforcement,” said HFS Research CEO Phil Fersht.
The bill could also affect US firms’ global capability centres (GCCs), which have developed from offshore back offices to high-value hubs for research, finance and operations.
“It will be hard to pull back from existing work, but new set-ups and expansion may get impacted,” said Yugal Joshi, partner at Everest Group.
The proposed tax will affect the cost advantage that drives GCC location decisions, said Bharath Reddy, partner at CAM.
“However, the lack of availability of appropriate human capital in the US will continue as a problem, and which can be addressed in the near future only through outsourcing,” he added.
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'Our economy isn't broken, but it does feel stuck,' Reeves said, speaking alongside the release of a finance ministry report on business property taxation, known as rates.
CHANCELLOR Rachel Reeves said on Thursday she is considering changes to business property taxes to support small firms looking to expand, as part of her plans to boost growth.
Reeves’ comments come ahead of her annual budget on November 26, at a time when concerns about possible tax rises and inflation are weighing on businesses and households.
Economists expect Reeves will have to raise tens of billions of pounds in additional revenue, citing higher borrowing costs, weaker growth prospects and parliament’s rejection of welfare cuts.
"Our economy isn't broken, but it does feel stuck," Reeves said, speaking alongside the release of a finance ministry report on business property taxation, known as rates.
The report suggested reducing sudden tax increases for small businesses when they expand.
"Tax reforms such as tackling cliff-edges in business rates and making reliefs fairer are vital to driving growth," Reeves said in a statement.
Other options under review include changes to how the tax is calculated and additional reliefs when a property’s value rises after improvements. Further details will be set out in the budget, the ministry said.
Helen Dickinson, chief executive of the British Retail Consortium, welcomed the proposals but said the government should provide clarity on a promised reduction in rates for retail, hospitality and leisure businesses.
"Until we get clarity on these changes, which isn’t expected until the budget, many local investments in jobs and stores are being held back," she said.
(With inputs from agencies)
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Reeves pledged to keep a tight hold on spending to reduce inflation and borrowing costs amid concerns over Britain’s fiscal outlook.
CHANCELLOR Rachel Reeves has said the government must support the Bank of England in bringing down inflation while also focusing on growth, ahead of a budget later this year that is expected to include tax rises.
Last week, Reeves said the economy was not “broken” as she announced November 26 as the date for her annual budget.
She pledged to keep a tight hold on spending to reduce inflation and borrowing costs amid concerns over Britain’s fiscal outlook.
Inflation in Britain was the highest among the Group of Seven economies at 3.8 per cent in July. The Bank of England expects it to peak at 4 per cent this month before gradually falling back to its 2 per cent target by the second quarter of 2027.
Prime minister Keir Starmer has said Labour inherited a difficult economic situation from the Conservatives after last year’s election.
Tax increases on businesses, efforts to cut welfare spending, and ongoing arrivals of migrants on small boats have hurt the government’s standing.
Starmer reshuffled his ministerial team last week in an effort to reset his government, though Reeves remained in place. At the first meeting of the new team, Reeves said that controlling inflation was a key priority.
“The government was focused on going further to support the Bank of England in reducing inflation, controlling public spending and driving growth,” a Downing Street spokesperson said after the meeting.
British 20- and 30-year gilt yields reached their highest levels since 1998 last week, with investors watching Britain’s fiscal situation and worried Reeves’ budget could slow growth without generating much tax revenue.
Economists have also warned that some possible tax measures in the budget, such as higher fuel duties and other levies, could add to inflation in the short term.
Previous government decisions on energy policy, as well as increases in employers’ national insurance contributions and the minimum wage, have also been linked to Britain’s high inflation rate.
(With inputs from agencies)
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US president Donald Trump (R) and Indian prime minister Narendra Modi hold a joint press conference in the East Room at the White House on February 13, 2025 in Washington, DC. (Photo by Andrew Harnik/Getty Images)
US PRESIDENT Donald Trump urged EU officials to hit China with tariffs of up to 100 per cent as part of a strategy to pressure Russian president Vladimir Putin, according to a US official and an EU diplomat.
China and India are major purchasers of Russian oil and, as such, they play a vital role in keeping Russia's economy afloat as it continues to pursue its expanded invasion of Ukraine, which began in 2022.
Trump made the request, which was conveyed via conference call, to EU sanctions envoy David O'Sullivan and other EU officials. The EU delegation is currently in Washington to discuss sanctions coordination.
The EU diplomat said the US had indicated it was willing to impose similar tariffs if the European Union heeded the US request.
"They are basically saying: We'll do this but you need to do it with us," the diplomat said.
The US request, if heeded, would result in a change of strategy for the EU, which has preferred to isolate Russia with sanctions rather than tariffs.
China firmly opposes the US applying such so-called economic pressure, its foreign ministry said at a regular press briefing on Wednesday, adding that it also opposed the using of China in discussions on Russia.
Trump, whose request was first reported by the Financial Times, has frequently threatened to impose tariffs on India and China as punishment for their purchases of Russian crude.
While Trump did hike tariffs on India over the summer by 25 percentage points in part due to its economic relationship with the Kremlin, Trump has yet to pull the trigger on the more punishing options he has floated.
At times, he has complained that Europe itself has not fully decoupled from Russia, which supplied about 19 per cent of EU gas imports last year although the bloc says it is committed to fully ending its dependency on Russian energy.
Later on Tuesday (9), Trump suggested that the US could in fact boost trade with India, writing in an evening social media post that the U.S. and India are working to address trade barriers between the nations. He added that he was looking forward to speaking with Indian prime minister Narendra Modi.
(Reuters)
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Donald Trump and Narendra Modi shake hands as they attend a joint press conference at the White House on February 13, 2025.
Trump says he will speak to Modi in the coming weeks amid trade talks
Modi calls US and India "close friends and natural partners"
Trade officials from both countries may restart meetings in September
US-India trade reached $129 billion in 2024 with a $45.8 billion US deficit
US PRESIDENT Donald Trump said on Tuesday his administration is continuing negotiations to address trade barriers with India and that he would speak to prime minister Narendra Modi, indicating a possible reset after recent friction.
Trump said he looked forward to speaking to Modi in the "upcoming weeks" and expressed confidence that the two sides could reach an agreement.
"I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries," he said in a post on social media.
Modi responds with optimism
On Wednesday, Modi said Washington and New Delhi "are close friends and natural partners." He added that teams from both sides were working to conclude the trade discussions soon.
"I am also looking forward to speaking with President Trump. We will work together to secure a brighter, more prosperous future for both our people," Modi said in a social media post.
India's shares rose over 0.5 per cent after the remarks from both leaders.
Trade deal uncertainty
Trump had said for months that a trade deal was close, but later doubled tariffs on Indian imports to 50%, raising doubts about the future of the U.S.-India relationship.
In recent weeks, Trump and top US officials criticised India for buying oil from Russia, saying New Delhi was funding the war in Ukraine, a charge India denies.
At the same time, Modi has engaged with China and Russia. He visited China last month for a summit hosted by Chinese President Xi Jinping and was also seen with Russian president Vladimir Putin.
Analysts cautious
"While the social media statements by Trump and Modi signal a potential rapprochement between the U.S. and India, it is still premature to assume that a resolution will arrive swiftly," Madhavi Arora, economist at Emkay Global, said.
"With Trump, we will need to wait for more concrete signals that a deal is in the offing."
Meetings to restart in September
Trade officials from India and the US may meet in September to restart in-person discussions, CNBC-TV18 reported, citing sources. A US trade negotiators’ visit to New Delhi scheduled for August 25-29 was cancelled after talks stalled.
India's trade ministry declined to comment on reports of new meetings.
According to US Census Bureau data, two-way goods trade between the US and India reached $129 billion in 2024, with a $45.8 billion US trade deficit.
Tariffs and EU pressure
Trump recently said India had offered to reduce tariffs on US goods to zero but described the offer as late, saying the country should have acted earlier.
Reuters reported that Trump urged the European Union to impose 100% tariffs on China and India as part of pressure tactics against Russian president Vladimir Putin.
Indian officials in New Delhi said they do not expect the EU to take measures against India and that assurances had been given that EU trade talks would not be disrupted.