HP Incorporation will slash as much as 16 per cent of its workforce as part of a broad restructuring meant to cut costs and boost sales growth amid the company’s first change in top leadership in four years.
The personal computer giant said that it will cut 7,000 to 9,000 positions through firings and voluntary early retirement. In the statement, the job reductions will help to save about $1 billion by the end of fiscal 2022, the Palo Alto, California-based company said Thursday. Last time, it was disclosed that HP had 55,000 employees a year ago.
The company also announced it expects a profit, excluding restructuring costs and other items, to be $2.22 to $2.32 a share in fiscal 2020. According to data, average estimated $2.23 a share, compiled by Bloomberg. HP’s shares slid more than 5 per cent in after-hours trading.
“The bulk of the savings will be in corporate functions, back-office support,” Chief Financial Officer Steve Fieler said about the job cuts in an interview.
Read EquityPandit’s Nifty Outlook for the Week
India’s Manufacturing PMI Hits 8-Month High at 58.1 in March
India’s manufacturing activity surged in March 2025 as the PMI climbed to 58.1, marking an eight-month high and signalling a strong recovery.
New orders hit their highest level since July 2024, driven by strong customer interest, favourable demand, and effective marketing.
Production expanded sharply, though international sales growth slowed to a three-month low, with exports rising in Asia, Europe, and the Middle East.
Finished goods inventories saw their steepest decline over three years, prompting firms to boost input purchases at the fastest rate in seven months.
Supply chains remained stable, with lead times improving for the thirteenth straight month, while input costs rose due to higher prices of copper, electronics, leather, LPG, and rubber.
Hiring increased steadily, though capacity pressures limited job growth. Manufacturers remained optimistic about future output, supported by strong demand and pending projects.
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US slams high India duties on farm goods before 2nd April tariffs
The Donald Trump administration has raised concerns over India’s high tariffs on American farm goods just days before reciprocal duties take effect, increasing pressure on India to ease restrictions in its agriculture sector.
The White House criticised India’s 100% tariff on American farm products, pointing to similar trade barriers in the EU, Japan, and Canada.
A US report highlighted India’s 39% tariff on agricultural imports—eight times the US rate—covering items like apples, corn, and coffee. It also noted non-tariff barriers such as import bans and licensing requirements.
Despite opposition from Indian farmers to free trade deals, New Delhi is considering lowering tariffs on select US agricultural products.
India has already reduced duties on bourbon whiskey and high-end motorcycles, with both nations aiming for a trade deal by October or November.
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Provident Fund Update: Govt Raises Auto-Settlement Limit to ₹5 Lakh for 7.5 Crore Indians
EPFO is set to enhance the auto settlement limit for advance claims from Rs 1 lakh to Rs 5 lakh, pending final approval from the Central Board of Trustees (CBT), benefiting 7.5 crore members.
The auto-mode claim settlement, introduced in April 2020 for illness, now covers education, marriage, and housing, with claims processed within three days.
In the current financial year, EPFO has settled a record 2.16 crore auto-claims as of 6th March 2025, up from 89.52 lakh in 2023-24. The rejection rate dropped to 30% from 50% last year, while validation formalities have been reduced from 27 to 18, with plans to cut them to six.
The process is now IT-driven, eliminating human intervention and reducing claim settlement time from 10 days to 3-4 days.
EPFO will also introduce UPI-based PF withdrawals by May or June 2025, potentially benefiting other schemes like the General Provident Fund (GPF) and Public Provident Fund (PPF).
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Govt to impose 10% import duty on desi chana from 1st April
The government will impose a 10% import duty on desi chana (Bengal gram) from 1st April.
In May last year, the government allowed duty-free import of chana to boost domestic availability and control prices. This waiver was set to last until 31st March 2025.
According to a finance ministry notification dated 27th March, the import of Bengal gram will now attract a 10% duty starting from 1st April.
Government data estimates chana production at 11.5 million tonnes in 2024-25, up from 11 million tonnes in the previous year.
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India Considers Tariff Cuts on Key US Imports, Decision Pending
India is exploring tariff reductions on select US imports, with key government departments actively discussing the matter. While deliberations are still in the early stages, no final decision has been made.
A comprehensive review of import categories and existing duties is underway to assess potential reductions to strengthen trade and economic ties between the two nations.
Some key product categories that may see lower basic Customs duties include:
- Medical & Scientific Instruments (7.5%-10%)
- Cruise Ships (10%)
- Aircraft (2.5%)
- Spacecraft (10%)
- Cars (100% for CIF value above $40,000, 70% below this threshold)
- Turbo Jets/Propellers (7.5%)
- High-End Jewellery (20%)
- Gems & Jewellery (20%)
- Footwear (35%)
- Plastic Polymers (7.5%-15%)
- Organic Chemicals (7.5%)
In 2024, India’s imports from the US reached $35 billion, reflecting a 6.7% increase from the previous year.
While discussions on tariff cuts continue, stakeholders closely watch developments that could impact trade flows between countries.
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