Apple and its vendors are aiming to assemble 32 per cent of iPhone's global production volume and 26 per cent of its value in India by 2026-27 -a year after the final year of the five-year production-linked incentive (PLI) scheme for mobile devices. This could translate into a production value of over $34 billion, assuming global iPhone sales remain consistent with 2023-24 (FY24) levels. The estimates are based on discussions between Apple Inc and its vendors, along with central and state governments, regarding the assembly of products in India, according to sources.
India's smartphone exports have set a new benchmark, surging past the $2 billion mark in October - the highest monthly total ever recorded. This milestone, according to estimates from the Indian Cellular and Electronics Association (ICEA), an industry body representing both global and domestic mobile device manufacturers, underscores the country's growing prominence in global mobile supply chains.
India has recorded the second-highest increase in domestic airfares in the Asia-Pacific (APAC) and West Asian regions, climbing by 43 per cent in the first half of 2024 compared to pre-pandemic levels in 2019, second only to Vietnam (63 per cent). India ranks third in fare increases during the same period in international skies, behind the United Arab Emirates (UAE) and Malaysia. The airfare study conducted by Airports Council International (ACI), which represents 617 airports in this region, was done in partnership with Flare Aviation Consulting.
Fewer people participated in MGNREGA during the first six months of this financial year (April-September) compared to the same period last year, a recent analysis of the scheme's performance by LibTech showed.
Tomato prices have been on the boil for more than a month. Data from major cities show that the spike has been between 125 and 150 per cent at the wholesale level. Soaring vegetable prices, including tomatoes, pushed the retail inflation rate to a nine-month high of 5.49 per cent in September, according to government data. Though reports say prices are expected to come down in the next few weeks after supplies improve from Madhya Pradesh and Himachal Pradesh, how long will the respite last is anybody's guess.
The Freedom 125 has sold 8,310 units in October to date. This is its highest since it was launched in July and may touch close to 9,000 by the end of the month.
Reliance has filed patents not only in India but also in the US, Canada, Europe, Estonia, South Korea, and South America. The patents include narrowband Internet of Things, AI large language models, AI DeepLearning, Big Data, devices, and quantum AI in 6G.
Four big global companies - Bayer, GenZero (a wholly-owned arm of financial major Temasek), Shell and Mitsubishi - have decided to scale up their carbon credit programme in nine states to empower farmers. The credits are generated through the adoption of smart agriculture practices - Alternate Wetting and Drying (AWD) and Direct Seeded Rice (DSR). Since over a year, the project, which was being run on a pilot basis, has positively impacted 10,000 farmers, covering more than 25,000 hectares.
India's journey with 5G still has a long way to go. The country ranked 33 out of 39 in the 5G Connectivity Index for the second quarter of 2024, released by GSMA Intelligence. However, in areas like 5G revenue growth, data affordability, and video quality, India ranks among the best in the world.
In the June quarter of 2024-2025, smartphone exports hit $2 billion, well ahead of non-industrial diamond exports, which stood at $1.44 billion.
Lithium-ion cells, primarily imported from China, are likely to become cheaper following punitive tariffs imposed by the US on Chinese battery cells.
Bajaj Auto has become the top player in India's electric vehicle market by monthly volumes, across all categories, with over 25,000 sales and registrations in September. This comes on the back of a big push in expanding distribution by the company and steady demand of electric three-wheelers. In September, the company - according to the latest Vahan data - recorded sales of 17,570 electric two-wheelers, 4,575 three-wheelers, and 3,000 Yulu low-speed electric bikes (based on company sales numbers), which do not require a licence and are not registered on Vahan.
The funding environment in India for startups is improving this year if one were to go by Bain & Company estimates. Five private equity (PE) investors that come on top on the criterion of deal size collectively put in $9 billion in the first half of 2024, surpassing their outlay for last calendar year, when it was $8 billion. At the top of the list is Swedish firm EQT, which acquired US-based and listed Perficient at an enterprise value of $3 billion, the deal being done by the Indian wing of the company. It has also added to its list by putting in $500 million in WSO2, a "software as a service" company, increasing its tally to $3.5 billion.
18% cent GST on iPhones continues to weigh heavily on the final cost to Indian consumers, limiting the impact of price cuts.
The government's two-year-old production-linked incentive (PLI) for air conditioner (AC) components has boosted domestic production, with average value addition or localisation increasing from 25 per cent to 55 per cent now, according to the scheme's beneficiaries. Last year, 10 million ACs were manufactured and sold in India and the number is expected to reach 14 million in 2024, according to industry estimates. Domestic production is expected to hit 30 million by 2030.
The Ministry of Electronics and Information Technology (Meity) is looking at a proposal to generate 1.5-2 direct jobs for every Rs 1 crore invested by companies under the proposed electronic components production-linked incentive (PLI) scheme. If this plan fructifies, a Rs 10,000 crore investment under the proposed PLI scheme would bring with it the expectation of creating 15,000-20,000 direct jobs in electronic components sector.
The bulk of Indian carriers flying to Dubai are low-cost carriers, which include IndiGo, Air India Express, and SpiceJet.
Gross Value Added (GVA) growth in agriculture and allied activities in the first quarter of the 2024-25 financial year (Q1FY25) dipped to 2.7 per cent at constant prices from 4.2 per cent in Q1FY24 due to a drop in output of some crops following heatwave in the main growing months. Low post-monsoon rains, which dried most of the reservoirs in several states across the country, also impacted the production of many crops. At current prices, the growth was estimated at 8.5 per cent as against 4.1 per cent in Q1FY24 due to a spike in food inflation during the April to June months of FY25.
The country's legacy two-wheeler giants - Bajaj Auto and TVS - are fighting a neck-and-neck battle for market share, with the former threatening to dislodging its rival soon. The Pune-based giant, which was trailing far behind TVS just two months ago in e-two-wheelers (e2Ws), has upped the ante. It has increased its market share based on Vahan registrations from 11.6 per cent in June (when it sold only 9,046 electric two wheelers) to 19.3 per cent (when it sold 14,977 this month till August 30).
Passenger traffic to Lakshadweep more than doubled from April to June this year.
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