In a major push towards 'Make in India', Apple Inc is manufacturing 70 per cent of the mobile phones, in value terms, that it sells in the domestic market, in India, according to sources aware of the development. This is a sharp rise from the figure of 30 per cent just two years ago and marks a major shift in Apple's strategy following the government's Production Linked Incentive (PLI) scheme that kicked off in FY'21. One of Apple's three vendors here, Foxconn, is currently manufacturing the best-selling model, the Apple 11, along with the Apple 10 and the Apple 12. Another contract manufacturer, Wistron, makes the Apple SE 2020. (The third, Pegatron, has yet to start production). The only models that are imported (they have limited volumes but high value) are the Apple 12 Pro and Pro Max.
The state has decided that from Monday it will allow the plying of private buses along with the opening of electronics, stationery, tea stalls, and paint and hardware stores, reports Avishek Rakshit
The government gave clearance to five global and five Indian players that have made a commitment to a production value of 12.5-trillion phones in five years under the Production Linked Incentive scheme.
Ahead of the WTC Final next month, former Australian skipper Ricky Ponting opened up on India and Australia's chances for the big game.
The 21 year old, who made his IPL debut on Saturday, April 9, has the ability to spin the ball both ways and is already being compared to Ajantha Mendis, the mystery spinner from his native island.
Iran are second on three points with Wales bottom on one point and all outcomes are still possible going into the final round of games when England take on the Welsh.
Carlos Queiroz's players will now fancy their chances after an impressive display
With as many as fourteen Australians taking part in the inaugural edition of the Women's Premier League, CA CEO Nick Hockley was happy to see the growth of women's cricket.
On March 13, the Union consumer affairs ministry had declared face masks and hand sanitisers as essential commodities for 100 days to boost supply and prevent hoarding of these items in its fight to check the spread of coronavirus.
5G networks in India can be deployed in three months but in limited areas as the optical fibre based infrastructure to support the technology is not ready yet, telecom industry players said on Tuesday. Nokia India head of marketing and corporate affairs Amit Marwah said that India has to take a call on deployment of 5G services otherwise it will miss to take advantage of the next generation technology that it can bring for the economy.
"The price cap has been imposed taking into account the sharp increase in prices of raw materials used in making of face masks and hand santiser," Consumer Affairs Minister Ram Vilas Paswan said.
The government should take measures to promote innovation and R&D while simplifying regulations for the sector in the upcoming Union Budget, as per pharmaceutical industry bodies. Outlining the wish list for the sector in the upcoming Union Budget, Indian Pharmaceutical Alliance (IPA) secretary general Sudarshan Jain said the domestic pharma industry is currently around $50 billion in size and aspires to grow to around $130 billion by 2030 and $450 billion by 2047. "To achieve this vision, the Union Budget 2023-2024 should help fuel innovation and R&D, which will set the pace for propelling the pharmaceutical industry forward," he told PTI.
Cummins India will soon start producing fuel-agnostic engine systems at the Tata-Cummins plant in Phaltan in Satara district of Maharashtra, senior officials at Cummins India said. The firm will start limited production by the end of 2023 and mass production will likely begin by 2024, the officials said.
Security presence which has been bolstered by flying in more army troops and rapid action force and central police forces was clearly visible at all major areas and roads.
Bank credit offtake is expected to pick up following normalisation of economic activities aided by the government thrust on public expenditure in current fiscal year, a report said. According to the Care Edge report, the gross non-performing assets (GNPA) ratio hit a six-year low of 5.9 per cent in FY22 but remained above the pre-asset quality review of 2015-16. However, it said, India's NPA ratio is one of the highest among the comparable countries despite gradual decline.
Chief Economic Adviser K V Subramanian on Wednesday said India is expected to hit a growth rate of 6.5-7 per cent in 2022-23 and accelerate further to 8 per cent in the subsequent years on the back of reforms undertaken by the government. He also said the government is expected to meet the fiscal deficit target of 6.8 per cent in the current fiscal despite pressure on revenue collections.
Earlier, the administration had announced a 24-hour curfew on May 2 and 3 and asked Khargone residents to celebrate the Eid-al-Fitr and Akshaya Tritiya festivals at home.
Today, Vachani's public-listed company, Dixon Technologies, has gone beyond manufacturing just television sets. Armed with private equity funding from Motilal Oswal eight years ago, it has transformed itself into a Rs 4,400 crore electronic manufacturing services major, which now straddles lighting products, home appliances, feature phones, LED bulbs, amongst others. A two-part series looks at how two home-grown manufacturers are leveraging the govt's production-linked incentive scheme.
The government on Wednesday approved a Rs 7,350-crore scheme to boost production of laptops, tablets, all-in-one PCs and servers in the country, as it sought to woo global and domestic players to take advantage of India's manufacturing prowess. Production worth Rs 3.26 lakh crore and exports of Rs 2.45 lakh crore are estimated over the next four years under the new scheme, which is expected to create 1.80 lakh jobs. Briefing reporters after a meeting of the Cabinet, Communications and IT Minister Ravi Shankar Prasad said the Production Linked Incentive (PLI) scheme has been approved for IT hardware products that would cover laptops, tablets, all-in-one PCs and servers.
As many as 8.5 lakh bank employees are set to benefit from the wage hike, which will be effective from November 2017.
Prime Minister Narendra Modi began his engagements in the US on Thursday by meeting with leading American CEOs from five different key sectors and highlighted the economic opportunities in India.
'India is showing a reasonable amount of resilience, but we are still living in a world that is quite fragile.' 'That's why we hope that the government will continue to invest significantly in public capex so that we are able to ride through this cycle till the private sector is able to play its part in investing and adding to the capex cycle.'
The onslaught of Chinese mobile brands is virtually obliterating Indian brands, especially in terms of value. According to industry estimates based on excise and Custom duty trends, the value share of Indian brands (across smartphones and feature phones, operator phone sales - which is mostly Jio phones - and the value of phones smuggled into the country) has dropped to a mere 1.2 per cent in January-October 2021 compared to 25.4 per cent in the calendar year 2015. In the same period, the Chinese have established their domination, hitting a value share of 64.5 per cent, up from 17.8 per cent.
Stock market investors are expecting a balanced Budget with a focus on job creation, increased spending on infrastructure, reigning in the deficit, and bringing the economy back on track, experts said on Wednesday. Stock markets have been subdued in the run-up to the Union Budget with BSE's benchmark Sensex is almost flat so far this month. Even the corporate earning season failed to excite the markets, while some indices like IT and bankex have seen some positive movements.
The HC, though, refrained from prohibiting such cabs from plying in the meanwhile saying it was aware such a move would adversely affect commuters.
Ola Electric has finalised its second phase of expansion, under which it will increase its plant capacity fourfold - from 1 million two-wheelers per annum to 4 million. This will also include motorcycles, said a top executive of the company. It will also build a plant with a 5 Gwh of advanced chemistry cell battery storage capacity in the same super factory located on the outskirts of Bengaluru.
'Then select those that are well-aligned with your risk-return profile and investment time horizon.'
Though the city's systems are willing to go to work as usual, participating political parties will try their best to ensure a '100 per cent successful' closure on Thursday. Vrushali Lad reports
Countries negotiating free trade agreements (FTAs) need to keep in mind eight "myths" which surround these pacts, like they lead to accelerated increase in exports and promote domestic manufacturing, according to a report by think-tank GTRI. The report by Global Trade Research Initiative (GTRI) claims to dispel these 'myths', including that FTAs weaken the WTO (World Trade Organisation), countries are rushing to do FTAs, and these pacts promote investment and lower prices. It is "erroneously" believed that most world trade happens through the FTA route, but in reality, it is less than 20 per cent, said the report titled 'FTAs: Fabulous, Futile, or Flawed?'.
United Arab Emirates-based low cost airline Air Arabia will operate seven additional flights from Mumbai to Sharjah from September 7-15.
Reliance Industries has put together an aggressive plan to build its drone business which includes expanding manufacturing capacity five-fold, participating in the new drone production linked incentive scheme, and experimenting with limited logistics payloads to deliver goods. The target is to become a key player in the expected $5 billion market in India by the end of the decade. The drone business is being carried out through a Bangalore-based start up, Asteria Aerospace, in which Reliance has taken a majority stake. Asteria is a subsidiary of Jio Platforms Ltd.
So far, the drones that were considered important for the agriculture sector were nature-made winged-insects - a key component of the bee-based natural pollination cycle. The new-age drone is a whirring machine with rotors that can help farmers plan and grow and manage their crops. For the farm sector in India, which has had low levels of mechanisation, the impact of drones can be tremendous. The use of drones can help it leapfrog to modernisation in the same way that mobile phones helped India overcome its traditional lack of connectivity.
Ashwin has taken 24 wickets in the series so far with an innings left to bowl, but his 6/91 in 47.2 overs will certainly go down as one of his best efforts on a flat deck
Maruti Suzuki India will launch electric vehicles in the country only after 2025 as demand for such vehicles at the moment is less and it would like to sell around 10,000 units a month whenever it enters the electric mobility space, company chairman RC Bhargava said on Wednesday. Addressing a virtual conference on the company's second quarter earnings, he said under the current circumstances a lot of things in the EV ecosystem such as batteries, charging infrastructure and electric supply are done by other parties and therefore the costing is not in the hands of the company. Also with fuel prices going up, car market leader Maruti Suzuki India is intensifying its focus on more CNG offerings of its models.
The Thiruvananthapuram-bound train will leave Chennai on Mondays, Tuesdays, Wednesday and Fridays.
The stage is set for the inaugural edition of the Women's Premier League, which will get underway in Mumbai on Saturday.
Health expert termed the problems caused due to the rise in pollution as a "medical emergency".
"You look at the CPL which becomes more important with the next World Cup being there in the Caribbean, and how many players can you get put into that tournament to get an idea of conditions. It is an advantage,"
NTPC was the top loser in the Sensex pack, shedding around 3 per cent, followed by M&M, Axis Bank, PowerGrid, Kotak Bank, Dr Reddy's, Bajaj Finserv and HDFC.
The National Investigation Agency on Wednesday sought the death penalty for convicted Kashmiri separatist leader Yasin Malik, who had earlier pleaded guilty of all charges, including those under the Unlawful Activities (Prevention) Act, in a terror funding case, court sources said.
