Just over a year ago, India was investors' top pick among EMs. Its slide down the rankings follows $30 billion (over 2.5 trillion) of foreign selling over the past 12-13 months.
The Air India flight crashed into the sea after a mid-air bomb explosion in what was a failed assassination attempt on Chinese premier Zhou En Lai.
'The facility works on Apple's iPhone and everything is damaged -- CNC machines, computers and CCTVs worth crores.'
Dixon Technologies right now is a beehive of activity. It is building a new facility in Noida to make 1.3 million laptops for Taiwanese PC maker Acer. The facility must be up and running in four months. The pace of activity will only increase. Last week Dixon won a similar contract from Lenovo, the Chinese personal computer maker and the third largest information technology (IT) hardware brand in India, to assemble laptops and notebooks. Though the clientele in these two cases is Taiwanese and Chinese, Dixon is a company reaching for the stars with its feet planted firmly in the Indian government's policy.
72 per cent of the revenue of Indian firms (India Inc) is derived from the domestic / home market - the sixth highest in percentage terms in the emerging market (EM) and the Asian region, said a recent report by Morgan Stanley. The balance, according to the report titled 'Global Exposure Guide 2021' co-authored by analysts led by Jonathan F Garner, their chief Asia and emerging market strategist, is split between the developed markets (DMs) and other EMs. The report is based on an analysis of 3,300 companies globally that have revenue exposure in 17 different regions.
Making the Pixel 8 in India will not necessarily bring the price down -- witness iPhones made in India that are more expensive than those in the US and Dubai.
Clearly, Foxconn Chairman Young Liu and his team are looking to raise their game in India.
In FY22-23, Samsung exported $4.09 billion smartphones from India -- an increase of 42 per cent over 2021, when it was $2.8 billion -- accounting for 35 per cent of all smartphone exports.
Foundries in Taiwan account for more than 75 per cent of the chips that mobile devices made in India need, according to estimates by the Indian Cellular and Electronics Association (ICEA), which represents global and domestic manufacturers. The number is slightly lower, 60 per cent, if one considers all chips -- those of consumer electronics, PCs, laptops, autos, etc. This ties in with the fact that foundries in Taiwan, led by TSMC, account for over 70 per cent of the world's microchip supply, according to estimates by Gartner.
The new PN3 norms and lack of clarity on what constitutes beneficial ownership are the primary reasons for the decline in investments from China and Hong Kong.
'The new Indian cinema has still not found its voice and identity. It's trapped under the deadwood weight of Bollywood and popular Indian cinema.'
Analysts say it is a case of over-promise and under-delivery.
'Global investors expect the rupee to be more vulnerable in the downturns in the future than ever before,' notes Apoorva Javadekar.
Foxconn is the world's largest contract manufacturer for electronic goods and makes iPhones for Apple and smartphones for its Chinese rival Xiaomi.
