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Apple wants to make India iPhone export hub, charmed by Modi’s scheme for mobile phone companies. Apple's global contract manufacturers, Foxconn and Wistron, have applied for Modi government's production-linked incentive (PLI) scheme to make India its next hub for production and exports of iPhones. India is set to become a major production hub for exporting mobile phones going by the way global major Apple has reacted to the government’s Rs 41,000-crore production-linked incentive (PLI) scheme. Among the local players, Lava, Dixon Technologies, and Karbonn have applied so far. South Korean major, Samsung and Flextronics are also expected to submit their applications shortly. Both Foxconn and Wistron are already present in India, with the former’s factory in Chennai and the latter’s in Bangalore. While Foxconn makes phones for Apple as well as several other firms also, Wistron makes exclusively for Apple. Foxconn’s Indian plant’s turnover in FY19 was around Rs 35,000 crore. The PLI scheme will extend an incentive of 4% to 6% on incremental sales over base year of goods manufactured in India and covered under target segments, to eligible companies, for a period of five years subsequent to the base year as defined. Due to this the domestic value addition for mobile phones is expected to rise to 35%-40% by 2025 from the current level of 2%-25%. Mobile manufacturing companies have the potential to get an incentive of around Rs 7,500 crore if they scale up production to worth about Rs 1.5 lakh crore over the next five years under the PLI scheme. The production of mobile handsets in 2018-19 has reached 29 crore units worth Rs 1.70 lakh crore from 6 crore units worth Rs 19,000 crore in 2014. While the exports of electronics has increased from Rs 38,263 crore in 2014-15 to Rs 61,908 crore in 2018-19, India’s share in global electronics production has reached 3% in 2018 from 1.3% in 2012.
 
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Great moves to curb the penchant for China Imports into India.

Indian customs could carry out 100 per cent checks of Chinese import consignments at ports on the back of heightened security concerns following tensions at the border, people familiar with the development said. The move, possibly aimed at discouraging Chinese imports, could lead to delays in the release of consignments. Currently, 70% of total imports pass through the green channel once the bill of entry is filed. 100% physical examination means delay in clearances. The decision to conduct full physical examination and assessment at the docks and sheds in airports follows a rider on 100% examination of Chinese imports that was introduced by the apex indirect tax body Tuesday.

India will set a new duty structure for power equipment which will discourage imports in the sector, union minister of state for power, new and renewable energy R K Singh said "solar gear coming in India would be levied basic customs duty in the range of 20-40 per cent". Close to 75 per cent of India’s solar power capacity is built on Chinese solar modules. It is also one of the top-10 imported items from China in the country. It has been proposed that a basic customs duty of up to 25 per cent will be imposed on modules in the first year. In the next year it goes up to 40 per cent.

Government e-Marketplace (GeM), has made it mandatory for sellers to mention ‘country of origin’ on products they wish to sell through the platform. "Information about Country of Origin by the sellers made mandatory on GeM. GeM has also enabled a provision for indication of the percentage of local content in products. With this new feature, now, the Country of Origin as well as the local content percentage are visible in the marketplace for all items. More importantly, the ‘Make in India’ filter has now been enabled on the portal. Buyers can choose to buy only those products that meet the minimum 50% local content criteria. Since its inception, GeM is continuously working towards promotion of ‘Make in India’ initiative.
 

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Cooperative banks to come under RBI watch

The Union Cabinet on Wednesday approved an amendment to the Banking Regulation Act to bring multi-state cooperative banks under the watch of the central bank and prevent a repeat of Punjab and Maharashtra Cooperative Bank-like crisis. There are 1,540 cooperative banks with a depositor base of 8.60 crore having total savings of about Rs 5 lakh crore. The proposed law seeks to enforce banking regulation guidelines of the RBI in cooperative banks, while administrative issues will still be guided by Registrar of Cooperatives. oversight of cooperative banks would be brought under the Reserve Bank of India through an amendment to the Banking Regulation Act, in order to increase professionalism and improve corporate governance.
 
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Foxconn, Oppo, others may go for 41k-cr PLI sops



 

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GDP (Gross Domestic Product) is a measure of economic activity (and indirectly of the movement of money) and not wealth, so if there has been virtually no economic activity for three months, then simple answer would be that this year's GDP will be three months less than last year. But obviously there's a lot more to an economy that what the lockdown prevented, so it will be higher than that, but still except the GDP to be lower overall. What is good news however is that unemployment levels are back to the pre-Coronavirus levels, which is a far better metric than GDP. Maybe it's a good time to stop asking for bribes etc...?
 

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Unfortunately the lock down was a massive failure. It failed to achieve the objective of curbing the spread of Coronavirus cases. We are getting 20,000 new daily cases. And it will cause a recession and some economists think could lead to a depression, though I hope they are wrong. We should have done what the Iran did. Encourage social distancing, have a curfew, force people to wear masks, and left it at that. They are only getting 2500 new cases a day and their economy is humming along. Unless I am wrong and the cases are still happening in clusters albeit large ones.
 

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Foreign Portfolio Investors turn net buyers in June, invest Rs 21,235 crore
FPIs invested Rs 22,893 crore into equities but pulled out Rs 1,658 crore from the debt segment, taking the total net investment to Rs 21,235 crore between June 1 and June 26

 

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India urgently needs to reform local government politics. We need to implement a proper mayor system, where the mayor has complete control over all the policies, infrastructure building and maintenance within city limits. There are currently too many different organisations who dont do their jobs properly. The current mayors in indian cities dont have much power. This is one of the big reasons why indian cities look so third world, and even poorer african countries have much cleaner cities.
 

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India urgently needs to reform local government politics. We need to implement a proper mayor system, where the mayor has complete control over all the policies, infrastructure building and maintenance within city limits. There are currently too many different organisations who dont do their jobs properly. The current mayors in indian cities dont have much power. This is one of the big reasons why indian cities look so third world, and even poorer african countries have much cleaner cities.
Yes currently a region has multiple power center like MP, MLA , ward councillor, mayor, police, zilla parishad, DM,
 

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India urgently needs to reform local government politics. We need to implement a proper mayor system, where the mayor has complete control over all the policies, infrastructure building and maintenance within city limits. There are currently too many different organisations who dont do their jobs properly. The current mayors in indian cities dont have much power. This is one of the big reasons why indian cities look so third world, and even poorer african countries have much cleaner cities.

And then what? You believe the Mayor will do his job?
 
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And then what? You believe the Mayor will do his job?
Surely better than the current garbage system where 3 different organisations clash. A directly elected mayor will be more inclined to do a proper job as he will be the direct scapegoat for shitty roads and garbage on the streets. Also what system does Surat use? The city looks so much cleaner and better designed than typical indian cities. I see tree lined avenues, wide roads, proper sidewalks etc. Bad drivers and faded lane markings can be fixed easily


 
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