Apple Plans to Ramp Up India Production to $40 Billion in Next 4-5 Years
Apple aims to boost its production in India, scaling it up to approximately $40 billion within the next four to five years, government sources told PTI. The company has already exceeded the $7-billion production mark in the previous fiscal year. Apple, which currently manufactures iPhones in India, intends to start producing AirPods next year. However, there are no immediate plans to manufacture iPads or laptops within the country. Despite a slight dip in iPhone sales in 2023, Apple has witnessed substantial growth, particularly with the iPhone 15 series, making India one of its top-five markets globally.
India Defers Laptop and Tablet Import License Requirement
India will defer an import license requirement for laptops and tablets, reversing a policy change that faced opposition from industry and the U.S. government, Reuters reported. The delay will be for a year, after which, the government will decide whether to implement a licensing regime. The initial plan, aimed at ensuring trusted hardware and reducing imports, had been met with objections and had already been postponed by about three months. The U.S. trade chief, Katherine Tai, had also expressed concerns. Instead, India’s electronics ministry is proposing a simpler import registration process set to begin in November.
Head of Policy for Social Media Platform X in India Resigns
Samiran Gupta, the head of policy for social media platform X in India and South Asia, has resigned, marking a significant departure ahead of India’s elections, Reuters reported. Gupta was responsible for handling critical content-related policy matters and representing the company in its court battle with New Delhi over content removal. His tenure at X ended in September, and he played a vital role in engagement with the Indian government and political parties. X, formerly known as Twitter, has around 27 million users in India, making it a key market. The company is currently appealing a court ruling related to content compliance.
India’s Aviation Authorities Decline to Intervene in Akasa Air Pilot Dispute
India’s aviation authorities have decided not to mediate in the dispute between Akasa Air and its pilots, following accusations by the budget carrier of regulatory inaction. Over 40 of Akasa’s 450 pilots resigned without notice in recent weeks, leading to lawsuits by the airline against some of them. Akasa also challenged Indian authorities in court for not addressing alleged pilot “misconduct” and warned of a potential shutdown. The Directorate General of Civil Aviation (DGCA) stated that it lacks the authority to intervene in employment contracts, rejecting Akasa’s plea. The airline’s pilot resignations caused flight cancellations, although figures are disputed.
Bajaj Finance Plans to Raise $800 Million to $1 Billion Through QIP or Preferential Issue
Pune-based NBFC giant Bajaj Finance is preparing for a substantial fundraising effort, targeting between $800 million to $1 billion through a QIP (Qualified Institutional Placement) or preferential issue, Moneycontrol reported. The company has enlisted the services of JM Financial, Citi, Morgan Stanley and BofA Securities for this proposed deal. The decision on the deal size and mechanism is expected to be finalized during an upcoming board meeting on October 5. Funds raised will likely be allocated for growth capital and strengthening the company’s balance sheet. Bajaj Finance’s stock has witnessed a 21% increase in the last six months.
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