Apple CEO inaugurated retail stores in India, eyeing India's huge and rapidly-increasing market. Foxconn acquired land in Telangana to expand its Indian investments.
Tim Cook inaugurated first retail stores in India, met with Indian PM
Apple CEO Tim Cook visited India on April 18 to inaugurate Apple's first two self-owned retail stores In the South Asian Country, where Apple sees huge market potential amid a rising middle class; Cook tweeted that Apple committed to India after he met with the Indian prime minister Narendra Modi.
Foxcon bought land in Telangana
According to an official press release, FIT Hong Teng, a subsidiary of Foxconn, announced its subsidiary, Chang Yi Interconnect, will acquire 186.7 acres of land in Telangana for a total transaction amount of about US$23.8 million. FIT Hong Teng said The land would be used to construct facilities, including factories, research and development centers, and dormitories.
WTO panel ruled against India's import duty on mobile phones
On April 17, a WTO dispute panel issued reports regarding the import tariffs imposed by the Indian government and said that India violated trade rules when it imposed tariffs on imports of communication products, including mobile phones, switches, routers, base stations, antennas, and parts for communication products. The ruling may have an impact on Narendra Modi's Make in India policy as India relies on import duties to encourage foreign investments.
India approves National Quantum Mission
According to the official press release published on the Press Information Bureau of India, India's cabinet approved the National Quantum Mission with an outlay of INR60 billion from fiscal 2024 (April 2023 to March 2024) to fiscal 2031. The mission will focus on four areas, including quantum computing, quantum communication, quantum sensing & metrology, and quantum materials & devices.
Vedanta looking to build wafer fab by FY24
According to Mint, Vedanta-Foxconn Semiconductors planned to construct its wafer fab by the end of the current fiscal year and to begin selling chips by fiscal 2027. The wafer fab will start with a monthly capacity of 5,000 wafers before ramping up to 40,000 wafers a month.
India's smartphone shipment fell by 20% in 1Q23
According to Canalys, only 30.6 million smartphones shipped in India in the first quarter of 2023, a 20% drop compared with a year earlier. Samsung led the market with 6.3 million shipments, and Oppo was the sole vendor that saw shipments grow for the quarter.
