As India leaps frog in mobile phone manufacturing, Chinese smartphone manufacturers, already under regulatory scrutiny, were reportedly asked by India to be more Indian. Meanwhile, besides mobile phone manufacturing, Foxconn reportedly begins its EV forays in India.
India reportedly tells Chinese smartphone manufacturers to Indianize
The Economic Times quoted sources saying that the Ministry of Electronics and IT in a meeting with smartphone manufacturers had asked Chinese vendors to induct Indian equity partners, appoint Indian executives in key rols, and partner with Indian contract manufacturers.
Foxconn to make EVs in India
Foxconn chairman Young Liu told BBC that as the Group prepares for the worst amid the US-China geopolitical tension, Foxconn may set up manufacturing facilities around the world, including India. Another report by The Economic Times quotes sources saying that Foxconn is discussing with state governments in India about its EV investment plans.
India reached 20% value addition in mobile phone manufacturing
India Bloombs News Service reported that Rajesh Kumar Singh, secretary of DPIIT of India, said thanks to the PLI scheme for large-scale electronics manufacturing and Phased Manufacturing Program, India reached 23% and 20% in electronics and mobile phone manufacturing, respectively.
Realme India CEO quits
According to Hindu Businessline, Realme India CEO Madhav Sheth quit on June 14 after working for the company for five years. During his tenure, Realme swiftly became India's top five smartphone brand and ventured into other categories, such as wearables and notebooks.
India issued show-cause notices to Xiaomi and Indian executives
Reuters reported that the Enforcement Directorate's Adjudicating Authority issued show-cause notices to Xiaomi Technology India Private, Manu Kumar Jain, and Sameer B Rao, former managing director and current CFO of the company, respectively. Three banks, including Citi, HSBC, and Deutsche Bank, also received show-cause notices.
India to account for 18% of iPhone production by 2025, says BofA
Mint reported that Amish Shah, managing director and head of India research at Bank of America, said in an analysis that Apple may relocate more than 18% of iPhone production to India by fiscal 2025 (April 2024 to March 2025), and larger share could be expected if India offers more incentives.
Tata expects EVs to account for 50% of product portfolio by 2030
The Economic Times reported that according to Tata Motor's annual report, EV contribution in its portfolio is expected to increase to 25% in five years before reaching 50% by 2030.
