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New Delhi: The decision of the <keyword id="20330004" type="General" weightage="100" keywordseo="Defence-Acquisition-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="Defence Acquisition Council" meta.hostid="261" meta.entityid="Defence Acquisition Council">Defence Acquisition Council</keyword> (DAC) to accept 10 <keyword id="22515789" type="General" weightage="20" keywordseo="capital-acquisition" source="keywords">capital acquisition</keyword> proposals worth Rs 1.4 trn will not only boost <keyword id="23034601" type="General" weightage="20" keywordseo="domestic-defence-manufacturing" source="keywords">domestic defence manufacturing</keyword> but will contribute to the growth of the <keyword id="20362868" type="General" weightage="20" keywordseo="PSU-companies" source="keywords">PSU companies</keyword> in the defence sector, highlighted a report by Antique Stock Broking. The report noted that the growth of domestic defence manufacturing in the country has picked up significantly over the last few years and is expected to grow further in the future. It added that the government's focus on enhancing domestic capabilities is evident from its initiatives in FY24, where Acceptance of Necessity (AoN) was accorded to proposals worth approximately Rs 3.61 trillion under various capital procurement categories. These initiatives are in line with the Defence Acquisition Procedure (DAP) 2020, which strongly promotes domestic manufacturing. "The government, in FY24, accorded Acceptance of Necessity (AoN) to proposals worth approximately INR 3.61 trn under various categories of capital procurement, which promotes domestic manufacturing as per DAP-2020" said the report. A significant milestone highlighted in the report is the remarkable increase in the share of domestic procurement in India's defence sector. The share has improved from 54 per cent in FY19 to 75 per cent in FY24. The report noted that this trend is expected to strengthen further, driven by the fact that more than 99 per cent of the announced proposals are to be sourced from the domestic industry under the "Buy (Indian)" and "Buy (Indigenously Designed, Developed, and Manufactured)" categories. "The total share of domestic procurement has seen a phenomenal improvement from 54% in FY19 to 75% in FY24 and is expected to improve further. The report stated that the DAC's (Defence Acquisition Council) approval of proposals worth Rs 1.45 trillion is aimed at enhancing the operational capabilities of the Indian Armed Forces. The report further emphasizes that with Rs 1.45 trillion worth of projects already approved in the year-to-date FY25, the <keyword id="20994345" type="General" weightage="20" keywordseo="defence-PSUs" source="keywords">defence PSUs</keyword> are poised for strong growth in the near to long term. "With approval for Rs 1.45 trn worth of projects in YTDFY25, we believe defence PSUs have strong growth opportunities in the near to long term" the report added. The Defence Acquisition Council (DAC), under the chairmanship of Defence Minister Rajnath Singh on Tuesday accorded Acceptance of Necessity (AoN) for 10 capital acquisition proposals amounting to Rs 1,44,716 crore. Of the total cost of AoNs, 99 per cent is from Indigenous sources under the Buy (Indian) and Buy (Indian-Indigenously Designed Developed and Manufactured) categories, the Ministry of Defence stated. For the modernisation of the tank fleet of the Indian Army, the proposal for procurement of Future Ready Combat Vehicles (FRCVs) has been cleared. The FRCV will be a futuristic Main Battle Tank with superior mobility, all-terrain ability, multilayered protections, precision and lethal fires over and real-time situational awareness, the release stated. The AoN was also accorded for procurement of Air Defence Fire Control Radars, which will detect and track aerial targets and provide firing solutions. The proposal has also been approved for Forward Repair Team (Tracked) which has suitable cross-country mobility for carrying out in-situ repair during mechanised operations.

DAC capital acquisition of Rs 1.4 trn to boost defence PSUs: Report

<ul><li><keyword id="19986399" type="General" weightage="20" keywordseo="Tata-Electronics" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Electronics" meta.hostid="261" meta.entityid="Tata Electronics">Tata Electronics</keyword> has reportedly closed a deal to acquire a majority stake in Pegatron’s iPhone plant in India.</li><li>The Pegatron plant has a production capacity of five million iPhones annually.</li><li>This will be the company’s third iPhone manufacturing plant in India.</li></ul> Tata Electronics continues to strengthen its smartphone manufacturing business in India as it has reportedly sealed a deal to acquire a majority stake in Taiwanese contract manufacturer Pegatron iPhone plant in India. Earlier reports had revealed that Pegatron is in talks with Tata to sell its Chennai plant as part of Cupertino tech giant Apple’s strategy to diversify manufacturing outside of China amid geopolitical tensions between Beijing and Washington. <div type="Article" hostid="261" msid="113204340" title="iPhone 16 Pro and iPhone 16 Pro Max with bigger displays, A18 Pro chipset launched starting at ₹1,19,900" mstype="2" mssubtype="0"></div> According to a<a href="https://www.reuters.com/markets/deals/tata-seals-deal-with-pegatron-iphone-plant-indias-tamil-nadu-sources-say-2024-11-17/"> report</a> by Reuters, Tata has agreed to acquire a 60% stake in a new joint venture with Pegatron that will see the Indian conglomerate oversee the day-to-day operations while Pegatron offers technical support, as per two sources familiar with the deal. The financial details of the deal have not been made public and the two companies reportedly plan on filing for approval from the Competition Commission of India (CCI) soon. <h2>Tata’s iPhone production in India to get a boost</h2>Tata already operates an iPhone assembly plant in Karnataka, which it acquired from Taiwanese giant Wistron last year. The company is building a second plant in Hosur, Tamil Nadu. The new plant as part of its partnership will give a boost to Tata’s iPhone production capabilities and make it the only company manufacturing iPhones in India apart from Foxconn. <div type="Article" hostid="261" msid="113203568" title="iPhone 16, iPhone 16 Plus with A18 chipset launched starting at ₹79,900" mstype="2" mssubtype="0"></div> The Pegatron facility has around 10,000 employees and has the capacity to manufacture five million iPhones annually. India, which contributed to around 12 to 14% of total iPhone shipments in 2023 is expected to contribute around 20 to 25% of shipments this year. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms">NTPC Green Energy IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-grow-5-6-in-q3-2024-vivo-leads-the-market/articleshow/115329847.cms">Indian smartphone shipments grow 5.6% in Q3 2024, Vivo leads the market</a> <a href="https://www.businessinsider.in/entertainment/news/jiostar-announces-plans-starting-at-15-heres-everything-you-need-to-know/articleshow/115326701.cms">JioStar announces plans starting at ₹15 – here’s everything you need to know</a>

Tata to buy a majority stake in Pegatron's iPhone plant in India

<ul><li>Skoda recently launched the Kylaq SUV, the company’s latest entry-level subcompact SUV.</li><li>The company has announced its plans to launch an electric vehicle in India in 2025.</li><li>The Skoda Enyaq EV’s updated version will debut in India next year.</li></ul>Skoda Auto will roll out its electric vehicle in the Indian market in 2025. In an exclusive interaction with ANI Skoda Auto Brand Director Petr Janeba says Skoda's European bestseller, the Enyaq EV, was initially slated for an Indian debut this year but postponed to next year for an updated version. Janeba says a significant facelift planned for the model in March has led the company to hold off until the new version, featuring Skoda's latest design language, is ready. He said, "We have one of the best-selling EVs in Europe our European Enyaq. The car was tested, and the car was prepared for India. We have actually stopped bringing the car this year. Because there will be a huge facelift of the Skoda Enyaq coming in March following the new design language." He added, "We actually can choose one of the three EV cars coming to India or all three." Skoda is closely monitoring India's changing EV policies, especially the CAFE3 (Corporate Average Fuel Economy) norms set to be introduced in April 2027. On further investment in India Janeba highlighted the importance of a consistent regulatory environment, as state-level EV and hybrid tax policies currently vary widely, impacting long-term planning. "And within this plan, we understand nobody can survive in India without having a deeper localised CKD EV in India. We are ready for this. We are ready in Pune to make another investment for the car and for the production to get it. At the end of the day, we still take our time in order to decide the right measure car for the market, seeing the new competitors coming on the EVs." Said Janeba Skoda already has two manufacturing units in India, in Chhatrapati Sambhaji Nagar and Pune. EVs are planned to be manufactured in their Pune plant For the production, he stated, "In the same factory in Pune, Chakan we will be producing EVs. Currently we have increased because of the Kylaq the production capacity in Pune to 250,000 units a year and we will be increasing further once it is needed either for the current cars because of the export or because of the Indian demand or for the new cars like EVs." The facility is also set to support EV production with deep localisation efforts to make Skoda's electric lineup more affordable for Indian consumers. Piyush Arora, India CEO, Skoda Auto echoed this sentiment, expressing confidence that Skoda's expanded product offerings will capture the growing sub-four-meter SUV segment, a category that represents nearly 30 per cent of India's automotive market. "With the new Kodiaq and other upcoming models, we are aiming for a 5 per cent market share in the medium term," he added. Skoda's commitment to India extends beyond manufacturing. Arora highlighted the company's investment in local engineering talent and its dealer and supplier networks. "Our technical centre in India plays a crucial role in developing products like the Kodiaq, which was fully designed in India," he noted, calling it a testament to India's engineering prowess and the company's long-term vision for the region. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/skoda-kylaq-suv-launched-in-india-starting-at-7-89-lakh/articleshow/115013668.cms">Skoda Kylaq SUV launched in India starting at ₹7.89 lakh</a> <a href="https://www.businessinsider.in/stock-market/webstories/swiggy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115004939.cms">Swiggy IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-indias-biggest-telco-to-go-public-in-2025-retail-ipo-further-away/articleshow/114944496.cms">Reliance Jio IPO – India’s biggest telco to go public in 2025, retail IPO further away</a>

Skoda plans to launch an updated electric vehicle in India in 2025

<ul><li><keyword id="6354427" type="General" weightage="20" keywordseo="apple" source="Orion">Apple</keyword> will be opening four new stores in India</li><li>The company will also manufacture <keyword id="19899647" type="General" weightage="100" keywordseo="iPhone-16" source="keywords">iPhone 16</keyword> in India</li><li>The <keyword id="20054650" type="General" weightage="20" keywordseo="Made-in-India" source="keywords">made in India</keyword> iPhones are expected to launch this month</li></ul> Apple has announced plans to open four new stores in India, expanding its presence in the country. The new locations will be in Pune, Bengaluru, Delhi-NCR, and Mumbai, a PTI report says. This follows the opening of Apple's first two Indian stores in 2023, one in Mumbai and the other in New Delhi. In addition to this, the tech giant also revealed that it will soon launch the <keyword id="20656465" type="General" weightage="20" keywordseo="iPhone-16-Pro" source="keywords">iPhone 16 Pro</keyword> and <keyword id="20746828" type="General" weightage="20" keywordseo="iPhone-16-Pro-Max" source="keywords">iPhone 16 Pro Max</keyword> models in India. In a statement, Apple’s Senior Vice President of Retail, Deirdre O’Brien, talked about the company’s excitement about the expansion. He said, "We're thrilled to build our teams as we plan to open more stores in India because we're inspired by the creativity and passion of our customers across this country. We can't wait for them to have even more opportunities to discover and shop for our amazing products and services, and connect with our extraordinary, knowledgeable team members." <h2>When will Apple launch Made in India iPhone 16 series?</h2> As per the PTI report, Apple announced that the iPhone 16 series smartphones will be now manufactured in India. "Apple is now manufacturing the entire iPhone 16 lineup, including iPhone 16 Pro and iPhone 16 Pro Max, in India," the statement said. The “Made in India” devices will be available locally and exported to select countries, with supplies expected to begin this month. Apple has been manufacturing iPhones in India since 2017, and this marks the first time the entire iPhone 16 lineup, including high-end models, will be produced domestically. The company's statement added, "Manufactured in India iPhone 16 Pro and Pro Max will soon be available for our local customers and for export to select countries across the world." <div type="Article" hostid="261" msid="113895239" title="Apple Diwali sale in India goes live: iPhones, Macbooks and Airpods get discounts" mstype="2" mssubtype="0"></div> <h2><keyword id="19941643" type="General" weightage="20" keywordseo="Apple-stores" source="keywords">Apple stores</keyword> in India </h2> Last year, Apple made headlines with the grand opening of its first two retail stores in India. The Mumbai store, located at Jio World Drive mall in Bandra Kurla Complex, opened on April 18, followed by the New Delhi store at Select Citywalk Mall in Saket. Both events attracted large crowds of Apple fans, and CEO Tim Cook was present at the openings, talking about the importance of the Indian market. Now, as the Cupertino-based tech giant is gearing up to open more stores in the country, it can be said that the move underlines Apple’s commitment to expanding its footprint in India, which is becoming an increasingly important market. According to the PTI report, people aware about the development say that the new stores are likely to be opened next year. <div type="Article" hostid="261" msid="113902265" title="Nvidia’s ChatRTX could be your alternative to ChatGPT for reading long documents, and it doesn’t need an internet connection" mstype="2" mssubtype="0"></div> During an investor call last year, Cook had highlighted Apple’s strong performance in India, saying that the company had achieved an all-time revenue record in the country. He had also said that India offers significant growth opportunities, with a growing middle class and increasing demand for premium products. Cook had also expressed optimism about the success of Apple’s Indian operations.

Apple to manufacture iPhone 16 in India, set to open new stores in Pune, Bengaluru

<keyword id="19986399" type="General" weightage="20" keywordseo="Tata-Electronics" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Electronics" meta.hostid="261" meta.entityid="Tata Electronics">Tata Electronics</keyword> on Thursday said it has concluded an agreement with Taiwan-based Powerchip <keyword id="20073013" type="General" weightage="20" keywordseo="semiconductor-manufacturing" source="keywords">Semiconductor Manufacturing</keyword> Corporation, which will provide technology support for the Dholera wafer fab of the Indian tech major. As per the agreement, PSMC will provide design and construction support to build India's first AI-enabled greenfield fab in Gujarat, license a broad portfolio of technologies and provide engineering support to the fab unit. "We are pleased to partner with PSMC, whose technology and expertise will significantly accelerate our roadmap to pioneer semiconductor manufacturing in India. It will position us to play a key role in the growing semiconductor market to serve global customers," Tata Sons Chairman N Chandrasekaran said. The company is setting up a chip manufacturing unit in Dholera at an investment of up to Rs 91,000 crore ( about USD 11 billion). "<keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="261" meta.entityid="Tata Group">Tata Group</keyword>'s multi-fab vision for Dholera is projected to create over 1,00,000 skilled jobs," the statement said. Tata Electronics' Dholera-based Fab will have a manufacturing capacity of up to 50,000 wafers per month. "This partnership represents a win-win situation, as it positions PSMC and the Taiwanese ecosystem to gain a significant first-mover advantage in the rapidly expanding Indian market while helping India achieve self-reliance in semiconductor manufacturing," Powerchip Group, Chairman and CEO of PSMC, Frank Huang said. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/airtel-is-using-ai-powered-technology-to-block-spam-calls-and-messages/articleshow/113691942.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-is-using-ai-powered-technology-to-block-spam-calls-and-messages/articleshow/113691942.cms" target="_blank">Airtel is using AI-powered technology to block spam calls and messages</a><a href="https://www.businessinsider.in/stock-market/webstories/diffusion-engineers-ipo-quick-review-ipo-gmp-risk-factors-and-more/slidelist/113687580.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/diffusion-engineers-ipo-quick-review-ipo-gmp-risk-factors-and-more/slidelist/113687580.cms" target="_blank">Diffusion Engineers IPO quick review – IPO GMP, risk factors and more</a><a href="https://www.businessinsider.in/stock-market/news/manba-finance-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113667907.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/manba-finance-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113667907.cms" target="_blank">Manba Finance IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Tata Electronics, PSMC conclude pact for ₹91,000 crore Dholera chip manufacturing unit

<ul class="summary-list"><li>Morgan Stanley estimated that bringing manufacturing back to the US could add $10 trillion to the economy.</li><li>The bank pointed to a 20-year stagnation of the industrial economy as production was sent offshore.</li></ul>The US economy could unlock trillions in value over the next decade if more manufacturing activity comes back to the US, according to Morgan Stanley.After decades of production activity being sent abroad, domestic manufacturing is starting to come back to the US, the bank said, a phenomenon known as <a target="_blank" class="" href="https://www.businessinsider.com/reshoring-trade-investors-safe-haven-bet-regardless-of-election-winner-2024-8">reshoring</a>. If domestic production continues to scale, the economy could gain as much as $10 trillion in value over the next decade, according to Chris Snyder, a US multi-industry analyst at the bank."After decades of offshoring and relying on international supply chains, the pendulum is swinging back toward domestic production," Snyder said in a recent <a target="_blank" class="" href="https://www.morganstanley.com/ideas/thoughts-on-the-market-supply-chain?cid=SM_CORP_YOUTUBE_Morgan+Stanley_20241028&amp;linkId=636499587">episode</a> for Morgan Stanley's "Thoughts on the Market" podcast. "In fact, we believe the US is entering the early innings of <a target="_blank" class="" href="https://www.businessinsider.com/us-economy-reindustrializing-how-to-invest-manufacturing-cyclical-quality-2024-7">re-industrialization</a> — a multi-decade opportunity that we size at $10 trillion and think has the potential to restore growth to the US industrial economy following more than 20 years of stagnation," he added.The <a target="_blank" class="" href="https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/pmi/september/">manufacturing sector continued to contract</a> in September, with activity declining for the 22nd month out of the last 23, per the Institute of Supply Management.Still, the sector is showing signs that the US is backing backing away from offshore production. The US's international trade deficit for goods and services declined to $70.4 billion in August, down $8.5 billion from the prior month, according to the <a target="_blank" class="" href="https://www.bea.gov/news/2024/us-international-trade-goods-and-services-august-2024">Commerce Department</a>.The Biden administration, meanwhile, has poured billions into its <a target="_blank" class="" href="https://www.businessinsider.com/us-semiconductor-chip-production-continue-harris-trump-presidency-arizona-jobs-2024-10">push to increase chip production</a> in the US and boost<a target="_blank" class="" href="https://www.businessinsider.com/biden-to-sign-executive-order-to-boost-us-manufacturing-2021-1"> the manufacturing</a> and industrial sectors. As of February of this year, annual investment in new manufacturing facilities hit a record $225 billion, according to a <a target="_blank" class="" href="https://www.jec.senate.gov/public/index.cfm/democrats/2024/4/fact-sheet-the-manufacturing-renaissance-that-will-drive-the-economy-of-the-future">memo</a> from the Senate Joint Economic Committee.Shifting production back to the US is expected to be helped along by new technology, like artificial intelligence and more advanced robotics and automation, Snyder said. That could be a boon for "high-tech" sectors in the US, he later added, pointing to the semiconductor, pharmaceuticals, and advanced manufacturing systems industries.Traditional industrial firms — like those in the auto and aerospace sectors — and companies that invest in more sustainable manufacturing are also expected to benefit from the reshoring shift, he added."All told, these businesses should see shorter supply chains, reduced legal and tariff costs, and a more resilient operational structure."The cumulative effects could be "pretty profound" across the US economy, Snyder said, with the boost to industry and manufacturing bound to raise GDP. Reshoring could also potentially undo the US's trade deficit with other economies, Snyder said."The US — with its robust tech sector and innovation ecosystem — is uniquely positioned to leverage technology to revitalize its manufacturing base," he added.

Bringing manufacturing back to the US is a $10 trillion opportunity for the economy, Morgan Stanley says

Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> urged CEOs of US majors to take advantage of India's growth story as the country is making all efforts to become the third largest economy of the world in his third term. India is currently the fifth largest economy of the world after the US, China, Germany and Japan with a GDP of around USD 3.9 trillion. India has been the fastest growing large economies of the world with GDP growth rate of over 7 per cent for the last three consecutive years. Addressing CEOs of the large US tech firms on Sunday, Modi said India will make every effort to become the third largest economy in the world in his third term (2024-29). Companies should take advantage of India's growth story for collaboration and innovation by co-developing, co-designing, and co-producing in India for the world, harnessing the opportunities from the country's economic and technological growth, he said. Assuring the business leaders of India's deep commitment to the protection of intellectual property and to fostering tech innovation, Modi highlighted the economic transformation happening in the country, particularly in electronics and information technology manufacturing and semiconductors. Modi asserted that his government was committed to making India a "global hub of <keyword id="20073013" type="General" weightage="20" keywordseo="semiconductor-manufacturing" source="keywords">semiconductor manufacturing</keyword>". The meeting took place at the Lotte <keyword id="19904497" type="General" weightage="20" keywordseo="New-York" source="keywords">New York</keyword> Palace Hotel on Sunday during the second leg of Modi's three-day US visit. It saw the participation of CEOs of 15 major US-based firms working on cutting-edge technologies such as AI, quantum computing and semiconductors. "Had a fruitful roundtable with tech CEOs in New York, discussing aspects relating to technology, innovation and more. Also highlighted the strides made by India in this field. I am glad to see immense optimism towards India," Modi said in a post on X. During the conference, Modi said technology collaboration and efforts such as the Initiative on Critical and Emerging Technologies (ICET) lie at the core of the India-US Comprehensive Global Strategic Partnership, according to a Ministry of External Affairs press release. Organised by the Massachusetts Institute of Technology (MIT) School of Engineering, the CEOs of top US tech firms, including Google CEO Sundar Pichai, Adobe CEO Shantanu Narayena, Accenture CEO Julie Sweet and NVIDIA CEO Jensen Huang attended the meeting. Others who participated in the roundtable included AMD CEO Lisa Su, HP Inc. CEO Enrique Lores, IBM CEO Arvind Krishna, Dr Noubar Afeyan, Chairman of Moderna, and Verizon CEO Hans Vestberg. Modi also talked about India's BIO E3 (biotechnology for environment, economy and employment) policy to develop the country into a biotech powerhouse and on the topic of AI, noted that India's policy is to promote AI for all, underpinned by its ethical and responsible use. The CEOs appreciated India's growing prominence as a global technology hub, driven by its innovation-friendly policies and flourishing market opportunities. They also expressed strong interest in investing and collaborating with India, agreeing that investing in startups would be a synergistic opportunity to innovate and develop newer technologies in the country. Others who attended the conference included Biogen Inc CEO Chris Viehbacher, CEO of Bristol Myers Squibb, Chris Boerner, Eli Lilly and Company CEO David A. Ricks, LAM Research CEO Tim Archer, GlobalFoundries CEO Thomas Caulfield, and the CEO of Kyndryl, Martin Schroeter. "Further cementing technology and business connect. PM @narendramodi interacted with the top tech leaders and CEOs of USA, in a Roundtable hosted by the Massachusetts Institute of Technology School of Engineering, in New York today. PM emphasised India's growth prospects and discussed initiatives to foster collaborations and innovation across diverse sectors," the official account of the MEA said in a post on X. The prime minister had a separate meeting with Krishna P Singh, CEO of Holtec International, which is into nuclear and solar power generation. They discussed Holtec's plan for expanding manufacturing in India and advancing energy cooperation, PMO India said in a post on X. Earlier on Sunday, Modi addressed the <keyword id="20115166" type="General" weightage="20" keywordseo="Indian-diaspora" source="keywords">Indian diaspora</keyword> at the packed Nassau Veterans Coliseum on Long Island in New York. He also held bilateral meetings with world leaders at the sidelines of the UN General Assembly session here. Modi reached New York on Saturday after attending the Quad Leaders' Summit hosted by President Joe Biden in Wilmington, Delaware. <div type="Article" hostid="261" msid="113516805" title="Why is Indian Prime Minister Narendra Modi visiting the US this weekend?" mstype="2" mssubtype="0"></div>

PM Modi invites US CEOs to take a 'byte' out of India's growing technology sector

<ul class="summary-list"><li>Intel recently announced mass layoffs of 15,000 jobs amid losses in Q2.</li><li>Shareholders are claiming in a lawsuit that Intel didn't do enough to warn investors.</li></ul>A Missouri-based pension fund is accusing <a target="_blank" class="" href="https://www.businessinsider.com/category/intel">Intel</a>, in a class action lawsuit, of hiding problems about its in-house chips manufacturing business ahead of the company's reported net loss and mass layoff of 15,000 jobs.Intel on August 1 announced a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/intel-stock-price-layoffs-weak-guidance-missed-analyst-estimates-semiconductors-2024-8">15% reduction of its workforce</a> after reporting a net loss of $1.6 billion for the second quarter.The Silicon Valley company, which once led the chips industry, has struggled to catch up with its rivals, mainly Nvidia, a longtime competitor that now has a stranglehold on the GPU business amid the <a target="_blank" class="" href="https://www.businessinsider.com/intel-playing-catch-up-ai-race-chatgpt-chips-2023-10">AI race</a>.A lawsuit filed in a San Francisco federal court on Wednesday, naming CEO Patrick Gelsinger and CFO David Zinsner as co-defendants, claimed that Intel hid problems about its in-house chips manufacturing business that led to the dismal second-quarter earnings result. The lead plaintiff of the lawsuit is the Construction Laborers Pension Trust of Greater St. Louis, filed on behalf of other Intel investors.Unlike many of its rivals, Intel designs and manufactures chips through its foundry factories. The decision helped Intel tentatively win a $8.5 billion federal grant through the <a target="_blank" class="" href="https://www.businessinsider.com/chips-act-bill-to-boost-us-chipmaking-competition-with-china-2022-7">CHIPS Act</a>.According to the lawsuit, the company told investors that this in-house model will allow Intel to save "$8 to $10 billion exiting 2025."But the move turned out to be much more costly than investors anticipated, the complaint said."Unbeknownst to investors, however, Intel's foundry business was floundering, costing billions of dollars more than investors had been led to believe even while revenue growth in the division actually declined during the Class Period," the lawsuit said, referring to the period from January 25 to August 1, 2024.The lawsuit accused Intel, along with its CEO and CFO, of making false and misleading statements that "artificially inflated" the company's stock price.A spokesperson for Intel declined to comment.Shareholders in the lawsuit highlighted statements from defendants that they say showed the "purported success" of the company's business units, including the foundry model.One statement came from a <a target="_blank" class="" href="https://www.intc.com/news-events/press-releases/detail/1672/intel-reports-fourth-quarter-and-full-year-2023-financial">January 2024 press release</a> from Zinsner, who said: "We continued to drive operational efficiencies in the fourth quarter, and comfortably achieved our commitment to deliver $3 billion in cost savings in 2023. We expect to unlock further efficiencies in 2024 and beyond as we implement our new internal foundry model, which is designed to drive greater transparency and accountability and higher returns on our owners' capital."Shareholders alleged in the lawsuit that these were "materially false and misleading" statements that failed to disclose that "Intel's foundry business was suffering from ballooning costs and required substantially more capital expenditures than investors had been led to believe and, as a result, had suffered $7 billion in losses in 2023."James Park, a securities regulation expert at the University of California, Los Angeles, told Business Insider email that the lawsuit contained a fairly "standard set of allegations." "Intel will probably argue that the claim there would be cost savings was a forward-looking statement," he said, which is protected by the Private Securities Litigation Reform Act's safe harbor provision.

Intel shareholders accuse company of hiding problems about its in-house chips manufacturing business ahead of announced layoffs and poor earnings   

<ul><li><keyword id="19894961" type="General" weightage="20" keywordseo="Apple" source="keywords">Apple</keyword> will reportedly make <keyword id="20656465" type="General" weightage="20" keywordseo="iPhone-16-Pro" source="keywords">iPhone 16 Pro</keyword> models in India this year.</li><li>Foxconn is expected to make the iPhone 16 Pro models at its facility in Sriperumbudur.</li><li>The iPhone 16 Pro models will reportedly be imported in the first few weeks.</li></ul> In a boost to Apple’s iPhone production in India, the Cupertino tech giant is set to manufacture the flagship models in its upcoming iPhone 16 lineup soon after its launch. Last year, Apple produced the<a href="https://www.businessinsider.in/tech/mobile/news/iphone-15-iphone-15-plus-with-usb-type-c-port-improved-cameras-launched-starting-at-799/articleshow/103615581.cms"> iPhone 15</a> in India and this was available from day one. Soon after this, the iPhone 15 Plus was produced in India by Pegatron. The<a href="https://www.businessinsider.in/tech/mobile/news/iphone-15-pro-pro-max-can-record-3d-videos-that-can-be-viewed-on-vision-pro-in-a-magical-way/articleshow/103616220.cms"> iPhone 15 Pro and iPhone 15 Pro Max</a> were imported in the country. According to a<a href="https://www.moneycontrol.com/technology/apple-to-make-iphone-16-pro-and-pro-max-models-in-india-this-year-sources-article-12779508.html"> report</a> by Moneycontrol, the iPhone 16 Pro models will also be produced in India this year. The iPhone 16 Pro models will reportedly be assembled by Apple’s partner Foxconn at its facility in Sriperumbudur, Tamil Nadu as part of the company’s plan to diversify production from China. "Every year, Apple seeks to deepen its manufacturing capabilities with partners in India. Production of Pro models is something that has been under consideration for the last couple of years. This year, Apple will manufacture the Pro and Pro Max models in India to make sure the India-assembled iPhone 16 Pro models are available in the country after the launch,” the report said, citing a source familiar with the matter. <h2>Initial devices to be imported</h2>As the iPhone 16 Pro models will be produced sometime after its launch, the initial devices will be imported, and this will cost Apple less this year as the Indian government has reduced the<a href="https://www.businessinsider.in/budget/news/budget-2024-customs-duty-on-mobile-phones-chargers-and-more-reduced/articleshow/111962490.cms"> basic customs duty (BCD)</a> on mobile phones as part of Budget 2024-25. The iPhone 16 is set to be made available on the first day of sales in India and it will be shortly followed by iPhone 16 Plus. <h2>Apple’s sales in India to grow by over 20% this year</h2>According to industry estimates, iPhone shipments are projected to increase by over 20% this year on the back of domestic manufacturing support and strong distribution. Apple saw robust sales of around $8 billion in the country in FY24, an increase of around 33% year-on-year. Apple shipped over 10 million iPhones in 2023 in India, up from 6 million in 2022. The company recorded a 6% market share in the Indian smartphone market in 2023. Experts have said that there is a definitive trend of Apple attracting many first-time users for its newly launched iPhones in India, alongside the strong sales of previous-generation devices. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/pixel-9-series-design-and-specs-revealed-ahead-of-launch-next-month/articleshow/112039063.cms">Pixel 9 series design and specs revealed ahead of launch next month</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-customs-duty-on-mobile-phones-chargers-and-more-reduced/articleshow/111962490.cms">Budget 2024 – Customs duty on mobile phones, chargers and more reduced</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-4-with-metal-back-snapdragon-7-gen-3-launched-in-india-starting-at-32999/articleshow/111787031.cms">OnePlus Nord 4 with metal back, Snapdragon 7+ Gen 3 launched in India starting at ₹29,999</a>

Apple to manufacture iPhone 16 Pro models in India soon after launch

For many professionals out there, <keyword id="19902762" type="General" weightage="100" keywordseo="Google" source="keywords" meta.keywordsubtype="org" meta.entityname="Google" meta.hostid="261" meta.entityid="Google">Google</keyword> continues being the dream company that they want to land a job at. Even though the company carried multiple rounds of layoffs since 2023, it remains one of the highest paying <keyword id="20000550" type="General" weightage="20" keywordseo="tech-companies" source="keywords">tech companies</keyword> in the world. This is why landing a <keyword id="23527633" type="General" weightage="20" keywordseo="job-at-Google" source="keywords">job at Google</keyword> at the beginning of their careers is huge for people. Hence, any news related to Google quickly goes viral and people are always curious to know about what's happening at the tech giant. Now, according to a Reuters report, Google has filed a request with a California federal judge to delay a court order that mandates the company to open up its Play Store to increased competition. In a court filing submitted on Friday, the tech giant argued that the injunction, set to take effect on November 1, poses “serious safety, security, and privacy risks” to the Android ecosystem. Google urged U.S. District Judge James Donato to pause the ruling while it appeals the decision. <h2>About the case </h2> The injunction stems from a case filed by Epic Games, the maker of “Fortnite.” In October 2023, a jury ruled that Google had been illegally monopolising the way consumers download apps and make in-app purchases on Android devices. Judge Donato’s ruling, issued on October 7, forces Google to allow third-party app stores and payment methods on its platform. Additionally, the order bars Google from paying device manufacturers to preinstall its Play Store and from sharing revenue generated through it with other app distributors. Google claims the ruling could introduce significant risks to Android users, and is fighting to delay its implementation while pursuing a legal appeal. <h2><keyword id="19954681" type="General" weightage="20" keywordseo="Sundar-Pichai" source="keywords">Sundar Pichai</keyword> on what it takes to join Google </h2> On another note, Google boss Sundar Pichai recently shed light on what it takes to join Google’s coveted ranks, especially for those aiming at engineering roles. In an episode of The David Rubenstein Show: Peer to Peer Conversations, Pichai opened up about the attributes Google looks for in its employees, giving hopeful candidates a clearer picture of what it takes to be part of the tech behemoth. According to Pichai, <keyword id="22767045" type="General" weightage="20" keywordseo="technical-excellence" source="keywords">technical excellence</keyword> is just the starting point. It’s the foundation, yes, but not the full package. What truly sets candidates apart is their adaptability and eagerness to learn in an ever-changing, dynamic environment. “We’re looking for superstar <keyword id="19959624" type="General" weightage="20" keywordseo="software-engineers" source="keywords">software engineers</keyword>,” Pichai noted, saying that in a world of rapidly evolving technology, the ability to remain curious and agile is essential. He also highlighted Google’s tradition of offering free meals to employees—not just as a perk but as a deliberate initiative to foster community and spark spontaneous moments of creativity. He also recalled his early days at Google, where informal chats in the café sometimes led to breakthrough ideas. “It’s about creating the conditions for people to connect and think outside the box,” he shared. (With Reuters inputs)

Google Seeks to delay judge’s ruling on App Store competition over security concerns

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/tsmc-making-apple-iphone-chips-helps-us-semiconductor-bet-2024-10">Apple has increasingly used its own silicon chips</a> in its devices in recent years.</li><li>Two Apple execs told The Indian Express that the company has a "tremendous strategic advantage" in doing so.</li></ul>Apple says it has a "secret weapon" in its approach to making the chips that power many of its devices.The iPhone giant has been increasingly relying on <a target="_blank" class="" href="https://www.businessinsider.com/apple-chip-testing-lab-video-iphone-mac-silicon-2023-12">its own chips</a> for new devices, and two of the company's execs recently explained why they feel that gives it an edge.Tim Millet, Apple's vice president of platform architecture at Apple, and Tom Boger, Apple's vice president of Mac product marketing, <a target="_blank" class="" href="https://indianexpress.com/article/technology/tech-news-technology/exclusive-top-execs-explain-apple-chip-philosophy-9670865/">spoke with</a> The Indian Express about the company's silicon chipmaking approach."We don't make a bunch of chips and then decide where we are going to put them," Boger said. "We design our chips from the ground up for our products, and that is a tremendous strategic advantage that we have."The company also benefits from making chips strictly for its own use rather than being a traditional chip-maker that sells to other companies, Millet said."Folks who do make money that way have the burden of adding margin on top of whatever they buy," he told The Indian Express.Apple began making its own chips in 2010, starting with the A4 chip, which was used in the first-generation iPad as well as the iPhone 4. The company has increasingly turned to its own semiconductors in subsequent years — a strategy that gave it more control. However, it also came with added R&amp;D costs and <a target="_blank" class="" href="https://www.businessinsider.com/apple-m1-chip-risk-moving-away-from-intel-macbook-pro-2020-11">impacted the nature of its contracts with chipmakers like Intel</a> and Imagination Technologies.<div type="image" title="Apple M4" height="1356" width="2396" msid="115428143" hostid="261" sizebytes="94872"></div>Apple's latest chips, the M4 Pro and M4 Max, were introduced last month for the Mac.Millet said Apple silicon takes advantage of "three major components, the architecture, the design, and the process technology.""Our fourth tool, really our secret weapon, I think, is our ability to co-design these amazing chips with the system teams and the product designers as they are imagining possibilities," he told The Indian Express.Apple CEO Tim Cook announced in 2022 that <a target="_blank" class="" href="https://www.businessinsider.com/apple-tim-cook-america-us-made-chips-first-time-decade-2022-12">the company would start using chips made in the US for the first time in nearly a decade</a>, sourcing chips from Taiwanese chipmaker TSMC's Arizona plant and becoming "the site's largest customer."The decision came amid President Biden's efforts to boost domestic chip production and lessen reliance on chips manufactured abroad. The <a target="_blank" rel="" href="https://www.businessinsider.com/chips-act-bill-to-boost-us-chipmaking-competition-with-china-2022-7">CHIPS Act</a> he signed into law in 2022 set aside $52.7 billion for American semiconductor research, development, manufacturing, and workforce development, including <a target="_blank" rel="" href="https://www.businessinsider.com/trump-taiwan-china-semiconductor-chips-us-economy-trade-biden-election-2024-7">$39 billion</a> in manufacturing incentives for chip production stateside.<a target="_blank" class="" href="https://www.businessinsider.com/tsmc-making-apple-iphone-chips-helps-us-semiconductor-bet-2024-10">TSMC began producing chips for Apple</a> at one of its Phoenix, Arizona, plants earlier this year, sources familiar with the matter confirmed to BI.

You Searched For "manufacturing company" and got 11 results

DAC capital acquisition of Rs 1.4 trn to boost defence PSUs: Report

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Skoda plans to launch an updated electric vehicle in India in 2025

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Tata Electronics, PSMC conclude pact for ₹91,000 crore Dholera chip manufacturing unit

PTI

Bringing manufacturing back to the US is a $10 trillion opportunity for the economy, Morgan Stanley says

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PM Modi invites US CEOs to take a 'byte' out of India's growing technology sector

PTI

Intel shareholders accuse company of hiding problems about its in-house chips manufacturing business ahead of announced layoffs and poor earnings

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Apple to manufacture iPhone 16 Pro models in India soon after launch

Sourabh Jain

Google Seeks to delay judge’s ruling on App Store competition over security concerns

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Apple exec explains the company's 'secret weapon' when making its own chips

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