iPhone's ₹10,000 Crore Indian Express: The New Tech Silk Road?

Tuesday, June 20^th 2023

Good Morning ☕

It seems like Apple is rapidly taking a liking to the Indian soil for its manufacturing needs - quite literally turning the Indian "Apple" of its eye! This surge in exports certainly showcases that the fruity tech giant is on a roll, proving once again that an Apple a day keeps the competition away. Here's to a continued growth streak, inspired by India's PLI scheme, and a remarkable shift in the world's smartphone manufacturing landscape!

1. Cough syrup linked to death of 12 kids in Cameroon likely made in India

A cough syrup suspected of killing 12 children in Cameroon may have been made in India and smuggled into the country. The medicine was not authorized to be imported. The Cameroonian authorities are still investigating the cause of the outbreak and plan to test the Naturcold samples connected to the deaths. This raises the prospect of a third mass death event linked to exported Indian cough syrups in less than a year. The World Health Organization (WHO) has warned of an ongoing global threat posed by toxic cough syrups and is working with six more countries than previously revealed to track the potentially deadly children's medicines.

2. Apple iPhone export from India surges to ₹10,000 crore in May

Apple's iPhone exports from India reached a record ₹10,000 crore in May 2023, with smartphone exports crossing ₹20,000 crore in April and May, according to multiple reports. This marks a doubling in comparison to the corresponding period last year, which stood at ₹9,066 crores, according to the India Cellular and Electronics Association. India's Production-linked Incentive (PLI) scheme for smartphones and its efforts to become a manufacturing and export hub for smartphones are key factors in this growth. Apple is expanding its local production capabilities and shifting its focus from China due to geopolitical tensions there.

3. IndiGo buys 500 planes from Airbus, the largest order in aviation history

Indian low-cost carrier IndiGo has placed a record order for 500 Airbus A320 family aircraft, making it the biggest single purchase agreement in the history of commercial aviation. The order was placed at the Paris Air Show, and the aircraft will be used to expand the airline's domestic and international network. This order increases IndiGo's total Airbus order book to 1,080 aircraft, making it one of the largest customers for the A320 family.

4. ₹2,000 note withdrawal to boost India’s GDP, says SBI Research

India's decision to withdraw its highest denomination currency note, the 2000-rupee note, from circulation is expected to have a favorable impact on deposits and interest rates, according to a study by SBI. The move is reminiscent of a shock move in 2016 when the government had withdrawn 86% of the economy's currency in circulation overnight. However, this time, the move is expected to be less disruptive as a lower value of notes is being withdrawn over a longer period of time. Citizens have been asked to deposit or exchange these notes by September 30, 2023.

5. Gita Press declines ₹1 cr award amid row over Gandhi Peace Prize selection

Gita Press, one of the world's largest publishers, has declined the Rs 1 crore cash reward for the Gandhi Peace Prize amid a political row over its selection for the prestigious honour. Gita Press was selected for the Gandhi Peace Prize for 2021 for recognition of its 'outstanding contribution towards social, economic and political transformation through the dissemination of the message of Gita'. The Congress party had criticised the selection of Gita Press for the award, calling it an insult to Mahatma Gandhi.

6. Advance, self-assessment tax data missing in prefilled income tax forms

According to a report by LiveMint, data on advance tax payments is missing in the pre-filled income tax forms, which is causing trouble for taxpayers who are trying to compute their income tax returns. This feature is absent in the tax-return forms that are being downloaded for assessment year 2023-24. This makes ITR filing a tedious task, according to chartered accountants. The MAC Utility to file tax returns has been uploaded on the income tax portal, but another commonly used utility has not been uploaded yet.

7. Adani Transmission to raise up to ₹8,500 cr after green light by shareholders

Adani Transmission has received approval from its shareholders to raise up to Rs 8,500 crore ($1.1 billion) through a Qualified Institutional Placement (QIP). The company's board had previously approved the proposal to raise funds via QIP in May 2023. The electric power distribution company under Adani Enterprises will issue equity shares with a face value of Rs 10 each for an aggregate amount not exceeding Rs 8,500 crore. The company's shares have fallen 80% in the past nine months.

8. Google to shut down Album Archive on July 19

Google is shutting down its Album Archive service on July 19, 2023. The service was a gallery of images or videos shared on older Google services over the years. Google is urging users to download a copy of their Album Archive data via Google Takeout. Users can also transfer their data to one of the best cloud storage services like Google Drive, IDrive, OneDrive, or Dropbox. While some of the data stored within Album Archive will be gone for good after July 19, users may still be able to access it through other Google services like Blogger, Hangouts (now Chat), Google Photos, and their default Google Account.

9. Max Life Insurance invests ₹49.5 crore in Capital Small Finance Bank

Max Life Insurance has invested Rs 49.5 crore in Capital Small Finance Bank for a minority stake. The insurance company has been allotted a total of 10.58 lakh equity shares for the investment. It is not clear how banks calculate interest rates for Recurring Deposit, but Max Life Insurance offers a Recurring Deposit Return Calculator on its website. The company also offers a 5 crore term insurance plan for increased financial security for families.

10. SEBI bars IIFL Securities from taking new clients for 2 years

The Securities and Exchange Board of India (SEBI) has barred IIFL Securities from taking new clients for two years. The ban comes after the regulator found that the brokerage had violated several rules, including the misuse of clients' funds. IIFL Securities has also been ordered to pay a fine of Rs 50 lakh. The ban will not affect the existing clients of the brokerage.

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