Tata-ta China: Apple's iPhone 15 Get an Indian Twist with Tata Group

Monday, May 15^th 2023

Good Morning ☕

In a move that's going to make every 'Apple of my eye' joke a little more patriotic, the Apple iPhone 15 and 15 Plus are set to be manufactured in India by none other than the Tata Group. So next time you're showing off your iPhone, don't forget to add, 'and guess what, it's Made in India!' Tata to imported iPhones, hello to home-grown Apples!

Important News of the Day

1. Apple iPhone 15 and 15 Plus to be manufactured in India by Tata Group: Report

Apple plans to manufacture its iPhone 15 and 15 Plus models in India through a partnership with Tata Group, aiming to diversify supply sources and expand its manufacturing base. Tata will initially receive smaller orders, suggesting India could be included in the first wave of iPhone shipments. This move hints at Wistron, a former iPhone assembler, exiting the Indian market after Tata purchased its Bengaluru iPhone plant. Despite Tata's initial 5% share of assembly orders, it indicates Apple's growing trend of production relocation.

2. PM Modi says meeting with Walmart CEO Doug McMillon was fruitful

Prime Minister Narendra Modi met with Walmart CEO Doug McMillon in New Delhi, discussing various topics including investment in India. McMillon outlined plans to export $10 billion per year from India by 2027, focusing on logistics, skill development, and supply chains. Walmart reaffirmed its commitment to India's manufacturing growth, job creation, and community development, also engaging with local suppliers, merchants, and MSMEs.

3. Government imposes phased ban on import of 928 defense items in the latest push to 'Atmanirbharta'

The Indian Ministry of Defence plans to procure 928 components domestically, aiming for self-reliance in defense production and reducing imports by public sector units. The components have an import substitution value of ₹715 crore and will replace imports over the next 5-6 years. This follows three earlier lists, with 2,500 items already indigenized and 1,238 more planned. The move involves public sector units, MSMEs, and private industry, with a goal to achieve a $25 billion turnover in defense manufacturing, including $5 billion in exports, in the next five years.

4. Sebi proposes norms to regulate fractional ownership platforms offering real estate assets

India's Securities and Exchange Board (Sebi) aims to regulate web-based fractional ownership platforms (FOPs) of real estate assets, to protect small investors and develop the market. They propose classifying real estate fractional ownership under the Micro, Small, and Medium Real Estate Investment Trusts (REITs) category. Concerns around selling practices, valuation, and information transparency will be addressed, and FOPs will need to meet criteria regarding trustees', sponsors, and investment managers' net worth. Sebi is inviting feedback on the proposals until May 27th.

5. Govt to make ₹300 crore equity infusion in Alliance Air, will ease financial woes

The Ministry of Finance in India has decided to infuse ₹300 crores into regional airline Alliance Air, which has been facing financial challenges. The government-owned airline has experienced strikes by pilots due to non-restoration of salaries and non-payment of allowances. The airline operates 130 flights daily. The Ministry of Civil Aviation confirmed the equity infusion without providing specific details. In fiscal year 2021-22, Alliance Air reported a net loss of ₹447.76 crore. The flights under the name 'Alliance Air' are managed by Airline Allied Services, recently renamed Alliance Air Aviation Ltd.

Breaking News: The Scoop You Can't Miss!

1. Power Ministry panel outlines a roadmap to develop the electricity market

A Ministry of Power-appointed group in India has recommended redesigning the electricity market to better accommodate renewable energy. The suggestions include increasing renewables' share, promoting market participation for renewables, and improving ancillary services markets. Other proposals are to enhance market monitoring, introduce market-based mechanisms for reserves, and implement 5-minute-based metering and settlement. These changes, aiming for better grid integration and cleaner energy, were appreciated by Union Minister R. K. Singh, who stressed their importance for India's renewable energy targets and for attracting investment.

2. IL&FS transfers Pune Sholapur Road asset to Invit at an enterprise value of ₹2,000 cr

Infrastructure Leasing & Financial Services (IL&FS) has transferred its fifth road asset, Pune Sholapur Road Development Company Limited, to Roadstar Infra Investment Trust (Invit) as part of its debt resolution strategy. Secured lenders will fully recover their dues, and Invit units will settle group lenders' loans. IL&FS plans to transfer a total of 10 road assets, with five already transferred, raising the Invit's enterprise value to about ₹7,300 crores. IL&FS aims to resolve ₹99,000 crore debt through such strategies.

3. Mansukh Mandaviya addresses G7 Health Ministerial Meeting on Health Innovation in Japan

At the G7 Health Innovation meeting, India's Health Minister, Dr. Mansukh Mandaviya, stressed the need for a framework to reduce the digital divide in low- and middle-income countries. He highlighted how technology can improve healthcare delivery and support Universal Health Coverage. Furthermore, he announced India's decision to offer digital tools as free Digital Public Goods globally, noting how the pandemic has sped up the use of technology in healthcare.

4. IBM Employee on Sick Leave Sues Company, Draws ₹55 Lakh Salary Per Year, Claims Salary Not Generous Enough

An IBM employee who has been on sick leave since 2008 has sued the company, claiming that his salary, which amounts to £54,000 per year, is not generous enough. The employee alleges that the lack of a pay raise and the potential impact of inflation on his salary over time are forms of disability discrimination. IBM placed the employee on its disability plan, which guarantees payment until the age of 65 for individuals unable to work. However, an employment tribunal dismissed the employee's claims, stating that the fixed salary provided a substantial benefit and constituted favorable treatment.

5 Centre to monitor the progress of startups funded by it: Jitendra Singh

The Indian government plans to establish a system to track and aid the sustainability of its over one lakh startups, as reported by Science and Technology Minister Jitendra Singh. This initiative will closely observe startup growth, focusing on those receiving government support. Singh also noted a shift from IT to biotech and earth sciences in the startup sector. These comments were made during an awards ceremony at the National Technology Week Exposition in New Delhi. A suggestion was also made to establish a Startup Day and Week, mirroring the National Technology Day and Week.