- India wants to boost production of tablets and laptops in order to reduce imports and make the country an export hub in the longer term.
- The Federal Technology Department investigated payments that could exceed half a billion dollars per company, Bloomberg reports.
- India plans to increase financial incentives for tablet and laptop makers, companies like to court apple inc AAPL, Dell Technologies Inc Delland HP Inc HPQ to expand or start local production.
- Specifically, India wants to woo Apple, which already assembles iPhones in India through its Taiwanese suppliers, to manufacture iPads locally.
- India offered up to INR 45 billion (US$549 million) per manufacturer.
- To qualify, foreign companies must invest INR 7 billion in India over a five-year period in addition to the spending they have made by March 2021.
- The incentives could go up to the equivalent of around 6% of finished product sales.
- Apple started manufacturing its new iPhone 14 in India earlier than expected to reduce the lag between Chinese and Indian edition.
- Chinese consumers bought fewer iPhone 14 phones in the early days of its availability than the product’s predecessor a year ago, marking a rare double-digit drop.
- alphabet inc WELL Google Google has urged Indian manufacturers to submit bids to assemble up to 1 million units of its Pixel smartphones amid China’s strict COVID-19 lockdown massive production delays.
- Vedanta Ltd and major Apple supplier Hon Hai Precision Industry Co Ltd HNHAFtrading as Foxconn announced plans to invest $19.5 billion in building semiconductors plants in India.
- Price promotion: AAPL shares traded 2.59% lower at $145.96 on the last check Thursday in the premarket.
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