Weekly News Updates-India Jun 14 to Jun 20

Apple iPhone exports to India hit a new high; Trade between Taiwan and India to reach $13 billion; Indian delegation in Taiwan to woo Foxconn for EV manufacturing; Targeting a 20–25% of Indian GDP for technology by 2025–2026; Vedanta Group To Leverage Startups' Tech Under Pact With Meity-Nasscom CoE; Indian startups raise $174 million this week

Apple iPhone exports to India hit a new high of Rs 10,000 crore: Report

When iPhone exports to India hit a record high of 10,000 crore in May, the country’s overall smartphone shipments touched 12,000 crore, marking an important milestone.

According to the India Cellular and Electronics Association, which was cited by The Economic Times, smartphone exports in the first two months of the current fiscal year (April and May) exceeded 20,000 crore, more than double the 9,066 crore figure that was recorded in the same period the previous year. Apple contributed significantly to the growth.

Indian officials are hoping that Apple’s growing presence in India will serve as a model to persuade other US businesses, like Tesla, to move their supply chains to the country.

Apple iPhone exports reach a record Rs 10,000 crore in India: Report – BusinessToday

Trade between Taiwan and India to reach $13 billion in three years

In the next three years, trade volume between India and Taiwan will reach $13 billion as more Taiwanese businesses want to invest in India. Electronics and non-leather footwear sectors would receive the majority of investments.

Jules Shih, director of the Taiwan World Trade Centre in Chennai, said during a session on trade, investment, and opportunities in Taiwan and south India organized by Surana & Surana International Attorneys and the Taipei Economic and Cultural Centre here on Friday that the volume of trade between the two nations will increase by roughly 50% over the following three years.

Over the next three years, investments will primarily be made in the electronics and non-leather footwear sectors, according to PSimon Lee, president of the Taiwan Chamber of Commerce in Chennai. Taiwan has always played a significant role anytime there was a change in the supply chain, he said, noting that there are difficulties with cultural differences and knowing local regulations.

India-taiwan Trade Vol To Touch $13 Bn In Three Years | Chennai News – Times of India (indiatimes.com)

Indian delegation in Taiwan to convince Foxconn for EV manufacturing

According to reports, an Indian delegation was in Taiwan meeting with Foxconn executives to promote India as a desirable location for the production of electric vehicles (EVs).

Reports suggest that Indian officials would also advise Foxconn on their efforts to identify and assess prospective sources of minerals including lithium, nickel, manganese, and cobalt, all of which are essential for the production of EVs. In line with the government’s desire for environmentally friendly transportation, this move follows recent reports revealing Foxconn’s plans to enter the Indian EV manufacturing industry this year.

Officials from Maharashtra, Telangana, Tamil Nadu, and Andhra Pradesh had held conversations about EV manufacturing prospects during the visit of top Foxconn executives last year.

Indian delegation reaches Taiwan to woo Foxconn for EV manufacturing (moneycontrol.com)

Targeting a 20–25% of Indian GDP for technology by 2025–2026: MoS IT Rajeev Chandrasekhar

Rajeev Chandrasekhar, India’s minister of information technology, addressed Indian American business owners and invited them to be a part of this tale of India. He stated that the Indian government has set a goal of making technology 20–25% of the country’s GDP by 2025.

He further stated that Indian startups, Indian businesses, and Indian innovators have a large presence and are gaining pace in all areas of technology today. The Indian innovation economy has increased over the past five years, particularly during and after COVID-19, from four to five percent in 2014 to ten percent now.

He mentioned the goal of technology contributing to roughly 20% of India’s entire GDP, setting the bar at $5 trillion, when discussing the potential that the sector possesses.

rajeev chandrasekhar: Targeting technology be 20-25% of Indian GDP by 2025-26: MoS IT Rajeev Chandrasekhar – The Economic Times (indiatimes.com)

Vedanta Group To Leverage Startups’ Tech Under Pact With Meity-Nasscom CoE

The Ministry of Electronics and Information Technology (MeitY) and Nasscom’s Centre of Excellence (CoE) – IoT & AI have partnered with Vedanta Group’s corporate innovation, accelerator, and ventures program Vedanta Spark to accelerate the adoption of digital technologies-led innovations.

Through Vedanta’s partnership with Nasscom CoE, creative companies will be able to showcase and develop their products in our distinctive environment. Through this agreement, Vedanta Group’s many business verticals will be examined for possible applications of cutting-edge technologies including artificial intelligence (AI), machine learning (ML), the internet of things (IoT), and augmented reality (AR) and virtual reality (VR), among others.

Vedanta Group To Leverage Startups’ Tech Under Pact With Meity-Nasscom CoE (outlookindia.com)

Indian startups raise $174 million this week, boosted by investment in Lenskart

This week, Indian startups raised $174 million, helped by an investment in Lenskart. Given the uncertain investment environment this year, venture capital funding into Indian businesses is uneven, and this is reflected in the capital influx this month.

Venture capital was invested in 23 deals during the third week of June, for a total of $213 million. The $100 million injection into Lenskart played a significant role in the surge. In contrast, the amount of investments received the week before was $107 million.

The inflow of venture capital has been, to put it mildly, unequal due to the macroeconomic situation being difficult due to high interest rates, the Russia-Ukraine war, and growing inflation. Most of the transactions fall into the early-stage group, which is characterized by high volume but low value. This explains why the Indian startup ecosystem doesn’t produce many unicorns.

lenskart: ETtech Deals Digest: Indian startups raise $174 million this week, boosted by investment in Lenskart – The Economic Times (indiatimes.com)