Retail inflation in November drops to 11-month low of 5.88%
Consumer price index (CPI)-based inflation decreased to an 11-month low of 5.88%. For the first time since last December, it has come within the upper limit of Reserve Bank of India’s tolerance band in the midst of consistent increase in interest rates.
According to official data from the ministry of statistics and program implementation, Food price inflation was slowing and thus moderated overall headline inflation. Retail inflation in October was 6.77%, and 4.91% in last November.
A few days after the RBI raised the repo rate by 35 basis points to 6.25% on December 7—its fifth rise in eight months—data on moderated inflation was released. In February, experts anticipate an additional increase of 25 basis points.
CPI inflation slumps to 11-month low of 5.88% in November (moneycontrol.com)
Apple partner Foxconn invests $500 million more in India
Foxconn is planning to develop its chipmaking factories in the South Asian market, which is gradually evolving into a significant center for Apple products, by investing an additional $500 million in its Indian businesses.
Foxconn said its Singapore subsidiary is investing the money into the India entity, Hon Hai Technology India Mega Development Private Limited.
Zero-Covid policy in China has severely disrupted Apple’s supply chain and the protests have led to an acute shortage of new iPhone 14 Pro models.
Apple partner Foxconn invests another $500 million in India business | TechCrunch
Tata Group to launch 100 exclusive iPhone retail stores across India
Following its entry into the iPhone manufacturing business in India, the Tata Group-owned Infiniti Retail is now preparing to launch roughly 100 exclusive Apple stores with a floorspace of 500–600 square feet.
According to reports, if a deal to purchase the facility in Karnataka cannot be reached, Tata may consider forming a joint venture with Taiwan’s Wistron, one of Apple’s top suppliers in India. According to reports, Wistron and the Tata Group are in discussions about selling their manufacturing plant in Karnataka. As per a report from last month, the sale is estimated to be worth between Rs 4,000 to Rs 5,000 crore.
Tata Group bets big on Apple, company to open 100 iPhone retail stores in India – BusinessToday
UK Trade Secretary in India to lead the next round of UK-India FTA Talks
Trade Secretary Kemi Badenoch will make her first visit to India on December 12 to progress the Free Trade Agreement negotiations between India and UK. This round of negotiations takes place under the new leadership of the UK Prime Minister Rishi Sunak.
Additionally, prominent UK companies including Tide, Pret A Manger, and Revolut will reveal their plans to expand in India.
This would be Badenoch’s first in-person encounter with Piyush Goyal, the Indian Minister of Commerce and Industry, in person, according to a statement from the British High Commission in New Delhi. The objective is to improve bilateral ties between the two nations and to forward negotiations for a trade agreement between them.
UK Trade Secretary in India as next round of UK-India FTA Talks begin | The Financial Express
82% of job offers at IIT-Kharagpur from Japan and Taiwan
Japan and Taiwan account for more than 82% of the worldwide offers made during the IIT Kharagpur placements. There are 45 international offers, including 28 from Japan, 9 from Taiwan, 3 from the US, 2 from Singapore, and 3 from other countries.
IIT Kharagpur’s placement session 2022–23 (Phase 1) officially began on December 1. The institute has received offers ranging from 1 crore to 2.6 crore from companies across sectors, including analytics, software, finance-banking, supply-chain logistics, consulting, core engineering, high-frequency trading, tech profile, and product development.
India To Be First Country To Auction SatCom Spectrum: TRAI Chairman
According to telecom regulator Telecom Regulatory Authority of India (Trai) chairman PD Vaghela, India will be the first country to auction satellite communication spectrum, and it should be designed to draw investors to the sector.
Speaking at a Broadband India Forum summit on SatCom, Vaghela stated that Trai will soon make recommendations to make permissions required for satellite communication from various ministries — Information and Broadcasting, Space and Telecom — seamless to enhance ease of doing business in the sector. He also said that reference for the spectrum that must be put up for auction, and related aspects of satellite-based communication has been received by Trai from the Department of Telecommunication.
Satellite Spectrum Auction In India Will Be The First Ever In The World: Trai Chairman (news18.com)