Adani Group planning payments and e-commerce ventures: FT report
阿達尼集團計劃進軍支付和電子商務領域：FT報導
India’s Adani Group is considering an application for a licence to operate on the country’s public digital payments network and is in talks with banks to finalise plans for a co-branded credit card, the Financial Times reported on Tuesday. The plans to expand its consumer businesses come as billionaire Gautam Adani’s ports-to-power conglomerate mulls spending $84 billion in infrastructure over the next decade. If approved, the group will enter India’s burgeoning digital payments market, competing with incumbents like Google Pay and Walmart-backed PhonePe. India’s payments market is projected to reach $814.43 billion by 2029, up from $357.51 billion in 2024, according to a report by Mordor Intelligence. Currently, PhonePe leads the market with a 48.9% share, followed by Google Pay with a 37.7% share. Additionally, Adani Group is in discussions to offer online shopping through India’s government-backed public e-commerce platform, Open Network for Digital Commerce (ONDC), with services potentially available through its consumer app Adani One, launched in December 2022.
The conglomerate has been making efforts to recover from a January 2023 report by U.S. short-seller Hindenburg that triggered a sell-off in the group’s listed shares. The report accused the group of stock manipulation and improper use of tax havens, allegations that the group has refuted. A court-appointed panel stated in May 2023 that India’s markets watchdog “drew a blank” on the case, while the country’s top court said in January this year that no further scrutiny was needed. So far, four of the seven group companies have surpassed pre-Hindenburg report levels, including Adani Enterprises’ intraday recovery on Friday. The flagship firm’s shares are currently about 4% lower than pre-report levels.
小編點評：據《金融時報》報導，阿達尼集團正計劃進軍印度數位支付領域，申請相關許可並與銀行洽談聯名信用卡的合作計劃。此外，該集團正在商討通過其消費者應用程式 Adani One 利用印度的 ONDC 平台提供線上購物服務。這些舉措標誌著阿達尼集團在未來十年內進行重大基礎設施投資後，戰略性地擴展至消費者業務領域。
Google to manufacture Pixel in Tamil Nadu, MK Stalin confirms
谷歌將在泰米爾納德邦製造Pixel手機
Google is set to begin production of its Pixel smartphones in Tamil Nadu, India. The tech giant, in partnership with Foxconn Technology Group, will establish new production facilities in the state. Tamil Nadu Chief Minister M.K. Stalin confirmed the establishment of the first Google Pixel manufacturing unit in the region. Additionally, Google’s subsidiary, Wing, may start assembling drones in Tamil Nadu. This decision followed a visit by a state delegation, including Industries Minister Rajaa and Foxconn executives, to the US, where they met with senior Google officials in Mountain View, California. Google’s plans to start manufacturing Pixel 8 smartphones in India were announced in 2023, but the specific location was not disclosed at the time. This move aligns Google with other tech giants like Apple and Samsung, which have already set up local production facilities in India.
In addition to expanding its manufacturing footprint, Google is rolling out AI-powered editing features to older Pixel smartphones. Previously exclusive to the Pixel 8 lineup, these features include the Magic Editor, which enhances photo editing capabilities. Google had promised to make these AI features accessible to all users starting May 15, and they are now being rolled out to devices such as the Pixel 6 and Pixel 7. Users have reported the arrival of these features on their devices via Reddit, marking a significant update for older Pixel smartphones. This development is part of Google’s broader strategy to enhance the functionality and user experience of its existing devices.
小編點評：谷歌已確認計劃與富士康科技集團合作，在印度泰米爾納德邦製造 Pixel 智慧手機，這一消息來自泰米爾納德邦首席部長 M.K. Stalin。此外，還在討論谷歌子公司 Wing 可能在該地區組裝無人機的計劃。這一舉措突顯了谷歌在印度本土生產的承諾，並與蘋果和三星等其他科技巨頭的努力相呼應。
Electronics companies want Rs 35,000 crore in PLI funding to increase production
電子公司希望獲得3500億盧比的PLI資金以增加生產
The electronics manufacturing industry in India is urging the government to implement a production-linked incentive (PLI) scheme worth Rs 30,000-35,000 crore for components and sub-assemblies, alongside capital expenditure support to bolster the rising exports of mobile phones and other electronics, according to the Economic Times. The India Cellular & Electronics Association (ICEA), which represents top smartphone brands and manufacturing companies, stated that this scheme is crucial to meet the projected demand for electronics components, expected to reach $75-$80 billion by 2026 and $300 billion by 2032. The aim is to support the manufacturing of $300 billion worth of electronics products by 2026 and $1.2 trillion by 2032. The ICEA emphasized that the incentive scheme should increase domestic value addition in mobile phone manufacturing from the current 18% to 35-40%, in parallel with the development of India’s semiconductor ecosystem. The industry requested a 4-6% incentive for manufacturing sub-assemblies and high-end printed circuit boards, recommending an eight-year PLI plan with flexibility to claim incentives over six years.
Additionally, the ICEA proposed that companies investing Rs 1,000 crore or more in specific component manufacturing should receive 40% capital expenditure support, with an average incentive of 5% over six years for producing raw materials and other inputs. The industry stressed the importance of reducing reliance on imports by fostering an indigenous semiconductor ecosystem, supported by localized PCBA operations, focused circuit design, and increased value addition in product manufacturing. The ICEA projected that the domestic manufacturing of components would meet 5-10% of global demand within 6-7 years once established. They also recommended a 5% interest subsidy for component production on term loans and working capital requirements. Last month, ICEA suggested measures to enhance India’s position in semiconductor product design and IP creation, including encouraging large Indian corporates to invest in semiconductor design and treating chip design and manufacturing as a strategic sector. They also proposed establishing an exclusive market exchange for the electronics and hi-tech industry.
小編點評：《經濟時報》報導，印度電子製造業正呼籲推出一項總額達3000-3500億盧比的生產連結激勵計劃（PLI），用於組件和分組裝。印度移動通訊與電子協會（ICEA）表示，這樣的計劃對滿足預計到2026年和2032年將達到的電子組件需求增長至關重要。強調需要促進國內附加值和培育強大的半導體生態系統，該產業提出了一個全面計劃，包括激勵措施、資本支出支持以及減少對進口的依賴措施。
Firms struggle with e-commerce in Q4, with revenues declining across all segments
第四季度企業在電子商務方面遇到困難，各項收入均出現下降
The March quarter saw a slowdown in online consumption across segments such as electronics, wearables, and beauty products, as indicated by multiple listed companies and industry trackers. Logistics firm Delhivery reported a 13% sequential decline in express parcel shipments to 176 million, reflecting a dip in ecommerce delivery volumes. Cofounder and CEO Sahil Barua noted that this slump followed a strong October-December period marked by festive season sales, with year-on-year delivery volumes also down 2%. Despite this muted online consumption, brokerage firm Citi maintained long-term growth expectations of 15%-20% for ecommerce.
Overall, ecommerce sales remain sluggish, likely growing at less than 15% compared to the usual 20% growth rate, according to a major third-party logistics firm executive. Apparel and smartphone shipments, typically strong drivers of ecommerce growth, did not see significant increases due to the lack of major events and substantial purchases made during the last festive season. However, appliance sales saw a boost due to early summer demand, with Amazon India reporting significant growth in ACs, fans, and coolers during March and April, and Flipkart noting a 50-60% rise in AC demand in March. Smartphone sales remained muted due to a shift towards offline purchases and a lack of major releases, with Counterpoint Research reporting an 8% year-on-year increase in shipments from January to March, driven primarily by a low base from the previous year. The offline share of smartphone sales reached 64%, the highest post-Covid figure, while the premium segment (items costing over Rs 30,000) saw an 18% growth in market value, accounting for 20% of sale volume and 51% of sale value, the highest ever recorded.
小編點評：在第四季度，企業在電子商務方面遇到了挑戰，各個產業的收入均出現下降，包括電子產品、可穿戴設備和美妝產品等。儘管節日季節表現強勁，物流公司 Delhivery 報告稱，快遞包裹出貨量出現了連續下降，反映出線上消費的放緩。
Google invests $350 million in Flipkart
Google 向 Flipkart 投資 3.5 億美元
Google contributes $350 million to Flipkart, as part of a roughly $1 billion fundraising round
On May 24, Walmart-owned e-commerce platform Flipkart received a significant investment from Google in its latest funding round. Flipkart announced that Google would join as a minority investor, pending regulatory approvals. Reuters reported that Google’s investment amounted to nearly $350 million, raising Flipkart’s valuation to $37 billion. This partnership also includes a deeper collaboration with Google Cloud to enhance Flipkart’s cloud infrastructure. Rajneesh Kumar, Flipkart’s Chief Corporate Officer, stated that the collaboration would help the company expand its business and modernize its digital infrastructure. Earlier reports indicated that Flipkart was raising $1 billion, including a $600 million investment from Walmart, with Flipkart Internet receiving a cash infusion of about ₹924 crore ($111 million) from Singapore-based entities earlier in the year. This marks Flipkart’s first fundraiser since 2021.
In March, reports surfaced that Flipkart planned to enter the quick commerce sector, offering 10-15 minute deliveries in major cities such as Bengaluru, Delhi (NCR), and Hyderabad, potentially competing with Blinkit, Swiggy Instamart, and Zepto. While Flipkart did not confirm these plans, a spokesperson highlighted the company’s investments in enhancing delivery capabilities, including same-day delivery in 20 cities for items such as mobiles, essentials, electronics, home appliances, fashion, books, and other lifestyle products. Additionally, Flipkart introduced a new Unified Payments Interface (UPI) service in partnership with Axis Bank, putting it in direct competition with Google Pay, operated by its new investor Google, and the formerly acquired PhonePe.
小編點評：Google 已向 Flipkart 投資 3.5 億美元，這是 Flipkart 更大一輪募資的一部分，使其估值提升至 370 億美元。此項投資符合 Flipkart 擴展業務及現代化數位基礎設施的計劃，包括與 Google Cloud 更深入的合作。
Hero Electric, Okinawa, and Benling may be removed from all government schemes: Officials
官員表示，Hero Electric、Okinawa 和 Benling 可能會被排除在所有政府計劃之外
Three electric two-wheeler companies—Hero Electric, Okinawa, and Benling India—face potential de-registration or blacklisting from future government schemes if they do not repay the money owed under the FAME-II scheme. These companies were found to have earned ₹300 crore in violation of the FAME-II guidelines and are now required to return this amount. In April last year, the Ministry of Heavy Industries (MHI) fined Hero Electric ₹133.8 crore, Okinawa Autotech ₹116.85 crore, and Benling India ₹48.42 crore for non-compliance with the scheme’s norms. Consequently, Hero Electric and Benling India have been debarred from all MHI schemes, and Okinawa’s case remains pending in court. All three companies declined to comment, citing ongoing legal proceedings. The violations primarily involved allegations of importing vehicle parts, particularly from China, against the scheme’s localisation requirements.
In 2022, complaints prompted the MHI to investigate 13 companies, revealing that six companies, including Hero Electric, Okinawa Autotech, and Benling India, violated FAME-II norms, leading to a total fine of ₹469 crore. While Amo Mobility, Greaves Electric Mobility, and Revolt returned the subsidies with interest, Hero Electric, Okinawa, and Benling did not, resulting in their de-registration in late 2023. These companies have appealed to the Delhi High Court, asserting their compliance with the scheme. Okinawa has filed a writ petition to recover over ₹425 crore in outstanding FAME II dues, maintaining that it has adhered to the guidelines and emphasizing that the electric two-wheeler industry is now self-sufficient.
小編點評：Hero Electric、Okinawa 和 Benling India 可能因未償還FAME-II計劃下的資金（總計達₹300億）而面臨被排除在未來政府計劃之外的風險。Hero Electric 和 Benling India 已經被重工業部的計劃除名，而 Okinawa 的案件仍在法院審理中。這些指控主要集中在違反該計劃的本地化要求，尤其是涉及從中國進口車輛零部件。
Mobile PLI may extend beyond 2026
智能手機生產連結激勵（PLI）計劃可能會延長至2026年後
The highly successful smartphone PLI (production-linked incentive) scheme, initially set to conclude in 2025-26, might be extended by a couple of years. This five-year scheme, which began in 2020, allows companies to choose any five consecutive years within its duration, with Apple selecting 2021-2026 and Samsung 2020-2025. While perpetual subsidies are not seen as sustainable, an abrupt end could be counterproductive. Therefore, the government is considering replacing the smartphone PLI with a component-incentive scheme focused on inputs that are currently imported, contributing to the current account deficit. This transition aims to provide manufacturers time to scale up component production while still supporting finished products temporarily. The PLI scheme has significantly boosted domestic smartphone production, increasing from ₹2.14 trillion in FY20 to ₹4.1 trillion in FY24, and exports have risen from ₹27,225 crore in FY20 to ₹1.2 trillion in FY24. Apple and Samsung have been the primary beneficiaries, with local manufacturer Dixon also gaining from the scheme.
The new component scheme will be finalized once the new government takes office next month and will be aimed at increasing domestic value addition from the current 15-18% to around 35-40%, eventually reaching 50%. The scheme will adopt a plug-and-play model, with the government acquiring land and building factories that global companies can use to produce printed circuit boards, electronic components, camera modules, and more. Investments in land and factories are expected to be recouped through goods and services taxes, while reducing the import bill and current account deficit. Competing countries like China, Thailand, and Vietnam, which currently hold a trade surplus in electronics, have established similar models. India’s domestic electronics manufacturing grew from $102 billion in FY23 to $115 billion in FY24, with a target of $300 billion by 2025-26. Additionally, electronics goods exports increased by 23.6% to $29.12 billion in FY24, despite a contraction in the country’s total exports.
https://www.financialexpress.com/business/industry-mobile-pli-may-be-extended-beyond-2026-3497936
小編點評：原定於2025-26年結束的智能手機生產連結激勵（PLI）計劃可能會延長幾年。這項建議的延長旨在順利過渡到一個新的零組件專項激勵計劃，以促進國內零組件生產並減少對進口的依賴，特別是那些對當前帳戶赤字有貢獻的進口品。