&w=3840&q=100)
Foxconn's Bengaluru unit commences operation with iPhone 17 production
Foxconn is the largest manufacturer of iPhones, and the second-biggest facility outside China in Devanahalli near Bengaluru, being set up at an investment of $2.8 billion (about ₹25,000 crore).
"Foxconn Bengaluru unit has commenced operation with the production of iPhone 17. This is in addition to the production of iPhone 17 at its Chennai unit," a source aware of the development said.
An email query sent to Apple and Foxconn elicited no reply on the development.
The production had faced a brief interruption after hundreds of Chinese engineers went back abruptly.
However, Foxconn has been able to get experts from various destinations, including Taiwan, to address the gap.
According to multiple sources, Apple plans to increase iPhone production to 60 million units this year from about 35-40 million units in 2024-25.
Apple assembled 60 per cent more iPhones, worth an estimated $22 billion, in India in the year ended March 31, 2025.
The company's CEO Tim Cook, after the financial result announcement on July 31, said the majority of the iPhones sold in the US in June 2025 originated from India.
Cook, during the second-quarter earnings call, had announced that all iPhones sold in the US in the June quarter will be shipped from India.
According to an analysis by S&P Global, iPhone sales in the US were 75.9 million units in 2024, with March exports from India at 3.1 million units, suggesting a need to double shipments either through new capacity or redirecting shipments bound for the domestic market.
Apple's supplies within India grew by 21.5 per cent annually to 5.9 million units in the first half of 2025, with iPhone 16 being the highest-shipped model across the country during the period.
During the second quarter, Apple's iPhone supplies in India grew 19.7 per cent year-on-year in the June 2025 quarter, clocking 7.5 per cent market share in the country's smartphone market.
The overall smartphone market in India during the June quarter was led by Chinese smartphone maker Vivo, which captured 19 per cent share, as per IDC.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
14 minutes ago
- Economic Times
Taxman eyes crypto code; China stalls India tech JVs
We've got fresh details on India's crypto regulation push, plus a look at China's tech deal delays. This and more in today's ETtech Top 5. Also in the letter: ■ Data centre certification push■ Festivities to fuel lending■ Google's Australia blow Taxman floats crypto code, quizzes industry India's top tax authority is testing the waters for a new legal framework for virtual digital assets (VDAs), raising the prospect of a reset in how crypto is regulated and taxed. State of play: The Central Board of Direct Taxes (CBDT) has sent a detailed questionnaire to crypto platforms. It asks whether India needs a comprehensive VDA law, which agency—Sebi (Securities and Exchange Board of India), RBI (Reserve Bank of India), MeitY (Ministry of Electronics and Information Technology) or FIU-IND (Financial Intelligence Unit - India)—should oversee it, and how current tax rules are shaping trade. Crypto players were also asked if the 1% TDS (tax deducted at source) on every sale is excessive, what an equitable rate would be, and whether traders should be allowed to set off losses against profits. Other questions covered offshore migration of trading volumes, derivatives clarity, and readiness for the OECD's crypto-asset reporting framework. Zoom out: India currently taxes crypto gains at 30% and disallows loss offsets, unlike stocks. Many traders and platforms have shifted to Dubai, where policy is friendlier. The big picture: Advocates say India may introduce a comprehensive VDA law this year, aligning with G20 commitments. The global trend is toward regulation, not prohibition with China the lone exception. Also Read: Perplexity offers users free access to Indian stock market and crypto data Beijing drags its feet on tech deals, holding back Indian JV plans As Prime Minister Narendra Modi prepares to visit China for the first time in seven years, Indian companies are struggling with delays in securing approvals for technology partnerships. Driving the news: Chinese authorities are taking longer to clear deals involving technology transfer, even when commercial terms are agreed. Haier's plan to sell up to 50% of its India business to Bharti Group is delayed over the approval of transfer conditions. PG Electroplast's compressor joint venture with China's Highly Group is also stuck, pushing timelines for its new plant. Why it matters: Indian electronics and auto parts makers rely heavily on Chinese technology. Delays could slow capex plans and dent India's ambitions in EV and consumer durables manufacturing. Between the lines: Industry insiders say Beijing has issued 'verbal instructions' to scrutinise technology-transfer deals, especially in electric vehicles, to protect its lead. What's next: Analysts say China is treating tech with the same strategic lens it applies to rare earths. India, meanwhile, continues to vet Chinese investments under Press Note 3. Modi's trip is expected to include trade talks on rare earths and critical inputs, but frictions remain. AI moats and market makers: The ultimate soonicorn playbook drops in five days Description: ET Soonicorns Summit 2025 is bringing India's most ambitious AI and startup conversation to Bengaluru: From Research Labs to Revenue Models—The Billion-Dollar Blueprint for Scaling Indian AI Startups. Power sessions: From the horse's mouth! Know how to build an Indigenous Tech Stack in the AI Age with Mohit Saxena, the man who founded a unicorn when unicorns barely existed. This fireside chat features the Co-founder and CTO of InMobi and Glance, in conversation with Deepak Ajwani, Editor, Unravelling AI Moats for Market Leadership! An AI-focused panel featuring unicorn founders Piyush Shah, President & COO, Glance and Co-founder, InMobi, and Saahil Goel, Managing Director & CEO, Shiprocket. The grand finale fireside chat—'The Mindset of Market Makers: Lessons from Building India's First Scaled Meat Brand'. Listen to Samidha Sharma, Editor, ETTech, in conversation with Abhay Hanjura and Vivek Gupta, Founders of Licious, on leadership lessons from the trenches. What are you waiting for then? Register now before the seats are filled! Govt pushes ahead with national data centre certification The Indian government is pressing ahead with plans to roll out a national certification framework for data centres, despite industry concerns over duplication with global standards. Driving the news: Officials told ET that the Ministry of Electronics and IT (MeitY), along with Trai, TEC, and BIS, are working to establish India-specific norms for construction, operations, and security of data centres. The Standardisation Testing and Quality Certification (STQC) directorate is drafting the certification scheme, covering land use, power consumption, and security measures. Back in 2022, Trai had already recommended national-level standards, pushing BIS, TEC, and STQC to collaborate. Why it matters: Data centres are becoming critical infrastructure for AI, fintech, and cloud services. Officials argue national standards are essential for security and resilience. Between the lines: Industry players question the need for India-specific certification when international frameworks already exist. They worry that additional compliance could raise costs and slow rollout. What's next: The government is likely to finalise guidelines this fiscal. MeitY and other agencies see certification as a foundation for attracting investment, even as companies lobby for lighter-touch norms. Fintechs bet on festive revival of unsecured lending after slowdown After a year-long regulatory squeeze, fintechs and NBFCs are preparing for a rebound in unsecured lending, with the festive season expected to spark fresh demand. State of play: RBI's 2023 move to raise risk weights on unsecured loans forced banks and NBFCs to tighten credit, hitting fintechs dependent on consumer and merchant loans. BharatPe is scaling consumer lending through its NBFC, Trillionloans, and says it is ready to ramp up disbursals during festivals. Paytm reported strong Q1 growth in its lending business and expects more monetisation over the next 6–12 months. NBFCs such as L&T Finance and Poonawalla Fincorp are also seeing recovery signs in microfinance and unsecured segments. Zoom out: Credit rating agency Icra projects Rs 19–20.5 lakh crore in incremental credit expansion this fiscal, up 10.8% year-on-year. Fintechs are eyeing a significant share. The big picture: Executives believe the worst of the stress is over but caution that recovery will be gradual. Rate cuts will take time to flow through, and lenders remain wary. H2 FY26, especially Q4, is expected to be strong. Festive spending will be a critical test of whether the unsecured lending cycle has truly turned. Google slapped with $36 million fine in Australia Google has agreed to pay AU$55 million ($36 million) after Australia's competition regulator accused it of signing anticompetitive deals with Telstra and Optus. Driving the news: The deals, in place from late 2019 to March 2021, required the telcos to exclusively pre-install Google Search on Android devices, shutting out rivals. In exchange, Telstra and Optus got a share of Google's ad revenues. Regulators said the contracts 'substantially lessened competition,' reducing consumer choice. Google admitted the agreements were anticompetitive and pledged to adjust its contracts. Why it matters: The ruling highlights how Big Tech leverages default settings to cement dominance — an issue under scrutiny globally, including in the US and EU. Also Read: Meta says will appeal 'unlawful' EU fine Between the lines: The fine comes as AI-driven search reshapes competition. Regulators argue that limiting search options at a time of disruption could stifle innovation. Also Read: Apple takes fight against $587 million EU antitrust fine to court What's next: Google must comply with enforceable undertakings to remove restrictions from contracts with telcos and device makers. The case sets a precedent for how regulators may treat similar deals in other markets. Recent Big tech fines: The European Commission recently imposed fines under the Digital Markets Act earlier this year: €500 million on Apple for preventing app developers from steering users to cheaper options outside the App Store, and €200 million on Meta for forcing users to choose between personalized ads or paying for ad-free access. Both companies are challenging the rulings. Updated On Aug 18, 2025, 07:29 PM IST
&w=3840&q=100)
Business Standard
14 minutes ago
- Business Standard
Bond yields jump 10 bps on GST cut proposal, wipe out rating upgrade gains
Government bond yields surged on Monday as proposed cuts in the Goods and Services Tax (GST) revived fiscal concerns and raised fears of increased debt supply. The yield on the benchmark 10-year government bond rose by 10 basis points — its sharpest single-day rise since 6 October 2023 — to settle at 6.50 per cent, against the previous close of 6.40 per cent. The benchmark yield has risen 21 bps since the 50 bps reduction in the policy repo rate by the Reserve Bank of India's rate-setting panel on 6 June. Prime Minister Narendra Modi announced GST rate rationalisation during his Independence Day address on Friday. The government plans to scrap the 12 per cent and 28 per cent slabs and move to a two-tier GST structure of 5 per cent and 18 per cent, with a higher 40 per cent slab reserved for select sin goods. Government bonds wiped out all gains accrued on Thursday after S&P's upgrade of India's sovereign credit rating from 'BBB-' to 'BBB'. Bond markets were shut on Friday for Independence Day. 'There is fear of an increase in supply of bonds, and uncertainty in the market,' said a dealer at a state-owned bank. 'There is technical support at 6.50 per cent (yield on the benchmark 10-year bond),' he added. The new tax proposal will be placed before the GST Council for approval in its September or October meeting. 'The revenue loss to the Centre and states is estimated at ₹1.8 trillion (0.5 per cent of GDP) for 12 months. The Centre's net loss (after transfers to states) is estimated at 0.15 per cent of GDP, while the states' loss is estimated at 0.36 per cent of GDP. The relatively lower burden on the Centre is because states receive not only SGST but also 41 per cent of CGST,' IDFC First Bank said in a report. S&P's rating upgrade was based on recognition of the government's resolve to maintain fiscal discipline alongside a strong infrastructure drive. Meanwhile, the rupee appreciated by 21 paise to settle at 87.35 per dollar, compared with the previous close of 87.56, tracking equities which rose 0.84 per cent on the GST cut proposal. 'Rupee gained supported by expectations of a GST reduction likely to be announced around Diwali, with GST Council and PMO meetings lined up to provide a fiscal boost,' said Jateen Trivedi, Vice-President and Research Analyst – Commodity and Currency, LKP Securities. 'The move comes as policymakers look to cushion the economy amid lingering pressure on exports from US tariff issues. Rupee range can be seen between 87.00 and 87.75,' Trivedi added. The local currency has depreciated by 2.15 per cent in the current financial year, and by 1.99 per cent in the current calendar year. In August so far, the rupee has appreciated by 0.24 per cent.
NDTV
14 minutes ago
- NDTV
China's Wang Yi's 1st India Visit In 3 Years, 'Elephant', 'Dragon' To Dance?
New Delhi: China Foreign Minister Wang Yi met his counterpart S Jaishankar in Delhi Monday evening and will meet Prime Minister Narendra Modi later, hinting at a potential reset of fractured ties between two of the world's largest economies as they navigate being bashed by US President Donald Trump's trade tariffs. Mr Yi's visit signals the resumption of top-level Delhi-Beijing contact - this is his first visit to India in three years - a resumption to be cemented by the Prime Minister's trip August 31-September 1 trip to China's Tainjin for another meeting of the Shanghai Cooperation Organisation. Wang Yi's visit to India and the PM's China trip are significant from a border and regional security standpoint. Any peaceful resolution to long-standing disputes in Ladakh and Arunachal Pradesh, and any step towards a less geopolitically volatile Eurasia, will be widely welcomed. The Chinese minister's visit is expected to help restart not just frozen border dispute resolution mechanisms, but also more important people-to-people contact like visas and direct flights stopped in the early days of the Covid pandemic and kept on hold after the violence in Ladakh. The Tariff Background Donald Trump's tariffs had an effect the American President may not have expected. Ties between India and China, finding themselves in similar predicaments, began thawing. In March, shortly after Mr Trump doubled tariffs on China to 20 per cent, Mr Yi called on Delhi and Beijing to work together and "take the lead in opposing hegemonism and power politics". "... making the 'elephant' and 'dragon' dance together is the only right choice," the Chinese leader said then, "Supporting, instead of wearing each other down, and strengthening cooperation, instead of guarding (against) each other, is in our fundamental interests." Fast-forward five-six months. The 'elephant' and the 'dragon' haven't quite taken to the dance floor, but the intent is still there, even if the choreography has not been worked out so far. China, however, has made it clear it intends to pursue this path. In July Chinese Vice President Han Zheng said 'becoming partners that enable each other's success and achieving the "dragon-elephant tango" is the right choice for both sides. And last week the Global Times, a Chinese government mouthpiece, referred to a 'ballet dance between dragon and elephant' as it called for a joint pushback against Trump's tariffs. The bonhomie hasn't been one-sided. In March the Prime Minister spoke to US-based podcaster Lex Friedman and said normalcy had returned to the India-China border. "Our focus is to ensure these differences don't turn into disputes. Instead of discord, we emphasise dialogue, because only through dialogue can we build a stable, cooperative relationship that serves the best interests of both nations." China welcomed the statement and said again, "cooperation is the right choice." The Pakistan Angle But for complete India-China cooperation to happen, the Pakistan issue needs to be resolved. Beijing continues to back Islamabad, particularly in the context of the war on terrorism. In May, for example, it reportedly blocked a United Nations Security Council proposal to label five Pak-based Lashkar-e-Taiba and Jaish-e-Mohammad individuals as 'global terrorists'. There was also a difficult moment in a SCO summit meet in June. Defence Minister Rajnath Singh refused to sign a joint statement there because it did not mention the Pahalgam attack. Worse, the document tacitly accused India of creating unrest in Pak's Balochistan province. This was reportedly done at Pakistan's behest. For India-China ties to be reset, both the border dispute and China's continuing support of Pakistan will have to be addressed. That could take time. But, till then, cooperation on multilateral platforms like the SCO and BRICS - to offset Trump's tariffs and benefit both economies will be a step forward. Mr Jaishankar made that point in July when he was in Beijing. "Our bilateral relationship, as you have pointed out, has been steadily improving since the meeting between Prime Minister Modi and President Jinping in Kazan last October...I am confident my discussions in this visit will maintain that positive trajectory," he said in televised remarks.
