Apple India has recorded a 60 per cent jump in iPhone production from its Indian supply chain with a turnover close to Rs 1.89 lakh crore during the financial year ended March 31, 2025, according to industry data. Of this total output, Apple exported Rs 1.5 lakh crore worth iPhones from India during 2024-25, Minister for Electronics and Information Technology (MeitY) Ashwini Vaishnaw Ashwinin Vasihnaw has stated.

Apple’s production in India is expected to accelerate further with the US-China tariff war breaking out, as a result of which the American tech giant’s exports from the communist country will take a hit. Since US duties are much lower on India-made smartphones, Apple has a distinct advantage in further expanding its production base in the country.

India’s smartphone exports crossed a staggering Rs 1.75 lakh crore ($21 billion) in 11 months of 2024-25 (April-February), which constitutes a 54 per cent jump over the corresponding figure for the same period of 2023-24, according to the India Cellular and Electronics Association. Around 70 per cent of the exports were contributed by Apple’s iPhone supply chain with Tamil Nadu-based Foxconn, accounting for close to 50 per cent of the overseas shipments.

Exports from the Foxconn factory registered an over 40 per cent jump over the same period of the previous financial year. Another 22 per cent of the exports came from iPhone vendor Tata Electronics, which has acquired the Wistron smartphone manufacturing factory in Karnataka. Another 12 per cent of the export consignments came from the Pegatron facility in Tamil Nadu, in which Tata Electronics acquired a 60 per cent stake towards the end of January. With the acquisition of the two Taiwanese companies, the Tata group has also emerged as a major producer of iPhones in the country.

South Korean tech giant Samsung contributed around 20 per cent of the total smartphone exports from India. Vaishnaw earlier said that he expected smartphone exports to reach $20 billion (Rs 1.68 lakh crore) during 2024-25, but the estimate has already been exceeded in 11 months of the current financial year.

India’s electronics goods exports, led by smartphones, have been accelerating in recent years on the back of government’s Production Linked Incentive (PLI) Scheme which has succeeded in attracting foreign tech giants such as Apple and its suppliers, looking to set up alternative supply chains outside China after the Communist country came under US sanctions.

The Centre’s production-linked incentive (PLI) scheme has boosted exports and reduced imports, as domestic production now meets 99 per cent of domestic demand. The Production Linked Scheme (PLI) for electronics manufacturing has succeeded in attracting a cumulative investment to the tune of Rs 10,213 crore till December 2024, leading to the creation of over 1.37 lakh direct jobs and boosting the country’s exports, according to information tabled in Parliament.

–IANS

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The government is poised to surpass its revised capital expenditure (capex) target of Rs 10.18 lakh crore for FY25 by a modest margin. According to an NDTV Profit report on Sunday, citing a top official, “The data received so far indicates that we are likely to exceed the revised target by a significant margin in absolute terms”. The capex target was lowered to Rs 10.18 lakh crore (revised estimates) in the Union Budget 2025-26, from Rs 11.1 lakh crore.

For current fiscal (FY26), a capex allocation of Rs 11.21 lakh crore has been set by the government. According to Union Finance Minister Nirmala Sitharaman, the Indian economy will continue to be the world’s fastest-growing economy backed by the increase in the government’s capital expenditure in the Budget for 2025-26 and rising consumption levels, especially in the rural areas. The effective capital expenditure works out to 4.3 per cent of the GDP in the Budget for 2025-26 while the fiscal deficit is 4.4 per cent. “This indicates that the government is using the entire borrowed resources for financing effective capital expenditure, creating capital assets,” she pointed out.

The Indian economy is expected to clock 6.5 per cent growth in 2025-26, driven by government investment in big infrastructure projects, and an acceleration in private investment during the year, according to the latest EY Economy Watch report. A Jefferies report said last month that there has been a significant increase in capital expenditure in India, with growth expected to continue in the coming months as several sectors witnessing strong investments.

The government’s focus on railways and road projects has helped achieve significant progress, with around 83-87 per cent of the financial year 2025 revised estimates already completed for these sectors. The government’s commitment to capital expenditure remains strong, with transfers to states rising by approximately 60 per cent.

This financial support is expected to further accelerate infrastructure projects at the state level, boosting overall economic growth. The capital outlay of the country’s top 15 states for FY26 is projected to rebound by 18 per cent (year-on-year) to Rs 7.2 lakh crore, driven by a post-election boost in capital spending, execution of infrastructure projects and continued allocation of Rs 1.50 lakh crore to states through interest-free capex loans in the Union Budget 2025-26, according to a CareEdge Ratings report.

—IANS

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The Indian rupee witnessed sharp gains on Friday at below 85 against dollar, as the dollar index and oil prices dropped sharply amid concerns over recession in the US economy after the reciprocal tariffs were announced.

It is for the first time since December 2024 when rupee traded below 85 against dollar. At the beginning of the trading session, the rupee opened at 85.04 and in the early trade, it stood at 84.99, almost 40 paise up from the previous close of 85.44.

The reason for the rise in rupee against dollar is attributed to the weakening of dollar index due to the reciprocal tariff imposed by US President Donald Trump and the fall in crude oil prices. Since Trump announced the tariffs, the dollar index, which shows the strength of the US currency against the currencies of the world’s six major currencies, has sharply declined — around 101.70. On Thursday, when the tariffs were announced, the dollar index stood at 104.

According to experts, the tariffs imposed by President Trump are more than expected, due to which there is a risk of the US economy going into recession and due to this, the dollar is becoming weak. One reason for the strength of the rupee against the dollar is the sharp decline in crude oil. Brent crude remains close to 69.64 dollar per barrel.

India imports more than 80 per cent of its crude oil requirement, so whenever the price of crude oil falls, the country save a large amount of foreign money. It helps rupees to gain against dollar. Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said there has been a sharp recovery in the rupee against the dollar.

Due to global cues and FIIs flow, the rupee can remain between 85 to 85.90 against the dollar. The performance of Indian rupee in FY25, when compared with other global currencies, was relatively stable, with a stronger dollar weighing on all major currency pairs. Towards the end of the year, a reversal in dollar strength and FPI inflows into debt supported a rally in rupee, with the domestic currency recouping as much as 2.4 per cent in a single-month alone, according to a report by Bank of Baroda (BoB).

–IANS

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As US President Donald Trump announced reciprocal tariffs on dozens of countries, including India, industry experts said on Thursday that it appears India’s export competitiveness to the US market stands far less impacted on a relative basis compared to global peers.

Tariffs unveiled by Trump would bring a major realignment in global trade and manufacturing value chains. “India has been placed somewhere in the middle of the tariff rates at 26 per cent in addition to 10 per cent baseline duties, which needs to be assessed for real impact”, said Assocham President, Sanjay Nayar.

”Net-net, it appears India’s export competitiveness to the US market stands far less impacted on a relative basis. Yet our industry should make concerted efforts to increase export efficiency and value addition, to mitigate impact of these tariffs,” he said in a statement. Since most of American trading partners have planned to levy reciprocal tariffs, no country gets a winning advantage while consumers may end up paying more leading to inflationary pressures.

“While we wait and watch for global reaction, for India, the way forward could be a quick preferential trade deal keeping in view that President Trump still respects leadership of PM Narendra Modi”, said Nayar, adding that India Inc would work closely with the government towards this matter. Arsh Mogre, an economist with PL Capital Institutional Equities Research, said the US imposition of a 26 per cent uniform tariff on Indian exports marks a significant yet strategic recalibration of trade dynamics towards bilateralism and the end of multilateralism — less an act of protectionism, more a high-stakes gambit in trade negotiations.

“While the near-term impact on India’s $75–78 billion US-bound exports is non-trivial, the disruption is sectorally uneven and contextually mitigated by India’s emergent relative tariff advantage over Asian peers,” he noted. For high-exposure verticals like textiles, footwear, and electronics, the move paradoxically enhances India’s competitiveness in a post-China+1 global sourcing landscape — where Vietnam, Cambodia, and Thailand now face 10–20 percentage-point steeper barriers. Moreover, in sectors like auto components, chemicals, and electronics, India retains cost resilience versus China, which now contends with a prohibitive 54 per cent effective tariff wall, Mogre noted.

–IANS

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Finance Minister Nirmala Sitharaman on Saturday announced a National Manufacturing Mission to further boost the ‘Make In India’ initiative across industries, as the country becomes a bright spot on the global manufacturing map. Presenting the Union Budget 2025-26, the Finance Minister said that the National Manufacturing Mission would support clean tech, and build an ecosystem for solar cells, EV batteries, and high voltage transmission equipment manufacturing at the local level.

The credit guarantee cover is to be enhanced for MSMEs to Rs 10 crore from Rs 5 crore and investment and turnover limit for classification of all MSMEs will be enhanced to 2.5 and 2 times, respectively. The government will also introduce customised credit cards with a Rs 5 lakh limit for registered MSMEs. The Finance Minister also announced Centres of Excellence in artificial intelligence (AI) for education, to be set up with a total outlay of Rs 500 crore.

The Union Budget focuses on 10 broad areas, including supporting MSMEs and promoting exports, agricultural growth and rural prosperity, manufacturing and financial inclusion, inclusive growth and development and a special focus on the poor, youth, farmers, and women. “A scheme for socio-economic upliftment of urban workers to be set up. Social Security Scheme for the welfare of online platform workers would also be set up,” said FM Sitharaman.

The government will also launch a focused product scheme for the footwear and leather sector, creating 22 lakh new jobs while generating significant exports. The Budget Session of Parliament, which commenced on Friday, will be conducted in two phases – the first started on January 31 and will conclude on February 13, while the second phase will begin on March 10 and end on April 4.

–IANS

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New Delhi, Jan 20 (IANS): India’s coffee exports have almost doubled in the last four years, reaching $1.29 billion in FY 2023-24 from $719.42 million in 2020-21, making the country the seventh-largest coffee producer globally, according to a statement released by the Commerce and Industry Ministry on Monday.

In the first half of January 2025, India exported over 9,300 tonnes of coffee with top buyers including Italy, Belgium, and Russia. The country’s coffee exports have grown significantly due to the increasing global demand for its rich and unique flavours.

Approximately three-fourths of India’s coffee production consists of Arabica and Robusta beans, which are primarily exported unroasted. However, there is a growing demand for value-added products like roasted and instant coffee, further fuelling the export boom.

Due to the rise of the cafe culture, higher disposable incomes and a growing preference for coffee over tea, coffee consumption in India is also steadily increasing.

This trend has been observed mainly in both urban and rural areas.

Domestic consumption has increased from 84,000 tonnes in 2012 to 91,000 tonnes in 2023, the statement said. This surge reflects a broader shift in drinking habits, as coffee becomes a staple in daily life.

India’s coffee is primarily grown in the ecologically rich Western and Eastern Ghats, areas famous for their biodiversity. Karnataka leads in production, contributing 248,020 MT in 2022-23, followed by Kerala and Tamil Nadu.

These areas are home to shaded plantations that not only support the coffee industry but also play a vital role in preserving the natural environment, helping to maintain the ecological balance of these biodiversity hotspots.

The Coffee Board of India has launched several important initiatives to enhance coffee production and meet growing domestic and international demand.

Through the Integrated Coffee Development Project (ICDP) the focus is on improving yields, expanding cultivation in non-traditional regions and ensuring the sustainability of coffee farming.

The statement said these measures are part of a comprehensive strategy to strengthen India’s coffee industry, increase productivity, and improve its global competitiveness.

A prime example of this success is Araku Valley, where nearly 150,000 tribal families, in collaboration with the Coffee Board and the Integrated Tribal Development Agency (ITDA), have increased coffee production by 20 percent.

This achievement is backed by Girijan Co-Operative Corporation (GCC) loans. It shows how coffee farming empowers communities and supports the vision of Aatmanirbhar Bharat.

These initiatives, combined with export incentives and logistical support, are crucial in expanding India’s coffee industry. They help improve both domestic production and global competitiveness, firmly establishing India as a leading player in the global coffee market.

Interestingly, India’s journey with coffee began centuries ago, when the legendary holy saint Baba Budan brought seven Mocha seeds to the hills of Karnataka in the 1600s.

His simple act of planting these seeds in the courtyard of his hermitage in Baba Budan Giri unknowingly set in motion the rise of India as one of the world’s prominent coffee producers.

Over the centuries, coffee cultivation in India has evolved from a humble practice to a thriving industry, and the country’s coffee is now widely loved worldwide.

–IANS

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Between 1765 and 1900, the richest 10 per cent in the UK extracted wealth from India alone worth US$33.8 trillion in today’s money — enough to carpet the surface area of London in the 50-pound notes almost four times over, an Oxfam global report said on Monday.

According to authors Utsa Patnaik and Prabha Patnaik, of the US$64.82 trillion extracted from India by the UK over a century of colonialism, US$33.8 trillion went to the richest 10 per cent. In the UK, a significant number of the richest people today can trace their family wealth back to slavery and colonialism, specifically the compensation paid to rich enslavers when slavery was abolished, the report stressed.

“The modern multinational corporation is a creation of colonialism. It was pioneered by such corporations as the East India Company, which became a law unto itself and was responsible for many colonial crimes,” said the Oxfam report.

In 1750, the Indian subcontinent accounted for approximately 25 per cent of global industrial output. However, by 1900, this figure had precipitously declined to a mere 2 per cent.

“This dramatic reduction can be attributed to Britain’s implementation of stringent protectionist policies against Asian textiles, which systematically undermined India’s industrial growth potential. US$64.82 trillion was drained from India by Britain over 200 years,” the report’s findings showed. In 2024, globally total billionaire wealth increased by $2 trillion, with 204 new billionaires created. This is an average of almost four new billionaires per week.

“Total billionaire wealth grew three times faster in 2024 than in 2023. Each billionaire saw their fortunes grow by $ 2 million a day on average. For the richest 10 billionaires their fortunes grew by US$100 million a day on average,” the report showed. Last year, Oxfam forecasted a trillionaire within a decade. If current trends continue, there will now be five trillionaires within a decade, it added.

–IANS

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A report released on Wednesday showed that thematic funds witnessed a remarkable 488 percent growth in net collections last year, as sectoral and thematic funds reached Rs. 1,09,711 crore in collection (34 percent of total net collections).

Of the total net collection in sectoral and thematic funds last year, manufacturing, infrastructure and energy together contributed 56 per cent, followed by 9 per cent by FMCG, 6 per cent in Business Cycle and 5 per cent in PSU, according to the report by Ventura Securities. Under sectorial and thematic schemes, Business Cycle Funds net collection stood at Rs 6,841 crore in 2024 from Rs 103 crore in 2023. Energy sector collected Rs 23,964 crore in 2024 compared to Rs 470 crore in 2023.

The net collections under large caps stood at Rs 17,404 crore last year compared to Rs -3,768 crore in 2023. Net collections under multi caps and Flexicap stood at Rs 37,649 crore and Rs 36,231 crore, respectively, in CY 2024.

The net collections under small caps dipped to Rs 29,555 crore in 2024 compared to Rs 45,270 crore in 2023, the report noted. Domestic institutional investors (DIIs) recorded a net equity inflow of Rs 5.27 lakh crore, with October seeing the highest inflow of Rs 1.07 lakh crore. DII net equity inflows nearly tripled compared to 2023.

Despite FIIs’ high outflow in October, DIIs helped balance the situation with their record equity inflow for the month, according to the report. “All categories achieved double-digit, positive returns for the second consecutive year. Pharma topped the list with a 40.5 per cent return, whereas Banking and Financial Services had the lowest at 11.5 per cent,” the report mentioned.

The investment field in 2024 reflected an evolving market sentiment, marked by a rise in thematic investments, contrasting FII and DII flows, and remarkable sectoral shifts.

—IANS

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The Indian economy is projected to grow at a robust 6.8 per cent in the financial year 2025-26, driven by strong high-frequency indicators, according to a Bank of Baroda forecast.

The report expects nominal GDP growth to be around 10.5 per cent during the next financial year. It highlights that key indicators of this growth include robust air passenger traffic, a rise in services PMI, and increased GST collections.

Additionally, higher rabi crop sowing is expected to boost agricultural growth, providing a stable foundation for the economy. The report highlighted that the Indian economy has shown resilience, driven by strong festive demand and steady improvement in economic activity.

This resilience is reflected in high-frequency indicators that have shown a significant uptick in the third quarter of FY25. The report states that while there has been a slowdown in 2024-25, on the bright side both private and government consumption is expected to register a strong growth of 7.3 per cent (4 per cent in FY24) and 4.1 per cent (2.5 per cent in FY24) respectively in FY25.

Furthermore, in a positive surprise, the export growth is likely to register a strong growth of 5.9 per cent against a growth of 2.6 per cent in FY24. It also highlights that government expenditure is expected to pick momentum in the second half of 2024-25 which will emerge as a driver of growth. Besides, the report is bullish about the higher growth in the agricultural sector.

However, the report cautions about downside risks due to global headwinds. Among these, the threat of a tariff war looms large as the incoming US administration under President Trump may impose protectionist trade policies. Such measures could disrupt global trade and potentially trigger retaliatory actions, posing risks to global economic stability.

It said, “A range of economic and strategic risk prevails post the imposition of the tariff policies by the incoming US President Mr Trump. This could be a far-reaching impact on global trade”. Domestically, the focus will shift to key economic events, including the Union Budget, corporate performance in the third and fourth quarters, and the Reserve Bank of India’s monetary policy decisions, the report added.

–IANS

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India’s job market continues to boom, with a massive 4.67 crore jobs added in the last fiscal year and robust growth evident in the formal and informal sectors in the current financial year 2024-25. This strong employment generation is reflected in double-digit growth in the unincorporated sector and significant enrollment increases across key social security schemes like EPF and ESIC.

While a massive 4.67 crore additional jobs were created in the Indian economy in the financial year ended March 2024, the fast pace of employment generation has continued into 2024-25 in both the formal and informal sectors, official data shows.

The total estimated employment in India’s Unincorporated Sector recorded a double-digit growth of 10.01 per cent during October 2023–September 2024, compared to the same period of the previous year, according to the annual survey of the Ministry of Statistics released on Thursday.

The Annual Survey of Unincorporated Sector Enterprises (ASUSE) shows that among the broad sectors covered, the number of establishments in the “Other Services” employed more than 12 crore additional workers between October 2023 and September 2024, marking an increase of more than one crore workers from 2022-23 and reflecting robust labour market growth.

Among the broad activities, the “Other Services” sector showed the highest annual growth of 17.86 per cent, followed by 10.03 per cent in the manufacturing sector. The unincorporated non-agricultural sector plays an important role in the Indian economy contributing significantly to employment, Gross Domestic Product, and the overall socio-economic landscape.

This sector sustains millions of livelihoods and acts as a backbone for the incorporated sector by supplying goods and services, reinforcing its role in the domestic value chain. Similarly, India’s employment in the formal sector, which offers better quality jobs, has kept up its growth momentum during the first half of the current financial year with an increase in new additions across the three social security schemes compared to the same period last year, according to official figures released in November.

New enrolments to the Employees’ Provident Fund scheme, which applies to larger organisations and better-paid employees, increased by 2.3 per cent to 6.1 million in the first half of 2024-25 (April-September), compared to the same period of the previous year. New subscriptions to Employees’ State Insurance Corporation, which applies to smaller organisations, grew faster at 5.2 per cent with 9.3 million additions during the first half of the current financial year.

Similarly, subscriptions to the National Pension System were 6.8 percent higher, reflecting the rising number of employees entering better job streams. The Finance Ministry’s latest monthly economic review also observed this improvement in job quality.

–IANS

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