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Boult Wearables: Boult, a domestic wearables brand, expects its dependence on the Chinese supply chain to decline as component manufacturing in India picks up, with local value addition around 15% compared to zero in early 2022. The government's Make-in-India initiative encourages domestic manufacturing of electronics components, with import duty on wearables and batteries reduced to 5-15%.
Brands like Apple have been exporting products such as mobile phones from India but that's from plants set up by its global manufacturing partners, such as Foxconn and Flex. Samsung and LG, meanwhile, have set up their own factories for exports. This is the first time global brands, including Chinese-owned ones such as Xiaomi, are looking at exports from Indian contract manufacturers, executives said.
China: Brands like Apple have been exporting products such as mobile phones from India but that's from plants set up by its global manufacturing partners, such as Foxconn and Flex. Samsung and LG, meanwhile, have set up their own factories for exports. This is the first time global brands, including Chinese-owned ones such as Xiaomi, are looking at exports from Indian contract manufacturers, executives said.
PLI Scheme For Batteries: With India's commitment towards renewable energy and achieving net-zero by 2070, energy storage is expected to play a crucial role in the overall energy ecosystem. Union Minister of Power, New & Renewable Energy said the government is considering to introduce another production-linked incentive (PLI) scheme for batteries. When applicable, this would be in addition to the PLI scheme for manufacturing advanced chemistry cell (ACC) batteries that was approved by the central government in May 2021.
Alan Kwadwo Kyerematen, a former Minister of Trade and Industry has resigned from the governing New Patriotic Party (NPP) and has also declared that he will contest the upcoming 2024 presidential election as an independent candidate.