Indian woman footballer Soumya undergoes surgery after nasal bone fracture in Timor-Leste match
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Time of India
an hour ago
- Time of India
‘Building electronics capabilities in a sustained way': Ashwini Vaishnaw downplays China dependence; says India to hit 38% value add in 5 years
Union minister Ashwini Vaishnaw (Image credits: ANI) India is steadily building its electronics manufacturing capabilities and is on course to achieve a value addition of 38%, comparable to China's, within the next five years, Union minister for electronics and IT, railways and information & broadcasting Ashwini Vaishnaw said on Thursday. During an ET roundtable, Vaishnaw said the country is developing its electronics ecosystem in a 'very methodical and sustained way.' Currently, India has surpassed the 20% value addition mark within six to seven years, and aims to cross 30% in the next two to three years. He was responding to questions on recent reports that Apple supplier Foxconn has recalled over 300 Chinese engineers from its iPhone production facilities in India. 'De-risking' supply chains & a $145 billion electronics sector According to a Bloomberg report quoted by ET, the move, allegedly driven by Chinese government directives to restrict talent outflow, may impact assembly line efficiency and delay the training of local Indian workers. Vaishnaw, however, said India is focused on 'de-risking' by developing local skills and supply chains. 'Which is what we are doing,' he said. The minister downplayed India's dependence on Chinese personnel, noting that countries like Taiwan, the US and South Korea are contributing to the growth of India's manufacturing ecosystem alongside Indian engineers. India's electronics sector is currently valued at around $145 billion and is growing at a compound annual growth rate (CAGR) of 20%. The government is backing this expansion through key initiatives such as the Rs 76,000 crore India semiconductor mission and the Rs 23,000 crore components incentive programme launched earlier this year. Vaishnaw also pointed to major developments in the sector, including Tata Electronics' upcoming chip assembly plant in Assam, which will cater to global telecom manufacturers, and the Micron facility in Gujarat, which will supply memory chips. Additionally, a power electronics manufacturing unit by CG in Gujarat is also in the pipeline. Highlighting the importance of self-reliance in electronics, Vaishnaw said India must build capabilities in 'every machine, every component' to withstand geopolitical uncertainties. 'We must go into every part of it and start manufacturing them,' he said Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
an hour ago
- Time of India
'Partner can't add much in that situation': Emirates redirects growth strategy away from India- explained
Representative image Emirates is shifting its strategic focus away from India due to long standing bilateral restrictions that have prevented the airline from expanding its operations in the country. Adnan Kazim, deputy president and chief commercial officer of Emirates, told ET that India, once among the airline's top five global markets, has now slipped to the top 10. The main reason, he said, is the cap on seat entitlements under the current air services agreement between India and Dubai. As per the agreement, UAE carriers, including Emirates, are allowed a total of 65,000 weekly seats to India, with a reciprocal limit for Indian carriers flying to Dubai. These limits have remained unchanged for over a decade despite a sharp increase in outbound travel from India. "All 171 weekly frequencies we operate to India are flying above 95% seat factor," said Kazim as per ET. "We're spilling traffic. The demand far exceeds the supply." Due to the inability to expand in India, Emirates is redirecting its growth to other regions. "We've been growing consistently, year after year, by at least 3-5%," Kazim said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo "But we've not been able to add a single seat to India since 2014-nearly 11 years.' Emirates has since increased capacity and added destinations in Asia, the Americas, Europe, Africa, and the Middle East. "That could've been India playing that role... but it's not the case," Kazim noted. He said Emirates remains open to partnerships with Indian carriers, but such tie-ups offer limited value unless seat entitlements are increased."Flights are already full. A partner cannot add much in that situation." he explained. Kazim also expressed interest in expanding into Tier 2 Indian cities. However, those plans are on hold due to the same restrictions. Pointing to the potential of the Indian market, Kazim highlighted the relatively low international travel volumes. 'You're moving about 120 million international passengers with a population of 1.5 billion. That number should be much higher." he said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
2 hours ago
- Economic Times
HDFC Bank Q1 update: Advances grow 7%, deposits rise 16% YoY
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