LG Electronics said the latest investment is also in line with its long-term strategy to transition from a hardware-centric to a software-oriented company, following its exit from the mobile phone manufacturing business in 2021.
“It is believed that the doubling of India’s GDP from the current $3.7 trillion to $7 trillion by 2030 will be led by growth in the digital sector and trade. In both these areas, electronics manufacturing led by mobile production will play a critical role”, said Pankaj Mohindroo, chairman, ICEA.
The conglomerate has taken bets for the future - be it Air India or its electronics and semiconductor play, Chandrasekaran said while delivering the 20th Anantharamakrishnan memorial lecture on "India's Leadership in a Pivotal Decade" after being conferred with the MMA-Amalgamations Business Leadership Award 2023. He did not elaborate on plans for the semiconductor fab unit.
India is gaining market share in electronics exports, particularly in the UK and US. The government offers incentives to attract manufacturers, and companies like Samsung and Apple have manufacturing operations in India. This supports Prime Minister Narendra Modi's 'Make in India' plan.
"Component manufacturers have started shifting to our country. A lot of electronics and semiconductor design work has kicked-off. All this will ensure that India becomes a trusted partner in the global value chain (GVC) in a short span of time," Vaishnaw told the gathering.
Industry data showed iPhones were the single largest contributor to the surge in both electronics and mobile exports this fiscal. iPhone exports, which crossed $7 billion in December 2023, constituted 35% of total electronics exports and a whopping 70% of the country's total mobile exports in the nine months ended December.
"The voluntary adoption of parallel testing not only streamlines the compliance process for manufacturers but also significantly accelerates the go-to-market strategy compared to the traditional sequential testing methodology," Suhail Zaidi, director general of industry body MAIT said.
Samsung Elec family shares block sale seen at $1.66 billion. The mother and two sisters of Samsung Electronics Chairman Jay Y. Lee plan to sell shares in the tech giant in a block deal seen worth about 2.19 trillion won ($1.66 billion), South Korean newspapers reported on Wednesday. Goldman Sachs, Citibank, UBS and JP Morgan are involved in the deal, which is for the family members to raise funds to pay in instalments the billions of dollars in inheritance tax incurred after Samsung patriarch Lee Kun-hee died in 2020.
India is at the forefront of enabling a new era of processor innovation with our own indigenous Digital India RISC-V (DIR-V) Program. RISC-V is a free and open Instruction Set Architecture (ISA) which could be used by startups and entrepreneurs across the world to build their own products and devices.
Former Infosys CEO N R Narayana Murthy had recently advocated for a 70-hour work week, drawing reactions from across the spectrum. "If somebody is spending 70 hours (in office), they are going beyond 9 hours. There is a fundamental disconnect, when you are an employee labour law allows you to work 9 hours," Vice President and Business Head for TeamLease Degree Apprenticeship Dhriti Prasanna Mahanta said.
Foxconn -- also known by its official name Hon Hai Precision Industry -- is the world's biggest contract electronics manufacturer and assembles devices for many companies, most notably Apple's iPhones.
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