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India officially offer tax concessions Apple sought for production expansion

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Apple
Apple

Apple have been granted some of the tax concessions the company sought to expand operations into India.

SAN FRANCISCO (Diya TV) — India have officially offered to allow Apple Computer to import mobile handset components intended for use in local manufacturing tax free, a top government official said on Tuesday.

The tax concessions, however, will be subject to the condition of increasing local value addition over a period of time.

Apple are seeking to expand its contract manufacturer’s facility in the southern Indian tech hub of Bengaluru, a federal minister said on Tuesday. The company, which manufactures the iPhone, are ultimately seeking a larger share in one of the world’s largest and most rapidly developing smartphone markets. Apple sold more than 50 million iPhones in the March quarter, down 1 percent year-on-year, are looking for newer markets as its sales in China have weakened.

The California-based company just last week started manufacturing versions of its iPhone SE at its Taiwanese contract manufacturer Wistron’s plant in Bengaluru.

Among a set of tax concessions, Apple had initially sought a 15-year tax holiday for all components that it would import for setting up a manufacturing facility in India.

An Indian panel of ministries rejected that request, instead offering a phased program to increase the share of local production in the manufacturing, Aruna Sundararajan, Secretary at the Ministry of Electronics and IT said.

“We have offered them tax exemptions on those components which could not be manufactured in India,” Sundararajan told Reuters, saying in addition that the local manufacturing of components would be required to increase gradually.

Apple have agreed to increase its local share of production over a period of time, but the two sides had a difference in opinion of scheduling in that regard, Sundararajan said. India wants Apple to raise value addition share in phases of 3, 5, 7 and 10 years as the local capacity builds up, part of Prime Minister Narendra Modi’s plans to boost manufacturing.

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New Zealand eliminates India in cricket World Cup

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New Zealand wins Cricket

MANCHESTER, England (Diya TV) — After a rain delay stopped play between New Zealand and India, when play resumed, the Kiwis held on to win by 18 runs, knocking India out of the Cricket World Cup. It’s on to the championship round for New Zealand.

The United States Immigration and Customs Enforcement (ICE) raided an Indian restaurant in Washington DC, detaining several employees.

Airbnb, the Silicon Valley couchsurfing startup turned hospitality behemoth, says they made a direct economic impact of around $150 million in India in 2018.

Indian Airbnb hosts collectively made almost $28 million and welcomed nearly 800,000 guests last year. 

Chennai-based speech recognition startup, Uniphore Software Systems, raised $38 million as part of its Series C round. They’ve received funding from California venture capital firm March Capital Partners and former Cisco CEO John Chambers. 

And Indo-Australian Priya Serrao was crowned Miss Universe Australia 2019.

The 26-year-old policy advisor from the state of Victoria said she will use her new platform to promote multiculturalism. 

Ravi Kapur contributed to this report.

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Trump says tariffs by India are ‘No longer acceptable’

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Tariffs no longer acceptable

WASHINGTON (Diya TV) — In a tweet, President Trump targeted India once again, saying “India has long had a field day putting Tariffs on American products. No longer acceptable.”

Yet earlier this year, the Trump administration stripped India of a preferential status that exempted billions of dollars worth of products from U.S. levies.

One of the most unique characters ever to run for President has died. Billionaire businessman Ross Perot was 89. Many give his independent campaign in 1992 credit for helping Bill Clinton beat incumbent George H.W. Bush.

A day after Democratic Congressman Eric Swalwell got out of the race, another billionaire businessman, Tom Steyer, jumped into the Presidential fray.

India’s OlaCabs recently launched its ride-sharing services in London. And now Ola Electric, their electric vehicle spinoff, just raised a $250 million Series B round at a $1 billion valuation. It plans to bring 10,000 vehicles to the road this year.

And the world will have to wait another day to find out who will play for the Cricket World Cup, after a rain delay stopped play between New Zealand and India.

Ravi Kapur contributed to this report.

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Trump meets Modi & Abe in Japan

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OSAKA, Japan (Diya TV) — President Donald Trump held a trilateral meeting with Indian Prime Minister Narendra Modi and Japanese Prime Minister Shinzo Abe. According to Ivanka Trump, the conversation encompassed 5G technology, working through details on trade and ongoing national security interests for each party.

From Japan, President Trump went to South Korea and entered the demilitarized zone between South Korea and North Korea. He then walked into North Korea to meet with Chairman Kim Jong Un, becoming the first sitting President to ever to enter North Korea.

Silicon Valley startup Fungible announced they’ve raised $200 million from a group of investors including Softbank, taking their total raise to $300 million. A leader in data-centric computing, Fungible is led by CEO Pradeep Sindhu, who previously founded Juniper Networks.

The NBA free agency signing period kicked off with a bombshell: Kevin Durant is leaving behind the team he won two championships with, The Golden State Warriors, for the upstart Brooklyn Nets. Kyrie Irving will join him there. The Warriors traded for the Nets player most impacted by those deals, D’Angelo Russell.

And England beat India by 31 runs in the Cricket World Cup, giving Team India its first loss of the Cup. India will face Bangladesh next.

Ravi Kapur contributed to this report.

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