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India officially offer tax concessions Apple sought for production expansion

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Apple
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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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Indian IT companies curb H-1B premium processing

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H1-B visa premium processing

MUMBAI (Diya TV) — Indian IT services companies are not racing to use a H1-B visa premium processing option as in years past due to a changing business model and higher rejection rates.

Google announced a $1 billion commitment to help alleviate Silicon Valley’s housing crisis, saying they will add about 20,000 homes. While the housing plan is welcomed, many critics are upset that Google is able to do this because they exploit tax loopholes to shelter billions of dollars in revenue.

PG&E, the California public utility blamed for igniting several wildfires caused by downed power lines that killed dozens and destroyed thousands of homes, agreed to pay $1 billion in damages to local governments.

Laxman Narasimhan will becoming CEO of consumer goods group Reckitt Benckiser this fall.

He was Chief Commercial Officer at PepsiCo.

And India’s lunar lander will launch this July for the moon, and will launch its first mission to study the sun in 2020. ISRO is also planning to have a space station for India by 2030.

Ravi Kapur & Alejandro Quintana contributed to this report.

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Business

India blocks entry of a Palestinian rights group into the U.N.

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Modi blocks Palestinian Rights

WASHINGTON (Diya TV) — Israeli Prime Minister Benjamin Netanyahu thanked Indian Prime Minister Narendra Modi on Twitter for India’s support in blocking the entry of a Palestinian rights group into the UN.

The U.S. Chamber of Commerce’s U.S.-India Business Council held day one of the India Ideas Summit, convening government officials from the U.S. and India, as well as business executives and thought leaders from around the globe. Google CEO Sundar Pichai and NASDAQ CEO Adena Friedman won Global Leadership Awards respectively.

And U.S. Secretary of State Mike Pompeo spoke as well, highlighting what he hope to accomplish during his visit to India in a few weeks.

Warriors star forward Kevin Durant announced on Instagram he had successful Achilles tendon surgery in New York surrounded by family and friends. His team will square off against the Raptors tomorrow night for Game 6 of the NBA Finals. Diya TV will be there with pregame and postgame analysis.

And Ravi Kapur and Jonathan Choe will take you inside TD Garden in Boston where St. Louis Blues are looking for their first Stanley Cup and the Boston Bruins are looking to add to their collection.

Ravi Kapur & Alejandro Quintana contributed to this report.

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Basketball

Trump calls 50% tariffs by India on US motorcycles unacceptable

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Indian Tariffs unacceptable

WASHINGTON (Diya TV) — President Trump said though India reduced import tariffs on American motorcycles from 100 percent to 50 percent, it is still too high and not acceptable to him.

The Michigan Board of Education voted to approve new social studies standards, which now include Sikhism for the first  time. The new standards will give more than 1.4 million public school students in Michigan context about the Sikh community.

In a list compiled by the New York Times, Palo Alto Networks CEO Nikesh Arora and j2 Global CEO Vivek Shah are two of the top ten highest paid CEO’s amongst U.S. publicly traded companies.

While Arista Networks CEO Jayshree Ullal, Syntel co-founder Neerja Sethi and Confluent co-founder Neha Narkhede are among the richest self-made women according to Forbes.

And Ravi Kapur and Jonathan Choe will recap an eventful night in Toronto, where the Golden State Warriors held off the Raptors in Game 5 of the NBA Finals, after losing their star Kevin Durant to an Achilles injury.

Ravi Kapur & Alejandro Quintana contributed to this report.

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