Pankaj Mohindroo, president  of  the Indian  Cellular and Electronics Association  (ICEA), said this was due to the “exceptional” contribution of mobile phones.  

 India’s electronics manufacturing sector is  expected  to grow  15%  to  $115  billion  by 2024 as businesses continue  to focus more on higher  value addition in terms of components and  product development. Products.  

  Mobile phone production,  the country’s  leading  electronics  manufacturing model,  is expected to  exceed $50  billion by March  2024, up  from  about $42  billion  the previous  fiscal  year. 

  Manufacturing of  Google’s Pixel  smartphones  in India from  Q1  2024 will  complement  the  industrial  presence of all  major  global  companies  in the country. 

  Pankaj Mohindroo, Chairman, Indian  Cellular  Electronics  and Electronics Association  (ICEA),  said  that  the total  electronic  product output  in the financial year 2023-24 is estimated  at  USD 115 billion,  supported  by  special contributions from  mobile phones,  is  expected  to exceed  $50 billion.  in the current  financial year.  According to data shared by the government, domestic electronics  production has  increased  more than four times  to ₹8.22 lakh crore or  ₹102  billion in the last 10 years from ₹1,80,454 crore  ($29.8  billion) in  the last fiscal year. main 2014.  

 Mohindroo said  mobile phone exports are expected  to reach $15  billion in  fiscal 2024, up 35% from  the last  fiscal year.  

 ICEA estimates  mobile phone exports  crossed $9  billion  between April and November  this fiscal  year,  compared  with $6.2  billion  in  the same period last year. 

  As domestic  electronics manufacturing  increased  in  both  value and volume, former RBI Chairman Raghuram Rajan  sparked  a debate by questioning the  extent  of  domestic  value  addition.  

 Rajan’s  remarks drew  criticism from Union ministers Ashwini Vaishnaw and Rajeev Chandrasekhar.  Vaishnaw, in a veiled attack on Rajan, had said that he  had  joined the opposition and  that  the industry  had  ignored  opposition  criticism  by  reaching  new heights in  the production of  complex  technological  products.  

 He also said that  the domestic  value  added of  many  electronic  products has increased  by 60% and expected India  to  become a significant  exporter  of components  in the next  3  to  4  years. 

 With a strong focus on  intensive  manufacturing and  higher levels  of localisation, Mohindroo said the mobile  industry has also been able to achieve a  near self-sustainable status in terms  of  PCBA (circuit board assembly). printed circuits),  chargers,  batteries  and cables, among others.  others.  

 In  the  race to build a semiconductor ecosystem, the government  has achieved  its first breakthrough with  global memory chip maker  Micron’s $2.75 billion project  to  create  an assembly and  Test domestic  memory chip modules  with  70% tax revenue. government support.  

 However, the sudden  dissolution  of the Vedanta-Foxconn joint venture  because of the  semiconductor  factory project  was unexpected.  Now,  the two units  are  working  separately  to  create  a semiconductor  factory.  

 According to  the  official  announcement,  Tata Electronics, Foxconn and HCL Group have  applied  to  establish  chip  factories.  Chips are the most  important and  expensive  components needed to create  modern electronic devices. 

  Anku Jain, managing director of  chipset company  Fabless  MediaTek  India,  said  his company  designs  chipsets and  will explore options to source  locally manufactured  chipsets, depending on the business  case. business,  when semiconductor  factories will be  established. 

  “Overall,  we are  optimistic  about  establishing  the  entire  ecosystem  in India.  In the future,  more and more  of  these pieces  will come from  India,”  Jain said. 

  Electronic component manufacturers association  ELCINA estimates  India’s electronic components  manufacturing base  is  worth more than $11 billion,  while demand  exceeds $40  billion.  

 ELCINA Secretary General Rajoo Goel said India needs a special  program  for the  remaining  components to complete the ecosystem. 

  “The  PLI (Production Linked Incentive) schemes announced so far to support component manufacturing have not been successful  because  they  were  not designed for value-added manufacturing. Component manufacturing requires a very high capital investment ratio  of  1:1  to  1:3  compared to a  ratio of 1:10 or more for equipment manufacturing, which mainly  includes  assembly,  testing  and  packaging,”  he said.  

 Consultancy Techarc’s Chief Analyst Faisal Kawoosa said that value addition in mobile devices has picked up from 5-6 per cent earlier to up to 28 per cent, and there is a need to give a push to design in India products to enhance value addition. 

  According to the telecom PLI scheme beneficiary GX Telecom, the industry in India emphasises localisation, with some components and PCBA designs already being produced in India.  

 “We are increasing our investment plans to ensure localisation of the value chain with USD 60 million ( ₹500 crore), supported by the surge in domestic market demand and aligning with new technology trends,” GX Group CEO Paritosh Prajapati said. 

  State-owned telecom research arm Centre for Development of Telematics (C-DoT) CEO Rajkumar Upadhyay said the Centre’s effort to push local product development and design has started bearing fruit now. 

  He said the government has supported several startups through the Telecom Technology Development Fund that are now contributing to the development of 4G, 5G and even 6G technology domestically. 

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As we welcome  the new year  2024,  the  new  regulations will  come into effect  from  the first  of the month.  Some  changes will  take  effect. Since these changes will  impact  you directly, it’s essential  to know  what  rules will be  in place  on the first day of the month. 

  Below is an overview of the  changes  effective  January 1, 2024 

 1)  UPI  ID is not working 

 The National Payments Corporation of India  (NPCI),  in  its November  7  circular,  asked payment apps and banks to deactivate  IDs and  UPI  numbers that have  been  inactive  for more than  a  year. Every bank and third-party app  must respect them until December 31.  2) Bank locker agreement 

 According to the Reserve Bank of India (RBI),  the  new  safe deposit  box rules  require customers to sign a new agreement with their  bank. Guests  are only allowed to use the  lockers after paying  the  rental fee.  The deadline for  implementing  the agreement is December 31, 2023. 

  3)  Late RTI  filing deadline 

 The  deadline for filing  penalty  tax returns  for the  financial  year 2022-23 is also approaching  December 31, 2023.  As per section  234F of the Income Tax Act, individuals who fail to file their  tax  returns  by  the due date will be  liable  to  pay  late  fees . .  For those who  miss  the deadline, the  fine  is  5,000 yen.  However, taxpayers whose total income remains below ₹5 lakh will only have to pay a  penalty  reduced  to  ₹1,000.  

 4) No  paper  KYC for SIM cards 

 Mobile phone users will be able to get new SIM cards without filling  a  paper  form  on the first day of 2024. According to a notification  from the  Department of Telecommunications (DoT), the  know-your-customer (KYC) process  on Paper  will be  removed  from January  1st. “In view of  various amendments/changes made  to  the existing KYC framework from time to time,  the authority  has  decided  that the use of  paper-based  KYC  process  as  provided  in  the  instructions dated  08.09. 2012, will cease operations effective January 1, 2024,”  the  announcement said. 

 5)  Car  prices  increase  

 Several  Indian automakers,  including Maruti Suzuki, Mahindra &  Mahindra  and Audi India, have announced plans to increase  prices of their passenger vehicles  by  January  2024. 

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Larsen and Toubro was issued the Letter of Acceptance on Saturday for the design and construction of an elevated viaduct including associated works between Heelalige and Rajanukunte of Corridor-4 of the Bengaluru Suburban Rail project, officials said.

The contract price is Rs 1,040.51 crore including GST and the contract period is 30 months. The physical work is expected to commence shortly, they said.

In a statement, Karnataka’s Rail Infrastructure Development Company (K-RIDE) said, “Larsen and Toubro has been issued the Letter of Acceptance today for the design and construction of elevated viaduct of length 8.960 km and At-Grade of length 37.920 km (excluding station buildings) including associated works between Heelalige and Rajanukunte, on EPC (Engineering, Procurement and Construction) mode, in Corridor-4 or ‘Kanaka’ line of Bengaluru Suburban Railway Project (BSRP).” This contract also includes construction of a double decker alignment of 1.2 km length for BSRP Corridor-1 and Corridor-4 near Yelahanka, construction of a BSRP elevated viaduct of length 500 m below BMRCL (Bangalore Metro Rail Corporation Limited) viaduct near Benniganahalli, duly sharing right of way between BSRP and BMRCL. This is first of its kind in India, it said.

“Previously, the work of Corridor-2 (Chillabanawara to Baiyappanahalli for 25.2 km) was also awarded to L&T and the construction activities are going on in full swing. With the current tender award, total length of 72.08 km of civil work (elevated and at-grade for BSRP has been awarded, which is around 50 per cent of BSRP total project alignment. Corridor 2 and 4 were the phase-1 priority corridors as fixed by Government of Karnataka,” K-RIDE said.

Meanwhile, the tender for Corridor-1 and Corridor-3 will also be invited shortly, it added.

South Western Railways is in the advance stage of handing over the Railway land (115.5 acres) to Corridor-4 and is expected soon, the statement added.

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According to the latest data released by the Reserve Bank of India,  India’s foreign exchange reserves increased by USD 4.471 billion to USD 620.441 billion in the week  ended  December 22, 2023,  reaching  a 21-month  high . In calendar year 2023, the RBI added about $58 billion to its foreign exchange fund. 

 New Delhi [India], December 31: 

 According to  the latest data released by the Reserve Bank of  India,  India’s foreign exchange reserves increased by USD 4.471 billion to USD 620.441 billion in the week  ended  December 22, 2023,  reaching  a 21-month  high .  In  calendar year 2023, the RBI added about  $58  billion to its foreign exchange  fund.  

 Last week, India’s foreign  exchange  assets (FCA), the  largest  component of  foreign exchange  reserves,  increased by $4.698  billion to  $549.747  billion,  according to  the central bank’s weekly statistical  data.  In 2022, India’s  foreign exchange currency fell by a total of $71 billion.  

  However, gold  reserves during the  week decreased  by  102 million  USD  to  474.74  billion USD.  

  Foreign exchange  reserves, or foreign exchange reserves  (foreign exchange  reserves), are assets  held by a  country’s  central bank or monetary authority. 

  It is  typically  held in reserve currencies,  typically  the US  dollar and  to a lesser  extent  the Euro, Japanese  Yen  and  British Pound.  

 Before last  week ending  December 15, India’s foreign exchange reserves increased by  $9.112  billion to  $615.971  billion.  In October 2021, the country’s foreign exchange reserves  reached  an all-time high of about  $645  billion. Much of the decline,  although not significant  on a cumulative basis, since then can be attributed to  rising prices  of imported goods in 2022. 

  Furthermore,  the relative  decline  in  foreign exchange  reserves  is  largely due to the RBI’s  occasional intervention  in the market to  hedge  the subsequent depreciation  of  the rupee against  the appreciation of the  US dollar. 

  In general,  the  RBI sometimes  intervenes in the market through liquidity management, including  selling  dollars, to avoid sharp depreciation  of  the rupee.  

 The RBI closely monitors the foreign exchange  market  and intervenes only to maintain orderly market conditions by  preventing  excessive volatility in  exchange  rates  without reference to  an established  target level or band.  Predefined.

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