- Tuesday, March 04, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Tuesday, February 14, 2023:
The government of the southern Indian state of Tamil Nadu on Tuesday unveiled its electric vehicle (EV) policy 2023 which aims to garner investments to the tune of Rs 50,000 crore (£4.94 billion) and generate 1.5 lakh (0.15 million) jobs, in a boost to the EV industry, PTI reported. State chief minister M K Stalin formally released the new policy in the presence of government officials at the Secretariat in state capital Chennai. The policy was launched in the backdrop of the government expecting battery operated vehicles to play a crucial role in the electrification of last mile connectivity.
Apple Inc is experiencing challenges as it tries to increase production in India, the Financial Times reported on Tuesday, citing sources familiar with the iPhone manufacturer’s operations, according to Reuters. The California-based company has been shifting production from China after the country’s strict Covid-19-related restrictions dented supply chains across industries and as trade and geopolitical tensions between Beijing and Washington grew. At a casings factory in southern India operated by Tata Group, only about half of the components from the production line are in good enough shape to be sent to Apple’s supplier Foxconn, FT reported, citing an informed source. This 50 per cent ‘yield’ does not meet Apple’s goal for zero defects, the FT report said, adding that the company’s expansion in India has been slow due to factors such as challenges in logistics, tariffs and infrastructure.
Tata Boeing Aerospace Limited (TBAL) on Tuesday said it has shipped the first vertical fin structure for the Boeing 737 aircraft from its state-of-the-art facility in Hyderabad in the southern state of Telangana, PTI reported. The vertical fin will be delivered to the Boeing manufacturing facility in Renton, WA, for integration into the final Boeing 737 aircraft, a Tata Advanced Systems Limited (TASL) statement said. In 2021, TBAL added a new production line to manufacture vertical fin structures for the 737 family of airplanes.
Boeing forecasts India’s long-term air passenger growth rate of nearly seven per cent annually through 2041, ANI reported. The global aviation company on Tuesday unveiled its 2022 Commercial Market Outlook for India. Largely driven by the strength of the domestic market, which has recovered to 98 per cent of pre-pandemic levels, Boeing said India’s air traffic has transitioned from recovery to growth. “As a result, Indian airlines will add 7 per cent more supply in the first half of 2023, compared to 2019,” it said in a release. “Due to the rapid growth of its domestic traffic, Boeing forecasts that 90 per cent of new airplane deliveries to India will be for single-aisle airplanes like the 737 MAX over the next 20 years,” it added.
Thales and Bharat Dynamics Limited (BDL) will be signing a Memorandum of Understanding for setting up manufacturing facilities in India for precision-strike 70mm laser guided rockets (FZ275 LGR), PTI reported. Through the agreement, BDL will become a part of the FZ275 LGR global supply chain, providing the opportunity for export of Indian manufactured components to existing and future 70mm laser guided rockets customers, a joint statement said on Tuesday. This agreement will also provide the opportunity for BDL to offer a ‘Make in India’ 70mm laser guided rocket solution for the existing helicopter fleet of Advanced Light Helicopters (WSI) and Light Combat Helicopters of the Indian government, it said.
