Page 14 - BANKING FINANCE APRIL 2024

ROUNDUP

nity-first approach, involving locals to billion or around Rs. 41,000 crore as of 13 with the aim of helping one crore
learn more about and be a part of the January 2024 compared to that in Janu- households set up rooftop solar plants
project. ary 2022, according to equity transac- and get upto 300 units of power free

The company said the 40 GWh factory tions carried out by its U.S.-based par- every month.
ent firm Walmart.
is set to contribute almost half of the While registrations have been "pouring
projected battery manufacturing ca- The valuation of the e-commerce firm in" from all parts of the nation, Assam,
pacity required for the UK automotive declined to $35 billion as of January 31, Bihar, Gujarat, Maharashtra, Odisha,
sector by the early 2030s. 2024, from $40 billion in the financial Tamil Nadu and UP have seen over five
"Our multi-billion-pound investment will year ended on January 31, 2022, as per lakh applications each, Modi said in
bring state-of-the-art technology to Walmart's change in equity structure social media post, describing this as an
Somerset, helping to supercharge in Flipkart. "outstanding news".
Britain's transition to electric mobility
whilst creating thousands of jobs in the Hire apprentices: Govt no- Atmanirbhar Bharat: De-
process, said Tom Flack, CEO of Agratas. tice to 180,000 firms fence production to hit Rs.

Electronics exports grow The Ministry of Skill Development and 3 lakh crore by FY 29
Entrepreneurship last week sent no-
at record 22% tices to nearly 180,000 companies, The annual defence production is ex-
pected to touch Rs. 3 lakh crore from
India's electronics exports grew at a asking them to comply with NO 19113 Rs. 16,000 crore now, and defence
record 22.24% to cross the $20 billion the provisions of the Apprenticeship exports Rs. 50,000 crore by 2028-29,
mark in the first nine months of FY24, Act and hire the mandated number of Defence Minister Rajnath Singh said
propelled by booming smartphone apprentices. while insisting that the new-found
shipments, spearheaded by Apple's This move comes at a time when the thrust is a result of the government's
iPhone. Congress has decided to guarantee a focus on long-term gains to make In-
According to industry body India Cellu- first job through a "right to apprentice- dia a developed nation by 2047.
lar and Electronics Association (ICEA), ship law" in its election manifesto. Ahead of nation going to polls, Singh
mobile phone exports reached $10.5 "To increase the uptake of apprentice- enumerated the reforms undertaken in
billion during April to December 2023, ship, compliance notices were sent to the defence sector in the last few years
comprising 52% of total electronics nearly 180,000 companies registered for long-term gains, including creation
exports. In FY23, electronics exports on the apprenticeship portal. They of the post of Chief of Defence Staff
stood at $23.6 billion, of which mobile were reminded that it is the last month and setting up of the Department of
phones comprised $11.1 billion or 43%. of this financial year and they should Military Affairs for enhancing jointness,
Industry data showed iPhones were fulfil their obligation under the Act by synergy and smooth coordination
the single largest contributor to the recruiting the requisite apprentices," among the three services. Now, the
surge in both electronics and mobile the person said. Indian Army, the Indian Navy and the
exports this fiscal. iPhone exports, Indian Air Force no longer operate in
which crossed $7 billion in December Rooftop solar cross 1 core silos, he said as per the Ministry of

2023, constituted 35% of total elec- mark, hit target in a Defence (MoD).
tronics exports and a whopping 70% of
the country's total mobile exports in month Dubai introduces 5-year
the nine months ended December. More than one crore households have
queued up for central financial assis- multiple-entry visa for In-
Flipkart valuation declines tance under rooftop solar scheme, top- dians
ping govt's target within a month of Dubai has introduced a five-year mul-
by over $5 billion in 2 PM Modi announcing the 'PM-Surya
tiple-entry visa to enhance travel be-
years Ghar: Muft Bijli Yojana'. tween India and Dubai, reflecting the

Flipkart's valuation has declined by $5 Modi had launched the scheme on Feb commitment to sustained economic

BANKING FINANCE | APRIL | 2024 | 13