Elon Musk Signs Semiconductor Deal With Tatas Ahead Of India Visit; EPFO Overhaul In The Works

Tesla Inks Deal With Tata Electronics For Semiconductors

US electric vehicle (EV) major Tesla has signed a strategic deal with Tata Electronics for semiconductor chips for its worldwide operations, the Economic Times reported, quoting officials close to the development. Executed a few months ago, this agreement is significant as it positions Tata Electronics as a reliable supplier for top-tier global clients.

Tesla is keen to enter India, the world’s fastest-expanding major automotive market. Its promoter Elon Musk is reportedly visiting India this month to meet Prime Minister Narendra Modi. Musk is expected to announce potential Indian investments, including a commitment of funds toward EV manufacturing facilities. Read more

Iran-Israel Conflict Will Affect India’s Oil Supplies, Domestic Prices

India’s dependence on foreign oil and natural gas will be tested after Iran fired scores of missiles and drones on Israeli territory on Saturday and captured an Israel-owned tanker, helmed by Indian sailors, the Business Standard reported. India imports around 4.7 million barrels per day (bpd) of crude, some 88 per cent of its needs, and meets 45 per cent of its natural gas demand via imported liquefied natural gas.

Most of those supplies are shipped to India via the Strait of Hormuz and the Red Sea because India, unlike China and the US, lacks transnational pipelines to import oil and gas. More here

EPFO Overhaul, Automatic Settlement Of Claims In The Pipeline 

The government is set to undertake a revamp of the Employees’ Provident Fund Organisation (EPFO) to broaden universal social security and to significantly improve service delivery, the Economic Times reported.  

Some of the changes envisioned for the retirement fund body in the short, medium, and long term include restructuring of EPFO offices, business process re-engineering, leveraging IT for automatic settlement of claims and cadre restructuring, a senior government official said. The EPFO has commissioned a study by IIT Delhi on reforms needed at EPFO to improve efficiency, the report for which is expected to be submitted later this month. More here

Potato Prices Shoot Up Over Damage To Crop In November Rain

The prices of potatoes have gone up sharply, the Economic Times reported, citing lower yield  due to the damage caused by erratic rains in November last year. The all-India retail price for potato was Rs 26 per kg on Saturday, up 10.2 per cent month-on-month and 32 per cent year-on-year, showed data from the Department of Consumer Affairs.

The wholesale prices of the kitchen staple stood at Rs 1,944 per quintal on Saturday, 11.44 per cent higher month-on-month and 33.18 per cent higher than last year. The output has fallen in Uttar Pradesh and West Bengal, the two major potato producing states, with prices expected to stay high as the overall yield is likely to be low this year. Read more 

iPhone Becomes Largest Ever Branded Export Product From India

Apple has set a new record by exporting US$10 billion worth of iPhones from India during FY2023-24, the Business Standard reported, quoting government data. This is a 100 per cent increase over the previous financial year under the Production-Linked Incentive (PLI) scheme.

It is the largest-ever export of a single branded product by any company from India. iPhone exports accounted for 70 per cent of Apple’s total production in FY2023-24. Of the three suppliers, Foxconn exported 60 per cent of its total iPhone output; Pegatron 74 per cent; and Wistron (now the Tatas) 97 per cent. Apple’s total iPhone production by its three suppliers touched US$14 billion during FY2023-24. Read more

In Cyber Security, AI Complements Humans As Digital Watchdog 

Artificial Intelligence is fast becoming a digital watchdog, the Economic Times reported. But it is not in competition with human intelligence like in other fields as companies seek to secure the virtual world. The demand for cyber security professionals is set to boom as India grapples with a rise in cyber attacks with a 30 per cent supply gap. 

Companies are weaving in AI to sharpen cyber security efforts in an increasingly digital world and bridge the skills gap. India’s cyber security workforce stood at around 0.3 million in 2023, up from 0.21 million in 2022, and 0.1 million in 2021, with about 8,500 cyber security positions currently open. More here