Google Pixel, Drones Will Head To Tamil Nadu; Centre To Push EV Trucks For Mining, Steel, And Cement

Google Pixel To Be Assembled In Tamil Nadu Via Foxconn

Google plans to invest billions of dollars in Tamil Nadu to set up smartphone production, picking the southern industrial state for its manufacturing push in the country, the Economic Times reported.

The Alphabet Inc. unit plans to assemble Pixel phones in the state, setting up new production lines with Taiwanese contract manufacturing partner Foxconn Technology Group. Its Wing subsidiary will also assemble drones in Tamil Nadu.

Google is speeding up plans to manufacture devices in India, following companies such as Apple Inc. in pivoting away from China to lessen geopolitical risks. The company’s decision benefits Tamil Nadu, which is seeking to get into advanced manufacturing and move away from the historical “Detroit of India” tag line. Read More

Centre Plans Incentives To Push EV Trucks To Mining, Steel, Cement Industries

The Centre is considering incentives for heavy commercial vehicles (HCVs) to aid the mining, steel, and cement industries in transitioning from carbon dioxide-emitting HCVs that run on diesel to electric vehicles, the Business Standard reported.

The government is having consultations among various ministries to assess the demand and viability of such incentives, the report said. At present, only a few manufacturers are developing electric trucks. Murugappa Group has announced plans to launch four such HCVs. These trucks will feature a battery capacity exceeding 250 kWh and a range of 185 km with one side loaded and one side empty. More here

RBI’s Investment In US Treasury Bonds, Dollar Reasons For Higher Dividend

Among other things, heavy investments in US Treasury bonds and dollar sales at a healthy profit seem to have let the Reserve Bank of India transfer a record surplus of Rs 2.11 trillion to the government for 2023–24, the Business Standard reported.

The RBI’s dollar purchases increased in FY24, supported by robust capital inflows endorsing the economy’s health. Economists noted that these dollars were invested in US Treasury securities, with yields rising due to monetary policy tightening—reflecting the higher-for-longer stance of the US Federal Reserve — resulting in substantial interest income for the RBI from foreign assets. In FY 2023-24, the RBI’s foreign exchange reserves surged by US$ 68 billion, the highest in five years. More here

Power Crisis Looms As Heatwave Days Increase, Power Deficit Due To Delayed Projects

India seems to be heading for a power crisis this summer if electricity demand and supply projections are to be believed, Livemint reported.

It is estimated that the power deficit at night-time in June is likely to be the widest since June 2010. The demand is pegged at 235 GW while the supply is projected at 221 GW, leaving a gap of 14 GW. With the Met Department expecting more heatwave days, the peak power demand is set to top May 18th’s demand of 229.60 GW. The shortage is being ascribed to delayed coal-fired power projects, with a capacity to produce 3.6 GW of power, and a fall in hydro power generation due to low water levels in reservoirs. More here

DoT Asks Mobile Firms To Verify 7 Lakh Mobile Connections Over KYC 

The Department of Telecom has directed telecom operators to verify almost 7 lakh mobile connections suspected to have been obtained using invalid, non-existent, or fake documents, the Business Standard reported quoting an official statement.

The DoT has issued directives to telecom operators to carry out immediate re-verification of the identified mobile numbers within 60 days. The statement said approximately 6.80 lakh mobile connections are suspected to have been obtained using invalid, non-existent, or fake and forged Proof of Identity and Proof of Address KYC documents. The department has flagged the 6.80 lakh mobile connections after advanced AI-driven analysis. More here 

National Financial Reporting Authority To Inspect Top 8 Auditors This Year

India's top eight auditors will be inspected and the financial statements of up to 60 of their clients vetted this year, as the national audit watchdog widens efforts to enhance audit quality countrywide, Livemint reported.

The National Financial Reporting Authority, which last year inspected five auditors, involving audit reports of 24 clients, is planning to expand the exercise. Covering the clients of top audit firms is expected to capture the areas where accounts and audits may need specific attention of the management, audit committees and audit professionals for making improvements. The audit regulator had conducted inspections at Deloitte Haskins & Sells LLP, SRBC & Co. LLP, Price Waterhouse Chartered Accountants LLP, and BSR & Co last year. More here