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Foxconn to begin making iPhones in Karnataka by next April

Representational Image (Photo by STR/AFP via Getty Images)

By: Shubham Ghosh

Here are news in brief related to Indian economy and business for Friday, June 2, 2023:

Apple Inc supplier Foxconn is set to begin manufacturing iPhones in the southern Indian state of Karnataka by April next year, the state government said on Thursday, Reuters reported. The land for the factory would be handed over to the company by July 1, the government said, adding that the project, valued at Rs 130 billion rupees ($1.59 billion), is expected to generate around 50,000 jobs. Foxconn, the world’s largest contract electronics manufacturer, has set a target of manufacturing 20 million iPhones a year at the plant in Devanahalli, on the outskirts of state capital Bengaluru.

Crisis-hit Go First Airlines on Friday informed that its scheduled flight operations will remain cancelled till June 7, adding that a full refund will be issued to the passengers, ANI reported. “We regret to inform you that due to operational reasons, Go First flights scheduled till June 7, 2023, have been cancelled. We apologise for the inconvenience caused by the flight cancellations. A full refund will be issued to the original mode of payment shortly. We acknowledge the flight cancellations might have disrupted your travel plans and we are committed to providing all the assistance we can,” the official statement said. The airline operator had recently filed for voluntary insolvency.

Indian minister of state for personnel, public grievances and pensions Jitendra Singh has said that “StartUp jump in 9 years” is a major success story of Prime Minister Narendra Modi-led government, ANI reported. Addressing a youth congregation in New Delhi, Singh said that before 2014 there were just about 350 StartUps, but after Modi gave the clarion call from the ramparts of the Red Fort in his Independence Day address in 2015 and rolled out special StartUp scheme next year, there was a quantum jump and India today has the world’s third largest StartUp ecosystem in the world, boasting 92,683 startups with more than 115 unicorns (billion-dollar enterprises), according to the ministry of personnel, public grievances and pensions.

Bank deposits and cash worth more than Rs 18 crore of a Pune-based company and a linked entity have been frozen after India’s Enforcement Directorate recently raided them in a case linked to alleged foreign exchange violation, illegal crypto exchange trade, wallet services and “hawala”, the agency said on Friday, PTI reported. The searches were carried out under the Foreign Exchange Management Act (FEMA) on May 25 in Pune and the neighbouring district of Ahmednagar in Maharashtra against the VIPS Group of companies and Global Affiliate Business “managed and controlled” by Vinod Khute and his relatives, the ED said.

India’s Central Bureau of Investigation (CBI) has filed an FIR against IL&FS Transportation Network Limited and its then directors for allegedly causing a loss of more than Rs 6,524 crore to a Canara Bank-led consortium, officials said on Friday, PTI reported. In its first information report, the CBI has booked Mumbai-based IL&FS Transportation Network Limited (ITNL) and its directors Karunakaran Ramchand, Deepak Das Gupta, Mukund Gajanan Sapre and then chief financial officer (CFO) Dilip Lalchand Bhatia for alleged criminal conspiracy and cheating as well as under the provisions of the Prevention of Corruption Act.

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