DECEMBER 20248TOTAL ENERGIES STOPS INFLUX OF CAPITAL INTO ADANI UNTIL FURTHER NOTICEGOVERNMENT'S PLI SCHEME MAJOR CONTRIBUTOR TO SMARTPHONE EXPORTSNeither the United States nor China would win a trade war, the Chinese Embassy in Washington said on Monday (Nov 25), after US President-elect Donald Trump threatened to slap an additional 10 per cent tariff on all Chinese imports when he takes office on Jan 20."About the issue of US tariffs on China, China believes that China-US economic and trade cooperation is mutually Apple's growth in India has been supported by its key manufacturing partners--Foxconn, Pegatron, and Tata Electronics (formerly Wistron). Together, these beneficial in nature," Chinese Embassy spokesperson Liu Pengyu said in a statement.Trump said he would impose the tariffs until China stops the flow of illegal drugs, particularly fentanyl, into the US.In the statement, Liu said China had taken steps to combat drug trafficking after an agreement was reached last year between President Joe Biden and Chinese President Xi Jinping."The Chinese side has notified the US side of the progress made in US-related law enforcement operations against narcotics," Liu said.There has been incremental but visible progress in co-operation over shutting down illicit traffic in chemicals used to produce deadly fentanyl after Xi and Biden agreed to resume joint efforts last year.The US, where fentanyl abuse has been a major cause of death, has pushed China for tougher law enforcement, including tackling illicit finance and clamping further controls on the chemicals.In June, China's top prosecutor urged its law enforcement officials to focus on combating drug trafficking, as Beijing and Washington unveiled a rare joint investigation into drugs.In August, days after a meeting of a joint counternarcotics working group, China said it would tighten controls on three chemicals essential for making fentanyl. firms have helped Apple leverage the incentives provided under the PLI scheme, introduced in 2020, to promote large-scale electronics manufacturing. The scheme has generated 1.10 lakh crore in revenue for the Indian government, delivering a 19-fold return on investment.Apple has achieved a significant milestone in India, fueled by the government's Production-Linked Incentive (PLI) scheme. Union Minister Ashwini Vaishnaw announced that the tech giant's iPhone production reached a freight-on-board (FOB) value of $10 billion between April and October 2024, marking a 37 percent year-on-year increase compared to the same period in FY24. Of the $10 billion worth of iPhones produced, $7 billion were exported, setting a new record for Apple and the Indian electronics sector. The remaining $3 billion worth of iPhones were sold domestically. The initiative has also had a profound social impact. Over the past four years, Apple has created 175,000 direct jobs in India, with 72 percent of these positions being filled by women, signaling a shift towards inclusivity in the manufacturing sector.Apple's performance in India reflects its strategic focus on the market, which CEO Tim Cook has called an area of "extraordinary opportunity." Earlier this year, Apple recorded an all-time revenue high in India, driven by robust demand and increased local manufacturing capabilities. TOP STORIES
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