The previously unreported standoff marks the latest chapter in foreign companies' battles with India over what some perceive as protectionist policies and shifting regulatory goal posts
After the approval from the Finance Ministry, MeitY is expected to seek Cabinet approval, post which the scheme is likely to be announced in the upcoming Union Budget 2025.
Taiwan's Foxconn Technology Group, which assembles Apple's iPhones and makes components for top global electronics companies, closed a plant in northern China on Monday after about 2,000 workers staged a riot at a company dormitory.
In an exclusive, Anil Gupta, joint managing director, Havells India joins CNBC-TV18 to discuss the effect on profits from decreasing demand in Europe. Philips recently issued a statement saying profits will be hit for them. "This is irrelevant for Havells since only 20% of the consolidated revenue comes from the region," the Jt MD assures.
The nuclear crisis and the large-scale damage caused by last week's earthquake and tsunami has come as a blow to Japanese consumer durable and electronics companies, reports The Times of India.