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India hands Apple a win by letting foreign firms fund equipment for manufacturers

NEW DELHI, Feb 1 (Reuters) – India’s government on Sunday handed a major win to Apple by allowing foreign companies to freely provide machines to their contract manufacturers set up in certain areas for five years, without fearing any tax risk. Smartphone manufacturing is a key plank of Prime Minister Narendra Modi’s agenda, but Apple had been lobbying India’s government to modify its income tax laws to ensure the company is not taxed for ownership of high-end iPhone machinery it provides to its contract manufacturers. In India, unlike China, Apple was concerned that if it paid for machines for its

India budget ‘tactical’, not ‘breakthrough’, Moody’s Ratings says

MUMBAI, Feb 1 (Reuters) – India’s annual federal budget was “tactical” but not a “breakthrough”, Moody’s Ratings said in its reaction to a government roadmap for the next financial year. Planned fiscal consolidation, which will bring the budget gap to 4.3% from 4.4% in the current year, will not change India’s credit profile, Christian de Guzman, senior vice president at Moody’s Ratings, told Reuters. “(Despite India’s) lengthening track record of deficit consolidation or fiscal discipline, this deficit is still wider than what it was prior to Covid,” Guzman said. “We haven’t seen the fiscal metrics improve sufficiently enough to actually

India to borrow record 17.2 lakh crore rupees in fiscal year 2027

MUMBAI, Feb 1 (Reuters) – India’s central government will borrow a record 17.2 lakh crore rupees ($187.6 billion) in fiscal year 2026–27, with the bond supply higher than most market estimates, the annual budget showed on Sunday. Finance Minister Nirmala Sitharaman announced a budget that makes a fresh bet on the local manufacturing sector in Asia’s third-biggest economy, pledging to accelerate growth amid a volatile global environment. The gross borrowing will be 17% higher than the current fiscal year’s 14.61 lakh crore rupees. The net borrowing will rise to 11.73 trillion rupees next fiscal from 11.33 lakh crore rupees for

India’s real-estate firm Confident Group founder C.J. Roy dies by suicide, local police said

Jan 30 (Reuters) – C.J. Roy, the founder and chair of real-estate firm Confident Group, died by suicide in the southern city of Bengaluru on Friday, local police said. Roy shot himself and was pronounced dead at a nearby hospital, Bengaluru city police chief Seemanth Kumar Singh told the media in a briefing. Initial reports suggest that there was an ongoing tax raid, Singh said, without disclosing further details. Authorities were conducting income tax raids against the group in Bengaluru when Roy shot himself and was rushed to Narayana Hospital, several Indian media outlets said. Founded nearly two decades ago,

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