Key Weekend News Highlights: Apple's Employment Boost, Indian Oil's Electric Vehicle Venture, and More Updates You Shouldn't Overlook

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Indian Oil Corp (IOC), India's leading refiner, has teamed up with Panasonic Energy to establish a joint venture focused on producing lithium-ion cells within India. This collaboration aims to meet the growing local demand for these cells, essential for electric vehicles (EVs) and energy storage. Building upon their initial agreement reached in January, this partnership responds to India's ambition to achieve net-zero greenhouse gas emissions by 2070, with projections suggesting the adoption of over 10 million EV units annually by 2030, according to the annual Economic Survey.





In another development, the Ministry of Heavy Industries has introduced the Electric Mobility Promotion Scheme 2024 (EMPS 2024) in India. This scheme, with a budget of ₹500 crore, is set to run from April 1 to July 31, aiming to accelerate EV adoption across the country. Under EMPS 2024, subsidies of up to ₹10,000 per two-wheeler and ₹25,000 per small three-wheeler (e-rickshaw and e-carts) will be offered, with large three-wheelers eligible for up to ₹50,000 in support. The scheme targets the adoption of 3,72,215 EVs and incentivizes the use of advanced battery technology, aligning with the government's Atmanirbhar Bharat initiative to promote domestic manufacturing and employment generation in the EV sector.

Moreover, since the implementation of the production-linked incentive (PLI) scheme for smartphones in August 2021, the Apple ecosystem has emerged as the largest blue-collar job creator in India. With over 150,000 direct employees, primarily in the 19-24 age group, and an estimated 300,000 indirect jobs, Apple's presence has significantly contributed to employment generation. The company's manufacturing operations in India, led by contract manufacturers Foxconn, Wistron, and Pegatron, employ over 77,000 individuals directly. Additionally, Apple's expansion includes the development of a robust supplier ecosystem, creating over 70,000 new direct jobs, supporting India's economy while aligning with Apple's commitment to sustainability and local manufacturing.

In a contrasting development, Karnataka's Industries Minister MB Patil criticized Kerala's invitation to Bengaluru-based IT companies to invest in the state, citing water abundance and facilities. Patil emphasized the need for fair competition among states, cautioning against exploiting another state's challenges for gain, particularly amid water scarcity issues faced by both states. While acknowledging Kerala's right to attract investments, Patil underscored Karnataka's industry-friendly policies and questioned the effectiveness of Kerala's rivers alone in fostering industrial growth. Despite differences on this matter, Patil assured Bengaluru industries of government efforts to address water scarcity and emphasized the INDIA alliance partnership between Karnataka and Kerala.






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