New Delhi: The Suzuki Motor Corporation of Japan, the parent company of Maruti Suzuki India, on Thursday announced a new mid-term plan with a “rethink” in its strategy as “the business environment has changed due to declining market share in India” and the growing electrical vehicles segment.

In its new mid-term plan for 2025-30, the company has identified India as its “most important market”. Maruti Suzuki aims to create a manufacturing capacity of producing 4 million cars annually to reclaim a 50 per cent market share in India and use the country as a global export hub as well.

The auto major plans to expand its EV lineup starting with the e-Vitara, and is aiming to launch four new EV models by FY30 in a segment where its rivals like Tata Motors and Mahindra & Mahindra already have a varied EV portfolio in India.

“In India, we will promote further localisation in line with the growth of the electric vehicle market,” the company said.

Maruti Suzuki is currently exporting three lakh vehicles from India annually. By the end of this decade, it is targeting the export of 7.5-8 lakh units per year.

While the company noted it achieved revenue and profit targets ahead of schedule by improving sales mix and quality, its sales volume target could not be met.

It noted that the “competitive environment is becoming increasingly severe, and the quality of product functions, equipment and services required by customers is increasing”.

It aims to be India’s no.1 carmaker in terms of production, local sales and exports of electric cars. A total of six electric vehicles will be introduced by FY30, including four electric cars and two commercial vehicles.

Suzuki Motor plans to invest 1,200 billion yen (about Rs 7,000 crore) as capital expenditure towards production, new models, carbon neutrality and quality measures. A new plant in Haryana’s Kharkhoda and an assembly line in Suzuki Motor Gujarat will come onstream by 2030 for a total installed capacity of four million units.

New Delhi, Feb 20: In a further push to the local manufacturing, the entire iPhone 16 lineup, including the newly-launched iPhone 16e, is now being assembled in India for domestic market as well as for exports, as industry experts on Thursday cleared the air around the new device being compared to now-retired iPhone SE.

The new Apple device, with A18 chip, breakthrough battery life, Apple Intelligence, and a 48MP 2-in-1 camera system, is being manufactured/assembled for local consumption as well as for export to select countries.

According to experts, iPhone 16e is not iPhone SE4 and the whole “comparison is futile”.

When iPhone SE was launched, it was another masterstroke at that time. However, times have changed since then.

“Essentially, Apple retired the SE lineup and extended the iPhone 16 lineup with a new entry point. iPhone SE was no longer adding any value to consumers, developers or Apple,” said Neil Shah, Partner and Co-Founder at Counterpoint Research.

The iPhone SE which was positioned as a “Special Edition,” which brought nostalgia of older and smaller design, was priced around $400.

However, the iPhone SE lost its value and popularity, which used to be once 16 per cent of the total iPhone sales volumes, dropped to 1 per cent last year.

According to Shah, consumers now prefer better cameras, bigger displays and faster processors.

“With all this background, what Apple did was to extend the 16 series with a newer ‘base version’ of iPhone 16 and now retired SE,” Shah explained.

According to industry experts, the company has done well with streamlining the series, reducing fragmentation in design and experience and able to charge $599 (US)/Rs 59,999 (India) with the newest entry point for the best Apple experiences.

New Delhi, Feb 20: India is set to transform into a high-income country with a projected GDP of $23–$35 trillion by 2047, driven by sustained annual growth of 8-10 per cent, according to a report on Thursday.

This will be powered by India’s demographic dividend, technological innovation, and sectoral transformation, according to the report by Bain & Company and Nasscom.

With nearly 200 million individuals expected to enter the workforce in the coming decades, India has a unique opportunity to drive high-value job creation and unlock significant economic potential.

Five key sectors, including electronics, energy, chemicals, automotive, and services, would act as strategic growth levers due to alignment with global trends and scalability, with the potential to address India’s unique challenges and advantages.

Rising income, a growing pool of skilled workers, and continuous improvements in infrastructure are some of the key factors that can fuel this growth, said the report.

“By investing in digital and transport infrastructure, enhancing domestic manufacturing, and driving collaborative R&D, we can position India as a leader in future technologies and global trade. A multi-pronged, tech-driven approach will be key to unlocking inclusive and sustainable growth,” said Sangeeta Gupta, Senior Vice President at Nasscom.

Advances in AI-driven chip design, touchless manufacturing, and backward integration into component manufacturing and design could enhance cost competitiveness and innovation, driving the sector’s export share from 24 per cent to 45 per cent-50 per cent by 2047 and its GDP contribution from 3 per cent to 8 per cent-10 per cent.

India’s share of renewables in overall energy generation has the potential to rise from 24 per cent in 2023 to 70 per cent in 2047 backed by modernising energy infrastructure, and scaled investments in green energy. India is also likely to transition from a net energy importer to a net exporter.

“AI-powered molecular design and digital twin technologies, along with other tech-driven improvements can lead to a potential increase India’s share in global value chain from around 3 per cent to over 10 per cent in 2047,” said the report.

Auto-components exports sector are likely to reach $200–$250 billion (by 2047), driven by near-term share capture in ICE market and longer-term shift to EVs.

“Electronics is one of the key sectors instrumental in this journey and is poised to emerge as a global manufacturing hub expected to $3.5 trillion by 2047, contributing more than 20 per cent to global production,” said Lokesh Payik, Partner at Bain & Company.