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Apple's services revenue likely to cross $100 bn mark in 2025: Report

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Apple's services revenue likely to cross $100 bn mark in 2025: Report

New Delhi, April 2 (IANS) Apple’s services revenue is likely to cross the $100 billion mark for the first time, despite legal and regulatory risks, accounting for one-fourth of its revenue by 2025, a new report said on Tuesday.

According to Counterpoint Research, the company should breach the $400 billion revenue mark for the first time in 2024, supported by the growth of its hardware and services segments.

As per analysts, antitrust lawsuits in the US and EU (European Union) pressure are key risk factors, but they are likely to play out over a longer term.

“We know there is risk, but it is early stages right now. So, we are not expecting any impact to monetisation of the iPhone installed base, at least not in the medium term,” said Research Director Jeff Fieldhack.

Apple’s growing installed base, which is more than two billion devices currently, has created a flywheel effect on the growth of the brand’s services business.

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Apple Store, followed by Apple Care+, Apple Music, and a round-up Apple One subscription, has driven inflection points for the tech giant with a growing device base, according to the report.

Launched in 2023, AppleOne could become the single largest contributor to Apple’s services revenue. In addition, analysts expect that iPhones will continue to capture half of Apple’s revenue and remain the centrepiece of the company’s ecosystem.

iPhone growth in emerging markets should also help with future growth for other Apple products as many consumers will be new users entering the iOS ecosystem. As these consumers become more dependent on their iPhones, they are likely to spend more on other Apple products, the report said.

–IANS

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Budget in line with our quest for sustainable inclusive growth: FICCI Raj State Council

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Budget in line with our quest for sustainable inclusive growth: FICCI Raj State Council

Budget in line with our quest for sustainable inclusive growth: FICCI Raj State Council

Jaipur, July 23 (IANS) The Union budget sets up the roadmap for nine priority areas for Viksit Bharat.

“The emphasis on skilling, infrastructure, MSME, and energy transition is in sync with our quest for sustainable and inclusive growth,” said Ashok Kajaria, Chairman, FICCI Rajasthan State Council and CMD, Kajaria Ceramics Ltd.

MSMEs form the backbone of Rajasthan’s industrial ecosystem and access to affordable finance is one of the key issues faced by them. The Credit Guarantee Scheme for MSMEs, new credit assessment model, credit support during stress period and reduction in threshold for onboarding in TReDS would be a great enabler in this direction, he added.

He also welcomed the reduction in customs duty on gold and silver to 6% and mentioned that it would help in increasing the cost competitiveness of the jewellery industry in the state. Safe harbour rates for foreign mining companies selling raw diamonds in the country would also help the industry, he added.

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The state has a fairly developed Startup ecosystem and abolition of the angel tax would provide an impetus to the entrepreneurship and innovation. Continued focus on infrastructure through capex and long term interest free loan to states would have a multiplier effect on the development of infrastructure. The thrust on energy transition, green energy and local manufacturing of solar cells & panels provide opportunities to the state, he stated.

–IANS

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Budget will steer India towards sustainable path: Experts

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Budget will steer India towards sustainable path: Experts

Budget will steer India towards sustainable path: Experts

New Delhi, July 23 (IANS) The Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman on Tuesday included several key initiatives like energy transition pathways, climate finance, improving water resources management, and measures related to irrigation and flood management that will boost India’s fight against impacts of climate change, say climate and energy experts.

While the budget lacked details on crucial announcements related to carbon pricing, the use of nuclear power or even how its plan the PM Awas Yojana Urban 2.0 will help build heat-resilient cities, they say.

It has focused on building capacity for each aspect of climate change: mitigation, adaptation and loss and damage.

With barely four months to go before the United Nations Climate Change Conference, commonly known as COP, will be held in Baku, Azerbaijan, here’s a look at how the world’s fifth-largest economy has prioritised in its national budget:

Under the mitigation category, the Budget introduces the Critical Mineral Mission to enhance domestic production, recycling, and overseas acquisition of critical minerals necessary for various strategic sectors.

This mission will focus on technology development, workforce training, extended producer responsibility, and establishing financing mechanisms.

PM Surya Ghar Muft Bijli Yojana: This initiative aims to install rooftop solar plants for one crore households, providing free electricity up to 300 units per month. The program, which has been allocated Rs 6,250 crore is expected to reduce reliance on non-renewable energy sources and promote renewable energy adoption.

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Pumped storage projects: The government plans to promote pumped storage projects to facilitate electricity storage and manage the variable nature of renewable energy, ensuring a more stable integration into the power grid.

Nuclear energy development: The budget outlines plans to partner with the private sector in developing Bharat Small Reactors and Bharat Small Modular Reactors. It also includes research and development for new nuclear technologies, supported by government funding.

Advanced ultra-supercritical thermal power plants: A joint venture between NTPC and BHEL will set up an 800 MW commercial plant using Advanced Ultra Super Critical technology, aiming for higher efficiency in thermal power generation.

Support for traditional industries: Financial support will be provided for energy audits and cleaner energy transitions in 60 clusters of traditional micro and small industries. This initiative aims to help these industries adopt more sustainable practices.

For climate-resilient agriculture, the government will release 109 high-yielding, climate-resilient crop varieties. Additionally, one crore farmers will be encouraged to adopt natural farming practices with support for certification and branding.

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Responding to the Budget, Aarti Khosla, Director, of Climate Trends, said: “The Budget 2024-25 reflects India’s commitment to sustainable development with significant allocations like Rs 1.52 lakh crore for climate-resilient agriculture and the introduction of initiatives like the PM Surya Ghar Muft Bijli Yojana for rooftop solar.

She said that the focus on critical minerals, a policy for pumped storage projects and the decision to develop a policy document on energy transition pathways are laudable too. However, what remains to be seen is how the role of nuclear power in India’s energy mix takes shape.

“The budget lacks timelines for announcements on taxonomy, carbon pricing mechanisms and detailed strategies for mobilising climate finance for adaptation and mitigation efforts in vulnerable communities.”

Calling the Union Budget forward-looking, Vibha Dhawan, Director General, TERI, said: “The Budget is more substantial in terms of the direction it sets for the next five years than the numbers presented. I am pleased to see that adaptation and mitigation both will be the focus of Green Taxonomy.”

He said that the funding for the agriculture sector is to cover the entire ecosystem, particularly R&D, infrastructure, and supply chain, very crucial for food security in the context of rising climate vulnerability. The continuity of the biofuel agenda and push for renewable energy and green hydrogen are aligned with the long-term priorities of energy security and climate mitigation.

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Arunabha Ghosh, CEO, of the Council on Energy, Environment and Water (CEEW), said: “The Budget has several promising provisions to build a sustainable economy. It addresses not only India’s clean energy ambitions (with a focus on rooftop solar and pumped hydro storage) but also outlines actions on water treatment, air quality, and recovery from riverine floods.”

Suranjali Tandon, Associate Professor, at the National Institute of Public Finance and Policy, said that the investors and industry have been demanding a taxonomy and transition pathway as guidance for the flow of finance and reorientation of economic activity.

“The Budget announcements that clearly mention the establishment of a carbon market, taxonomy and transition pathways mark significant progress in planning towards Net Zero in 2070,” Associate Professor said.

Rishabh Jain, Senior Programme Lead, CEEW, said that the announcement of a Critical Mineral Mission for India will encourage private and government companies to develop capabilities in the critical minerals supply chain and build competitiveness in the medium to long term.

–IANS

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FICCI-NEAC says budget announcements will boost linkages of NE with rest of India

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FICCI-NEAC says budget announcements will boost linkages of NE with rest of India

FICCI-NEAC says budget announcements will boost linkages of NE with rest of India

Guwahati, July 23 (IANS) Leading industry body FICCI North East Advisory Council (NEAC) on Tuesday hailed the Union budget saying that it has taken positive steps towards the holistic development of the northeastern states.

FICCI-NEAC Chairman Ranjit Barthakur said that significant allocations for infrastructure and connectivity, particularly the Rs 1.11 lakh crore for capital expenditure and specific assistance for flood management in Assam in the budget would bridge the regional disparities and enhance the connectivity of the northeast with the rest of the country.

“This budget truly recognizes and addresses the unique needs of our region. We need substantial investment in connectivity infrastructure in the northeast, particularly in riverways, international road and rail connectivity as well as airways,” Barthakur told the media.

He said that the allocation of Rs 1.52 lakh crore for agriculture and allied sectors, along with the targeted support for shrimp production and the creation of large-scale vegetable clusters, is poised to transform the agricultural landscape of the northeastern states.

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The emphasis on natural farming and increased agricultural credit would improve the overall agricultural output and the northeast would benefit from this.

Noting that the focus on green growth, including the PM Surya Ghar Muft Bijli Yojana, highlights the importance of integrating environmental considerations into economic development, the FICCI-NEAC Chairman said that the northeastern states, with their rich biodiversity and unique ecosystems, would benefit greatly from these initiatives.

Barthakur said: “The next generation reforms outlined in the budget are crucial for the northeastern states. Collaboration with states for land-related reforms and urban planning will address our unique challenges and improve productivity and market efficiency. This will drive overall economic development in the region.”

Ravi Patwa, Chairman FICCI Assam State Council, said that the budget’s support for MSMEs, including credit guarantee schemes and financial support for food irradiation units, would significantly benefit the northeastern states.

Special financial incentives for MSMEs in the northeastern states would enable them to compete globally and contribute to the region’s economic growth, he said.

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Speaking on the tourism sector, Joydeep Gupta, Co-Chairman of the FICCI Assam State Council, said that the promotion of tourism in the northeastern states is a welcome move.

“The comprehensive development initiatives and investments in cultural heritage sites and natural landscapes would make the northeast a key tourist destination.

“This will not only enhance our region’s visibility but also create new economic opportunities for local communities,” he said.

–IANS

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Centre has earmarked substantial funds for TN: BJP

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Centre has earmarked substantial funds for TN: BJP

Centre has earmarked substantial funds for TN: BJP

Chennai, July 23 (IANS) Tamil Nadu BJP Spokesperson A.N.S. Prasad on Tuesday said that Prime Minister Narendra Modi-led Central government has unveiled a visionary Budget and earmarked substantial funds for the comprehensive development of Tamil Nadu.

He said that over the past decade, the state has received a significant investment of several lakh crores of rupees, transforming its landscape and empowering its people.

“This year’s Budget continues to prioritise Tamil Nadu’s growth, with a focus on key sectors and projects. The Modi government’s Budget is akin to the legendary Akshaya Patra, perpetually nourishing the holistic development of every Indian, their homes, and the nation,” Prasad said.

He said that this Budget is much like the timeless wisdom of how Saint Thiruvalluvar’s Thirukkural quenched people’s thirst for knowledge and enlightenment.

He said that there is an allocation of Rs 10,000 crore for the Chennai-Bengaluru Industrial Corridor and Rs 5,000 crore for the development of the Enayam International Container Terminal.

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“There is an allocation of Rs 3,000 crores for the upgradation of the Madurai-Tuticorin highway Social Welfare, Rs 2000 crores for the Pradhan Mantri Awas Yojana, benefiting over 1 lakh families, Rs 1500 crores for the Ayushman Bharat scheme, expanding healthcare coverage to 50 lakh citizens Education and skill development,” Prasad said.

He said that Rs 1,000 crore has been allocated for the establishment of a new IIT campus in Tirupati while Rs 500 crore has been allocated for the upgradation of skill development centres across the state.

“Rs 1,200 crores is allocated for the irrigation projects in the Cauvery delta region, and Rs 800 crores for the development of rural roads and connectivity,” Prasad said.

He said that this Budget allocation demonstrates the Central government’s commitment to Tamil Nadu’s growth and development.

He said that with a focus on infrastructure, social welfare, education, and agriculture, the state is poised for unprecedented progress.

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“The people of Tamil Nadu can look forward to improved living standards, increased economic opportunities, and a brighter future,” Prasad said.

–IANS

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Union Budget only for Andhra, Bihar; Maha got nothing, says MVA

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Union Budget only for Andhra, Bihar; Maha got nothing, says MVA

Union Budget only for Andhra, Bihar; Maha got nothing, says MVA

Mumbai, July 23 (IANS) The Opposition Maha Vikas Aghadi on Tuesday slammed the Union Budget 2024-2025 as “intended only for Andhra Pradesh and Bihar”, “copying many points of the INDIA alliance Lok Sabha manifesto” with “nothing for the farmers.”

The MVA-INDIA bloc partners claimed that the budget was only aimed at “saving” the BJP-led government at the Centre which has shown its “hatred” for Maharashtra.

MVA Leader of Opposition in the Council, Shiv Sena (UBT)’s Ambadas Danve said that just recently Prime Minister Narendra Modi called Maharashtra the ‘powerhouse’ of the country that generates the highest taxation revenues.

“The state has been again tossed around for the goal of a $5 trillion economy, but since the people here did not vote for the BJP in LS polls, the Centre has hit back at them. The three leaders of the ruling Mahayuti alliance are now defeated by their own people,” said Danve.

Leader of Opposition in the Assembly, the Congress’ Vijay Wadettiwar said that Bihar CM Nitish Kumar and Andhra Pradesh CM Chandrababu Naidu, whose parties are supporting the NDA regime, “have been given a boost in the budget.”

“Maharashtra CM Eknath Shinde has also supported them…But what did this state get in return – Thenga! Why treat (like this) the state that pays the highest tax (revenue) in the country,” Wadettiwar demanded.

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NCP(SP) National General Secretary Jitendra Awhad said Naidu and Nitish Kumar have got a “return gift” for propping up the BJP, though Mumbai and Maharashtra play a major role in the country’s economic development.

“The PM came to Mumbai and promised to make it a world-class financial centre, but when it comes to giving funds, Maharashtra is left high and dry. The fact that the stock markets crashed today is enough to make sense of the budget,” Awhad said sharply.

Congress state President, Nana Patole said the budget is all about big numbers and catchy slogans but bereft of any concrete policy or vision.

“Despite huge unemployment, there is nothing real to provide stable jobs to the youth, not a single relief for the farmers on the GST aspects, nothing to tackle inflation. All sections are disappointed including the tillers, youth, students, women, MSMEs, and others. It’s clear that the Mahayuti enjoys no credit at the Centre as huge funds have been given to Bihar and Andhra Pradesh,” said Patole strongly.

NCP(SP) state President Jayant Patil said that belying claims, the Centre failed to take any bold decision even the size of a sesame seed and there was no funding for social welfare schemes and other sections of people, but it was only intended to prevent the government from falling.

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“This is a compromise budget, the states that did not support BJP in LS polls like Maharashtra or even Uttar Pradesh, got nothing. Surprisingly, the MGNREGS which Modi had termed as the ‘monument of UPA failure’ has received the highest funding in the budget, proving the utility of the UPA’s welfare policies,” said Patil.

SS(UBT) leader Aditya Thackeray said that it was understandable to give huge funds for Bihar-Andhra Pradesh, but what was Maharashtra’s fault as it was ignored completely though it is the largest source of tax collection.

“What did this state get against its huge contribution to the nation, despite having an unconstitutional and corrupt government in the state… It’s only looting the state with corruption and then taxes after taxes,” said Thackeray Jr.

The SS(UBT) said that the budget has given huge provisions for Bihar of Rs 58,900 crore for infrastructure and other schemes, Rs 26,000 crore for roads, Rs 21,400 crore for Pirpainti power plant, etc. Similarly Andhra Pradesh has got Rs 15,000 crore for various projects, and despite the PM’s claims to give equal justice to all in the country, the government has only helped those states which bow before it, while Maharashtra remains neglected.

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Taking a swipe, NCP(SP) National Spokesperson Clyde Crasto wondered if Union Finance Minister Nirmala Sitharaman has presented the national budget only for Bihar-Andhra Pradesh – “a hold-onto crutches budget” – and it was a budget for the NDA not the country, and if it was unfavourable to them (Bihar-Andhra Pradesh), the government would fall.

SS(UBT) National Spokesperson Kishore Tiwari said that as expected, the budget has thumbed its nose at the agricultural community and pointed out how he had submitted a series of suggestions to give a Rs 1 lakh crore package (July 17) for the farmers in Maharashtra plagued by the highest number of farmland suicides.

Patole added that the NDA has copied the Congress’ 2024 Manifesto almost in toto, proving it has no policy at all to provide permanent jobs to millions of youth that can help reduce the unemployment burden.

“Due to demonetisation, lockdown and a faulty GST policy, the NDA-BJP government devastated the MSME sector which accounts for 50 per cent of employment and 25 per cent of GDP, but this has been virtually ignored in the budget,” Patole said.

–IANS

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