Foxconn will invest an additional $1 billion

Apple supplier Foxconn will invest an additional $1.67 billion to set up its next plant in Karnataka. Foxconn assembles about 70% of iPhones and is the world's largest contract manufacturer. The company is working to diversify its manufacturing capacity to reduce its reliance on China in the wake of Covid-19 disruptions and geopolitical tensions. Foxconn has strengthened its presence in India over the past 12 months, investing significantly in manufacturing facilities in South India. In August, the company announced a $600 million investment in two projects in Karnataka. The company will make casing components for iPhones and chip-making equipment. In addition, Foxconn may also start production of the iPhone by April 2024 and is expected to create around 50,000 jobs.

95% of the population in India does not have insurance

Despite the efforts of the government and the insurance regulator, about 95 percent of the country's population is uninsured. The National Insurance Academy gave this information in a report released. According to the report, compulsory natural disaster insurance is required and recommended in high risk areas. This is necessary to achieve the goal of insurance for all. According to the report, 95 percent of the country's 144 crore population is not covered under insurance. Increasing the penetration of insurance is important as the number of natural disasters and other climate-related calamities in the country increases. 84 percent of people in low and middle income groups and 77 percent of people in coastal areas, tier two and three cities lack insurance. 73 percent of the population is not covered under health insurance and there is a need for increased cooperation between the government, NGOs and industry groups in this direction.