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India seen as 2nd largest smartphone market next year
New Delhi:India will overtake the US as the second-largest smartphone market next year, and local players, led by Reliance Industries, will benefit in the near term, says Morgan Stanley in its latest report based on a survey.
“Following our survey of more than 2,600 urban smartphone buyers in India, we raise our global smartphone unit growth estimate by one percentage point in each of 2017 and 2018,” said the report.
“We model a 23 percent compounded annual growth rate for Indian smartphones through 2018 and the country should account for 30 percent of the global unit growth over the next two years and become the second-largest market next year in terms of units,” it said.
It also felt Apple and Samsung to be better positioned in the long run.
“Reliance Industries is our play on the rising tide. In near term, many players should benefit from the 4G smartphone and network proliferation,” it said, referring to the Jio service, the nation-wide commercial launch of which is expected later this year.
Morgan Stanley report said Jio is focused on 4G and has launched its own handset brand “LYF” that could bundle with SIMs and its voice and data plans. “We believe this could be disruptive to the market and expect Jio to gain 30 million subscribers in 2016 and 60 million in 2017.”
The report also said while the high-end smartphone market in India is small, with only 6 million units at the $300-plus range, or 6 percent of the total, macroeconomic and demographic trends, and an appetite for 4G services, will lead users to upgrade to better smartphones over time.
This apart, it also projected volume players like Foxconn and MediaTek to benefit. “We like FIH (Foxconn) which has exposure to many Chinese and Indian brands, while we think MediaTek will be challenged by pricing and margin pressure,” it said.
“We expect the high-end market to unfold like it did in China, where Samsung and Apple dominate. Our survey indicates Samsung is leading in India with 46 percent user share and slightly higher purchase intentions,” it said.
“Apple needs to build its brand as, surprisingly, half of survey respondents were not aware of the company. However, this means Apple has the most room for upside as our survey shows it could double share in the $400 segment to 40 percent,” it said.
“We increase our total iPhone unit estimates by 5 percent and 4 percent in 201718 and 2018-19.”
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.