Biz Updates: Tata to set up chip unit with Taiwanese company, invests 91,000 crore
New Delhi| Tata Electronics has signed an agreement with Taiwan’s Power chip Semiconductor Manufacturing Corporation. Under this, Taiwanese company will help in setting up a manufacturing unit in Dholera along with Tata Electronics. There will be an investment of Rs 91,000 crore on this. Tata Sons Chairman N. Chandrasekaran said, we will be able to play an important role in the growing semiconductor market to serve global customers. This unit of Tata Group will create more than one lakh jobs.
Zoho Corporation will also enter the chip sector. The company’s Chief Executive Officer Sridhar Vembu said, the company has submitted an application to the government which is still pending. A thorough evaluation is under way on a number of aspects in connection with this project. Work is underway on several aspects such as technology and finalizing various partners, Vembu said.
The demand for credit cards has suddenly increased during the festive season. In August, banks have issued 9.2 lakh credit cards. The total number of credit cards in the country has reached 10.55 crore. According to RBI data, 7.55 lakh cards were issued in July. Credit cards have reduced total spending to 1.69 lakh crore in August. In July it was 1.73 lakh crore. According to the data, the number of cards has increased by 22.3 per cent on a monthly basis.
50 new greenfield plants will be set up in two years under the Production Linked Incentive for Pharma and Medical Equipment Manufacturing (PLI) scheme. On completion of 10 years of Make in India initiative, 50 plants have already been set up under PLI schemes for both the sectors, Department of Pharmaceuticals Secretary Arunish Chawla said at an event.
The country’s steel manufacturers have demanded the government to impose double duty on imports to stop the increase in cheap steel imports from China. Finished steel imports from China reached a seven-year high in April-August. Indian Steel Association i.e. ISA has written a letter to Finance Minister Nirmala Sitharaman in this regard. The ISA said in the letter, customs duty on steel imports from China should be increased to 15%.
The Ministry of Finance believes that India is set to achieve 6.5-7 per cent GDP growth in the current fiscal year. This trend is visible from all the strong indicators till August. The expectation for the remaining part of the financial year is that government expenditure will increase. According to the ministry report, recent developments have been analyzed. In this, stable growth, investment, employment and inflation trends have shown that economic stability along with a strong and stable financial sector and better foreign exchange reserves indicate a strong foundation. The Center has maintained the borrowing target in the current financial year. It is planned to raise Rs 6.61 lakh crore through the auction of securities dated during October – March of 2024-25.
The Finance Ministry will start pre-budget meetings from October 10 with a review of six ministries and departments, including New and Renewable Energy and Skill Development, Entrepreneurship. The meetings will last until 11 November. This will include strengthening the budgetary allocation for 2025-26 and finalizing the revised estimates for the current financial year. The focus will be on reforms to further accelerate growth. Measures to create employment and boost economic demand will be implemented.
Due to fall in crude oil prices, there is scope for reduction in the prices of petrol and diesel by Rs 2 to Rs 3 per liter in the domestic market. Rating agency ICRA said, profits on fuel of petroleum companies have improved. With this, government oil companies can reduce prices if they want. India’s imported crude oil was priced at $83-84 a barrel in March, ICRA said on Thursday. In September, the average went to $74 a barrel. If crude oil prices remain stable at current levels, there is scope for reduction in retail fuel prices. Net receipts of oil marketing companies remained higher at Rs 15 per litre for petrol and Rs 12 per litre for diesel compared to international product prices as of 17 September this year.
According to the report, on March 15 this year, the prices of petrol and diesel were reduced by two rupees per liter. Prices have remained the same since then. It is estimated that if crude oil prices remain stable, there will be scope for a reduction of two to three rupees per liter. The daily price revision of oil was put on hold in early November, 2021.
General Motors to recall 18,000 commercial vehicles in U.S. due to break line malfunction. The company said on Thursday, it has Chevrolet Express, GMC models and others. All these models are made between the years 2013 to 2019. The company’s dealers will review it.
EPAC Prefab is expected to get orders worth Rs 1,233 crore in the current financial year. 48 per cent more than a year ago. Nikhil Bothra, executive director of the company, said, growth in the prefabricated industry in FY 2023-24 has been a compound growth rate of 11 per cent.
The 27th Tech Summit to be held from 19 to 21 November in Bangalore will gather leading tech companies. For this an open discussion was organized in Delhi. State government minister Priyank Kharge said, this is a platform where everyone will get a chance to showcase their potential.
