Further, range-bound movement in oil prices (USD81-83/bbl) and Indian Rupee (Rs 82/USD) narrowed the import bill for India…reports Asian Lite News
The balance of trade has been favourable with the government’s impetus for exporting manufactured goods under the Production Linked Incentives (PLI) scheme, building infrastructural facilities amid easing of global commodity prices, besides revival of service receipts, said Amnish Aggarwal, Director of Research, Prabhudas Lilladher.
Further, range-bound movement in oil prices (USD81-83/bbl) and Indian Rupee (Rs 82/USD) narrowed the import bill for India.
India’s exports stood at USD 73.55 billion (14.20 per cent YoY) while imports stood at USD 75.50 billion (10.13 per cent YoY) in February 2024, narrowing the trade deficit to USD 1.95 billion in February 2024 vs USD 4.15 billion in February 2023, he said.
“Going forward, the Foreign Trade Policy 2023 aims to target exports worth USD 2 trillion by 2030. The same is likely to be helped by India’s focus on building alliances through preferential trade agreements with world economies besides global supply chain diversifying away from China,” he added.
Emkay Global Financial Services said in a note that while Q3FY24 CAD/GDP likely widened to 1.7 per cent, Q4 is likely to see a current account surplus of 0.5 per cent of GDP (for the first time since Q1FY22), largely due to better-than-expected performance for both goods and services exports. This has been an ongoing trend throughout the year, leading to regular downward revisions in CAD/GDP estimates. Net services exports are especially notable, with software exports holding up well and net non-software exports likely to surge by over 50 per cent YoY.
As part of the initial phase, 125 Citroen e-C3 were flagged off from BluSmart’s EV charging superhub in Bengaluru….reports Asian Lite News
French carmaker Citroen on Monday joined hands with Indian EV company BluSmart Mobility to expand the homegrown firm’s all-electric fleet in the country.
The French company and BluSmart Mobility have signed an MoU that secures the supply of 4,000 Citroen e-C3, all-electric compact SUV units, over a period of 12 months.
As part of the initial phase, 125 Citroen e-C3 were flagged off from BluSmart’s EV charging superhub in Bengaluru.
The new Citroen compact SUV will augment BluSmart’s growing fleet of over 7,000 EVs, the companies said in a statement.
“This collaborative signifies a shared vision for a sustainable future in the realm of electric mobility, reaffirming our commitment to shaping a cleaner and greener transportation ecosystem,” said Shishir Mishra, Brand Director, Citroen India.
The Citroen e-C3 offers a range of 320 km and features fast-charging technology, capable of achieving full charge in less than an hour.
“Having a shared vision of achieving net-zero mobility, ‘with the mission to ‘Decarbonise Mobility at Scale’, we are dedicated to constructing a comprehensive EV mobility ecosystem in India,” said Anmol Jaggi, Co-founder and CEO, BluSmart.
BluSmart also owns and operates 4,400 EV chargers across its 36 superhubs spread across 1.5 million square feet in Delhi NCR and Bengaluru.
Through informed decision-making and strategic planning, women can unlock the full potential of their investments, ensuring a prosperous future for themselves and future generations. Here are four essential tips women must consider while investing outlined by Swati Saxena, Founder and CEO of 4 Thoughts Finance…reports Asian Lite News
In today’s dynamic financial landscape women emerge as influential investors, reshaping conventional perceptions and forging their path to economic empowerment.
Despite encountering challenges like financial literacy gaps and gender biases, women demonstrate resilience and skill in navigating the intricacies of the marketplace. From managing household finances to exploring equity markets, they bring a unique perspective driven by emotional intelligence and long-term vision.
Recognizing the significance of financial planning, there is a growing call to address barriers and create inclusive opportunities. By embracing their financial journey as a nurturing process, women can craft portfolios aligned with their values, aspirations, and risk tolerance.
Through informed decision-making and strategic planning, women can unlock the full potential of their investments, ensuring a prosperous future for themselves and future generations. Here are four essential tips women must consider while investing outlined by Swati Saxena, Founder and CEO of 4 Thoughts Finance.
Improve financial literacy: Comprehending the complexities of financial products calls for strong financial literacy to avoid pitfalls. It is vital to possess knowledge of investing measures, stock types, industrial and economic cycles, and management ethics. Proficiency with digital banking and AI-powered financial tools helps in today’s environment. The ability to obtain up-to-date market data online and understand the basics of it is essential. A proficient level of financial literacy will aid the navigation of asset classes and maximize profits in an increasingly competitive environment.
Prioritizing needs and creating a comprehensive financial plan: Investments must have a rationale. They must be linked to objectives like retirement planning, economic independence, and resolving societal inequalities like the gender wealth gap. It’s also essential to save and increase income from investment because disposable income from static sources determines wealth. A clear understanding of risk and personal risk tolerance aids confident investing. Safer options like high-interest savings accounts and riskier ones like individual stocks must be prioritized based on understanding the risk as it suits the investor. It is also essential to review and monitor investments regularly.
Strategize and diversify investments: Investing across a broad range of assets reduces risk by reducing the effect of market volatility. Include mutual funds (note that mutual funds are a basket representing assets, but are themselves not an asset class), stocks, bonds, and insurance. Consult financial professionals to make well-informed judgments and avoid hurried investments. Customization is essential, including a wide choice of inexpensive, tax-efficient investments based on one’s financial condition, risk tolerance, goals and ambitions. Gains and stability are balanced by reducing overall portfolio risk through diversification across asset classes, industries, and geographies. This approach uses market possibilities for optimum returns and resilience against economic fluctuations, even as it synchronizes investments with long-term goals.
A guide for financial well-being: Handling market fluctuations while making the best of investments takes knowledge and expertise that involves effort. An experienced financial advisor provides objective fiduciary guidance to minimize conflicts of interest. Long-term economic success is protected by their understanding of logical, research-backed methodologies and tax-efficient strategies. Advice from experts is crucial in complex circumstances or in optimizing efficiency. Costs and giving up control could be difficult for a person who likes to be in charge but having a professional can provide customized solutions and sound decision-making. Wise investment management to achieve financial objectives is eased by qualified financial experts.
The growing involvement of women in the investment environment is critical in the movement toward financial emancipation and independence. Women may successfully negotiate the difficulties of investing, secure a prosperous future for themselves, and promote greater economic inclusivity by emphasizing financial knowledge, strategic planning, diversification, and seeking mentorship.
With the central theme ‘Bharat Innovates,’ the event will also feature leadership talks, panel discussions, workshops, and a host of exciting activities for startups as well as future entrepreneurs….reports Asian Lite News
Over 1,000 start-ups, more than 500 incubators, hundreds of investors, and delegations from over 10 different countries will assemble for a three-day mega startup event ‘Startup Mahakumbh,’ set to kick off in the national capital on Monday.
Organisers said on Sunday that this event will now be an annual affair.
Being organised at the Bharat Mandapam, this event will be a first-of-its-kind in terms of vision and magnitude. Key global and Indian stakeholders such as unicorn startups, global and domestic venture capitalists, corporates, and industry leaders will also participate.
As many as 23 states will participate in this event and will showcase their startup ecosystem and policies. A few investors from the popular reality show Shark Tank will be present at the event over these three days.
With the central theme ‘Bharat Innovates,’ the event will also feature leadership talks, panel discussions, workshops, and a host of exciting activities for startups as well as future entrepreneurs.
The event will also host a Future Entrepreneurs Day on March 20, with a focus on cultivating the entrepreneurial spirit among students. The Future Entrepreneurs Day is expected to gather close to 5,000 individuals handpicked by colleges and incubators nationwide for their inclination towards entrepreneurship.
At the event, there will be 10 distinct pavilions showcasing the latest trends, technologies, and insights in their respective fields.
Startup Mahakumbh is being organised by ASSOCHAM, NASSCOM, Bootstrap Incubation and Advisory Foundation, TiE and Indian Venture and Alternate Capital Association (IVCA), and supported by Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry.
Ahead of the main event, the organsing team hosted a press conference today, giving an overview of the three days of Startup Mahakumbh.
Sanjeev Bikhchandani, Co-founder and Executive Vice Chairman, Info Edge, delivered the opening remarks, emphasizing the evolution of the Indian startup ecosystem over the past decade. From the surge in venture capitalist investments to the proliferation of unicorn success stories, he highlighted the journey to a pivotal stage, underscoring the necessity of a unifying apex event like Startup Mahakumbh.
Startups that would assemble for this event would be able to network with, try to organise funding from, and getting mentoring, said DPIIT Secretary Rajesh Kumar Singh told ANI.
“The idea is for them to learn the what the options are. There are government funds available through SIDBI, seed funds scheme, as well as the fund of funds, and there are many others. There is a fairly active venture capital ecosystem in the country all of whom would be represented there at the Mahakumbh,” said the Department for Promotion of Industry and Internal Trade secretary.
India ranks at 40 in terms of innovation and the goal is to move up from this.
“Our aim is to make Startup Mahakumbh not just a big event, but also an annual event, which can further propel the growth of the Indian Startup ecosystem. The event aims to unite innovators nationwide and transform it into the largest global event of its kind,” the DPIIT secretary said.
Archana Jahagirdar, Founding and Managing Partner, Rukam Capital, and is part of the organising committee, told ANI that it is an interesting time to be in India and there is a great synergy between the government and startups.
“I think there is so much on offer for all the startups, young startups especially, because there is an understanding of how incubation works. There’ll be VCs, there’ll be angel investors, you can see how unicorns have built their businesses and come to the point that they’ve come to,” Jahagirdar said.
“I think, and there’ll be also an understanding of how the government is thinking, different states are thinking, what are their startup policies. For a startup who is trying to understand this entire ecosystem, there could not be a better place than Startup Mahakumbh to be at. So there will be a lot of, there’s a matchmaking tool, there will be a lot of investors there and the that we’ve got for startups, the idea for that is as a showcase so that investors can be going and meeting the founders and see their products and services, what is it that they’re building and typically from an event like this, you know, those connections really lead to investments eventually.”
India has the third largest startup ecosystem and now it is the endeavour to become the best and this event is that direction.
“This event is part of that initiative and we are aiming to bring together its subsystems and components together on a single platform. Collaboration between them will boost the startup ecosystem,” said Sanjiv Singh, Joint Secretary, Department for Promotion of Industry and Internal Trade.
Among other things, to further demonstrate the capabilities and opportunities within the Indian gaming and E-Sports industry, the E- Sports pavilion at Startup Mahakumbh is organising the Esports tournament of Real Cricket and Sachin Saga with a total prize pool upwards of Rs 100,000. (DPIIT). (ANI)
The Government of India has approved a new electric vehicle (EV) policy that is designed to attract investments in the EV space by global manufacturers like the Musk-run electric car company.
Tesla lovers in the country are anxiously waiting for the first response from Elon Musk after the government approved a new electric vehicle (EV) policy that is designed to attract investments in the EV space by global manufacturers like the Musk-run electric car company.
It was in 2015 when Prime Minister Narendra Modi visited Tesla headquarters in Palo Alto, California and met the billionaire who gave the Prime Minister a tour of the company’s electric car plant.
In later years, the billionaire sought customs duty to be lowered so that he could bring Tesla vehicles to the country.
Presently, customs duty on cars imported as completely built units (CBUs) varies from 60-100 per cent, depending on their cost.
In the new policy, the government has reduced the customs duty to 15 per cent, with certain riders.
“The customs duty of 15 per cent (as applicable to completely knocked down or CKD units) would be applicable on the vehicle of minimum value of $35,000 and above for a total period of five years subject to the manufacturer setting up manufacturing facilities in India within a 3-year period,” according to the government.
This now paves the way for Musk to enter the Indian market.
Last year, PM Modi met Musk in the US and appreciated his efforts at making technology accessible and affordable in various sectors.
The Prime Minister invited Musk to explore opportunities in India for investments in electric mobility and the rapidly expanding commercial space sector.
After hearing PM Modi’s ‘Make in India’ pitch, the Tesla CEO announced that his electric vehicle and battery company will come to the country “as soon as it is humanly possible”.
“He (PM Modi) really cares about India because he’s pushing us to make significant investments in India, which is something that we intend to do and we’re just trying to figure out the right timing,” said the billionaire.
In the new EV scheme, the government mentioned that a minimum investment of Rs 4,150 crore (about $500 million) will be needed to set up manufacturing facilities and production started within three years and reach 25 per cent DVA (domestic value addition) by three years and 50 per cent DVA within 5 years at the maximum.
India’s EV market has the potential to achieve over 40 per cent penetration with $100 billion revenue by 2030.
Commerce Ministry on Friday said the policy is designed to attract investments in the e-vehicle space by reputed global EV manufacturers….reports Asian Lite News
The Central government has approved a scheme to promote India as a manufacturing destination so that e-vehicles (EV) with the latest technology can be manufactured in the country.
Commerce Ministry on Friday said the policy is designed to attract investments in the e-vehicle space by reputed global EV manufacturers.
The policy fixes a minimum investment of Rs 4,150 crore (∼USD 500 million) for foreign companies who want to set up electric vehicle manufacturing facilities in India. The scheme which aims to attract investments from leading EV manufacturers, such as Elon Musk-led Tesla, does not fix any upper limit on the investments.
The scheme also stipulates a 3 years timeline for setting up manufacturing facilities in India and starting commercial production of EVs. It lays down that 50 per cent domestic value addition in manufacturing must be reached within 5 years at the maximum.
Companies setting up manufacturing facilities for EVs will be allowed limited imports of cars at lower custom duty as an incentive.
The highlights of the scheme are:
* Timeline for manufacturing: 3 years for setting up manufacturing facilities in India, and to start commercial production of e-vehicles, and reach 50 per cent domestic value addition (DVA) within 5 years at the maximum.
* Domestic value addition (DVA) during manufacturing: A localisation level of 25 per cent by the 3rd year and 50 per cent by the 5th year will have to be achieved.
* The customs duty of 15 per cent (as applicable to CKD units) would be applicable on the vehicle of minimum CIF value of USD 35,000 and above for a total period of 5 years subject to the manufacturer setting up manufacturing facilities in India within a 3-year period.
* The duty foregone on the total number of EV allowed for import would be limited to the investment made or 6484 cr (equal to incentive under PLI scheme) whichever is lower. A maximum of 40,000 EVs at the rate of not more than 8,000 per year would be permissible if the investment is of USD 800 Mn or more. The carryover of unutilised annual import limits would be permitted.
* The Investment commitment made by the company will have to be backed up by a bank guarantee in lieu of the custom duty forgone.
* The Bank guarantee will be invoked in case of non-achievement of DVA and minimum investment criteria defined under the scheme guidelines.
The Commerce Ministry said that the scheme is aimed at providing Indian consumers with access to the latest technology, boost the Make in India initiative, strengthen the EV ecosystem by promoting healthy competition among EV players leading to a high volume of production, economies of scale, lower cost of production, reduce imports of crude oil, lower trade deficit, reduce air pollution, particularly in cities, and will have a positive impact on health and environment.
The initiatives mark a crucial step forward in Qualcomm’s journey of innovation also strengthening its presence in India. This expansion entails an investment of Rs 177.27 crore…reports Asian Lite News
American semiconductor manufacturer Qualcomm has opened a design centre in Chennai. The centre was inaugurated by Union Minister for Information and Technology Ashwini Vaishnaw on Thursday, in the presence of the company’s President and CEO Cristiano R Amon.
The US-headquartered multinational corporation, Qualcomm, is famed for designing and manufacturing semiconductors and wireless telecommunications products.
“PM Shri @narendramodi Ji’s vision is to develop complete semiconductor ecosystem. Today one more building block – Qualcomm semiconductor design center inaugurated in Chennai. Thankyou Mr. @cristianoamon and special thanks for showing up in Indian traditional attire,” the minister posted on X.
The minister also launched its 6G University Research India Program today, at the Ramanujan IT City, Taramani, Chennai.
These initiatives mark a crucial step forward in Qualcomm’s journey of innovation also strengthening its presence in India. This expansion entails an investment of Rs 177.27 crore.
Talking about the semiconductor production in India, Vaishnaw pointed out that all the three semiconductor chips in the Qualcomm board will be designed now end to end in the newly inaugurated Chennai Design Center and thus meeting the Prime Minister’s vision of creating entire value chain of semi-conductor in India starting from design, fabrication and ATMP (Assembling, Testing, Marking and Packaging) and encompassing further all three layers of semiconductor ecosystem, i.e., talent pool, gases and chemicals and semiconductor equipment.
The Minister also said that the with foundation stone laying for three projects of semiconductor by the Prime Minister on Wednesday, the country will have capability in all fields — design, fabrication and ATMP (Modified Assembly, Testing, Marking, and Packaging).
“We have programmed with 104 universities spread across the nation where the latest design tools are made available to the students, to learn, experiment and try out new ideas,” the Minister noted.
Prime Minister Narendra Modi laid the foundation stones for three new semiconductor plants in the country on Wednesday. In India’s endeavour to ramp up its semiconductor ecosystem, three new chip plants – two in Gujarat and one in Assam are being set up- in addition to the under-construction chip plant at Sanand in Gujarat. Tata Group is setting up two of these three new plants.
Qualcomm joins Jacoti to boost true wireless earbuds experience.
The semiconductor industry in India is still in a nascent stage, with various local and multinational companies intending to tap its vast potential.
The Programme for Development of Semiconductors and Display Manufacturing Ecosystem in India was notified on December 21, 2021, with a total outlay of Rs 76,000 crore.
Meanwhile, Centre for Development of Telematics (C-DOT) on Friday announced plans to collaborate with global giant Qualcomm Technologies Inc, a subsidiary of Qualcomm Incorporated, to establish a strategic partnership that will foster innovation in India and support developers and start-ups in the country working on innovative products and use cases.
Qualcomm Technologies has signed an MoU with C-DOT to provide expertise and best practices, state-of-the-art technology, intellectual property training and tools, for enabling Indian startups, academia, and OEMs, and fast-tracking the development and commercialisation of indigenous telecom products utilising Qualcomm wireless solutions and technologies.
Through this collaboration, C-DOT and Qualcomm Technologies will work towards the following broad objectives:
Facilitate access for the startups, OEMs and academia with foundational chip technologies and domain experts that will stimulate innovation and help them scale up their R&D efforts
Accelerate the pace of commercialisation and business development of Indian startups engaged in building indigenous telecom products and solutions
Speaking on the initiative, Neeraj Mittal, Chairman, of the Digital Communications Commission and Secretary of, the Department of Telecommunications (DoT) said that India’s developers, academia and startup ecosystem are at the forefront of driving innovation in the country.
“With immense pride in our nation’s cutting-edge research, we stand alongside Qualcomm in nurturing the entrepreneurial vigour in telecom technology. This initiative is reaffirming the Prime Minister’s commitment to the government’s Design in India and Make in India vision, recognising the potential of homegrown startups to drive groundbreaking innovations and propel India’s leadership in the telecom landscape,” he said.
Rajkumar Upadhyay, CEO, of C-DOT, said “Our collaboration with Qualcomm Technologies will help transition us to an era where innovation thrives, unlocking the vast potential of Indian R&D, accelerating the commercialisation of new products and use cases and fostering a vibrant ecosystem of startups.
Speaking on Qualcomm’s commitment to India, Savi Soin, Senior Vice President, and President of Qualcomm India said that India has a thriving developer and startup ecosystem driven by enormous technology talent.
“The recent initiatives by the government have been key in making India a growth conducive market for tech companies of various scales. With the government’s push for Design in India coupled with growing adoption of 5G and on the device-AI, we see greater scope for innovations,” he said.
Post the completion of this transaction, Reliance Industries equity stake in Viacom18 will increase to 70.49 per cent …reports Asian Lite News
Reliance Industries has signed an agreement to acquire 13.01 per cent equity stake of Viacom 18 Media Private Limited (Viacom18) held by Paramount Global through its two subsidiaries for an aggregate consideration of Rs 4,286 crore.
Viacom18 is a material subsidiary of TV18 Broadcast Limited. Reliance Industries currently holds Compulsorily Convertible Preference Shares of Viacom18 representing 57.48 per cent equity stake (on a fully diluted basis).
Post the completion of this transaction, Reliance Industries equity stake in Viacom18 will increase to 70.49 per cent (on a fully diluted basis). The acquisition is not a related party transaction and none of the company’s promoter/promoter group/group companies have any interest in the acquisition, Reliance Industries said in a filing.
On February 28, Reliance Industries Limited (RIL), Viacom 18 Media Private Limited (Viacom18) and The Walt Disney Company (Disney) announced the signing of binding definitive agreements to form a joint venture (JV) that will combine the businesses of Viacom18 and Star India.
As part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private Limited (SIPL) through a court approved scheme of arrangement. In addition, RIL has agreed to invest at closing Rs 11,500 crore ($ 1.4 billion) into the JV for its growth strategy.
Despite facing headwinds, India’s VC landscape exhibited resilience in 2023, marking a year of continued moderation…reports Asian Lite News
India retained its position as the second-largest destination for venture capital and growth funding within the Asia-Pacific region last year, a report showed on Thursday.
Despite facing headwinds, India’s VC landscape exhibited resilience in 2023, marking a year of continued moderation, according to the report by Bain & Company in collaboration with the Indian Venture and Alternate Capital Association (IVCA).
“In a year seemingly rife with hurdles, investors demonstrated resilience by adjusting to the evolving landscape. There was a perceptible shift in investment focus from tech-first bets to more traditional sectors underpinned by strong fundamentals — such as healthcare, retail, and financial services,” said Sai Deo, Partner, Bain & Company.
Investment activity echoed a muted sentiment globally, with investments declining by 65 per cent relative to 2022 and reaching $9.6 billion in 2023 compared to $25.7 billion in the previous year.
Generative AI gained significant momentum as funding soared from $15 million to $250 million over 2022-23 globally.
Overall, tech-first sectors (consumer tech, fintech, and software/SaaS) maintained their dominance in 2023, capturing nearly 60 per cent of funding.
Investor focus drifted to traditional sectors with strong fundamental tailwinds (banking, financial services, and insurance, healthcare) as well as emergent themes [electric mobility and generative artificial intelligence), the report noted.
Electric mobility was the other green-shoot sector that gained salience (from 3 per cent to 7 per cent of funding), as the rising maturity of the ecosystem fuelled investor interest, the findings showed.
“Over the longer term, global investors will likely remain bullish on India as an investment destination with numerous promising sectors and themes primed to draw investor interest,” said Sriwatsan Krishnan, Partner, Bain & Company.
The Tata Motors Group, which rolls out commercial and passenger vehicles, will set up a vehicle manufacturing plant in Tamil Nadu at an outlay of about Rs 9,000 crore, it was announced on Wednesday.
The Tata Motors Group on Wednesday inked a facilitation MoU with the Tamil Nadu government. As per the MoU, the investment of about Rs 9,000 crore will be spread over five years and can create about 5,000 jobs – direct and indirect.
Following the signing of this MoU, teams from Guidance, Tamil Nadu’s nodal agency for investment promotion and facilitation, and Tata Motors Group will work together to take this opportunity forward.
The MoU was signed by V. Vishnu, Managing Director & CEO, Guidance, and P.B. Balaji, Group CFO, Tata Motors, in the presence of Chief Minister M.K. Stalin.
Tamil Nadu Industries Minister T.R.B. Rajaa said on X: “For the FIRST time EVER, TN has attracted TWO BIG Automobile Manufacturing #Investments within a span of just 2 months.”
“Over the past couple of years, Tamil Nadu has hit the fast lane and become the ultimate hub for investments, showcasing our Chief Minister’s dedication to fostering top-tier employment for our vibrant youth and amplifying our industrial prowess,” Rajaa said.
“We’re not just building factories; we’re engineering dreams and accelerating towards a brighter, more prosperous future!” he added.
Last month, Vietnam’s VinFast group’s Indian arm VinFast Auto India Ltd laid the foundation stone for its electric vehicle factory in Tuticorin. The company will invest Rs 4,000 crore in the first phase
Meanwhile, Tata Group companies Air India and Tata Advanced Systems Ltd (TASL) are planning to invest Rs 2,300 crore in Karnataka in projects that are expected to create employment for 1,650 people, the state government announced on Monday.
According to the MoU that has been signed, Air India will set up a facility to carry out maintenance, repairs, and overhaul of planes at the Bengaluru airport. The project entails an investment of around Rs 1,300 crore that will generate employment for 1,200 people.
Tata Advanced Systems, which makes doors for European giant Airbus’s A320neo planes, will set up manufacturing and research & development facilities in the state. The company will invest in three projects near Bengaluru Airport and in Kolar with a total investment of Rs 1,030 crore. These include a passenger to freighter aircraft conversion facility (Rs 420 crore), gun manufacturing facility (Rs 310 crore) and aerospace & defence research and development in Karnataka (Rs 300 crore). These projects are expected to generate direct employment for 450 people.
Karnataka Chief Minister Siddaramaiah and state Large and Medium Industries Minister M B Patil were among those present at the MoU signing ceremony in this regard here.
Saying such projects require streamlined support from the government in terms of clearances, approvals and interventions, Patil assured support in resolving any challenges pertaining to the grounding of the projects.
S. Selvakumar, Principal Secretary, Karnataka Industries Department and Nipun Agrawal, Chief Commercial Officer of Air India and Sukaran Singh, CEO of TASL exchanged the MoU.
Chief Secretary to Karnataka Government, Rajneesh Goyal; Additional Chief Secretary to Chief Minister L.K. Atiq; Commissioner of Industries Department Gunjan Krishna; Air India top officials Manan Chauhan, Karthikeya Bhat, Atul Shukla, TASL top officials Guru Dattatreya, Arjun Maine, Bangalore International Airport Managing Director Hari Marar, COO Satyaki Raghunath, and CFO Bhaskar Ravindra were present on the occasion.
The Tata’s plan for Karnataka comes close on the heels of the group’s announcement of a Rs 15,000 crore investment in Telangana. The Tata Group has also drawn up plans to set up a semiconductor fabrication plant in Gujarat.
Investments flowing into states are on the rise under the Atmanirbhar policy of the Modi government which has increased emphasis on self-reliance under which more collaborations between Indian companies and high-tech foreign firms are taking place. This has also led to more FDI flows into the country.
Tata Sons’ N. Chandrasekaran is Chair of B20 India, to lead biz agenda
Chip Hubs Drive Growth
The new semiconductor manufacturing plants will have a lasting impact on the entire nation and the ecosystem from across the globe will mobilise to have India as their preferred semiconductor destination, N. Chandrasekaran, Chairman of Tata Sons Pvt Ltd, said on Wednesday.
Addressing the ‘India’s Techade: Chips for Viksit Bharat’ programme where Prime Minister Narendra Modi laid the foundation stone of three chip manufacturing units worth Rs 1.25 lakh crore — including two from the Tata Group — Chandrasekaran said that today is a special day, “with the foundation stone being laid simultaneously for our projects in Dholera and Jagiroad 2,500 kms apart”.
“On this historic occasion, I would like to thank PM Modi for his enduring vision to bring the semiconductor industry to the shores of our country,” said the top Tata executive.
The semiconductor industry is innovation-driven as it is a foundation for everything digital.
“We look forward to closely partnering with industry, academic institutions, and ecosystem players to select an infrastructure of tomorrow, right here in India. We will be creating thousands of jobs in this journey and this is just the beginning,” N. Chandrasekaran told the gathering.
Today, every major economy is looking for self sufficiency in the semiconductor supply chain.
“From the very beginning, we have been fortunate to pioneer several businesses. And today, our journey of building semiconductor chips has begun”.
The fabrication facility at the Dholera Special Investment Region (DSIR), Gujarat is being set up by Tata Electronics Private Limited (TEPL). With a total investment of more than Rs 91,000 crore, this will be the first commercial semiconductor fab in the country.
The Outsourced Semiconductor Assembly and Test (OSAT) facility in Morigaon, Assam is being set up by Tata Electronics Private Limited (TEPL), with a total investment of about Rs 27,000 crore.
The third semiconductor facility in Sanand, Gujarat will be set up by CG Power and Industrial Solutions Limited with an investment of about Rs 7,500 crore.
