BUSINESS
Semiconductor announcements during Modi's US visit to create up to 1 lakh direct jobs: MoS IT
Addressing a press conference here, the Minister said the investments in the semiconductor sector will also help create several thousands indirect jobs in the overall supply chain. "The electronics industry created 10-12 lakh jobs in the last two years alone. The latest announcements, like by Micron, to make memory chips in India is an important milestone for us.
Sitharaman lists key financial inclusion measures at Paris summit
"Today, we're able to send most of the benefits directly to the bank accounts of citizens. After the introduction of Digital Public Infrastructure (DPI), the government was able to save Rs one lakh crore in just one of the provinces in India through direct benefit transfer," she told dignitaries, while addressing the summit for the New Global.
DGCA suspends licence of AI pilot, co-pilot for allowing woman inside cockpit
During the departure of Air India flight AI-458 from Chandigarh to Leh, the Pilot in Command (PIC) allowed an unauthorised person to enter the cockpit. "The First Officer (co-pilot) failed to object to this unauthorised entry. After conducting an investigation, the DGCA has taken the following actions the PIC's pilot license has been suspended for one year, and the First Officer's pilot license has been suspended for one month," said an official.
US-based Applied Materials plans $400 mn investment in India
The announcement came after Gary E. Dickerson, President and CEO of Applied Materials, met Prime Minister Narendra Modi in the US and discussed ways to strengthen the semiconductor ecosystem in India. The centre will be designed to bring together Applied engineers, leading global and domestic suppliers, and top research and academic institutions, enabling them to collaborate in one location with a common goal of accelerating development of semiconductor equipment sub-systems and components.
Sitharaman highlights reforms undertaken for financial institutions under India's G20 presidency
She discussed G20 efforts to strengthen MDBs to address the global challenges of 21st century. "Work on CAF recommendations will enable MDBs to utilise their existing resources more effectively," she said during the event. Sitharaman shared that the Paris summit front-runs the G20 New Delhi summit, which will take place in September this year.
RBI's MPC unanimous in keeping rates unchanged, member echoes reservation
MPC member Jayanth Varma expressed reservations on continuation of the policy stance during the June 6-8 meeting of the rate setting committee of the RBI, whose minutes were released on Thursday by the central bank. He however did not mark his dissent, saying that the stance was vestigial at this juncture.
Bank of England hikes rates to highest level since April 2008
In what will be seen as a major move, the Bank's monetary policy committee increased rates for the 13th consecutive time to the highest level since April 2008, The Guardian reported. Before the decision was announced, financial markets were evenly split on whether the Bank would vote for a half-point rise or a smaller quarter-point increase, the report said.
Ex-Goldman Sachs banker Brijesh Goel convicted of insider trading
Brijesh Goel , 38, was convicted on Wednesday after a seven-day trial for tipping off former Barclays Plc trader Akshay Niranjan about deals at Goldman, yielding total illegal profits of approximately $280,000. He is scheduled to be sentenced on October 19, the US Attorney for the Southern District of New York announced.
Micron to set up $2.75 bn semiconductor facility in India
Under the government's 'Modified Assembly, Testing, Marking and Packaging (ATMP) Scheme,' Micron will receive 50 per cent fiscal support for the total project cost from the Centre and incentives representing 20 per cent of the total project cost from Gujarat. The combined investment over the course of two phases will be up to $2.75 billion.
Fitch hikes India's GDP forecast to 6.3% for current fiscal
"India's economy has been showing broad-based strength - with GDP up by 6.1 per cent year-on-year in the first quarter of 2023-24 and auto sales, PMI surveys and credit growth remaining robust in recent months - and we have raised our forecast for the fiscal year ending March 2024 (2023-24) by 0.3 percentage points to 6.3 per cent," Fitch said in a statement.
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