- Thursday, February 27, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Friday, July 28, 2023:
US-based semiconductor company Micron Technology on Friday said it is all geared up for setting up India’s first chip facility in the western state of Gujarat, which will create 5,000 direct and 15,000 indirect jobs in coming years, PTI reported. “We estimate that our project here in Gujarat will create nearly 5,000 direct jobs plus an additional 15,000 jobs in the community over the coming years,” said Sanjay Mehrotra, president and CEO of Micron Technology. Speaking at the SemiconIndia 2023 event in Gujarat’s capital Gandhinagar, Mehrotra said the investment is expected to catalyse other investments, enhance manufacturing and job creation in the semiconductor space.
Indian conglomerate Vedanta, which has outlined ambitious semiconductor manufacturing plans for India, has identified a world-class technology partner and is in the process of tying up with them, its chairman Anil Agarwal said on Friday, PTI reported. Gujarat will emerge as a semiconductor hub, he said, adding it “is right place for creating silicon valley of India”. “For semiconductor we have identified world class partner, we have already identified a world class partner for technology and are in process of tying up with them,” he said at SemiconIndia 2023.
Go First airline, which has been grounded since early May, has announced a further extension of flight cancellations till July 30. “Due to operational reasons, Go First flights until 30th July 2023 are cancelled. We apologise for the inconvenience caused…,” it wrote on Twitter on Friday. On May 2, Go First cancelled its flights and filed for voluntary bankruptcy before the National Company Law Tribunal, alleging delays on the part of a US-based engine maker, Pratt & Whitney, for its inability to promptly meet obligations — leading to the grounding of a portion of its fleet. (ANI)
Indian finance minister Nirmala Sitharaman launched two landmark institutions, AMC Repo Clearing Limited and Corporate Debt Market Development Fund organised by the Securities and Exchange Board of India. Ajay Seth, secretary, department of economic affairs, ministry of finance, and Madhabi Puri Buch, chairperson of SEBI shared the stage with the minister. Sitharaman said, “in the economy, it is the financial sector which becomes a very effective barometer of the underline confidence in the macro economy fundamentals of any country and it also reveals the growth potential that exists. We have carried out manifold reforms in the financial sector & have innovatively used technology to achieve financial inclusion at scale, fostering transparency. India has leveraged technology to its fullest in every segment of the financial ecosystem.” (ANI)
The Indian government and the Asian Development Bank (ADB) on Friday signed a $200 million (£155.5 million) loan agreement as additional financing for the ongoing Rajasthan Secondary Towns Development Sector Project to expand water supply and sanitation systems and enhance urban resilience and heritage living in selected towns, an official release said on Friday. After signing the loan agreement, additional secretary, department of economic affairs, ministry of finance, Vumlunmang Vualnam, said that the additional financing will support Rajasthan in its commitment to reduce basic infrastructure gaps in its secondary towns by expanding water supply and sanitation services and improving livability in selected urban local bodies. (ANI)
