- Friday, February 28, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy & business for Tuesday, June 27, 2023:
The government of the Indian state of Gujarat is set to ink a memorandum of understanding (MoU) with Micron Technology, an American computer storage chipmaker, on Wednesday (28) for the establishment of a semiconductor assembly and test facility in Sanand in the state’s Ahmedabad district. The MoU will be signed in Gandhinagar in the presence of Gujarat chief minister Bhupendra Patel and other dignitaries. Micron had previously announced its plan to invest $2.75 billion (£2.15 billion) in setting up the facility in the state. The project has been approved under the central government’s “Modified Assembly, Testing, Marking and Packaging (ATMP) Scheme” and will receive fiscal support from the federal government and incentives from the Gujarat government. Construction of the facility is expected to begin in 2023, with the first phase becoming operational in late 2024. It may be mentioned here that Micron Technology’s president and CEO Sanjay Mehrotra recently met prime minister Narendra Modi in the US where the latter invited the company to boost chip-making in India.
Indian real-estate company Supertech’s chairman and owner, R K Arora, has been arrested by the Enforcement Directorate (ED) on charges of money laundering, according to official sources. Arora was taken into custody after being questioned for the third time at the ED’s office. He is expected to be produced before a special PMLA (Prevention of Money Laundering Act) court on Wednesday, where the ED will seek further remand. The case against Supertech, its directors, and promoters originates from multiple FIRs filed by police departments in Delhi, Haryana, and Uttar Pradesh. The ED’s investigation revealed alleged diversion and misappropriation of funds collected from homebuyers and banks, resulting in defaults on loans and non-performing assets.
Amara Raja Infra Pvt Ltd (ARIPL), a subsidiary of the Amara Raja Group, has achieved a significant milestone by securing a solar project worth USD 130 million in Bangladesh. This marks ARIPL’s entry into the international solar market and is a major achievement for the company. The project involves the engineering, design, supply, installation, and commissioning of a 100 MW (AC) Solar PV Power Plant, funded by the Exim Bank of India. ARIPL, in partnership with Premier Solar, secured the project from Rural Power Company Ltd (RPCL) in Bangladesh and will complete it within 18 months. After commissioning, ARIPL will provide comprehensive operation and maintenance services for two years. This achievement further solidifies ARIPL’s position as a prominent player in the renewable energy sector, with a solar portfolio of 1 GW in the pipeline.
India’s road network has witnessed remarkable growth, expanding by 59 percent over the past nine years, making it the second-largest in the world, according to road transport and highways minister Nitin Gadkari. The country’s road network currently spans 145,240 kilometres (km), compared to 91,287 km in 2013-14. Gadkari shared these achievements during a conference on the government’s nine-year accomplishments. India has set seven world records in the road sector during this period, solidifying its position as the world’s second-largest road network after the US. Revenues from tolls have also increased, reaching Rs 41,342 crore (£3.95 billion), with a target of reaching Rs 130,000 crore (£12.4 billion) by 2020. The implementation of Fastags has significantly reduced waiting times at toll plazas, currently averaging 47 seconds, with further efforts to decrease it below 30 seconds.
India’s Defence Research and Development Organisation (DRDO) organized an ‘Anusandhaan Chintan Shivir’ (research and brainstorming session) on Tuesday, aiming to promote military research and development within the industry and academia. The event also marked the release of a list of 75 technology priority areas and the ‘DRDO Technology Foresight 2023’. These initiatives aim to boost the defence manufacturing sector and highlight the ongoing research areas in DRDO laboratories. By unveiling the 75 technology priority areas, the event encourages indigenous innovation in defence technologies, fostering self-reliance and promoting military technology design and development in the country through engagement with industry and academia.
(With agency inputs)
