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Government planning semiconductor design-linked incentive policy

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The government is planning to come up with a semiconductor design-linked incentive policy to promote domestic manufacturing as well as attract global electronic chip companies to the country, according to an official source.


Global majors such as Qualcomm, Intel, Mediatek, Infineon, and Texas Instruments have their research and development in India which contribute in the development of their chipsets.





“The government is deliberating on a new semiconductor design-linked incentive scheme which envisages financial and infrastructure support for Indian MSMEs and startups right through the ideate stage to production stage. As and when these startups start producing and selling chips in the market, they shall also avail additional incentives under the scheme on their net sales turnover,” an official source told PTI.


Minister of State for Electronics and IT Rajeev Chandrasekhar last week had said that the government would host a conference of semiconductor companies in November to discuss India’s policy roadmap in the segment.


“It is a great initiative which will leverage India’s strength to make an impact in the field of design of semiconductors. We can target to have 25 plus fabless companies in the next few years which will make a substantial impact in the global semiconductor market,” industry body IESA chairman Rajeev Khushu said.


The semiconductor design is the main driver of revenues that electronic chip companies earn from sale of their high end components.

(Only the headline and picture of this report may have been reworked by the PRESS24 NEWS staff; the rest of the content is auto-generated from a syndicated feed.)

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Centre expects tax revenues to be above 10% budget target: Officials

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India’s government expects tax revenues for the current financial year to be 10% above budget, beating forecasts for the first time in four years, two officials said, as the economy powers back towards pre-pandemic levels.


Tax revenues, budgeted at 15.45 trillion rupees ($206 billion) for the year to March 31, have been below projections ever since 2017-18, as the economy lost momentum even before COVID-19 and then slipped into a deep recession.





But now retail sales have picked up and exports are surging at a record rate, suggesting it is rebounding faster than anticipated after a devastating second wave of coronavirus infections this year.


India’s economy grew 20.1% between April and June, versus a 24.4% contraction during the same period last year.


“Activity levels have improved a lot. All indicators are showing a faster-than-anticipated recovery, we are set to beat our own (tax) estimates this year if all remains well,” the second official said.


The finance ministry did not immediately reply to emails and messages seeking comment on tax revenues.


If tax payments remain strong and the government is able to hit the 2021-22 target for revenues from its ongoing privatisation programme, then it will be able to beat its fiscal deficit projection of 6.8% by as much as 30-40 basis points, the second official said.


India aims to raise 1.75 trillion rupees in the current fiscal year through sales of stakes in state-run companies and is hoping the sale of Air India to conglomerate Tata will provide an impetus.


The listing of fully state-owned Life Insurance Corp. (LIC) could fetch up to a further 1 trillion rupees, according to another government official. “We are working very hard to complete the listing of LIC and we should be able to do it by March,” the third official said.


Ratings agency Moody’s Investors Service this month upgraded its outlook on India to stable from negative, saying downside risks in the country and its financial institutions had eased.


 


(Reporting by Aftab Ahmed; Editing by Sanjeev Miglani and John Stonestreet)

(Only the headline and picture of this report may have been reworked by the PRESS24 NEWS staff; the rest of the content is auto-generated from a syndicated feed.)

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PRESS24 NEWS has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

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Dutch pension fund to divest from fossil fuel producers

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On October 22, the court reserved its order in the matter when Zee had argued that the call for an extraordinary general meeting (EGM) by its largest shareholders Invesco and OFI Global is illegal and invalid..

Bombay HC grants injunction to Zee, bars Invesco from holding EGM


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Name Price Change % Chg
Sbi 513.30 6.80 1.34
Ntpc 143.25 -0.65 -0.45
Nhpc 31.40 -1.00 -3.09
Indiabulls Hsg 227.85 7.35 3.33

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