JULY 20238Indian cabinet has given the go-ahead for U.S. chipmaker Micron Technology to move on with its $2.7 billion plan for a semiconductor testing and packaging unit as Prime Minister Narendra Modi arrived in the United States. According to the official, who wished to remain anonymous, the cabinet has also approved production-related incentives worth 110 billion rupees ($1.34 billion) for the facility, which is planned to be built in Gujarat.Throughout Modi's current trip to the United States, an official announcement is anticipated. The source told Reuters that because the incentive package is so large, cabinet approval is required. Even though information about Micron's proposal has previously surfaced, the probable cabinet approval is an important development. Representatives from Micron and the Indian government, including the technology ministry.U.S. official, President Biden wants to encourage greater economic integration between the U.S. and the greatest democracy in the world while lowering the risks involved with doing business in China for local companies. The amount of American companies considering investing in India has been a source of encouragement, according to a top official in the Biden administration. China claimed in May that the largest memory chip manufacturer in the United States, Micron, had failed a security examination and forbade operators of vital domestic infrastructure from buying its goods. The Biden administration was upset by this decision, but the US Commerce Department would not comment.Earlier this month, three significant businesses, including a joint venture between Foxconn and another company, who had submitted a bid for Indian semiconductor incentives were having difficulties because they lacked a technological partner. The industry insider stated, "The Micron transaction helps realise the ambition, but it is not a game-changer as the crucial component of establishing India as a semiconductor base still exists. In order to increase the capabilities of its different commercial operations, Vedanta Ltd expects to invest $1.7 billion in the current fiscal year, according to company chairman Anil Agarwal. He claimed in the company's annual report for the fiscal year 20222023 that it had already spent $1.7 billion on expansion capital expenditures in FY2023 to increase its assets and production. In FY 2024, "We anticipate allocating an additional $1.7 billion towards growth projects", Agarwal said.Our impressive portfolio and capable leadership team are both reflected in our overall success. Vedanta is dedicated to developing sustainably by making sure that the communities in which we work prosper and expand alongside us, according to Agarwal. The chairman went on to say that India had a fantastic year in 20222023. Even while most industrialised countries saw reduced growth under high inflation, the country thrived and repositioned itself among the fastest-growing economies in the world. After achieving 9.1 percent growth the year before, it reported an outstanding 6.8 percent GDP growth in FY2023.India's economic growth may be further fueled by this triad of manufacturing, infrastructure, and energy, as well as an emphasis on digitalization, which will also open up new business opportunities and add jobs. India's GDP is projected to double to $7.5 trillion between 2022 and 2031, with a significant increase in the manufacturing sector's contribution, he said. INDIA APPROVES MICRON'S $2.7 BILLION CHIP TESTING PLANT AMID PM MODI'S US VISITVEDANTA LTD AIMS TO INVEST $1.7 BILLION ON EXPANSION PROJECTS IN FY24TOP STORY
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