BUSINESS
India-US ink pact for setting up semiconductor supply chain
The agreement was signed between Commerce Minister Piyush Goyal and the visiting US commerce secretary Gina Raimondo. The agreement seeks to establish a collaborative mechanism between the two governments on semiconductor supply chain resiliency and diversification in view of US CHIPS and Science Act and India's Semiconductor Mission.
Budget to give new momentum to women-led development: PM
Addressing a post-budget webinar on "Economic Empowerment of Women", he said that the "country is seeing this year's budget as an auspicious beginning for achieving the target of a developed nation by 2047". "The results of efforts for women empowerment are visible and we are feeling a revolutionary change in the social life of the country."
Jobless claims hit record high in US, new waves of layoffs expected
Nearly 211,000 people filed initial jobless claims last week, surpassing economist projections for the first time, according to latest Labor Department data, reports Forbes. Continuing claims rose to 1.7 million from 1.6 million one week prior hitting the highest level since January 2022. According to career services firm Challenger, Gray & Christmas, the companies in the US are slashing.
Biden announces budget plan for fiscal year 2024
The 182-page proposal projected the federal government's spending of $6.9 trillion throughout fiscal year 2024, starting on October 1, 2023, and ending on September 30, 2024. Biden said that his budget plan aims at reducing the deficit by nearly $3 trillion over the next decade "by making the wealthy and big corporations pay their fair share", Xinhua news agency reported.
India-Bangladesh cross-border oil pipeline to open on March 18
"The good news is India will send us diesel... the (Oil) pipeline has been completed," he confirmed to IANS on Thursday night, adding that the two premiers will inaugurate the pipeline on March 18 through video conferencing. According to Bangladesh Petroleum Corporation (BPC) officials, India would export diesel through the 130-km India-Bangladesh Friendship Pipeline (IBFPL), built at a cost of around Rs 3.46 billion drawn from the Indian line of credit (LoC).
Nirmala Sitharaman meets US Commerce Secretary, discusses bilateral issues
Raimondo is currently on a four-day visit to India. In a series of tweets, the finance ministry said that both the leaders discussed India's G20 priorities among other issues. During their deliberations, Sitharaman and Raimondo also exchanged views on enhancing bilateral cooperation to further boost investment and trade in mutually agreed areas.
Tata Steel to manufacture 22 Vande Bharat trains in next one year
The Ministry of Railways has set a production target of 200 Vande Bharat trains for the next two years, besides setting a target to run the first sleeper version of Vande Bharat by the first quarter of 2024. Keeping this in view, an agreement has been signed between Indian Railways and Tata Steel on several schemes to speed up the production work.
Sufficient coal for 44 days available to meet peak power demand: Sources
According to sources privy to developments, the Coal Ministry has said that its current daily production is more than the daily national requirement, and therefore, it is fully prepared to meet the peak demand, mainly from thermal power plants. Meanwhile, the Power Ministry on its part, has directed its gas-based plants to run at full capacity.
IMF 'satisfied' with Pakistan but no deal this week
"We seem to be very close to signing the staff-level agreement, hopefully in the next few days," Dar said in his address during a seminar, Geo News reported. However, the finance minister, while citing his experience of completing 12 reviews of the "one and only" IMF programme Pakistan completed, shared that "it has taken longer than it should have" for Islamabad to complete the pending ninth review.
Japan's GDP growth downgraded to annualised real 0.1% in Q4 2022
According the Cabinet Office, the country's economic expansion was downwardly revised from 0.6 per cent to an annualised real 0.1 per cent, reports Xinhua news agency. On an inflation-adjusted basis, real gross domestic product (GDP) on a quarterly basis was revised down from 0.2 per cent to 0.02 per cent, the government also said.
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