BUSINESS
US, India semiconductor groups forge initiative to boost chip ecosystem
The task force will develop a "readiness assessment" regarding the semiconductor ecosystem in India and gather industry, government, and academic stakeholders to identify near-term industry opportunities and facilitate longer-term strategic development of complementary semiconductor ecosystems. "We are thrilled to kick off this new initiative with IESA, our counterpart in India," said John Neuffer, SIA President and CEO.
EV 2-wheeler sales in India to reach 22 mn by 2030: Report
According to the latest report by Redseer Strategy Consultants, the electric 2W market is expected to be over 80 per cent of the overall 2W market by 2030. With the demand for affordable transportation and the focus on reducing carbon emissions, electric vehicles will play a vital role in India's step towards a sustainable future.
Eco Survey red flags: Higher CAD, rupee depreciation, entrenched inflation
While commodity prices have retreated from record highs, they are still above pre-conflict levels. Strong domestic demand amid high commodity prices will raise India's total import bill and contribute to unfavourable developments in the current account balance.
Economic Survey prescribes slew of further reforms to accelerate growth
The deregulation and simplification of compliances should continue to dismantle the licensing, inspection, and compliance regime entirely, the Survey said. State governments have to address power sector issues, and the financial viability concerns of the discoms have to be addressed. Impetus must be given to education and skilling to match the requirements of modern industry and technologies
Economic Survey expects private sector to take the lead in job creation
India's economic growth in FY23 has been principally led by private consumption and capital formation. It has helped generate employment as seen in the declining urban unemployment rate and in the faster net registration in Employee Provident Fund, it said. Recovery of MSMEs is proceeding apace, as is evident in the amounts of Goods and Services Tax (GST) they pay, while the Emergency Credit Linked Guarantee Scheme (ECGLS) is easing their debt servicing concerns
Eurozone posts 0.1% GDP growth in Q4 2022: Eurostat
Compared with the same quarter of the previous year, the eurozone's GDP is expected to have grown by 1.9 per cent in the fourth quarter of 2022, and it was up 1.8 per cent in the EU. in 2022 the eurozone's GDP increased by 3.5 per cent and that of the EU by 3.6 per cent
Pfizer sees big reversal after reporting record high revenues, earnings in 2022
Pfizer on Tuesday reported $100.3 billion of revenues and $6.58 of adjusted diluted earnings per share (EPS) in 2022, both of which hit record highs. Pfizer's annual revenues and adjusted diluted EPS jumped 23 per cent and 62 per cent year-on-year, respectively. Much of the growth was driven by sales from oral antiviral treatment Paxlovid and Covid-19 vaccine Comirnaty, Xinhua news agency reported.
Finance Minister to present Union Budget for 2023-24 today
She will lay a statement of the estimated receipts and expenditure of the government for 2023-24. The Finance Minister will also lay statements of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003, on medium-term fiscal policy cum fiscal policy strategy and on macro-economic framework. Sitharaman will further introduce the Finance Bill 2023 in the Lower House.
GST collections touch Rs 1.55 lakh crore in January 2023
January's collections are second only to Rs 1.68 lakh crore gross GST collections recorded in April 2022. GST collections have crossed the Rs 1.50 lakh crore mark for the third time in 2022-23, official sources said. Out of the Rs 1,55,922 crore GST collections for January 2023, CGST was Rs 28,963 crore, SGST was Rs 36,730 crore and IGST stood at Rs 79,599 crore.
JSW Steel, Ambuja Cement, Vedanta, Jindal Power among bidders for commercial coal blocks
The Coal Ministry had, on January 30, received a total of 96 bids for the 36 mines for the sixth round and second attempt of fifth round of commercial coal block auctions, which it had launched on November 3, 2022. Monday (January 30) was the last date for submission of technical bids for these rounds. The bids were opened on Tuesday in the presence of the bidders.
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