Prime Minister Narendra Modi announced that the approval of three semiconductor units, including a mega fab by Tata Group, by the Union Cabinet will strengthen India s technological self-reliance and position the country as a global hub in chip manufacturing. The government is providing incentives of up to Rs 76,000 crore to boost semiconductor production, crucial for electronic devices in sectors such as defense, automobiles, and telecommunications.
Paytm Payments Bank has been instructed by the Reserve Bank of India to halt its basic banking services from March 16. Earlier this week, on Monday, Vijay Shekhar Sharma - the founder of Paytm - announced his resignation from the board of Payments Bank, which replaced its directors with new inductees, mostly from the banking and bureaucratic fraternity.
JSW Green Steel Ltd has now become its wholly-owned subsidiary, the company said. "The new entity has been incorporated for manufacturing of hot-rolled and cold-rolled products of steel, which is in line with the main line of business of the company," JSW Steel said.
The Delhi High Court dismissed ArcelorMittal India s petition for a mining lease in Jharkhand s Saranda forest division. The court found that the approval granted by the Centre in 2007 and 2008 was conditional and no mining lease could be executed without meeting certain pre-conditions. The company had filed an application for a mining lease in 2007 for iron and manganese ore in Meghahatuburu Taluka, Karampada Reserve Forest.
The Indian auto industry is set to invest up to $7 billion by FY28 to deepen localisation of advanced components, including electric motors and automatic transmissions, to reduce imports and capitalize on multinationals China Plus One sourcing strategy. The Automotive Component Manufacturers Association (ACMA) reports that automakers and suppliers are likely to make this investment between FY24 and FY28.