India Business News: The Indian government has taken a significant step toward becoming self-reliant in semiconductor production by approving the establishment of three semiconductor fabrication units. The approval, announced on February 29 by the Union Cabinet, involves an investment of Rs 1.26 lakh crore ($15.2 billion). The move is aimed at reducing India's heavy dependence on imported chips, essential for various sectors such as defence, automobiles, and telecommunications.
Sona BLW Precision Forgings (Sona Comstar) announced on Thursday that it has received certification under the auto Production Linked Incentive (PLI) scheme. The certification, granted for the company s hub wheel drive motor for electric two-wheelers, marks Sona Comstar as the first automotive component company to receive such recognition
Democrats on the Senate Committee on Finance took aim at “private placement life insurance” (PPLI) in a report released Wednesday, saying the specialized plans amounted to tax breaks for the wealthiest Americans. The report, authored by Chair Ron Wyden (D-Ore.), argued that PPLI policies are promoted to “ultra-high net worth clients” to avoid billions of…
Uncertainty surrounds the fate of electric vehicle incentives, with the ₹11500 crore FAME-II scheme set to expire this financial year, sparking discussions about the potential transition to FAME-III
“The said amount accounts for 85% of the total claim for FY23 and the balance 15% is expected to be released subsequently in accordance with the PLI scheme guidelines,” Tejas said in an official statement Thursday.