FOREIGN SEMICONDUCTORS
Gujarat received FDI worth USD 7.3 billion in 2023-24, jump of 55 pc over previous fiscal
Gujarat attracted USD 7.3 billion FDI in 2023-24, a 55% increase, ranking second after Maharashtra. DPIIT data highlight this growth. Under PM Modi and CM Patel, policies and cluster-based areas like Sanand GIDC, Dholera SIR, semiconductor plants, financial incentives, and business-friendly measures enhanced Gujarat's infrastructure and ease of doing business.
US chip dreams will fade without more immigrants
In a rare display of bipartisan cooperation, Democrats and Republicans passed the Chips and Science Act to revitalize US semiconductor manufacturing. However, a failure to address the shortage of skilled workers threatens the industry's growth. Proposed solutions include a specialized visa program and increased support for STEM education.
Industrials strong, but be careful about valuations: Hiren Dasani of Goldman Sachs Asset Mgmt
"Emerging market equities, as an asset class, are not seeing inflows. They have seen outflows. The US is doing much better than the broader emerging market. The other dynamic is there is also a very strong AI (artificial intelligence)-driven theme that is driving the markets like Taiwan, which is a global supply chain for the entire AI-related and semiconductor segments"
iCET on the right path
US NSA Jake Sullivan's visit to Delhi, the first since India's new NDA government took office, focused on advancing the India-US Initiative on Critical and Emerging Technology (iCET). Sullivan and Indian counterpart Ajit Doval chaired the iCET meeting, setting the agenda for deeper collaboration in sectors like defence, space, semiconductors, AI, and quantum computing.
India and US to address barriers to trade and cooperation
The U.S. and India are forging deeper strategic ties, with mutual concerns about an ascendant China in the Indo-Pacific region, even though India has maintained its close relationship with Russia despite its invasion of Ukraine in 2022.
A 60% fall! Does falling FDI call for policy recalibration?
RBI reported a 62% drop in net FDI flows into India to USD 10.6 bn in FY24, the lowest since 2007. Select sectors benefit from the "China+1" trend, attracting opportunistic foreign investments. India requires comprehensive policy recalibration, aligning with sectoral strengths, and genuine market access.
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Global rates will come down, India certainly to be a top beneficiary: Jose Vinals, Standard Chartered
The Indian elections resulted in a surprise, denying an outright majority to the BJP. Despite this, prospects of strong growth through Narendra Modi's third premiership offer comfort to international businesses, as highlighted by Jose Vinals, chairman of Standard Chartered.
US unveils sweeping sanctions targeting Russia over Ukraine war
The United States has imposed new sanctions on more than 300 targets, including entities in Russia and other countries, in an effort to constrain Moscow's war in Ukraine. The sanctions target entities involved in Russia's military-industrial complex and several liquefied natural gas projects. The move also broadens the reach of sanctions to include all Russian individuals and entities impacted by US sanctions, expanding the list from over 1,000 to about 4,500. The US is also restricting the supply of certain IT services and software support to individuals in Russia.
The world's now oysterer: Why a coalition govt will likely add to India’s geopolitical heft, not reduce it
The Modi government has already set out to tweak its image. In his first address to NDA members on June 7, the PM said his government believed in the philosophy of 'Sarva Panth Sambhava' (all religions are equal)'. At the diplomatic level, the image of a friendly and more accommodating government would help win many more friends.
India's foreign policy priorities under Modi 3.0
Narendra Modi is all set to become India’s Prime Minister for a third consecutive term. Here's a look at the likely foreign policy priorities under Modi 3.0.
China’s exports surge more than expected in boost for economy
Beijing is relying on sales abroad to offset weak consumer spending at home, where a real estate slump has led households to tighten their belts.
China says it never uses EV subsidies barred by WTO
China's Foreign Ministry denies using subsidies banned by the World Trade Organization for electric vehicles (EVs), addressing concerns over its EV industry flooding the U.S. market. Spokesperson Mao Ning stated that China's success in the EV market stems from market laws and comparative advantages, not government subsidies.
Should market worry about whether policy continuity is here to stay or not? Swaminathan Aiyar explains
And I would say managing the coalition again becomes much easier if you stick to continuity. If you want to have sudden changes of policy, various people can have objections because any sudden change of policy creates losers and politicians hate to have the losers, even if there are going to be winners later on.
TSMC says it has discussed moving fabs out of Taiwan, but such a move impossible
TSMC, a Taiwanese chipmaker, discussed moving its fabrication plants off the island amid tensions with China, but deemed it impossible due to 80-90% production capacity in Taiwan.
Leasing takes off as Make in India settles
The government's focus on Make in India and production linked incentive (PLI) schemes to promote local manufacturing has started to yield results as seen in rising leasing demand for light manufacturing and warehousing. The growth is further evidenced by a 4.5 times surge in leasing activity for light manufacturing spaces in 2023, compared to 2020.
US is slowing AI chip exports to Middle East by Nvidia, AMD
In October, the Commerce Department added much of the Middle East to chip export restrictions that originally focused on China and a handful of other foreign adversaries. That meant companies needed a special US government license to ship cutting-edge semiconductors and chipmaking tools to countries such as Saudi Arabia and the UAE.
Supply chain realignments position India, SE Asia as manufacturing hubs, beyond China
The government’s focus on Make in India programme and the production linked incentive (PLI) schemes to promote manufacturing has started to yield results as indicated by leasing demand for light manufacturing and warehousing. This robust growth is further evidenced by a notable 4.5 times increase in leasing activity for light manufacturing spaces in 2023, as compared to 2020, with projected year -on year growth of over 25% in 2024, shows a JLL study.
Domestic equity-oriented MFs vs global themes: Should you diversify to mitigate risks?
Domestic equity-oriented mutual funds have outperformed foreign-themed schemes in the last year, with average 1-year returns at 44% for local equities compared to 21% for overseas funds. Experts recommend diversifying with foreign-themed mutual funds for global diversification and risk mitigation.
Wipro promotes veterans; Paytm & Nykaa Q4 financials
Happy Thursday! Wipro CEO Srinivas Pallia is betting on internal talent to propel growth. This and more in today’s ETtech Morning Dispatch.
Apple supplier Foxconn among firms asked to cut power use in Vietnam
The request for energy-saving measures, which two other industry sources said was sent to multiple manufacturers, is precautionary and aimed at averting a repeat of last summer when power shortage led to over a billion dollars in lost output.
Expecting good response from many companies on EV policy: DPIIT Secy
India expects positive responses from automobile companies on its electric-vehicle policy to attract global players like Tesla through tariff tweaks. The government aims to encourage manufacturers to establish bases in India without incurring costs. Duty concessions and investment commitments are key incentives for setting up manufacturing units. Companies can import CBUs at reduced customs duty.
Taiwan is selling more to the US than China in major shift away from Beijing
Taiwan is shifting its focus away from China, the world's second-largest economy, and towards the United States. The world's largest computer chip maker, TSMC, announced bigger investments in the U.S. last month after a boost from the Biden administration. Taiwanese semiconductor company ended its two-decade-long run in mainland China amid a global race to gain the edge in the high-tech industry.
Global chips battle intensifies with $81 billion subsidy surge
The concern over China’s rapid advances in key electronics turned into a full-scale panic during the pandemic because chip shortages emphasised the significance of these tiny devices for economic security.
India can't, in the name of open economy, open up its national security to work with China: S Jaishankar
From the big shifts in foreign policy under the Modi government, the China challenge to CAA and the heat and dust of electoral politics, External Affairs Minister S Jaishankar touched on a range of topics in a freewheeling discussion at the ET Roundtable.
California Democrats urge US president Joe Biden not to scrap chips R&D funding
The US Commerce Department said late Friday it would scrap plans to fund the programme from the $52.7 billion Chips and Science Act due to "overwhelming demand" for funding awards to subsidize chips production.
Buy local chips, China urges EV makers as US clash deepens
Chinese government urges EV manufacturers to boost local chip purchases through Ministry of Industry, aiming to reduce reliance on Western imports. Tender processes show preference for local suppliers even with lower price offers from foreign bidders. The ministry is now directly instructing firms to avoid foreign semiconductors if at all possible, said the people, who asked to remain anonymous discussing sensitive information.
How India is spreading itself across the chip-making value chain
India's semiconductor ambitions have taken a significant leap with Prime Minister Modi inaugurating three new manufacturing and assembly facilities in Gujarat and Assam. With a strong focus on becoming a global semiconductor hub, India aims to establish a robust presence across the chip value chain.
India chip strategy makes progress with $21 billion in proposals
Semiconductors have grown into a key geopolitical battleground, with the US, Japan and China investing heavily in developing domestic capabilities. Modi’s push to turn India into a global manufacturing hub also includes luring global chipmakers to the country — a bid to catch up in the sector to save money on expensive imports and enhance a growing smartphone assembly industry.
Taiwan wants Indian workers to move in and ease a worsening job crunch
A Memorandum of Understanding (MoU) was signed between India and Taiwan, allowing Indian migrant workers to explore job opportunities in Taiwan.
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