Weekly News Updates-India May 24 to May 30

Tesla plans to build EV facility in India; India to deny funding for the Vedanta-Foxconn chip venture; MeitY invites applications for incentives under PLI 2.0 for IT hardware; The world's fastest 5G rollout now in India; India to postpone its appeal of the EU's ICT dispute in the WTO; New Parliament Building inaugurated; Chandrayaan-3 to be launched in July; BlackRock reduces the value of BYJU

Tesla planning to restart India’s projected capacity growth expansion

Elon Musk has almost certainly confirmed that Tesla will build an electric vehicle (EV) manufacturing and battery processing facility in India. According to insiders, Tesla is looking into potential sites for the factory and plans to make a choice by the end of 2023.

In a significant step, Tesla CEO Elon Musk expressed a strong desire to dominate the competitive market in India.

Among industry insiders and fans of electric vehicles, Musk’s ambitious intentions to expand Tesla’s operations to the Indian subcontinent have sparked a great deal of interest. Tesla intends to take advantage of India’s expanding market potential to further strengthen its brand. Tesla has a track record of revolutionizing the global automotive industry with its cutting-edge electric cars.

Tesla, Made In India: Elon Musk ‘very serious’ about Indian factory, to finalise location by year-end (firstpost.com)

 India is prepared to deny funding for the Vedanta-Foxconn chip venture

According to Bloomberg News, the Indian government is prepared to withhold vital funding from Anil Agarwal’s semiconductor company, putting the billionaire’s plans to create India’s “own Silicon Valley” in jeopardy.

According to the article, the government will probably warn the joint venture between Vedanta (VDAN.NS) and Foxconn (2317.TW) of Taiwan that it won’t receive incentives to produce 28-nanometer chips.

According to the report, the venture’s proposal for billions in government funding did not meet the requirements. For the creation of 28nm chips, the initiative is still looking for a technical partner and a manufacturing-grade technology license, it noted.

India poised to deny funding for Vedanta-Foxconn chip venture – Bloomberg News | Reuters

MeitY invites applications for incentives under PLI 2.0 for IT hardware
印度電子資訊科技部開放PLI 2.0補助申請

The production-linked incentive (PLI) Scheme 2.0 for IT hardware has a call for applications from the Ministry of Electronics and Information Technology (MeitY).

The Union Cabinet, headed by Prime Minister Narendra Modi, approved this scheme on May 17 as part of the government’s initiatives to strengthen India’s manufacturing capacity and encourage self-reliance (Atmanirbhar Bharat).

The PLI Scheme 2.0 for IT Hardware encourages the localization of components and sub-assemblies, fostering the growth of the domestic supply chain, with the goal of strengthening the manufacturing ecosystem. Additionally, it gives candidates more flexibility and choices, links to targets for increased sales and investments, and encourages growth.

MeitY invites applications for incentives under PLI 2.0 for IT hardware (business-standard.com)

The world’s fastest 5G rollout now in India says Sunil Mittal

Bharti Airtel founder and chairman Sunil Bharti Mittal stated during a panel discussion on the nine years of the Modi government, arranged by the Centre, that India today has the fastest 5G rollout in the entire globe.

By March 2024, all of India should have access to 5G, said Mittal. He commended the government for taking the initiative to hasten the adoption of this technology by installing 2 lakh 5G base stations within eight months after the spectrum auction.

According to Mittal, the fact that the GDP of the nation has increased to $3.5 billion, an increase of $1.5 billion over the previous nine years, demonstrates the government’s commitment to the total development of the nation.

According to him, the government’s focus on technology has given the sector a considerable boost. The business tycoon continued by saying that the telecom sector adds an additional 0.01 to 1.5% to the nation’s GDP.

India witnessing world’s fastest 5G rollout, says Sunil Bharti Mittal | News9live

India could postpone its appeal of the EU’s ICT dispute in the WTO

India is contemplating about delaying its World Trade Organization (WTO) appeal over the decision that supports the EU against tariffs placed on mobile phones, electronic components, and other information and communication technology (ICT) items due to growing concerns that these assessments are in violation of international trade laws outlined in the Information Technology Agreement.

The international decision has raised concerns in the sector that these import taxes may result in less expensive imports and domestic production. The sector would have the opportunity to attract foreign investors who will collaborate with the production-linked incentive programs to return to India during this interval.

Taiwan’s appeal, which was supposed to be heard in September, has also been postponed for 90 days.

wto: India may defer ICT case appeal against EU in WTO – The Economic Times (indiatimes.com)

PM Modi Inaugurates New Parliament Building

On Sunday morning, Prime Minister Narendra Modi formally inaugurated the new Parliament building. Present at the event were BJP president J.P. Nadda, Chief Ministers of many States, as well as Union Ministers Rajnath Singh, Amit Shah, S. Jaishankar, and Jitendra Singh.

The new Parliament building’s important contributors to construction were honored by the prime minister.

A $2.8 billion renovation of British-era offices and residences in Central New Delhi will comprise blocks of buildings to house government ministries and departments, as well as Modi’s new private residence. The new triangular-shaped building, built at an estimated cost of $120 million, is part of the project. “Central Vista,” the project’s full name, spans 3.2 km. Modi laid the project’s cornerstone in December 2020 after it was announced in 2019.

The opposition boycotted the inauguration claiming that the Indian leader is destroying the country’s parliamentary democracy.

PM Modi inaugurates new Parliament building – The Hindu

Chandrayaan-3 will be launched in July: ISRO chief

According to ISRO Chief S. Somanath, the Chandrayan-3 mission of the Indian Space Research Organisation (ISRO) will launch in July of this year. He was addressing after the Satish Dhawan Space Centre in Sriharikota successfully launched the second-generation navigation satellite NSV-01 on May 29.

According to Chief Somanath, the ISRO intends to launch Chandrayaan-3 in July during the window set apart by orbital considerations. Following up on Chandrayaan-2, the ambitious Chandrayaan-3 project from the ISRO seeks to showcase critical technologies that will enable the spacecraft to land on the south pole of the moon in less than two months.

It consists of a rover, a propulsion module, and a native lander module. Both the lander and the rover will have research packages for the lunar surface experiments. The mission will be furnished with instruments for studying lunar seismicity, the surface plasma environment, the elemental composition near the landing location, and the thermo-physical characteristics of the lunar regolith. The LVM3 (Launch Vehicle Mark-III) will launch Chandrayan-3 from the Satish Dhawan Space Centre in Sriharikota, according to theISRO.

Chandrayaan-3 to be launched in July, ISRO Chief confirms | DD News

BlackRock reduces the value of BYJU by 62% to $8.3 billion

The value of BYJU, the most valuable Edtech startup in the world, has once again been reduced by 62 percent by US-based investment management company BlackRock. This is in response to BlackRock reducing BYJU’s fair value as of October 2022.

BlackRock, which owns less than 1% of the stock in the Edtech startup, set the value of the company’s shares at $4,043,471, predicting BYJU’S fair value to be $8.4 billion as of March 31, 2023, in its AMC filing with the Securities and Exchanges Commission.

The records also revealed that BlackRock sold its BYJU’S shares during that time. BlackRock reportedly reduced BYJU’S valuation by approximately 50% in April, from $22 billion to $11.5 billion.

BlackRock slashes BYJU’S valuation by 62% to $8.3 billion – BusinessToday