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Hello everyone! Good day! 

Let us dive into some news from past week 

Dive in!

Cabinet gives green signal for 3 semiconductor manufacturing projects worth ₹1.3 lakh Cr  

The Union Cabinet approved the proposals for 3 semiconductor manufacturing plants in Gujarat and Assam.   

 

India’s first fab: Tata Electronics in partnership with world’s leading semiconductor manufacturing company Powerchip Semiconductor Manufacturing Corp (PSMC) will set up India’s first semiconductor fabrication plant (fab) in Dholera, Gujarat. The ₹91,000 Cr facility would produce 50,000 wafers monthly and can manufacture 3 billion chips annually for various sectors like high-performance computing, electric vehicles, and more. 

The two other projects approved were:  

  • ₹27,000 Cr project in Assam for semiconductor assembly, testing, marking and packaging unit by Tata Semiconductor Assembly and Test.  

  • ₹7,600 Cr project in Sanand in Gujarat by Renesas Electronics and Thailand's Stars Microelectronics  

Additionally, the Govt will be giving approval for a Rs 90,000 crore proposal of Israel's chipmaker Tower Semiconductors.  

 

With the projects, India will be poised to take on the semiconductor market which is estimated to reach $1.8 trillion by 2032. At present, the major countries in the semiconductor manufacturing segment are Japan, Taiwan, US, China and Germany. 

Bitcoin hits $60,000 mark and rises 40% in 2024

Since November, 2021 bitcoin reached the coveted $60,000 mark. The cryptocurrency gained positive sentiment with the crypto ETFs which has attracted $6 billion since the launch on Jan 11, 2024. The approaching Bitcoin halving, which reduces its new coin supply, is fueling optimism and extending a recent rally. This positive sentiment has also boosted demand for smaller cryptocurrencies like Ether and Dogecoin, attracting speculative interest.  

Bitcoin is also poised for a significant shift in late April as the halving event cuts the daily supply of new coins from 900 to 450. This supply reduction coincides with Bitcoin's value exceeding $2 trillion this month for the first time in two years, according to CoinGecko.

India's GDP Surges in Q3, Defying Expectations

India's Gross Domestic Product (GDP) grew by 8.4% in the October-December period, marking a six-quarter high and boosting the overall growth rate for the 2023-24 fiscal year to 7.6%, up from the earlier estimate of 7.3%. While agricultural growth is expected to remain low at 0.7%, the GDP for the fiscal year benefits from a low base effect and strong growth in manufacturing, mining, and financial services, all surpassing 8%. Manufacturing saw the highest growth at 11.6%, followed by the construction sector at 9.5%. Consumer spending increased by 3.5% year-on-year, while government spending decreased by 3.2%. Investment, indicated by gross fixed capital formation, grew by 10.6% during the third quarter. The Q3 GDP growth of over 8% was unexpected, as many economists had predicted a slowdown to around 6.5% from previous quarters. 

More news from the week ...

  • Sweden all set to become the 32nd NATO member : Following Finland, Sweden is the latest entry to the military alliance North Atlantic Treaty Organization (NATO). Both Finland and Sweden decided to join the alliance after the attack of Russia on Ukraine.

  • Reddit has announced its IPO; select users can participate in the offering : Reddit is set to be the first social media company to IPO in years. In an unprecedented move, the company is planning to allow select users to participate in the IPO.

  • Reserve Bank Updates Guidelines for Regulatory Sandbox, Emphasizes Data Protection : The Reserve Bank has updated guidelines for this scheme, now requiring compliance with digital personal data protection rules. Timelines for the process have been extended from seven to nine months, and sandbox entities must follow the Digital Personal Data Protection Act of 2023. 

  • Sebi Finds $240M Gap in Zee Entertainment's Accounts : India's market regulator, Sebi, uncovers a $240 million gap in Zee Entertainment's accounts. This comes after the collapse of its merger with Sony Group Corp's local unit. Sebi's investigation into Zee's founders reveals a potential diversion of around 20 billion rupees ($241 million) from the company. 
     

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Visual of the Week

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Source: thehindu.com

The world-famous monument, the Eiffel Tower, closed to tourists due to a scheduled labor strike. The strike, driven by demands for fair compensation and improved maintenance, has employees seeking a salary increase proportionate to ticket sales revenue. Additionally, they aim for better upkeep of the 135-year-old tower, which displays signs of rust on some ironwork. Unions representing the tower's operating company, CGT and Force Ouvriere, argue that the city, owning 99 percent of the tower, has underestimated costs and overestimated revenues.

Test you knowledge !

Where is the headquarters of North Atlantic Treaty Organization (NATO) ?  

[A]  Brussels, Belgium 

[B]   Zurich, Switzerland

[C]   Prague, Czech Republic 

[D]  Hague, Netherlands  

NATO’s headquarters are located at Boulevard Leopold III in the city of Brussels, Belgium. NATO was formed to counter the Soviet Union's post-WWII expansionism in Europe. Amidst deteriorating US-USSR relations and the looming threat of communism, the West established NATO to ensure their collective security..

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