The indian government will provide a total of US$10 billion to support local semiconductor industry, while car sales are expected to decline by 500,000 units in FY2022 due to chip crunch.
India to incentivize chip and display manufacturing with US$10 billion
According to Reuters, India is increasing government subsidies for display and semiconductor manufacturers to about 50%. The total subsidy program amounts to US$10 billion. Tower semiconductor, Foxconn, and Vedanta have shown interests in manufacturing in India.
India's passenger car and 2-wheelers sales projected to decline in FY2022
According to Economic Times citing rating agency ICRA's report, India car sales are expected to decline by about half a million in FY2022 due to chip shortages, while the two-wheeler market is expected to shrink by 1-4% in FY2022 due to weak demand.
India to be the world's largest app developer base, says Zuckerberg
According to Business Line, Mark Zuckerberg said India is going to be the world's largest app developer base by 2024. Zuckerberg said Meta is investing more than US$5 billion a year in safety and security and the company has the highest level of tools for safety and security in the Internet world.
Adani expands renewable power business
According to Mint, Adani Green Energy Limited (AGEL) has signed a power purchase agreement (PPA) with state-owned Solar Energy Corp of India (SECI) to supply 4.66 gigawatts of renewable power, following the purchase of a solar power producer SB Energy India from SoftBank and Bharti for US$3.5 billion.
Dixon to manufacture electronics and invest in Punjab
According to electronics B2B, Dixon Technologies is setting up a INR3 billion (US$39.4 million) manufacturing plant of electronics with Bharti. The investment came after Dixon's chairman met up with the province head of Punjab.
Article translated by Yusin Hu
