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Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> urged CEOs of US majors to take advantage of India's growth story as the country is making all efforts to become the third largest economy of the world in his third term. India is currently the fifth largest economy of the world after the US, China, Germany and Japan with a GDP of around USD 3.9 trillion. India has been the fastest growing large economies of the world with GDP growth rate of over 7 per cent for the last three consecutive years. Addressing CEOs of the large US tech firms on Sunday, Modi said India will make every effort to become the third largest economy in the world in his third term (2024-29). Companies should take advantage of India's growth story for collaboration and innovation by co-developing, co-designing, and co-producing in India for the world, harnessing the opportunities from the country's economic and technological growth, he said. Assuring the business leaders of India's deep commitment to the protection of intellectual property and to fostering tech innovation, Modi highlighted the economic transformation happening in the country, particularly in electronics and information technology manufacturing and semiconductors. Modi asserted that his government was committed to making India a "global hub of <keyword id="20073013" type="General" weightage="20" keywordseo="semiconductor-manufacturing" source="keywords">semiconductor manufacturing</keyword>". The meeting took place at the Lotte <keyword id="19904497" type="General" weightage="20" keywordseo="New-York" source="keywords">New York</keyword> Palace Hotel on Sunday during the second leg of Modi's three-day US visit. It saw the participation of CEOs of 15 major US-based firms working on cutting-edge technologies such as AI, quantum computing and semiconductors. "Had a fruitful roundtable with tech CEOs in New York, discussing aspects relating to technology, innovation and more. Also highlighted the strides made by India in this field. I am glad to see immense optimism towards India," Modi said in a post on X. During the conference, Modi said technology collaboration and efforts such as the Initiative on Critical and Emerging Technologies (ICET) lie at the core of the India-US Comprehensive Global Strategic Partnership, according to a Ministry of External Affairs press release. Organised by the Massachusetts Institute of Technology (MIT) School of Engineering, the CEOs of top US tech firms, including Google CEO Sundar Pichai, Adobe CEO Shantanu Narayena, Accenture CEO Julie Sweet and NVIDIA CEO Jensen Huang attended the meeting. Others who participated in the roundtable included AMD CEO Lisa Su, HP Inc. CEO Enrique Lores, IBM CEO Arvind Krishna, Dr Noubar Afeyan, Chairman of Moderna, and Verizon CEO Hans Vestberg. Modi also talked about India's BIO E3 (biotechnology for environment, economy and employment) policy to develop the country into a biotech powerhouse and on the topic of AI, noted that India's policy is to promote AI for all, underpinned by its ethical and responsible use. The CEOs appreciated India's growing prominence as a global technology hub, driven by its innovation-friendly policies and flourishing market opportunities. They also expressed strong interest in investing and collaborating with India, agreeing that investing in startups would be a synergistic opportunity to innovate and develop newer technologies in the country. Others who attended the conference included Biogen Inc CEO Chris Viehbacher, CEO of Bristol Myers Squibb, Chris Boerner, Eli Lilly and Company CEO David A. Ricks, LAM Research CEO Tim Archer, GlobalFoundries CEO Thomas Caulfield, and the CEO of Kyndryl, Martin Schroeter. "Further cementing technology and business connect. PM @narendramodi interacted with the top tech leaders and CEOs of USA, in a Roundtable hosted by the Massachusetts Institute of Technology School of Engineering, in New York today. PM emphasised India's growth prospects and discussed initiatives to foster collaborations and innovation across diverse sectors," the official account of the MEA said in a post on X. The prime minister had a separate meeting with Krishna P Singh, CEO of Holtec International, which is into nuclear and solar power generation. They discussed Holtec's plan for expanding manufacturing in India and advancing energy cooperation, PMO India said in a post on X. Earlier on Sunday, Modi addressed the <keyword id="20115166" type="General" weightage="20" keywordseo="Indian-diaspora" source="keywords">Indian diaspora</keyword> at the packed Nassau Veterans Coliseum on Long Island in New York. He also held bilateral meetings with world leaders at the sidelines of the UN General Assembly session here. Modi reached New York on Saturday after attending the Quad Leaders' Summit hosted by President Joe Biden in Wilmington, Delaware. <div type="Article" hostid="261" msid="113516805" title="Why is Indian Prime Minister Narendra Modi visiting the US this weekend?" mstype="2" mssubtype="0"></div>

PM Modi invites US CEOs to take a 'byte' out of India's growing technology sector

The <keyword id="19924335" type="General" weightage="100" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="261" meta.entityid="Tata Group">Tata Group</keyword> is set to create a massive 5 lakh jobs in the manufacturing sector over the next five years, spanning industries such as <keyword id="20009962" type="General" weightage="20" keywordseo="semiconductors" source="keywords">semiconductors</keyword>, <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> (EVs), batteries, and precision manufacturing. Tata Sons Chairman, <keyword id="19981536" type="General" weightage="20" keywordseo="N-Chandrasekaran" source="keywords">N Chandrasekaran</keyword>, made this announcement on Tuesday, underlining the critical role manufacturing will play in India’s ambition to become a developed nation. Speaking at a symposium organised by the Indian Foundation for Quality Management, Chandrasekaran highlighted that India’s progress depends heavily on its ability to generate <keyword id="22266334" type="General" weightage="20" keywordseo="manufacturing-jobs" source="keywords">manufacturing jobs</keyword>. He stressed that creating employment in this sector is crucial, given the influx of new workers entering the job market each month. “Through our investments in semiconductors, electric vehicles, precision manufacturing, and related industries, Tata Group expects to generate 5 lakh jobs over the next five years,” Chandrasekaran said as per a PTI report. He pointed to the group’s upcoming semiconductor plant in Assam and new manufacturing facilities for electric vehicles and batteries as significant contributors to this <keyword id="20268654" type="General" weightage="20" keywordseo="job-creation" source="keywords">job creation</keyword>. Chandrasekaran also talked about the broader impact of these initiatives, explaining that job creation in manufacturing has a multiplier effect, with numerous indirect employment opportunities arising from these projects. According to his calculations, for every direct job created in sectors like semiconductors, up to ten additional indirect jobs could emerge. The Tata Group’s investments will also spur the growth of small and medium enterprises (SMEs), with an estimated 5 lakh such businesses expected to form as part of the evolving ecosystem supporting these industries. While praising the government’s support for these initiatives, Chandrasekaran said that India’s vision of becoming a “Viksit Bharat” (developed India) cannot be achieved without substantial growth in manufacturing employment. “Every month, one million people join the workforce, and we need to create 100 million jobs,” he added, reinforcing the urgency of job creation in new-age industries. (With PTI inputs)

Tata Group will generate 5 lakh jobs in 5 years, says Tata Sons Chairman N Chandrasekaran

<keyword id="19986399" type="General" weightage="20" keywordseo="Tata-Electronics" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Electronics" meta.hostid="261" meta.entityid="Tata Electronics">Tata Electronics</keyword> on Thursday said it has concluded an agreement with Taiwan-based Powerchip <keyword id="20073013" type="General" weightage="20" keywordseo="semiconductor-manufacturing" source="keywords">Semiconductor Manufacturing</keyword> Corporation, which will provide technology support for the Dholera wafer fab of the Indian tech major. As per the agreement, PSMC will provide design and construction support to build India's first AI-enabled greenfield fab in Gujarat, license a broad portfolio of technologies and provide engineering support to the fab unit. "We are pleased to partner with PSMC, whose technology and expertise will significantly accelerate our roadmap to pioneer semiconductor manufacturing in India. It will position us to play a key role in the growing semiconductor market to serve global customers," Tata Sons Chairman N Chandrasekaran said. The company is setting up a chip manufacturing unit in Dholera at an investment of up to Rs 91,000 crore ( about USD 11 billion). "<keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="261" meta.entityid="Tata Group">Tata Group</keyword>'s multi-fab vision for Dholera is projected to create over 1,00,000 skilled jobs," the statement said. Tata Electronics' Dholera-based Fab will have a manufacturing capacity of up to 50,000 wafers per month. "This partnership represents a win-win situation, as it positions PSMC and the Taiwanese ecosystem to gain a significant first-mover advantage in the rapidly expanding Indian market while helping India achieve self-reliance in semiconductor manufacturing," Powerchip Group, Chairman and CEO of PSMC, Frank Huang said. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/airtel-is-using-ai-powered-technology-to-block-spam-calls-and-messages/articleshow/113691942.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-is-using-ai-powered-technology-to-block-spam-calls-and-messages/articleshow/113691942.cms" target="_blank">Airtel is using AI-powered technology to block spam calls and messages</a><a href="https://www.businessinsider.in/stock-market/webstories/diffusion-engineers-ipo-quick-review-ipo-gmp-risk-factors-and-more/slidelist/113687580.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/diffusion-engineers-ipo-quick-review-ipo-gmp-risk-factors-and-more/slidelist/113687580.cms" target="_blank">Diffusion Engineers IPO quick review – IPO GMP, risk factors and more</a><a href="https://www.businessinsider.in/stock-market/news/manba-finance-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113667907.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/manba-finance-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113667907.cms" target="_blank">Manba Finance IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Tata Electronics, PSMC conclude pact for ₹91,000 crore Dholera chip manufacturing unit

<ul class="summary-list"><li>The tariffs Donald Trump proposed while campaigning could help create US semiconductor jobs.</li><li>Tariffs could also help US chipmakers compete with companies abroad that sell chips at lower prices.</li></ul>If president-elect Donald Trump follows through on his <a target="_blank" href="https://www.businessinsider.com/companies-raising-prices-trump-tariffs-inflation-goods-getting-more-expensive-2024-11">campaign promise to impose tariffs</a>, the domestic semiconductor industry could see job gains.Industry experts told Business Insider that tariffs on foreign-made chips could help level the playing field for US chipmakers, which are <a target="_blank" class="" href="https://www.businessinsider.com/intel-chip-troubles-problem-us-economy-domestic-production-chips-act-2024-11">facing fierce competition</a> from their counterparts abroad. The tariffs could also encourage US businesses to source more chips domestically and help persuade chipmaking giants, like the Taiwan-based <a target="_blank" href="https://www.businessinsider.com/tsmc-making-apple-iphone-chips-helps-us-semiconductor-bet-2024-10">TSMC</a>, to keep building factories in the US. These developments could aid job growth in the US semiconductor industry, though experts disagreed on how much.Trump's proposed tariff policies include a 60% tariff on goods coming from China and up to a <a target="_blank" class="" href="https://www.businessinsider.com/companies-raising-prices-trump-tariffs-inflation-goods-getting-more-expensive-2024-11">20% tariff</a> on all imports, including chips. US companies source many of the chips needed to power items like iPhones and washing machines from abroad: The US share of overall chip production fell from <a target="_blank" href="https://www.businessinsider.com/why-us-doesnt-make-chips-semiconductor-shortage-2021-4">37%</a> of the world's supply in 1990 to roughly <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/08/09/fact-sheet-two-years-after-the-chips-and-science-act-biden-%E2%81%A0harris-administration-celebrates-historic-achievements-in-bringing-semiconductor-supply-chains-home-creating-jobs-supporting-inn/#:~:text=As%20a%20result%20of%20these,Vice%20President%20Harris%20took%20office.">10%</a> today.In an <a target="_blank" href="https://open.spotify.com/episode/0e9ynAH6hmZIIeOx0SaGQu">interview</a> with podcaster Joe Rogan in October, Trump criticized the Biden administration's <a target="_blank" href="https://www.businessinsider.com/intel-chips-act-funding-all-hands-meeting-2024-11">CHIPS Act</a> legislation, which included $52.7 billion in tax breaks and subsidies for companies in the semiconductor industry. He said that the federal government should have implemented tariffs instead to motivate global chipmakers to build more factories in the US, which would then create jobs."You didn't have to put up $0.10," Trump said. "You could have done it with tariffs. You tariff it so high that they will come and build their chip companies for nothing."To be sure, the impacts of a tariff policy on chips could be mixed. Jeff Koch, an analyst at the semiconductor research and consulting firm SemiAnalysis, told BI that tariffs could lead to higher prices for goods containing chips, such as cars, electronics, and appliances. He added that US chipmakers could likely benefit from these tariffs because it could help them compete with companies abroad that sell chips at lower prices.The Trump campaign did not respond to a request for comment.<h2 id="dc733634-a51d-47cf-a7b9-405bdfac9e61">Tariffs on chips could boost construction and manufacturing jobs</h2>Patrick Moorhead, founder, CEO, and chief analyst at the research and advisory firm Moor Insights and Strategy, told BI that tariffs could increase the number of US chip manufacturing jobs. He added that he thinks the policy could incentivize chipmakers like TSMC and Samsung, which is based in South Korea, to boost manufacturing in the US."The cost of manufacturing in the US for Samsung and TSMC would be lower than a 30% to 40% tariff on <a target="_blank" href="https://www.businessinsider.com/quartz-mine-computer-chips-hurricane-helene-spruce-pine-semiconductor-2024-9">wafers</a> and <a target="_blank" href="https://www.businessinsider.com/us-ai-chip-production-manufacturing-nvidia-labor-china-taiwan-korea-2024-4">packaging</a>," he said, referring to key components of the chipmaking process.Jeff Ferry, chief economist at the Coalition for a Prosperous America, a nonprofit that advocates for increasing domestic manufacturing, estimated that tariffs could create roughly 100,000 jobs at US chip manufacturers and their suppliers.He said this estimate was partly based on a <a target="_blank" class="" href="https://www.semiconductors.org/wp-content/uploads/2021/05/2021-Jobs-Report_2-pager.pdf">report</a> published in 2021 by the Semiconductor Industry Association — a trade association and lobbying group — that said a $50 billion investment would help create an estimated 10 additional chip factories in the US. That could add about 42,000 direct jobs at the companies building these factories and 101,500 indirect jobs at chipmakers' suppliers, per the report.Ferry said he thought chip tariffs could lead to the creation of roughly 10 additional factories, which led him to come to the 100,000 jobs estimate. In August, the White House <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/08/09/fact-sheet-two-years-after-the-chips-and-science-act-biden-%E2%81%A0harris-administration-celebrates-historic-achievements-in-bringing-semiconductor-supply-chains-home-creating-jobs-supporting-inn/">said</a> that investments supported by CHIPS Act funding would help create 115,000 construction and manufacturing jobs."Tariffs on chips, particularly legacy chips like those used in autos, could successfully shift production back to the US," Ferry said.Samsung did not respond to a request for comment. Intel and TSMC did not respond to a question about what impact a Trump administration tariff policy would have on each company's job creation plans in the US.An Intel spokesperson pointed to a <a target="_blank" href="https://www.intel.com/content/www/us/en/newsroom/news/us-chips-act-intel-direct-funding.html#gs.i5ie0q">press release</a> from March, which said the company's $100 billion investment in the US over the next five years is expected to create more than 10,000 jobs at Intel and nearly 20,000 construction jobs. TSMC pointed to a <a target="_blank" href="https://pr.tsmc.com/english/news/3122">press release</a> from April, that said TSMC's investments in three Arizona chip factories are expected to create roughly 6,000 company jobs, more than 20,000 construction jobs, and tens of thousands of indirect supplier and consumer jobs.Stephen Ezell, the vice president for global innovation policy at the Information Technology and Innovation Foundation, said that the effectiveness of a tariff on chips could be limited, in part because many chips aren't imported <a target="_blank" class="" href="https://www.usitc.gov/publications/332/executive_briefings/ebot_cellular_phones_and_covid.pdf">directly</a> into the US: He said they often come embedded into finished products like <a target="_blank" class="" href="https://www.usitc.gov/publications/332/executive_briefings/ebot_cellular_phones_and_covid.pdf">smartphones</a> or computers.For example, he said that in most cases, chips that TSMC manufactures in Taiwan for Apple are sent to <a target="_blank" class="" href="https://www.theatlantic.com/technology/archive/2022/12/tsmc-apple-memory-chip-production-us-china-taiwan-relations/672593/">China</a> or <a target="_blank" class="" href="https://www.cnbc.com/2024/04/10/apple-made-14-billion-worth-of-iphones-in-india-in-shift-from-china.html">India</a> to be incorporated into a product like an iPhone. Therefore, the chip wouldn't be subject to a US tariff but the iPhone would.When deciding whether to build a chip factory in the US, Ezell said several factors — including wage rates, the labor talent pool, and tax policy — would be bigger considerations for companies than the country's tariff policy. But if tariffs proved to be the deciding factor in a company's decision to invest in the US, then Ezell said the policy could arguably be credited with boosting employment in the semiconductor industry."If a company did decide not to launch a factory elsewhere and instead launch it in the United States, then yes, this dynamic could lead companies to hire more," he said.Do you work in the US semiconductor industry? Reach out to this reporter at <a target="_blank" href="mailto:jzinkula@businessinsider.com">jzinkula@businessinsider.com</a>

Trump's trade restrictions could be good for American semiconductor jobs

New Delhi: After meeting Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> ahead of the <keyword id="21272963" type="General" weightage="100" keywordseo="semicon-india-2024" source="Orion">Semicon India 2024</keyword> Summit, <keyword id="20137945" type="General" weightage="20" keywordseo="sanjay-mehrotra" source="keywords">Sanjay Mehrotra</keyword>, CEO of Micron, appreciated PM Modi's vision of developing semiconductors in India and said policies set up by him to incentivise semiconductor manufacturing in India are also very exciting. "PM Modi's vision to develop semiconductors in India and make it self-reliant is very exciting. The policies set up by him to incentivise semiconductor manufacturing are equally exciting. This is the perfect time for India to develop semiconductors because opportunities will grow with AI. The best is yet to come," Mehrotra said ahead of SEMICON India 2024 Summit. PM Modi will inaugurate SEMICON India 2024 at India Expo Mart, Greater Noida, Uttar Pradesh, today. Earlier on Tuesday, PM Modi chaired Semiconductor Executives' Roundtable at his residence. During the meeting, the Prime Minister said that their ideas will not only shape their business but also India's future. Mentioning that the coming time will be technology-driven, Prime Minister said semiconductor is the basis of the Digital Age and the day is not far "when the semiconductor industry will be the bedrock for even our basic necessities". The Prime Minister emphasised that democracy and technology together can ensure the welfare of humanity and India is moving ahead on this path recognizing its global responsibility in the semiconductor sector. According to an official release, the Prime Minister talked about the pillars of development which include developing social, digital and physical infrastructure, giving boost to inclusive development, reducing compliance burden and attracting investment in manufacturing and innovations. The meeting was attended by CEOs, Heads and representatives of various organisations including SEMI, Micron, NXP, PSMC, IMEC, Renesas, TEPL, <keyword id="23116584" type="General" weightage="20" keywordseo="tokyo-electron-ltd" source="keywords">Tokyo Electron Ltd</keyword>, Tower, <keyword id="19920144" type="General" weightage="20" keywordseo="synopsys" source="keywords">Synopsys</keyword>, Cadence, Rapidus, Jacobs, JSR, Infineon, Advantest, Teradyne, Applied Materials, Lam Research, Merck, CG Power and Kaynes Technology. Also present in the meeting were Professors from Stanford University, University of California San Diego and IIT Bhubaneswar. SEMICON India 2024 is being organised from 11 to 13 September with the theme "Shaping the Semiconductor Future." The three-day conference will showcase India's semiconductor strategy and policy, which envisions making India a global hub for semiconductors. It will witness the participation of top leadership of global semiconductor giants and will bring together global leaders, companies, and experts of the semiconductor industry. The conference will witness participation of more than 250 exhibitors and 150 speakers.

Semicon India 2024: This is perfect time for India to develop semiconductors, says MICRON CEO Sanjay Mehrotra

The department for promotion of industry and internal trade (<keyword id="19952901" type="General" weightage="20" keywordseo="DPIIT" source="keywords" meta.keywordsubtype="org" meta.entityname="DPIIT" meta.hostid="261" meta.entityid="DPIIT">DPIIT</keyword>) on Monday asked <keyword id="19957196" type="General" weightage="20" keywordseo="white-goods" source="keywords">white goods</keyword> manufacturers to participate in large numbers to avail fiscal benefits under the <keyword id="19952889" type="General" weightage="20" keywordseo="production-linked-incentive" source="keywords">production linked incentive</keyword> scheme for the sector as the response has been muted so far. Additional Secretary in the DPIIT Rajeev Singh Thakur said that the department has again reopened the application window for the PLI (production linked incentive) scheme for white goods (<keyword id="20360726" type="General" weightage="20" keywordseo="ACs" source="keywords">ACs</keyword> and LED lights). The application window is open from July 15 to October 12. "In the PLI in white goods scheme, somehow the response has been muted. ...Probably due to various reasons not sufficient response has come. So I request (the industry) to have a look and probably this time, you can consider (applying)," Thakur said at the CII Consumer Electronics and Durables Summit 2024 here. So far, 66 applicants with committed investment of Rs 6,962 crore have been selected as beneficiaries under the PLI scheme. The Union Cabinet had given approval for the PLI scheme for white goods for <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> of components and sub-assemblies of Air Conditioners (ACs) and LED lights on April 7, 2021. The scheme is to be implemented over a seven-year period, from 2021-22 to 2028-29, and has an outlay of Rs 6,238 crore. He added that the department can hold talks with the industry separately on issues like quality control orders and logistics. Thakur told the industry that the time is right to increase investments into the country as the government has enhanced its capex and taken steps to promote <keyword id="19996629" type="General" weightage="20" keywordseo="ease-of-doing-business" source="keywords">ease of doing business</keyword>. The public capex in the last 10 years is growing at a fast pace in areas like highways, expressway, ports, airports and railways, but the commensurate response of the private sector "somehow is not up to the expectation", he said. Earlier speaking at the event, DPIIT Secretary Amardeep Singh Bhatia said that a lot of steps have been taken to promote ease of doing business, cutting down compliance burden and decriminalisation of minor offences. The government has also recently approved 12 industrial townships and the industry can look at investing there. He added that capital availability is not an issue now and the government has also provided protection to the industry from predatory imports. Schemes like PLI and semiconductor mission have been rolled out to promote manufacturing and "now we want the industry" to ensure that they have necessary collaborations in place for technology and investments. The industry should do collaborations not only to target the domestic market but also become part of global value chains. "That is an expectation we are having from the entire industry and I think industry will rise to meet these expectations... We have a huge demographic dividend and the industry should take advantage of this otherwise we will miss it," Bhatia added. He also said that there is no paucity of adequate skilled labour in the country and logistics costs too are coming down. On logistics, he cited examples of Amazon and Flipkart selling goods in the remotest part of the country. "I don't think industry should look at the current domestic demand only for collaborations. They should look at the future and export market also in addition to the domestic market," he said, adding expenditure on research and development is "abysmally" low and that needs to be enhanced. 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Govt asks white goods industry to apply for manufacturing sops in large numbers

The <keyword id="20161017" type="General" weightage="20" keywordseo="Vedanta-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Vedanta Group" meta.hostid="153" meta.entityid="Vedanta Group">Vedanta Group</keyword> is aiming to invest USD 20 billion across all its businesses in India over the next four years, its Chairman <keyword id="19919725" type="General" weightage="20" keywordseo="Anil-Agarwal" source="keywords">Anil Agarwal</keyword> said on Wednesday. The group will sell the steel business only at the right price, and is committed to continue running it if it does not get the right price, Agarwal told PTI on the sidelines of a company event. "At the moment, we have a plan to invest USD 20 billion across sectors in four years time," Agarwal said. The investments will be focused on technology, electronics, and glass businesses apart from the other activities that the group is engaged in, he said. Semi-conductors and glass -- used in making smartphones and laptops screens -- are very essential from a future perspective, he said, adding that the group is present in both the businesses already. It has land in Gujarat for a <keyword id="19920003" type="General" weightage="20" keywordseo="semiconductor" source="keywords">semiconductor</keyword> plant and is scouting for a credible and strong partner, he said. On the glass front, it is already into manufacturing in other countries but not in India, Agarwal said, hinting that the plan would involve undertaking some capacity building locally. Meanwhile, when asked about the steel business sale, which was supposed to be sold by March, Agarwal said a transaction depends on getting the right price. "We are committed... if we get the right price to divest it," he said, adding that if the group doesn't get the right price, it will choose to continue running the business by itself. He said the steel business is profitable and has really committed people who can ensure that it continues going ahead. Amid concerns around the debt position of the company, Agarwal said the overall debt of the company stands at only USD 12 billion at present and seemed to suggest that the same is manageable. He said the group has never defaulted on any of its debt repayment commitments, and that each of the businesses will require heavy investments if it were to be started from scratch. The London-based billionaire said he "is in very critical areas" and added that every developed economy has made it big by focusing on minerals under the ground. He rued that there are concerns on the environmental impact of mining in India. Foreign investors are very keen to take bets on India, he said, hoping for "simplification and encouragement for entrepreneurs after the elections". The billionaire from Bihar said he wants to play the role of a catalyst in helping his home state grow, but "there is a need for strong support from the policy front for it". <keyword id="19919721" type="General" weightage="20" keywordseo="Vedanta" source="keywords">Vedanta</keyword> wants to take the total number of Nand Ghars -- under which it takes care of children's nutritional requirements in villages -- to 25,000 over the next two years from the present 6,000, Agarwal, who was speaking on the sidelines of an event to announce scaling up of the group's philanthropic activities, said. The ultimate plan is to increase the number of beneficiaries to over 7 crore children and 2 crore women, he said. Agarwal said the group may also look at investing in the entertainment business going forward but did not offer any timeline or investment details. All successful corporates in the world have interests in education, healthcare, sports and entertainment, he said, conceding that he "does not understand entertainment a lot". More than profits, entertainment has to be looked at a means to instil the right cultural values, he added. 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