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Mumbai, The <keyword id="50847" type="General" weightage="20" keywordseo="reserve-bank" source="Orion">Reserve Bank</keyword> on Friday approved Rs 87,416 crore dividend payout to the central government for 2022-23, nearly triple of what it paid in the previous year. The dividend payout was Rs 30,307 crore for accounting year 2021-22. The decision was taken at the 602nd meeting of the Central Board of Directors of Reserve Bank of India held under the chairmanship of Governor <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword>. "The board approved the transfer of Rs 87,416 crore as surplus to the central government for accounting year 2022-23, while deciding to keep the Contingency Risk Buffer at 6 per cent," <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> said in a statement. The board also reviewed the global and domestic economic situation and associated challenges, including the impact of current global geopolitical developments. The board also discussed the working of RBI during 2022-23 and approved the annual report and accounts of the central bank for the year. Madan Sabnavis, chief economist of Bank of Baroda said that this surplus transfer will come in very handy and ensure that the government managed it fiscal numbers with relative ease given that there are question marks on the divestment programme. "The Budget had looked at a number of Rs 48,000 crore as dividend from banks and RBI. RBI has overshot this number with the transfer of Rs 87,000 cr. This was enabled by higher earnings on sale of forex during the year, better returns on forex investments in US treasuries (though value of bonds would have fallen which has to be charged to the contingency reserve), revaluation of forex assets and adjustments in reserves as per the Bimal Jalan Committee recommendations. The RBI would have had higher pay-outs due to the higher SDF rates with the system being in surplus all through the year," Sabnavis said. According to him, public sector banks have also reported very good profits and announced dividend, there will be higher flows of dividends from this source too. Add to this the possible higher dividend payments by the oil marketing companies and the situation appears quite comfortable from a market perspective as this will not lead to higher market borrowings. (With inputs from PTI)

RBI approves Rs 87,416 cr dividend payout to the government for 2022-23

India is set to celebrate its first <keyword id="22301946" type="General" weightage="100" keywordseo="National-Space-Day" source="keywords">National Space Day</keyword> on August 23, 2024. In 2023, on this very day, <keyword id="20376714" type="General" weightage="20" keywordseo="Chandrayaan-3" source="keywords">Chandrayaan 3</keyword> accomplished the safe and soft landing of <keyword id="21074312" type="General" weightage="20" keywordseo="Vikram-Lander" source="keywords">Vikram Lander</keyword> on the <keyword id="20381887" type="General" weightage="20" keywordseo="lunar-surface" source="keywords">lunar surface</keyword>. India became the fourth country to land on the moon and the first to land near the southern polar region of the moon. The <keyword id="19909265" type="General" weightage="20" keywordseo="Union-Government" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Government" meta.hostid="261" meta.entityid="Union Government">Union Government</keyword> has declared August 23rd as "National Space Day" to celebrate the remarkable success of the Chandrayaan-3 Mission, which accomplished a safe and soft landing of the Vikram Lander and deployed the <keyword id="22760272" type="General" weightage="20" keywordseo="Pragyaan-rover" source="keywords">Pragyaan rover</keyword> on the lunar surface near the South Pole. This achievement is being celebrated across the country with the goal of engaging and inspiring the younger generation in the field of <keyword id="21280701" type="General" weightage="20" keywordseo="Space-Science" source="keywords">Space Science</keyword> and Technology. To commemorate this historical achievement, the Department of Fisheries (DoF), <keyword id="19923385" type="General" weightage="20" keywordseo="Government-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Government of India" meta.hostid="261" meta.entityid="Government of India">Government of India</keyword> (GoI), is organizing a series of seminars and demonstrations, to create awareness about the Application of Space Technologies in the Fisheries Sector. The events are being organized in collaboration with various coastal States and Union Territories, <keyword id="19915124" type="General" weightage="20" keywordseo="ISRO" source="keywords" meta.keywordsubtype="org" meta.entityname="ISRO" meta.hostid="261" meta.entityid="ISRO">ISRO</keyword> and DoF field offices. Earlier, the notification issued by the Department of Space said India became the first country to land near the South pole of the moon with the success of the Chandrayaan-3 Mission. "With the success of the Chandrayaan-3 Mission on August 23, 2023, with the landing of the Vikram lander and deployment of the Pragyaan Rover on the lunar surface, India joins an elite group of Space faring nations becoming the fourth country to land on the moon and the first nation to land near to South pole of the moon," said the notification. "The outcome of this historic mission will benefit mankind in the years to come," it added. The notification said the day marks an important milestone in the country's advancements in space missions, will inspire younger generations towards enhanced interest in pursuing <keyword id="19960286" type="General" weightage="20" keywordseo="stem" source="keywords">STEM</keyword> and will provide a major impetus to the space sector. "The Government of India has declared August 23 of every year as 'National Space Day' to commemorate this historic moment," it said.

India set to celebrate first National Space Day on August 23

Earlier today, RBIs MPC (Monetary Policy Committee) decided to leave the <keyword id="20094323" type="General" weightage="100" keywordseo="repo-rate" source="keywords">repo rate</keyword> unchanged at 6.5%, while changing the policy stance toward neutral. The aim, as <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="261" meta.entityid="RBI">RBI</keyword> maintained, was to strike a balance between taming domestic <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> and maintaining target growth. A neutral stance gives the RBI the flexibility to adjust <keyword id="19950650" type="General" weightage="20" keywordseo="interest-rates" source="keywords">interest rates</keyword> based on the direction of inflation, as opposed to its previous stand of withdrawing accommodation, which eliminates any possibility of rate cuts. While a change of stance doesn’t necessarily mean a cut should follow, most experts view this as a prelude to a possible rate cut in December this year, or even February next year. Says Deepak Ramaraju, Senior Fund Manager, Shriram AMC, "The RBI stance has changed to neutral, indicating that its primary focus is to balance growth and inflation. Growth has been resilient and given the short-term pressure on inflation, RBI may continue to hold interest rates unchanged in Q3 FY 2025. Based on inflation moderating below 4.5% and course of geo-political concerns, the RBI may undertake a rate cut decision in Q4 FY 2025". So, what does this mean for your investments? How will this decision impact your existing funds? We take a look. <h2>Good time to invest in high-yield deposits</h2>This is a good time to invest in high-yield <keyword id="19975805" type="General" weightage="20" keywordseo="fixed-deposits" source="keywords">fixed deposits</keyword> and long-term bonds. That's because with rate cuts imminent in the upcoming quarters, you'd be able to lock-in your funds with the prevailing, relatively higher interest rate right now. As for the yellow metal or gold, it is generally considered a safe haven asset during turbulent market times. That's why you should consider making it a part of your investments, or increasing its weightage in your overall portfolio, depending on your needs. Vijay Kuppa, CEO, InCred Money highlights that with deposit rates at elevated levels, one has an ideal opportunity for locking in high-yield fixed deposits."At the same time, high borrowing costs also make a compelling case for increasing debt allocations in investment portfolios, which offer a buffer against potential equity market corrections, which might occur due to <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword>", he continues. With the chronic crisis in Middle-East flaring up again, as Israel looks to target Lebanon and Iran, you can expect some volatility and downturns in the <keyword id="19949641" type="General" weightage="20" keywordseo="equity-markets" source="keywords">equity markets</keyword>, both in India and globally, in the times to come. Over the last 5 days, Sensex has dipped by over 1,900 points, or about 2.38%, and Nifty has also gone down by 2.23%. With this set to continue for some time, you can reconsider and evaluate your investments in debt. Mahendra Kumar Jajoo, CIO – Fixed Income, Mirae Asset Investment Managers (India) explains that the market is confident of a rate cut in the times to come, and that the <keyword id="20066775" type="General" weightage="20" keywordseo="bond-market" source="keywords">bond market</keyword> has already started pricing in the same. "We have already seen some of this already, with 10Y GOI yields at around 6.75%, having already eased significantly in last few months. So, if investors wait for rate cut to invest, it may be too late for them. Also, with corporate credit picking up, investing in corporate bond funds for a period of 3-5 years can also serve the investor well. Investors having a long term investment horizon and appropriate risk appetite can also invest in gilt funds", he continues. <h2>Dont exit the markets yet </h2>Though short-term biases of FII may continue towards Chinese markets keeping pressure on the equity markets, the resilient domestic flows can defy deep corrections in the equity markets despite high valuations. The markets may trend positive with subsequent rate cuts by the US Fed later this year. Hence, it wont be advisable to completely exit the equity markets during these times, notes Avnish Jain, Head - Fixed Income, Canara Robeco Mutual Fund Jain advises to take a buy on dips approach towards the stock markets i.e. adding quality stocks to your portfolio during times of market downturn. Shrikant Chouhan, Head Equity Research, Kotak Securities says that the current market texture is volatile, hence level based trading would be the ideal strategy for the day traders. "For the bulls now, 25,050/81,700 would be the key level to watch out. Above the same market could retest the level of 25,200-25,225/82,000-82,300. On the flip side, 24,900/81,200 would be the key support zone for the traders. Below the same, the selling pressure is likely to accelerate. Below the same, market could slip till 24,800-24,780/81,000-80,700", explains Chouhan. <h2>Time to buy a home? Maybe! </h2>No rate cut can spell some good news for homebuyers who are looking to get their hands on real estate during the festive season. Even as home loan rates remain steady as of now, homebuyers may have to wait until December or beyond to get any tangible relief in their home loan EMIs. Vimal Nadar, Head of Research, Colliers India explains that a change in stance from “withdrawal of accommodation” to “neutral” indicates its clear direction for a possible reduction in interest rates in the foreseeable future. This ongoing stability in repo rate should provide a significant thrust to residential real estate during these festive months as home loan interest rates are likely to remain steady. "Typically, Q4, marked by higher inclination of homebuyers to wrap-up property purchases during the auspicious period combined with instantaneous liquidity benefit aided by developers offering attractive discounts, has historically provided the final push to housing sales across the major markets in the country", he added.

RBI leaves repo rate unchanged. What does this mean for you?

New Delhi, In a strong rebuttal to Congress charges, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday said <keyword id="20233623" type="General" weightage="20" keywordseo="atal-pension-yojana" source="keywords">Atal Pension Yojana</keyword> (APY) is designed based on the best practice choice architecture and guarantees a minimum of 8 per cent return. "Atal Pension Yojana is designed based on best practice choice architecture to automatically continue the premium payment unless the subscriber opts out. This is a deliberate and beneficial feature which is in the best interest of the subscribers," <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> said in post on X. Instead of requiring people to decide each year to continue, they have to take a decision to discontinue, she said, adding, this makes many of them take the right decision and save for their retirement. Earlier in the day, the Congress attacked the Prime Minister Narendra Modi-led government over the Atal Pension Yojana, alleging it is a "very poorly-designed scheme" and a "paper tiger" that needs officials to hoodwink and coerce people into participating in it. Congress general secretary <keyword id="20035989" type="General" weightage="20" keywordseo="jairam-ramesh" source="keywords">Jairam Ramesh</keyword> said the scheme is a "fitting representation of the Modi government's policy making: headline management, with few benefits actually reaching the people". His attack came after a media report claimed that at least one of three subscribers who dropped out of the central government's pension scheme for the unorganised sector, the Atal Pension Yojana (APY), did so because their accounts were opened without their "explicit" permission. The report cited a recent sample study by the <keyword id="20608253" type="General" weightage="20" keywordseo="indian-council-of-social-science-research" source="keywords">Indian Council of Social Science Research</keyword> (ICSSR). Attacking Ramesh, Sitharaman said he did not bothered to check facts on the guaranteed pension scheme. "The minimum return under the APY is guaranteed by the GoI to be at least 8 per cent, regardless of prevailing interest rates and returns. This is an attractive guaranteed minimum return. GoI pays a subsidy to PFRDA to make up for any shortfall in actual returns," she said. If higher investment returns are received on the contributions of subscribers of APY, higher pension would be paid to the subscribers: In fact, currently the returns are more than 8 per cent, she said. "@Jairam_Ramesh says that people are being 'hoodwinked and coerced' into participating! Hoodwinking is what @INCIndia does always - in the name of vote bank politics or minority appeasement. Coercion is what was used to make former Chairman of @TheOfficialSBI Shri RK Talwar resign because he refused to give loans to favourites of the dynasty," she said. As regards the majority of pension accounts being in the lower slabs, for a subsidised scheme intended for the poor and lower middle class, this is obvious, she said. In fact, it shows the proper targeting of the scheme, she said, adding, if the offtake was at the higher end, that would be surprising! The elitist mindset of the dynasty and its minions who are constantly thinking of people in the higher echelons of society, perhaps, blinds them to this obvious truth. The @INCIndia prefers that poor should not have pensions so that they are forced to rely on government hand-outs which keeps them dependant on dynasty politicians, the minister said.

Atal Pension Yojana guarantees minimum 8% return: Sitharaman rebuts Cong charges

A sixth-grade social science textbook that I read described India as a piece of fabric, with countless threads coloured in a myriad of majestic shades, woven together. This metaphor holds exceptionally well when put into the context of our <keyword id="22706215" type="General" weightage="20" keywordseo="handloom-industry" source="keywords">handloom industry</keyword>. India has a rich history of handlooms and weaving cultures. The culture of handlooms is so intricately woven into Indian culture, that there are whole towns dedicated to the same: <keyword id="248532" type="General" weightage="20" keywordseo="Chanderi" source="Orion">Chanderi</keyword> in Madhya Pradesh to Pochampally in Telangana and a dozen more! Unfortunately, the handloom industry in India is dying. The struggle is multi-faceted, ranging from a declining workforce to fierce competition from <keyword id="20496028" type="General" weightage="20" keywordseo="power-looms" source="keywords">power looms</keyword>. Hence, five years ago, August 7 was proclaimed <keyword id="22677698" type="General" weightage="20" keywordseo="National-Handloom-Day" source="keywords">National Handloom Day</keyword> in response to this crisis and to heighten public awareness. This date holds special historical significance, commemorating the initiation of the Swadeshi Movement in 1905—a pivotal act of defiance against British colonial rule. <h2>When did this industry come into existence?</h2>According to archaeological findings, the origins of handloom in the Indian subcontinent may be traced back to the Indus Valley Civilization. The Mughal Empire was known to support and patronise <keyword id="20258864" type="General" weightage="20" keywordseo="weavers" source="keywords">weavers</keyword>. The support from the royal patrons resulted in the invention of new textiles such as ‘Mulmul’ and ‘Banarasi Brocade’ among others. This era witnessed a heightened worldwide demand for Indian textiles. In the 17th century, India produced 25% of the world’s textiles, with Bengal accounting for more than 50% of textiles and 80% of silks imported by the Dutch from Asia. <h2>What led to the decline of the <keyword id="19934660" type="General" weightage="100" keywordseo="Indian-handloom" source="keywords">Indian handloom</keyword>?</h2>The East India Company's entry fuelled the industry's initial decline, which started in the 1830s. The weavers were obliged to sell only to the British, and that too at exceedingly cheap prices, virtually putting them out of business. On the other hand, Indian cloth was taxed excessively to promote machine-made British clothing. The Industrial Revolution in Britain strengthened their indigenous textile industry, giving rise to new markets for cheaper textiles. In India, the collapse of the Mughal aristocracies meant no access to royal patronage. As a result, textiles like Khadi and muslin had little demand in the market. Circling back to the present, the industry is facing both similar and new challenges. Fabrics made on power looms are cheaper and faster to produce, in comparison to handloom fabrics. The industry is largely unorganised, and the wages are shockingly low. 67% of <keyword id="22706216" type="General" weightage="20" keywordseo="handloom-workers" source="keywords">handloom workers</keyword> are earning less than the minimum wage every month. Faced with economic challenges, the older artisans are thus forced to encourage the newer generation to choose an alternative career path. This migration of the workforce from a traditional sector is evident from the fall in the number of weavers less than 35 years of age- from 26.13 lakh in 2009-10 to 16.07 lakh in 2019-20. The majority of weavers do not have access to banking facilities, let alone institutional credit. Furthermore, if one manages to accumulate credit, there is a mismatch between the supply and demand forces due to the lack of awareness about handwoven textiles in the current generation. <h2>Initiatives for revival</h2>The cultural significance of the Indian handloom isn’t just limited to its beauty and extravagance, but it extends to our independence struggle as well. The Swadeshi movement immortalised the charkha and advocated for the use of indigenous goods. Following independence, the Indian government took many measures to revive the handloom industry. In 1953, India’s Parliament approved the Khadi and Other Handloom Industries Development Act. In 1955, the All India Handloom Fabrics Marketing Cooperative Society was formed to promote the sale of fabrics produced by handloom cooperatives across India. The National Handloom Development Programme (NHDP) aimed to provide financial assistance for marketing and production. The Handloom Weavers’ Comprehensive Welfare Scheme offers health and life insurance to weavers, to ensure social security. The organisation commenced a fortnight-long exhibition, “VIRAASAT” dedicated to celebrating the 10th National Handloom Day began at Handloom Haat in Janpath, New Delhi on Saturday, 3rd August 2024, and will conclude on 16th August 2024. The Handloom Mark scheme was introduced to authenticate handloom products, thus enabling weavers to gain better market access and ensuring that consumers get genuine products. Moreover, the India Trade Portal also mentions that the GOI plans to provide financial assistance of Rs. 30 crore to at least 10,000 handlooms. Various state governments also regularly conduct handloom expos and fairs, providing platforms for weavers to showcase and sell their products directly to consumers. <h2>Contemporary Brands and their love for Indian handloom</h2>Modern, popular designers such as <keyword id="8264" type="General" weightage="20" keywordseo="Sabyasachi" source="Orion">Sabyasachi</keyword> and <keyword id="21493890" type="General" weightage="20" keywordseo="ritu-kumar" source="keywords">Ritu Kumar</keyword> are known to work closely with weavers and have been doing their part by bringing worldwide attention to the handloom industries. Recently, <keyword id="1472101" type="General" weightage="20" keywordseo="Ajrakh" source="Orion">Ajrakh</keyword> was brought into the limelight when Alia Bhatt wore a custom Abu Jani Sandeep Khosla Ajrakh saree to Joy Awards in Riyadh. However, it’s not just the fashion moguls who are working towards the revival of this industry. Contemporary indie brands are partnering with local weavers, and creating awareness about their work. The emergence of such indie brands and their association with local artisans is beneficial for both entities. For instance, Joskai Studio derives its name from ‘Joskai’, a woven piece of cloth worn as a part of the traditional costume of the Tiwa community of Assam. They work with artisans in northeast India, specifically from the weaving village of Saualkuchi in Assam. Rouka by Sreejith Jeevan is a Kerala-based brand that works strictly with weavers from Kerala, specifically Chendamangalam and Kuthampally. <h2>Employment and Exports</h2>According to the Indian Trade Portal, the Indian handloom sector is the country’s second-largest employer after agriculture in rural areas. The Handloom Census 2019-20 mentions that the industry employs about 35,22,512 workers across the country, with women forming 77.29% of the workforce. India is the second largest exporter of handloom products in the world, with exports valued at $ 353.9 million in 2017- 18, as per EXIM bank's working papers. The major handloom export centres are Karur, Panipat, Varanasi and Kannur where handloom products like bed linen, table linen, toilet linen, floor coverings, and embroidered textile materials and curtains etc. are produced for export markets. During April 2021-February 2022, India exported handloom products worth 1693 crore, as per Indian Trade Portal. Indian silk scarves also form a sizable chunk of total handloom exports, in addition to home textiles like carpets, rugs and mats, which constitute over 13.6% of India’s total handloom exports. <h2>The Path Forward</h2>The mere existence of organisations and allocation of funds isn’t enough to sustain the legacy of India’s rich handloom industry. Big corporations working with local weavers ensure employment but don't protect them from exploitation and meagre wages, leaving them vulnerable. The people in power ought to come up with strategies that ensure the trickle-down effect of the schemes and funds. The new generation of buyers has a greater purchasing power than the one before them. Marketing focused on bringing Indian handloom practices into the limelight can do wonders in this case.

Fabric of a nation: Sustaining India's handloom legacy in modern times

The government on Wednesday said there are no plans for security testing for smartphones or crackdown on pre-installed applications, as the sole emphasis is on ease of doing business and boost local electronics manufacturing. Responding to a media report, Union Minister of <keyword id="9950217" type="General" weightage="80" keywordseo="state-for-electronics" source="Orion">State for Electronics</keyword> and IT, <keyword id="205969" type="General" weightage="80" keywordseo="rajeev-chandrasekhar" source="Orion">Rajeev Chandrasekhar</keyword>, said that there is no "security testing" or "crackdown" plans for smartphone makers at the end of the government. "@GoI_MeitY is 100 per cent committed to 'Ease of Doing Business' and is totally focused on growing electronics manufacturing to touch $300 billion by 2026," the minister said in a tweet. Electronics manufacturing in the country is likely to cross Rs 1.28 lakh crore in the next financial year, according to Chandrasekhar. "The mobile phone production in India had increased from 5.8 crore units valued at about Rs 18,900 crore in 2014-15 to 31 crore units valued at over Rs 2,75,000 crore in the last financial year, as a result of various initiatives of the government, including the 'Phased Manufacturing programme'," Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> had said during her Union Budget 2023-24 speech in Parliament. In the period from April-December 2022, mobile phone exports reached nearly $7-8 billion, and is expected to cross $9 billion for the fiscal year. The government has set a target to achieve $300 billion of electronics manufacturing by 2025-26, out of which $75-100 billion of electronics manufacturing is expected from Uttar Pradesh alone, according to the India Cellular and Electronics Association (ICEA). SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/wedding-bells-ring-in-16-rise-in-february-auto-sales-2-wheeler-sales-yet-to-hit-pre-pandemic-levels-fada/articleshow/98443213.cms">Wedding bells ring in 16% rise in February auto sales, 2 wheeler sales yet to hit pre-pandemic levels: FADA</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-confirms-launch-of-its-first-foldable-phone-in-2023-flip-phone-also-expected/articleshow/98308482.cms">OnePlus confirms launch of its first foldable phone in 2023, flip phone also expected</a> <a href="https://www.businessinsider.in/tech/gadgets/news/noise-and-fire-boltt-entered-in-top-five-in-global-smartwatch-shipments/articleshow/98171390.cms">These two Indian brands have together sold more smartwatches than Samsung in 2022</a>

No 'security testing' or 'crackdown' plans for smartphone makers: Govt

<ul class="summary-list"><li>Foxconn said Monday it's scrapping a $20 billion JV with Indian conglomerate Vedanta to make semiconductors. </li><li>Other plans to boost India's chipmaking sectors are also progressing slowly.</li></ul>India has big plans to boost its chipmaking industry, but the country is already meeting setbacks.On Monday, Taiwan's Foxconn — best known for being a major parts supplier to Apple — said it's withdrawing from a <a href="https://www.reuters.com/world/india/vedanta-foxconn-sign-mou-with-modis-home-state-20-bln-chip-foray-2022-09-13/" target="_blank" rel="noopener">$19.5 billion joint venture</a> with Indian conglomerate Vedanta without citing a reason for the breakup. The two companies <a href="https://www.foxconn.com/en-us/press-center/events/foxconn-events/740" target="_blank" rel="noopener">signed an agreement in February 2022</a> to form a joint venture, or JV, to manufacture semiconductors in India. "Foxconn has determined it will not move forward on the joint venture with Vedanta," the company, known as Hon Hai Technology Group in Taiwan and China, said in a <a href="https://emops.twse.com.tw/server-java/t05sr01_1_e?&amp;isNew=Y&amp;seq_no=2&amp;spoke_time=222046&amp;spoke_date=20230710&amp;co_id=2317" target="_blank" rel="noopener">Monday statement to the Taiwan Stock Exchange.</a> The JV is now wholly owned by Vedanta, it added.Foxconn said the two companies had worked for over a year to bring "a great semiconductor idea to reality," but have mutually agreed to end the JV, which is now wholly owned by Vedanta. <a href="https://www.reuters.com/technology/foxconn-pulls-out-india-chip-jv-with-vedanta-2023-07-10/" target="_blank" rel="noopener">A source familiar with the matter told Reuters</a> that concerns over delays for approvals of incentives contributed to Foxconn's decision to abandon the venture in Gujarat, the home state of Prime Minister Narendra Modi."There was recognition from both sides that the project was not moving fast enough, there were challenging gaps we were not able to smoothly overcome, as well as external issues unrelated to the project," Foxconn said in a separate Tuesday statement. It added the mutual breakup "is not a negative."Foxconn also said it plans to apply for Indian government incentives for chipmaking projects.Still, the breakup is seen as a setback to Modi's ambition for India to become a key player in the global chip supply chain amid the geopolitical tensions in the Taiwan Straits.India already has an existing chipmaking industry, but Taiwan — which China claims as its territory — produces a vast majority of the world's chips. <a href="https://www.businessinsider.com/tsmc-us-china-tensions-may-dictate-fate-of-global-economy-2022-10" target="_blank" rel="noopener">Taiwan Semiconductor Manufacturing Company alone makes over half of the world's supply,</a> Insider reported previously. However, India's chip manufacturing expansion plans have been moving slowly.Apart from Foxconn abandoning its JV with Vedanta, two other chipmaking ventures are also in limbo.A $3 billion venture under global consortium ISMC — which counts Israel's Tower Semiconductor as a partner — has stalled, as Tower is in the process of being <a href="https://www.intc.com/news-events/press-releases/detail/1527/intel-to-acquire-tower-semiconductor-for-5-4-billion" target="_blank" rel="noopener">acquired by tech bigwig Intel,</a> <a href="https://www.reuters.com/world/india/india-chip-plan-stalls-after-tower-intel-deal-setback-modi-2023-05-31/" target="_blank" rel="noopener">Reuters reported on June 1.</a>Another $3 billion project by Singapore-based IGSS venture has also been halted because the company wanted to re-submit its application for government incentives, per <a href="https://www.reuters.com/technology/foxconn-pulls-out-india-chip-jv-with-vedanta-2023-07-10/" target="_blank" rel="noopener">Reuters.</a>However, it hasn't been all bad news for India's tech ambitions. <a href="https://investors.micron.com/news-releases/news-release-details/micron-announces-new-semiconductor-assembly-and-test-facility" target="_blank" rel="noopener">US chipmaker Micron said last month</a> it plans to invest up to $825 million in a chip testing and packaging unit in India.Rajeev Chandrasekhar, India's minister of state for electronics and IT, <a href="https://twitter.com/Rajeev_GoI/status/1678389567504916480" target="_blank" rel="noopener">tweeted Monday</a> that Foxconn's decision to <a href="https://indianexpress.com/article/business/foxconn-pulls-out-india-chip-jv-vedanta-8823949/" target="_blank" rel="noopener">pull out of its JV Vedanta</a> would have "no impact" on the country's chipmaking goals."To those editorializing abt this decision of Foxconn/Vedanta being a 'blow' to Indias Semicon ambition , I can only say its a bad idea to bet against India under PM Modi," Chandrasekhar tweeted. Vedanta did not immediately respond to a request for comment from Insider.

From a failed $20 billion joint venture to stalled projects, India's dreams of becoming a chipmaking powerhouse are off to a bad start

<keyword id="13486" type="General" weightage="20" keywordseo="Vietnam" source="Orion">Vietnam</keyword>'s culinary scene is a feast for the senses, boasting a diverse array of flavors, textures, and aromas. From savory soups to delectable street food, Vietnamese cuisine is renowned worldwide for its freshness and balance of flavors. In this article, we'll take you on a gastronomic journey through the <keyword id="18177691" type="General" weightage="20" keywordseo="most-famous-foods-of-Vietnam" source="Orion">most famous foods of Vietnam</keyword> that you simply must savor when visiting this enchanting country. <h3>Pho - Vietnam's Iconic Noodle Soup</h3>Pho, pronounced "fuh," is the quintessential Vietnamese dish and a source of national pride. This beloved noodle soup is a comforting bowl of goodness made with rice noodles, thinly sliced beef or chicken, and a fragrant broth infused with spices like star anise, cloves, and cinnamon. Served with fresh herbs, bean sprouts, lime, and chili, the magic of pho lies in its simplicity and depth of flavor. Whether enjoyed at street stalls or traditional restaurants, this soul-warming soup is a must-try for every visitor to Vietnam. <h3>Banh Mi - The Perfect Vietnamese Sandwich</h3>A delightful fusion of Vietnamese and French culinary influences, Banh Mi is a delectable sandwich that has gained global popularity. Featuring a crispy French baguette filled with various savory ingredients such as grilled meats (pork, chicken, or beef), pâté, pickled vegetables, cilantro, and a dash of chili sauce, Banh Mi is a harmonious blend of textures and tastes. This street food classic exemplifies Vietnam's ability to turn everyday ingredients into a symphony of flavors that captivate the taste buds. <h3>Cha Gio - Vietnamese Spring Rolls</h3>When it comes to appetizers, Cha Gio, or Vietnamese spring rolls, stands out as an irresistible treat. These crispy and golden-fried rolls are filled with a delicious mixture of minced pork, shrimp, glass noodles, mushrooms, and fragrant herbs. The rolls are typically wrapped in rice paper, deep-fried until golden and served with a tangy dipping sauce made from fish sauce, garlic, chili, and lime. Each bite of Cha Gio offers a delightful contrast of textures, making it an all-time favorite snack for locals and travelers alike. <h3>Goi Cuon - Fresh Spring Rolls</h3>Goi Cuon, also known as Vietnamese fresh spring rolls or summer rolls, are a refreshing and healthy delight. These translucent rice paper rolls are filled with a medley of fresh herbs, rice vermicelli, shrimp or pork, and sometimes tofu. The rolls are usually served with a savory peanut dipping sauce, creating a harmonious balance of flavors and textures. <h3>Bun Cha - Grilled Pork with Vermicelli</h3>Bun Cha is a popular Vietnamese dish featuring grilled pork served with vermicelli noodles, fresh herbs, and a tangy dipping sauce. The succulent and slightly charred pork combined with the soft, chewy noodles and aromatic herbs make this dish a delightful culinary experience. <h3>Ca Kho To - Caramelized Fish in Clay Pot</h3>Ca Kho To is a flavorful fish dish that showcases Vietnam's adeptness with caramelized flavors. Fish, typically catfish or tilapia, is simmered in a clay pot with a luscious blend of fish sauce, sugar, garlic, and other aromatic spices. The result is a sweet and savory dish with tender, caramelized fish that pairs perfectly with steamed rice. <h3>Com Ga - Hanoi's Chicken Rice</h3>Com Ga is a signature dish from Hanoi, known for its simplicity and unforgettable taste. It features fragrant, turmeric-infused chicken served on a bed of aromatic jasmine rice. The dish is often garnished with fresh herbs, fried shallots, and accompanied by a side of light chicken broth. <h3>Bonus Dish: Com Tam - Broken Rice Delight</h3>While we explore the most famous foods, it's hard not to mention Com Tam, or broken rice, which holds a special place in Vietnamese cuisine. Originally created to utilize broken rice grains, Com Tam is a unique dish typically served with grilled pork, a fried egg, pickled vegetables, and a fish sauce-based dressing. This humble yet flavorful dish has become a beloved street food staple, capturing the essence of Vietnamese comfort food. These foods offer a glimpse into Vietnam's rich and diverse gastronomy. Each dish carries a unique story, reflecting the country's cultural heritage and the artistry of Vietnamese cuisine. Exploring these delectable delights will undoubtedly leave you with a lasting appreciation for the culinary treasures of Vietnam.

A gastronomic adventure: Exploring the most famous foods of Vietnam

The Indian <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> and the government bond yield ended almost flat on Friday as most traders remained on the sidelines ahead of the long weekend. At the interbank foreign exchange market, the rupee ended at 79.66 against the US dollar, as against 79.64 at the close of the previous trading session. The 10-year benchmark 6.54 per cent-2032 bond yield ended at 7.2894 per cent, marginally higher than 7.2673 per cent close on the previous trading session. "Looking at the long holiday ahead, there may have been lot of short term USD demand, pushing the USD-INR pair higher. Also, traders usually prefer to be squared during long holidays where liquidity has also been thin," said Kunal Sodhani, Vice President, Global Trading Centre, Shinhan Bank. Indian financial markets will remain closed on August 15 and 16 on account of Independence Day and Parsi New Year, respectively. Brent <keyword id="102132" type="General" weightage="20" keywordseo="crude-oil-prices" source="Orion">crude oil prices</keyword> in the international market has risen sharply in last few days and by the close of market hours it was trading at $100.15 per barrel. Meanwhile, at the weekly bond auction, the Reserve Bank of India raised Rs 28,000 crore through three bonds viz 7.38 per cent-2022, 7.54 per cent-2036, and 6.99 per cent-2051. However, the central bank did not accept any bids in GOI FRB 2028 gilts. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/winning/news/india-intends-to-hire-people-more-in-the-july-september-quarter-teamlease/articleshow/93524237.cms">India intends to hire people more in the July-September quarter: TeamLease</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/mumbai-indians-emirates-announces-the-squad-ahead-of-uaes-t20-league/articleshow/93523932.cms">Akash Ambani’s MI Emirates name squad for UAE’s inaugural ILT20 — Here are the team members</a>

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