Business
Chip mission drive: Govt allocates 97% of semiconductor fund, leaves little scope for new projects
India has committed nearly Rs 62,900 crore out of the Rs 65,000 crore earmarked for semiconductor manufacturing incentives, according to Electronics and IT Secretary S Krishnan. This leaves limited funding for only a few smaller projects under the ₹76,000 crore India Semiconductor Mission.
GST rate cuts coming soon! Goods and Services Tax Council to meet for 2-day session starting Sept 3; two-slab structure in works
The GST Council is set to meet on September 3rd to discuss proposed GST rate rationalization. A Group of Ministers has endorsed a simplified structure with 5% and 18% slabs, potentially eliminating the 12% and 28% brackets.
Jobs outlook: 72% of employers plan new hiring in H2 2025, AI seen as catalyst not threat
Naukri’s report indicates a strong white-collar job market in India for the latter half of 2025, with 72% of employers planning workforce expansion through new job creation. Hiring sentiment remains positive, with 94% of employers intending to recruit.
US markets rally: Dow jumps 890 points and S&P nears record, Powell hints at possible Fed rate cuts
Wall Street saw a big jump as Jerome Powell hinted at possible interest rate cuts. The S&P 500 rose, nearing its record high. The Dow Jones also climbed, aiming for a new record. Tech stocks on the Nasdaq also advanced. Small-cap stocks and travel companies saw significant gains. Overseas markets in Germany and Asia also…
Forex watch: India’s reserves up $1.4 bn to $695.1 bn, gold holdings see dip
India’s foreign exchange reserves experienced a rise of $1.488 billion, reaching $695.106 billion during the week ending August 15, according to RBI data. This increase was primarily driven by a surge in foreign currency assets, while gold reserves saw a slight dip. These reserves act as a crucial buffer against external economic vulnerabilities.
Chip policy push: Nvidia in talks with Trump administration on new B30A design for China; security concerns remain, Beijing flags ‘backdoor’ risk
Nvidia’s CEO, Jensen Huang, is in discussions with the Trump administration regarding a potential new semiconductor for China, despite existing restrictions on advanced chip sales. The proposed B30A GPU, intended for AI data centers, would be a follow-up to the H20 but requires US government approval.
AI adoption offsets US tariff impact; corporates boost efficiency and cut costs; HSBC sees long-term operational gains
A recent HSBC report indicates that US corporations are increasingly adopting AI to offset the financial strain caused by tariffs. Analysis of S&P 500 companies reveals median cost reductions of 1.5% and productivity gains averaging 24%. AI adoption is viewed as a strategic move to modernize operations and mitigate external economic shocks, similar to changes…