This week in the financial and tech sectors was marked by significant developments and strategic moves that could potentially reshape the landscape. From India’s ambitious strides in the tech race to Google’s legal battle against Amazon, to Pakistan’s never-ending debt troubles, the week was filled with high-stakes drama and game-changing initiatives.
India’s First Domestic Microchips Expected by 2024
India is set to start constructing its first semiconductor assembly plant next month, with the aim to produce the country's first homemade microchips by late 2024. The $2.75 billion project in Gujarat is spearheaded by U.S. semiconductor company Micron Technology and supported by the Indian government. Read the full article here.
Google Accuses CCI of Favoring Amazon
Google has accused the Competition Commission of India (CCI) of favouring rival Amazon in a legal battle. The tech giant has approached the country's Supreme Court to quash a CCI order that would force it to make significant changes to its business model. Read the full article here.
Adani Group Promoters to Sell More Stakes
The promoters of the Adani Group are reportedly planning to sell more of their stakes in the group's companies to seize new opportunities and create a cash reserve. This comes after selling shares worth around $3 billion to Rajiv Jain's GQG Partners in recent months. Read the full article here.
Crackdown on GST Fraud in India
During a two-month initiative aimed at eliminating fake Goods and Services Tax Identification Numbers (GSTINs), Indian tax authorities have cancelled more than 4,900 registrations and exposed over ₹15,000 crore of tax evasion. Read the full article here.
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Pakistan Set to Become Fourth Largest IMF Debtor
After receiving additional loans of $3 billion in the next nine months from the International Monetary Fund (IMF), Pakistan is set to become the fourth largest IMF borrower in the world. Read the full article here.
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