May 6 (BNP): The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved two new semiconductor manufacturing projects under the India Semiconductor Mission (India Semiconductor Mission), further strengthening India’s push towards becoming a global chip manufacturing hub.

The approved projects involve a combined investment of around ₹3,936 crore and will be set up in Gujarat, generating employment for over 2,200 skilled professionals.

One of the key projects will see Crystal Matrix Limited establish an integrated compound semiconductor facility in Dholera. The unit will focus on Mini and Micro-LED display manufacturing using advanced GaN technology, with applications ranging from televisions and commercial displays to smartphones, tablets, and emerging devices like AR/VR glasses and smartwatches.

The second project, being developed by Suchi Semicon Private Limited in Surat, will be an Outsourced Semiconductor Assembly and Test (OSAT) facility. It will produce over one billion chips annually, catering to sectors such as automotive, industrial automation, power electronics, and consumer devices.

With these approvals, the total number of projects under the India Semiconductor Mission has reached 12, with cumulative investments of around ₹1.64 lakh crore. Several projects are already under execution, with some expected to begin commercial production soon.

Officials said the latest approvals mark another step forward in building a strong domestic semiconductor ecosystem, supported by expanding chip design capabilities across academic institutions and startups in the country.

Alappuzha, May 6 (BNP): In a remarkable electoral upset, A D Thomas, a former fisherman-turned-politician, has emerged as one of Kerala’s youngest MLAs after winning the Alappuzha Assembly seat.

Representing the Indian National Congress, Thomas’s victory is being hailed as a powerful grassroots success story. His journey from the coastal fishing community to the state legislature has struck a chord with voters, symbolising aspiration, resilience, and the promise of inclusive politics.

Thomas defeated a seasoned rival in a closely watched contest, scripting a stunning upset in a constituency traditionally marked by intense political competition. His campaign focused on local livelihood issues, welfare of fishermen, youth employment, and development concerns in the region.

Party leaders and supporters have welcomed the victory, describing it as a reflection of people’s trust in young leadership and fresh perspectives. Thomas is expected to play a key role in voicing the concerns of coastal communities and youth in the Assembly.

The win adds to the Congress party’s momentum in the state, while also spotlighting the rise of new-generation leaders in Kerala’s political landscape.

Government’s Emergency Credit Line Guarantee Scheme (ECLGS) targets additional credit flow of Rs. 2,55,000 crore to Support Stability, Resilience, and Employment

New Delhi, May 6: The Government of India’s Emergency Credit Line Guarantee Scheme (ECLGS) to target industrial continuity, preserving employment, and strengthening liquidity access for businesses, particularly Micro, Small and Medium Enterprises (MSMEs), during periods of economic uncertainty is a proactive step in the right direction said Mr. Rajeev Juneja, President, PHDCCI.

The scheme provides government-backed credit guarantees to banks and financial institutions, enabling faster and collateral-free emergency lending to eligible businesses, he added.

ECLGS is designed to address temporary liquidity shortages faced by industries during periods of economic stress by reducing lending risk for financial institutions through sovereign-backed guarantees to enable continued credit flow to viable businesses across manufacturing, services, trade, logistics, healthcare, hospitality, aviation, and among others.

Under the scheme, eligible firms are able to access additional working capital support without the requirement of fresh collateral which will help industries meet operational expenses, maintain production cycles, pay suppliers, and retain employees, he added

The availability of guaranteed emergency credit will help MSMEs:

• Maintain working capital operations
• Continue wage payments
• Procure raw materials
• Prevent supply-chain disruptions
• Avoid insolvency and business closures

“Further,the scheme will play an important role in stabilizing industrial supply chains and protecting employment. By ensuring continuity of credit production stoppages are reduced, vendor payment cycles are maintained and large-scale layoffs were mitigated”, added Juneja

“The government guarantee mechanism supports financial-sector stability by encouraging banks and non-banking financial institutions to continue lending during uncertain economic environment. The scheme continues to be regarded as one of India’s largest emergency credit-support interventions aimed at safeguarding industrial activity, MSME resilience, and employment continuity” said Dr. Ranjeet Mehta, SG & CEO, PHDCCI.

New Delhi, May 06 (BNP): The Indian rupee registered a strong rebound on Wednesday, appreciating by 61 paise to close at 94.57 (provisional) against the US dollar, supported by easing crude oil prices and improved global sentiment.

The gain came as Brent crude softened from recent highs near the $100 per barrel mark, easing pressure on import costs and currency markets. Sentiment was further lifted by signs of easing geopolitical tensions in the Middle East, which helped calm investor concerns.

Market participants noted that the Reserve Bank of India (Reserve Bank of India) has been taking indirect steps to manage volatility and support stability in the foreign exchange market.

Overall, the rupee’s recovery reflected a mix of softer oil prices, reduced global risk, and steady policy support, contributing to improved confidence in currency markets.

New Delhi, May 6 (BNP): India’s manufacturing sector continued to show a positive growth outlook in the fourth quarter of FY26, even as businesses faced rising raw material costs and global economic uncertainties, according to a latest FICCI survey.

The survey indicates that overall industry sentiment remains steady across key manufacturing segments, despite cost pressures impacting input expenses. Capacity utilisation witnessed a marginal decline to around 72%, compared to the previous quarter.

However, manufacturers continue to remain optimistic about the next six months, with a stable investment outlook reflecting confidence in demand conditions and long-term business prospects.

The survey covered major industries including automobiles, capital goods, chemicals, fertilizers and pharmaceuticals, electronics and electricals, machine tools, metals, and textiles.

Overall, the findings highlight the resilience of India’s manufacturing sector, with sustained optimism expected to support production growth, investment activity, and broader industrial expansion in the coming months.

May 6 (BNP): Indian equity markets continued their upward momentum on Wednesday, with benchmark indices closing strongly in positive territory amid broad-based buying across sectors.

The BSE Sensex surged by 941 points, while the NSE Nifty 50 advanced by 298 points, reflecting strong investor sentiment.

The rally was supported by positive global cues and sustained domestic inflows, with financials, energy, and IT stocks leading the gains. Market participants noted improved risk appetite and continued optimism in key sectors.

Overall, the trading session highlighted strong bullish momentum, with benchmarks extending their gains on broad market participation.

Chennai, May 6 (BNP): Vijay, president of the Tamilaga Vettri Kazhagam, on Wednesday met Rajendra Vishwanath Arlekar and formally staked claim to form the next government in Tamil Nadu following the Assembly election results.

TVK has emerged as the single-largest party in the state, significantly altering the political landscape. During the meeting at Raj Bhavan, Vijay submitted his claim to form the government and is expected to be invited to take the next constitutional steps.

However, the party still faces a numerical challenge. It requires at least 118 seats to secure a majority in the Assembly and is currently short by around 10 seats. The next crucial step will be to prove its majority on the floor of the House.

While the Indian National Congress has extended support, its tally of five seats is insufficient to bridge the gap entirely. There is no clarity yet on additional support, including from independent legislators or smaller parties, that could help TVK cross the majority mark.

Political developments are being closely watched, with further announcements expected regarding government formation and a possible floor test in the coming days.

New Delhi, May 6 (BNP): India and the European Union have announced a joint initiative worth ₹169 crore aimed at accelerating the development of advanced technologies for recycling electric vehicle (EV) batteries.

The collaboration is designed to support sustainable mobility by improving the way used EV batteries are processed, recovered, and reused. The focus will be on developing innovative recycling methods that can help recover critical materials, reduce environmental waste, and strengthen the circular economy in the clean energy sector.

Officials noted that the partnership reflects a shared commitment between India and the EU to promote greener transportation solutions and reduce dependency on raw material extraction through more efficient resource recovery systems.

The initiative is expected to encourage research and innovation in battery recycling technologies while also supporting long-term environmental and economic sustainability goals in the EV ecosystem.

New York, May 6 (BNP): Isha Ambani made a notable appearance at the Met Gala 2026 in a custom couture ensemble designed by Gaurav Gupta, celebrating Indian craftsmanship on one of the world’s biggest fashion stages.

 Her outfit featured a handwoven saree crafted with gold threads and intricate detailing inspired by traditional Indian art forms. The ensemble was created by over 50 artisans and took more than 1,200 hours to complete, incorporating techniques such as zardozi, aari embroidery, and hand-painted motifs.

A key highlight of the look was the blouse, embellished with over 200 diamonds from Nita Ambani’s personal jewellery collection. The design combined heirloom pieces with contemporary couture, reflecting a blend of personal heritage and artistic craftsmanship.

She completed the look with a sculpted cape, diamond jewellery, and traditional accessories, adding to the grandeur of the ensemble. Ambani also carried a symbolic mango accessory, which she described as a meaningful and personal element of her outfit.

Her appearance at the event highlighted the global spotlight on Indian design and craftsmanship, showcasing the fusion of tradition and modern luxury on an international platform.

May 6 (BNP): India’s external trade has reached a historic milestone, with total exports of goods and services touching an all-time high of $863.11 billion in FY 2025–26.

The sharp rise was primarily driven by the robust performance of the services sector, which continued to outperform merchandise exports. Strong global demand for India’s IT services, business process outsourcing, consulting, and professional services played a major role in boosting overall export earnings.

 Merchandise exports also contributed to the growth, though at a more moderate pace compared to services. At the same time, imports increased due to higher demand for crude oil, raw materials, and other industrial inputs, reflecting continued domestic consumption and manufacturing activity.

Despite global economic uncertainties, India’s export sector remained resilient and diversified. The strong services-led growth highlights the country’s increasing integration into global value chains and its rising importance as a global services hub.

Overall, the record export performance underscores the structural strength of India’s external sector, with services emerging as the key driver of growth in FY 2025–26.