Business
Semicon India 2025: PM Modi receives first made-in-India chip; industry leaders hail nation’s role in global ecosystem – The Times of India

Prime Minister Narendra Modi on Tuesday received the country’s first made-in-India semiconductor chip at the inauguration of Semicon India 2025 in New Delhi. Union IT minister Ashwini Vaishnaw presented the Vikram 32-bit processor, developed by Isro’s Semiconductor Lab, along with test chips from four approved projects.
According to news agency ANI, Vaishnaw said the achievement reflects the country’s rapid progress under the India Semiconductor Mission launched in 2021. “Just a few years ago, we met for the first time to make a new beginning driven by our Prime Minister’s farsighted vision. In a short span of 3.5 years, we have the world looking at India with confidence. Today, the construction of five Semiconductor units is going on at a rapid pace…We just presented the first ‘Made-in-India’ chip to PM Modi,” he stated.Vaishnaw added that despite global policy turmoil, India has emerged as a “lighthouse of stability and growth.” The Vikram processor, fully indigenous, has been qualified for use in harsh launch vehicle conditions, ANI reported.The minister highlighted India’s semiconductor ecosystem push, including the Rs 76,000 crore Production Linked Incentive scheme, of which nearly Rs 65,000 crore has already been committed. He also referred to the Outsourced Semiconductor Assembly and Test (OSAT) Pilot Line Facility launched in Sanand, Gujarat, with CG-Semi expected to roll out chips soon.As per ANI, the government has sanctioned 23 design projects under the Design Linked Incentive scheme, while 10 semiconductor manufacturing projects worth over Rs 1.6 lakh crore have been approved across Gujarat, Assam, Uttar Pradesh, Punjab, Odisha, and Andhra Pradesh.Industry leaders also hailed India’s growing role. Tim Archer, CEO of Lam Research, said India is laying the foundation for a “resilient semiconductor ecosystem” as the global market moves toward the $1 trillion mark. Kai Beckmann of Merck projected India’s local semiconductor market would reach $100 billion by 2030, while AMD CTO Mark Papermaster highlighted the company’s $400 million India investment plan announced at last year’s Semicon event.Beckmann stressed collaboration, calling semiconductors a “team sport,” while Papermaster praised India’s “extraordinary talent base” and government backing.The three-day Semicon India 2025 aims to position India as a global hub for chip design, manufacturing, and innovation, focusing on building a robust and sustainable ecosystem, ANI reported.
Business
Still Waiting For Your ITR Refund? Tax Dept Might Cut It To Clear Your Old Dues

New Delhi: For many taxpayers across India, the wait for income tax refunds has been unusually long this year. According to the Income Tax Department’s website, nearly 1.23 crore income tax returns (ITRs) are still pending for processing, out of the 3.98 crore returns filed so far. While 2.74 crore ITRs have already been cleared as of August 31, lakhs of taxpayers are yet to see refunds credited to their accounts. With the extended deadline for filing ITRs now set at September 15, 2025, for those not requiring an audit, the pressure is building as only two weeks remain. But for those who have already filed, the bigger question is: why is the refund process so slow?
One key reason lies in adjustments for past tax arrears
If a taxpayer has outstanding dues from earlier years or pending appeals, the department may offset the refund against those arrears, delaying or reducing the payout. Similarly, large or suspicious refund claims trigger deeper scrutiny. In such cases, taxpayers are often asked to submit additional documents, which naturally prolongs the process.
Another factor is the seasonal backlog
The peak filing season creates a flood of cases for the department, and despite automation, manual checks in sensitive cases lead to bottlenecks. Adding to this are technical glitches, with many taxpayers complaining that their AIS (Annual Information Statement) and Form 26AS data don’t match, leaving refunds stuck.
The late release of ITR forms also played a role
While ITR-1 and ITR-4 were available in May, ITR-2 and ITR-3 came only in July, delaying filings and, in turn, refunds. Issues with **bank account validation—such as incorrect account numbers, inactive accounts, or incomplete pre-validation on the portal—have further stalled payouts.
Another common mistake is failure to e-verify returns
Without Aadhaar OTP verification, net banking confirmation, or sending ITR-V to CPC Bengaluru, the return remains incomplete, and the refund cannot be processed. Finally, discrepancies between declared income and AIS/Form 26AS data often put refunds on hold until the department finishes its checks.
The government is aware of these delays
Finance Minister Nirmala Sitharaman has urged tax officials to speed up refunds and restore taxpayer confidence. The deadline for processing older returns (AY 2023–24) has also been extended to November 30, 2025, raising hopes for quicker resolutions. But for now, taxpayers must remain patient—and double-check their filings—to avoid unnecessary refund roadblocks.
Business
Business news live: Gold price hits record high, Revolut hits $75bn valuation

Revolut share sale values firm at $75bn
Fintech firm Revolut are holding a secondary share price sale which could see employees earn a windfall – and values the firm at about $75bn (£55bn).
The banking app is allowing employees to sell up to 20 per cent of their holdings to existing and some new investors.
Individual shares will be priced at $1,381.06 (£1,020).
Revolut is expected to IPO in New York rather than London some time in the near future.
Karl Matchett2 September 2025 08:41
What pushes the price of gold up?
Here’s a piece from a couple of months back when gold made its previous tilt for $3,500 – it still stands now if you want a bit of a primer as to the factors behind the investment idea, what impacts on its price and what might come next.
Karl Matchett2 September 2025 08:21
Gold prices hit record high above $3,550
Gold’s spot price rose again yesterday and overnight and this morning it’s more of the same.
A little sideways action is to be expected but the commodity is up more than 1.1 per cent across the past day and sits at $3,555.
It looks to have briefly breached $3,560 even, setting a new record high in the process.
Typically gold is bought as a ‘safe’ investment when there are fears in other markets over volatility.
Karl Matchett2 September 2025 08:11
Business and Money news – 2 September
Morning all and welcome to our rolling coverage of business news, stock markets and everything affecting your money.
Today the bond markets will be back in focus as well as gold and bitcoin, with another bout of uncertainty looking to hit investors.
Karl Matchett2 September 2025 07:55
Business
School costs a ‘real struggle’ for parents in Wales

Bethan LewisFamily and education correspondent, BBC Wales News
A mum says she starts to dread the new school year from Christmas because of the cost of uniform and other kits her children will need in September.
Vicky Williams, from Caerphilly, said she gets “anxious” her children will not have everything they need and has to start budgeting months in advance.
It is estimated the minimum cost of sending a child to secondary school has reached almost £2,300 a year, up £600 since 2022, with the Child Poverty Action Group (CPAG) saying lower and middle-income families face “a real struggle”.
The Welsh government said it was doing everything it could to support families.
Ms Williams starts budgeting at the start of the year for the items her nine and 14-year-old will need.
She said: “I dread it after Christmas – I know if I don’t plan or budget I am going to be struggling August, September time.
“I’ll be getting anxious that my children aren’t going to school with the proper equipment so I’ve got to plan well in advance in order to prepare and be able to afford to buy their uniforms and everything else they need.”
She said while her daughter’s primary school uniform does not require logos, her 14-year-old son needs a separate PE kit, rugby kit and football kit.

Trips are another source of stress and even though schools help parents with payment plans, Ms Williams said sometimes there was not enough notice of upcoming expenses.
“You want your children to get involved in everything, want to go out for trips with their friends, go on a bus and have the experience and everything.
“But then when the cost of most trips are so high and it’s not doable for some, then you feel guilty then as a parent that your child is missing out.”
The part-time supermarket delivery driver also has a two-year-old and said she was already anticipating “that constant stress and anxiety on my mind that I’ll have three children in school” in two years’ time.

On the Lansbury Park estate, Caerphilly Uniform Exchange sells pre-loved and donated uniform for a minimal cost or items can be swapped for free.
Director Lisa Watkins said about 120 families a month use the Caerphilly shop.
They have other hubs in the borough, an online shop and give free bundles for children referred by schools and social services.
“Some schools have changed their uniform to make things more generic and accessible, but more work could be done definitely”, she said.
“I think that we should be treating school uniform more like workwear. It doesn’t matter if it’s got a hole or a bit of paint on it, you know, that’s kind of what it’s for.”

As well as uniform, the shop also supplies other costumes and outfits.
“Prom is a huge cost to parents at the moment. Things like World Book Day, Children in Need, Christmas Nativity, Christmas jumper days,” Ms Watkins said.
“As time progresses, we find all of these different celebrations and things to take part in but I think there’s little thought on how much it actually burdens parents financially.”
She added parents faced “absolutely huge” financial pressures, and did not want to have “the only child that isn’t going to prom, or hasn’t got the fancy dress outfit, or the new football boots.”

A report published by the CPAG in May estimated the minimum cost of education is more than £1,000 for primary school children and almost £2,300 for secondary school children, a rise of 30% on three years ago.
It said the cost of food for the school day and technology for learning were the main sources of increases for secondary school children.
“This is a really significant amount of money for families,” said Ellie Harwood, senior education policy officer for CPAG.
“It can be a real struggle for households on low and middle incomes to meet the cost and obviously the more children you have the greater the cost”.
Ms Harwood said research had suggested uniform costs had “flat-lined”, which she hoped was a “reflection in changes of school policy”.
At primary level in Wales, universal free school meals “saves families around £500 a year per child”, Ms Harwood said, but a strict means test still applied for secondary age children.
She said access to Welsh government support with the costs of school should be expanded .
“There are a lot of households living in poverty in Wales who cannot currently access free school meals or the school essentials grant,” she said.
“They can’t get help with the cost of school trips.
“We know there’s about 25,000 secondary aged learners who are living in poverty who don’t qualify for support with these grants and with free school meals.”

The Welsh government said: “We are doing everything we can to support families in Wales”.
“We continue to monitor the potential impact of inflation on the number of learners eligible for a free school meal and the School Essentials Grant.”
It said it recognised the “financial burden” of school uniform.
“Our statutory guidance on school uniform policy says that affordability should be a priority, and branded items should not be compulsory.
“We are currently reviewing the impact of the changes to the guidance”.
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