Business
Semiconductor push: India hosts 20% of world’s chip design engineers; consumption set to cross $120 billion by 2030 – The Times of India
India accounts for around 20 per cent of the world’s chip design engineers, placing it as a key player in the global semiconductor design ecosystem, according to a report by Bastion Research.According to news agency ANI, the report underlined India’s strong position in the global semiconductor chain, noting, “India is already an important piece in the global semiconductor design. You may be surprised to know that approximately 20 per cent of the world’s chip design engineers are based here.”Global technology leaders, including Qualcomm, Intel, Nvidia, Broadcom, and MediaTek have set up large R&D and design centres across Bengaluru, Hyderabad, and Noida. This strong presence has enabled India to emerge as one of the world’s leading hubs for chip design, as per ANI.Explaining the division of work worldwide, the report said engineers in the United States define the high-level chip architecture, such as deciding the type of chip, its end use, features, and launch strategy. Indian engineering teams, by contrast, take on the critical execution work — translating architecture into logic, simulating and testing chips, optimising performance, writing drivers and firmware, and fine-tuning electronic design automation tools. The report stressed this was not a “boss versus worker” setup but rather complementary roles between US and Indian teams.The Bastion Research findings also noted India’s policy push to strengthen its semiconductor ecosystem. The government launched the Semicon India Programme in 2021 with incentives worth around Rs 76,000 crore to attract global manufacturers.India’s semiconductor consumption is projected to rise sharply. “We consume about $24 billion worth semiconductors and it is expected to rise to upwards of $100-120 billion by 2030. When India starts to produce those chips, our share will definitely rise,” Sandeep Kumar, CEO of L&T Semiconductor Technologies and chairman of the Semiconductor Product Leadership Forum, was quoted as saying by ANI.The Forum, launched by the India Cellular and Electronics Association (ICEA), aims to build an ecosystem for product design, IP creation, and high-value innovation. It is targeting the launch of around 100 new companies by 2035, expected to absorb nearly five lakh workers, including a large number of engineers.Meanwhile, India recently rolled out its first domestically produced chip at CG Semi’s Outsourced Semiconductor Assembly and Test (OSAT) facility in Sanand, Gujarat. Union IT minister Ashwini Vaishnaw, who inaugurated the facility last week, said Prime Minister Narendra Modi will “soon” dedicate the country’s first chip produced there.The government has so far approved 10 semiconductor manufacturing projects worth over Rs 1.60 lakh crore across six states. Work is also underway on Semicon 2.0, the next phase of India’s semiconductor mission.
Business
Eurozone inflation: Prices edge up to 2.1% in August, ECB likely to hold rates steady – The Times of India
Inflation in the eurozone rose slightly to 2.1% in August from 2% in July, official data showed on Tuesday, fuelling expectations that the European Central Bank (ECB) will keep interest rates unchanged at its policy meeting next week.The EU’s statistics agency Eurostat said the uptick was mainly driven by a smaller fall in energy prices. While energy costs continued to decline, they fell by 1.9% compared with 2.5% in July, AFP reported.Analysts polled by Bloomberg had expected inflation to remain at 2%, in line with the ECB’s target. The increase now reinforces expectations that policymakers will leave rates unchanged at their September 11 meeting. The ECB had already paused rate cuts in July, ending a streak of consecutive reductions that began in September 2024.Core inflation — which excludes volatile categories like energy, food, alcohol and tobacco — remained steady at 2.3% in August.Meanwhile, food, alcohol and tobacco prices eased to 3.2% from 3.3% in July, while services inflation also softened marginally to 3.1% from 3.2%.
The founder of fintech firm Revolut, Nik Storonsky, is set to become one of the ten richest businessmen in Britain.
App-based bank Revolut is allowing employees to sell a portion of their shares in the company – up to 20 per cent – for $1,381.06 per share (around £1,029) in a secondary sale, which will value the business in total at $75bn (£55.9bn). Last year, the company was valued at $45bn (£33.5bn).
Mr Storonsky has around a 25 per cent holding of the firm, meaning his personal wealth will grow to more than $18bn (£13.5bn) – putting him in the top ten richest businesspeople in the UK.
Bloomberg’s Billionaire Index ranks James Dyson, the entrepreneur and inventor, as the richest on these shores with a personal wealth of $19.5bn. Sir Jim Ratcliffe, owner of Ineos and part-owner of Manchester United, is next in line at $16.2bn according to their list.
Other sources who work out billionaire wealth by different metrics place Storonsky’s impending value below that of Ratcliffe’s, while individuals such as Lakshmi Mittal – chairman at one of the world’s biggest steel manufacturers – is based in the UK, though born in India.
Thus, there will be discrepancies at the precise rank of Mr Storonsky – himself Russian-born but who renounced his citizenship after the invasion of Ukraine – when it comes to richest business people in the UK. He will certainly, however, be within the ranks of the top ten – and with the potential to go far higher.
As part of his package at Revolut, the founder will add more shares to his ownership if he steers the firm to a $150bn valuation, double that of the new level.
On the employee share sale, a spokesperson said: “As part of our commitment to our employees, we regularly provide opportunities for them to gain liquidity. An employee secondary share sale is currently in process, and we won’t be commenting further until it is complete.”
While Revolut does not yet have a full banking licence for the UK, it does hold a restricted one to allow it to operate towards being a full bank during a “mobilisation” phase.
Its valuation of around £56bn makes it bigger than the market capitalisation of public listed banks such as Natwest (£41.7bn), the Lloyds group (£47.6bn) and Barclays (£51.6bn). Revolut are expected to float on the stock market in due course, though Mr Storonsky suggested New York, rather than London, fits the company better for it.
Annual profits at Revolut topped £1bn last year, while earlier this year they announced an internal points system which contributes towards employee bonuses, as well as an intent to break into the mobile phone operator market.
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.
Fortuny opens new boutique in Paris
Eurozone inflation: Prices edge up to 2.1% in August, ECB likely to hold rates steady – The Times of India
Source: Madrid still unhappy with LaLiga refs
-
Tech6 days agoReview: Google Pixel 10 Series
-
Sports6 days agoNew Zealand rugby player Shane Christie, who suffered multiple concussions, dies aged 39 – SUCH TV
-
Tech5 days agoTop CDC Officials Resign After Director Is Pushed Out
-
Fashion6 days agoPortugal Jewels Chiado boutique nominated for two global design awards
-
Fashion6 days agoICE cotton futures fall for 2nd consecutive day on strong crop outlook
-
Sports6 days agoNew-look Pac-12 extends CW deal through 2031
-
Fashion6 days agoIsrael’s Delta Galil posts $470 mn Q2 sales, updates 2025 guidance
-
Sports5 days agoDolphins GM Chris Grier says fans threatened his family in string of vile emails after team’s lackluster year