Hello,
All eyes are on India’s semiconductor industry.
Sharp Corporation, a Japanese electronics company, has approached the central government to set up a 1,000-acre facility that will be used to cater to domestic demand as well as exports. This could reportedly lead to investments of $3-5 billion into the semiconductor manufacturing ecosystem.
Also, the government wants electronics component manufacturers to double down on national security.
Ministry of Electronics and Information Technology Secretary S Krishnan said while delivering a lecture that the government has been instructing companies to ensure that while designing a project, the country’s security interests should be taken care of.
In other news, ICICI Bank reported a net profit of Rs 10,707 crore for the January-March quarter of FY24—a 17% jump from Rs 9,122 crore a year ago. It reported an 8% growth in net interest income to over Rs 19,000 crore.
ICYMI: As the US returns stolen artefacts to Cambodia, here are 20 cultural treasures waiting to be brought home.
Oh, and did you know that your legs are much stronger than your arms? Rock climber Natalie Duran demonstrates how.
In today’s newsletter, we will talk about
- Amritsar: A city like no other
- Bringing American-Asian cuisine to India
- The value of Awign-Mynavi deal
Here’s your trivia for today: Which places were the first to go to polls in India’s first election?
Travel and Leisure
Amritsar: A city like no other
Founded in 1577 by Guru Ram Das, the fourth Sikh guru, Amritsar is the second-largest city in Punjab, with Harmandir Sahib as its beating heart. As we spent a day in Amritsar, we discovered the generosity and spirit of the people of the city.
Brotherhood and equality:
- Located in the centre of Amrit Sarovar, a man-made tank excavated in the time of Guru Ram Das, and reached by walking over a long marble causeway, the Golden Temple blends Hindu and Islamic architectural styles.
- The kirtan begins early every morning when the doors of the Akal Takht open. It continues nonstop as the sacred book, also known as the Adi Granth, is brought into the sanctum sanctorum and then returned to the Akal Takht at night.
- Amritsar, a city that has been ravaged by turbulence in the past, is known for its magnanimity, benevolence, and altruism in the present. The fulfilment of seva is a part of life here.
Wine and Food
Bringing American-Asian cuisine to India
P.F. Chang is an Asian culinary brand which centres around the 2,000-year-old art of wok cooking. It has been making much noise ever since its inception by Philip Chiang and Paul Fleming in 1993.
After opening up in Mumbai’s Lower Parel district three months ago, P.F Chang’s newest outlet finds a home in Gurugram’s prime food-and-entertainment destination, CyberHub.
The hype:
- Ramit Bharti Mittal, Executive Chairman and Director, Gourmet Investments informs that the carbon-steel wok that Chang’s uses has been specifically created for the brand. “It’s as heavy as a sword that was used by kings back in the day.”
- While its global outposts have about 75 items on the menu, it introduced 105 items in Mumbai—including a large selection of vegetarian dishes and a special Jain menu.
- In its new outlet in Gurugram, it has introduced 12 exclusive dishes for diners. These include the Asparagus Tempura Roll, Asparagus and Pea Dumpling, Truffled Salmon Roll and more entrees.
HRtech
The value of Awign-Mynavi deal
While the gig economy was once deemed an obscure market in India, the acquisition of Bengaluru-based Awign Enterprises by Japanese HR firm Mynavi Corporation instils excitement and optimism within the startup ecosystem.
Pankaj Bansal, Co-founder of CaretCapital—an investor in Awign, in a LinkedIn post, emphasised that the acquisition stands as a robust rebuttal to critics and reports that have labelled the gig economy in India as unseen or insignificant.
Investor confidence:
- Annanya Sarthak, Co-founder and CEO of Awign, earlier told YourStory that this is the largest deal in the HR space in the last 20 years in India.
- Awign specialises in optimising work processes for major corporations and partners with them across a variety of sectors including retail, FMCG, automotive, education, manufacturing, construction, and pharmaceuticals.
- “Our fervour was to generate 10 million jobs in India, and I believed that their team at Awign had the greatest potential to lay the groundwork,” Bansal noted.
<figure class="image embed" contenteditable="false" data-id="543485" data-url="https://images.yourstory.com/cs/2/d99b1110116911ed9e63f54395117598/ImageFramesIshan31-1714056193939.png" data-alt="Awign Mynavi" data-caption="
Annanya Sarthak, Praveen Kumar Sah, Gurpreet Singh, and Hidekazu Ito. (L-R)
” align=”center”> Annanya Sarthak, Praveen Kumar Sah, Gurpreet Singh, and Hidekazu Ito. (L-R)
News & updates
- AI chatbot: Apple has renewed discussions with OpenAI about using the startup’s technology to power some new features coming to the iPhone later this year, according to people familiar with the matter. The two companies have begun discussing terms of a possible agreement and how the OpenAI features would be integrated into Apple’s iOS 18.
- Trouble: US regulators have seized Republic First Bancorp and agreed to sell it to Fulton Bank, the Federal Deposit Insurance Corp (FDIC) said on April 26. The development underscores the challenges facing regional banks a year after the collapse of three peers.
- Downgrade: Fitch Ratings became the third major credit grader to turn pessimistic on Boeing Co. as the planemaker’s crisis brings scrutiny to its balance sheet. The ratings company lowered the outlook on its BBB- rating to negative from stable.
Which places were the first to go to polls in India’s first election?
Answer: Chini and Pangi tehsils of Himachal Pradesh.
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