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BUSINESS AND ECONOMY - November 2023

Nov 2023

Jun 01, 2026

Odisha signs semiconductor MoU with Intel and 3DGS to develop advanced substrate tech

Odisha signed a major semiconductor memorandum of understanding with Intel and US-based 3D Glass Solutions to develop advanced substrate manufacturing technology in India. The project, valued at about $3.3 billion, aims to establish an advanced packaging glass-core substrate facility in the Bhubaneswar-Khurda region, boosting India's domestic semiconductor ecosystem. Government officials said the collaboration will provide technology know-how and process expertise, supporting chip packaging capabilities, attracting high-tech investment, and accelerating India’s semiconductor ambitions under the India Semiconductor Mission. The investment underscores Odisha's role as a growing electronics manufacturing hub and a model for regional industrial development. The MoU was signed on 29 May 2026 during a government ceremony.

MoU with Intel and 3DGS for substrate technology.
Value around $3.3 billion; plant in Bhubaneswar-Khurda.
Aims to boost packaging capability and attract investment.
Aligns with India Semiconductor Mission.

Odisha to host $3.3 billion semiconductor packaging facility by Intel and 3DGS

Odisha’s agreement with Intel and 3D Glass Solutions to set up a $3.3 billion advanced packaging substrate facility marks a milestone in India’s push for domestic semiconductor manufacturing. The project involves state support, technology transfer, and capability-building for high-density interconnect and glass-core packaging. Officials say the facility will bolster domestic chip-packaging capacity, attract global suppliers, and create thousands of skilled jobs. The agreement aligns with the National Semiconductor Mission and complements existing investments in semiconductor ecosystems in India. Analysts expect the project to accelerate India’s path to self-reliant supply chains and strengthen Odisha's electronics footprint.

$3.3 billion packaging facility announced in Odisha.
Industrial partnership includes Intel and 3DGS.
Focus on glass-core substrate and high-density interconnect.
Aims to expand domestic packaging capacity and jobs.

May 31, 2026

Odisha signs semiconductor MoU with Intel and 3D Glass Solutions to boost substrates

Odisha State government signed a major semiconductor MoU with Intel Corporation and 3D Glass Solutions (3DGS) to establish an advanced substrate manufacturing facility in Bhubaneswar–Khurda region. The pact is reported to be worth about $3.3 billion and aims to develop glass-core packaging substrates and related technologies to support high-density chip integration. Officials say the project will strengthen India’s semiconductor ecosystem, improve chip packaging capabilities, and attract high-tech investment. The MoU aligns with national efforts to build indigenous semiconductor capacity and position Odisha as an electronics-manufacturing hub in eastern India. A phased plan over several years emphasizes local job creation and supply-chain development.

MoU with Intel and 3DGS for substrate facility.
Facility to be located in Bhubaneswar–Khurda region.
Projected value around $3.3 billion.
Focus on glass-core packaging substrates.
Aims to strengthen India's semiconductor ecosystem and jobs.

May 28, 2026

NSE signs MoU to develop steel and commodity derivatives ecosystem

National Stock Exchange of India signed a memorandum of understanding with the Steel Users Federation of India to jointly develop the steel and commodity derivatives ecosystem in India. The partnership aims to create a transparent price‑risk management framework and enable hedging through exchange‑traded derivatives for steel industry participants. The initiative is expected to benefit steel manufacturers, processors, MSMEs, OEMs and infrastructure companies by improving price discovery and risk mitigation. The collaboration highlights ongoing efforts to deepen India’s financial markets and provide new tools for industry participants to manage volatility.

MoU between NSE and Steel Users Federation of India
Aims to develop steel and commodity derivatives ecosystem
Focus on price risk management and hedging via derivatives
Beneficiaries include manufacturers, MSMEs, OEMs, and infrastructure players
Signifies deeper integration of financial markets with industry needs

India ranks as a major data center market in Asia Pacific

India is identified as the second‑largest data center market in Asia Pacific, according to a Cushman & Wakefield report. Growth is driven by accelerating AI adoption, hyperscale cloud expansion and rising enterprise demand. India currently has about 1.6 GW of operational capacity and 3.1 GW in the development pipeline. The study, covering 107 global markets across 24 variables, highlights power infrastructure, regulation and risk as key factors. The findings underscore India’s rising role in regional data center development and investment, as firms expand storage and processing capacity to support a rapidly expanding digital economy.

India ranked second in Asia Pacific data center market
Operational capacity: 1.6 GW; under construction/planned: 3.1 GW
Key growth drivers: AI, hyperscale cloud, enterprise demand
Cushman & Wakefield study covers 107 markets
Emphasizes India’s increasing regional role in data infrastructure

May 26, 2026

RBI announces USD 5 billion swap auction

The Reserve Bank of India announced a dollar-rupee swap auction worth USD 5 billion with a three-year tenor to inject durable rupee liquidity into the banking system. The operation comes amid pressure on the rupee and global economic uncertainty. Such swap operations help the central bank manage liquidity without permanent changes to forex reserves. Market participants watch for signals of RBI readiness to intervene during stress, while analysts assess potential effects on exchange rates, inflation, and capital flows. The move reflects ongoing use of monetary tools to stabilize external and domestic financial conditions.

Swap auction size: USD 5 billion; tenor: three years.
Aims to inject durable rupee liquidity.
Part of RBI’s liquidity management without permanent reserve changes.
Monitored during rupee pressure and global uncertainty.
Potential impacts on exchange rates and inflation.

May 25, 2026

Kevin Warsh sworn in as new US Federal Reserve Chair

Kevin Warsh was sworn in as chair of the US Federal Reserve Board of Governors on 22 May 2026, succeeding Jerome Powell who led the central bank since 2018. The oath ceremony occurred at the White House amid a politically divided confirmation process in the Senate, which approved his nomination largely along party lines. Warsh inherits a challenging policy environment with inflation pressures and ongoing debates about Federal Reserve independence. His tenure is expected to influence interest-rate decisions and confidence in financial markets amid global economic uncertainties. The appointment represents a shift in leadership at the United States central bank.

22 May 2026: Warsh sworn in as Fed Chair
Succeeds Jerome Powell (since 2018)
Senate confirmation largely along party lines
Oversight during inflation and rate decisions
Questions about Fed independence under new leadership
First major leadership change at the Fed in years

Warsh sworn in as Fed Chair: implications for global markets

Following his swearing-in on 22 May 2026, Kevin Warsh faces a global market backdrop of inflation concerns and policy uncertainty. Analysts anticipate his leadership could influence US interest-rate trajectories and capital flows, with knock-on effects for emerging markets, including India. Investors will watch for signals on Fed balance-sheet management and regulatory reforms. The transition occurs amid broader geopolitical and economic shifts, including ongoing discussions about central-bank independence and the potential for new economic policy approaches under Warsh’s administration.

22 May 2026: Warsh becomes Fed Chair
Potential shifts in US interest-rate outlook
Impact on global markets and capital flows
Focus on Fed independence and governance

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