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AMD to invest $400 million in India by 2028: Here’s what we know

US chipmaker Advanced Micro Devices said on Friday it will invest around $400 million in India over the next five years and will build its largest design center in the tech hub of Bengaluru. AMD’s announcement was made by its Chief Technology Officer Mark Papermaster at an annual semiconductor conference that started Friday in Prime Minister Narendra Modi’s home state of Gujarat. Other speakers at the flagship event include Foxconn Chairman Young Liu and Micron CEO Sanjay Mehrotra. Despite being a late entrant, the Modi government has been courting investments into India’s nascent chip sector to establish its credentials as a chipmaking hub. AMD said it will open its new design centre campus in Bengaluru by end of this year and create 3,000 new engineering roles within five years. “Our India teams will continue to play a pivotal role in delivering the high-performance and adaptive solutions that support AMD customers worldwide,” Papermaster said. The new 500,000-square-foot (55,5...
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India imposes a 28 percent tax on online gaming: Check details

India’s government has said that it would impose a 28 percent tax on funds that online gaming companies collect from their customers, in a blow to the $1.5 billion industry that has surged in popularity and attracted foreign investment.

Finance Minister Nirmala Sitharaman said the decision to impose tax on the total amounts gaming companies collect was taken after consultation with states, and the intent was not to hurt the industry.

But industry representatives said it would sap their earnings and the extra charges were likely to be passed on to customers.

“The implementation of a 28 percent tax rate will bring significant challenges to the gaming industry. This higher tax burden will impact companies’ cash flows,” Aaditya Shah, chief operating officer at the gaming app IndiaPlays, said.

Roland Landers, CEO of The All India Gaming Federation, said the decision was “unconstitutional (and) irrational”.

The gaming apps are endorsed by sporting heroes in India, where cricket is a national passion, but concerns have mounted over possible addiction and financial losses.

The apps have also attracted big investors.

Dream11, which is the lead sponsor of India’s national cricket team and is valued at $8 billion, is backed by Tiger Global. Peax XV – previously Sequoia Capital India – has invested in MPL app.

Dream11 and MPL did not respond to requests for comments.

In fantasy cricket games on Dream11, users create their teams by paying as little as 8 rupees (10 US cents), with a total prize pool of 1.2 million rupees ($14,565).

Until now, the companies paid a small tax on the fee they charged for offering real money games. The change announced on Tuesday will impose a 28 percent tax on the entire amount collected from players in every game.

The revenue of fantasy gaming platforms during the popular Indian Premier League cricket matches rose 24 percent from a year earlier to over $342 million with over 61 million users participating, Redseer consultancy said this month.

— Reuters

The post India imposes a 28 percent tax on online gaming: Check details appeared first on Techlusive.



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