Top Headlines: White goods' prices rise; Razorpay's value now $7.2 bn

Manufacturers of consumer durable goods have hiked prices for the third time this year; Razorpay raised $375 million in the Series F round of funding at a $7.5-billion valuation

Budget 2022-23: Centre may not target sharp fiscal correction

While presenting her 2021-22 Union Budget, Finance Minister Nirmala Sitharaman had set a fiscal deficit target of 6.8 per cent of nominal GDP against the 2020-21 Revised Estimate of 9.5 per cent. The fiscal correction in the upcoming 2022-23 Union Budget is unlikely to be that steep and may likely be in the range of 6.5-6.8 per cent. Read more
 

Govt's policy to build semiconductor ecosystem improves on earlier attempts

Last week, the Cabinet cleared an ambitious $10-billion incentive package to make semiconductor fab units in the country. If the fab plant takes off, India could join the list of Asian countries — Taiwan, South Korea, Japan and China — that currently control three-fourths of the world’s fab capacity (US is far behind with a 13 per cent share). Read more
 

Prices of white goods rise third time in 2021 amid surging commodity costs

Manufacturers of consumer durable goods have hiked prices for the third time this year as they struggle with rising commodity costs. The latest hike is likely to be followed by another such move next month, said industry players. Before the latest hike, companies had initiated price hikes to the tune of 12-13 per cent in 2021 but they weren’t able to fully cover the increase in costs. Read more

Fintech unicorn Razorpay's value jumps to $7.5 bn; up 7.5x in 15 months

Razorpay has raised $375 million in the Series F round of funding at a $7.5-billion valuation, making it India’s second-most valuable start-up in this space, after Paytm. The company valuation has surged over seven times in 15 months, helping it push Walmart-owned digital payments firm PhonePe to the third spot on the country’s most-valuable fintech list. Read more
 

Governance to groundwork for digital biz, the year that was 2021 for RBI

In January this year, Shaktikanta Das said “ensuring good governance structure constitutes the first line of defence on financial stability. An effective early warning system is necessary.” In April, private banks got a taste of his medicine. The RBI capped the maximum term for bank corner-room occupants at 15 years and set the age limit at 70. Read more