Top headlines: Rs 76k-cr scheme for semiconductors; RBI penalty on 2 banks

Business Standard brings you the top stories on Wednesday

Cabinet approves Rs 76,000-cr PLI scheme for semiconductor manufacturing

The Union Cabinet on Wednesday approved a Rs 76,000 crore policy boost for semiconductor and display manufacturing ecosystem in the country in an bid to position India as a global hub for hi-tech production.

Announcing the decision of the Cabinet, IT and Telecom Minister Ashwini Vaishnaw observed that electronics plays an important role in everyday life, and semiconductor chips form a crucial part of electronics. Read more

Rupee plunges 40 paise to 20-month low against dollar on low risk appetite

The rupee plunged by 40 paise to a 20-month low level on Wednesday as muted trend in domestic equities, consistent foreign fund outflows and risk-averse sentiments weighed on the local unit.

At the interbank foreign exchange market, the rupee opened lower at 76.05 a dollar and later fell to a low of 76.28, down by 40 paise over the previous close. Read more

India's GDP to grow 8.2% in FY23, RBI to hike rates by 100 bps: BofA

The new year will herald India's return to normalcy and witness the growth momentum gaining steam, an American brokerage said on Wednesday, pegging the real GDP growth estimate at 8.2 per cent for FY2022-23.

Bank of America said the country entered 2021 on an optimistic note with recovering economic growth and well contained inflation, but the tragic second wave rocked the boat, led to the return of supply shortages and exerted pressure on prices. Read more

Jio, WhatsApp signal a deeper embrace in online retail and digital payments

JioMart will roll out a conversational e-commerce on WhatsApp which will allow users to order essentials like grocery and snacks both on demand and via subscriptions next year, Reliance Jio executives Isha Ambani and Akash Ambani said at Meta’s (formerly Facebook) Fuel for India 2021 event on Wednesday.

The feature to order directly from JioMart has currently been piloted for a section of WhatsApp users only as it is in its trial mode. Users will be able to order on the go or even avail subscription of daily needs from JioMart through WhatsApp. Read more