Credit card defaults have surged sharply in FY23 rising from Rs3,122 crore to Rs4,073 crore according to data obtained from the Reserve Bank of India under the Right to Information Act. The total credit card outstanding in March 2023 stood at Rs1.94 trillion as against Rs1.48 trillion in March 2022. A credit card amount is treated as a default if the minimum amount due is not paid fully within 90 days of the due date given on the card.The central government is considering taking stakes in semiconductor chip design companies through the design linked incentive scheme. The broader thought process behind this is to provide equity support to those domestic semiconductor chip design companies that have reached a certain maturity and have the potential to go to the next level. Homegrown semi conductor design companies have a revenue of only $30-40 million.

Source: Forbes July 17, 2023 04:43 UTC