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The Indian digital payments market saw steady growth at a CAGR of 50 per cent (volume-wise) and is expected to reach 411 billion transactions in FY 2026-27 from 103 billion in FY 2022-23, the report said.

Germany, the world’s fourth-largest economy, is facing recession as its GDP fell 0.3 per cent in the first quarter of 2023, following a decline of 0.5 per cent in the fourth quarter of the last year.

According to sources, five candidates have been shortlisted, including a non-executive chairman of a public sector bank. The Financial Sector Regulatory Appointment Search Committee (FSRASC) headed by Cabinet Secretary would interview candidates in Delhi, the sources said.

The 14-nation bloc IPEF partners representing 40% of global GDP and trade output will establish three new Supply Chain bodies to facilitate cooperation. The proposed agreement, following finalisation and domestic consultations, will be subject to signature, ratification, acceptance or approval by IPEF partners.

“Out of 1,566 projects, 384 projects were having the cost overruns of Rs 4,66,874.46 crore which is 21.59 per cent of their sanctioned cost,” a quarterly report for January-March 2023 prepared by the ministry.

The Income Tax department has introduced guidelines that require scrutinizing cases in which taxpayers have disregarded I-T notices. Further, the tax department will investigate cases involving tax evasion flagged by law enforcement agencies or regulators. The department will also register cases wherein taxpayers continue to claim exemptions despite their withdrawal or cancellation.

Amid China’s increasing geopolitical assertiveness, questionable trade and business practices, and rising labour costs, 88% of the CEOs who participated in research firm IMA India’s 2023 Global Operations Benchmarking Survey opted for India as their primary alternative to China. The survey was run among companies with a presence in India.

India’s rural heartland bets on the monsoon — forecast to be delayed, but normal, this year. But El Niño could play joker in the pack, and drag rural consumption down.

Indian Prime Minister Narendra Modi has urged state government leaders to make financially sensible decisions to achieve fiscal strength and deliver programs that meet citizens’ aspirations. Speaking at the 8th governing council meeting of NITI Aayog, Modi emphasized the need for a shared vision to achieve a Vikasit Bharat by 2047.

With India divided sharply between the supporters and detractors of Modinomics, it may be a matter of debate how good Modi’s measures have proved for the economy. But few would disagree that Modi brought an unprecedented zeal to his reformist agenda.

The Central Board of Indirect Taxes and Customs (CBIC) has issued a standard operating procedure (SOP) for the scrutiny of goods and services tax (GST) returns starting from the financial year 2019-20. The SOP aims to reduce contact with taxpayers, issuing one notice per financial year, and ensuring discrepancies are specific in nature and quantifiable. Officials will communicate the notice to taxpayers on the common portal, rather than send a manual notice.

Four large-scale pilots in different parts of the country were done – three in the school lunch and one in the Integrated Child Development Scheme. These pilots effectively demonstrated that rice fortification could be rolled out through existing social assistance distribution systems and costs could be lowered through economies of scale, according to the UN.

Efficient economies’ modal mix is 25-30% roads, 50-55% railway and 20-25% water, the commerce and industry ministry had said in a draft policy in 2020. Till now, 79 projects worth ₹5.19 lakh crore have been evaluated on the NMP, comprising 34 of railway ministry, 25 of the road transport and highways ministry, and four of the petroleum and natural gas ministry.

Raising concerns that India signing the pact would raise the cost of agricultural production, and lower the regulatory barriers to trade of genetically modified seeds, crops and food, they said: “We urge India to not join the trade pillar citing geo-political considerations and without analysing the full implications of the agreement”. They said that under the trade pillar of the pact, while India will not have to make direct tariff cuts, the IPEF will still extract commitments.

Sanjeev Sanyal, a member of Modi’s Economic Advisory Council, said India has begun to raise this issue at global forums. He said the indices were being compiled by a “tiny group of think-tanks in the North Atlantic,” sponsored by three or four funding agencies that are “driving a real-world agenda.”