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In May, UPI transactions experienced remarkable Growth, with a value of Rs 14.3 trillion and a volume of 9.41 billion. The transaction volume witnessed a staggering 58% increase compared to the same period in the previous financial year, while the transaction value rose by an impressive 37%. These numbers highlight the growing acceptance and adoption of UPI as a preferred mode of payment in India.

Abnormalities and Low Reliability Cited as Causes

The government announced the setting up of an eight-member ministerial panel, headed by Meghalaya chief minister Conrad Sangma, to examine the issue of concessions or exemptions to Covid-19 materials like Vaccines, Oxygen concentrators, hand sanitisers, testing and PPE kits, masks, ventilators and temperaturechecking equipment.

The fitment committee comprising officers had recommended a reduction in rates for a number of items. While nine states wanted Covid materials to be zero-rated (which means the entire value chain to be exempted while providing tax credits to manufacturers), three states pushed for 5%. TheCentrehas said it was not clear if the benefit of lower rates on vaccines or other goods will flow to the end consumer.

A Housing Pricing Index (HPI) on residential property prices in eight cities across the country has been unveiled by real estate portal Housing.com in association with Indian School of Business (ISB).

It seeks to help homebuyers assess the appropriate time to purchase as well as assist sellers know the opportune moment to sell assets. Policymakers and financial analysts can make use of the Index as a reliable estimate to keep track of the trends in the real estate sector, said a release from Housing.com by Union Housing and Urban Affairs Secretary Durga Shanker Mishra.

India Inc has stepped up its efforts to contribute to thecountrys healthcare in the wake of the second wave of Covid.

HDFC Bank, under its Parivartan programme, will set up and enhance medical infrastructure across the country to assist the fight against the coronavirus. The bank said it has committed Rs 100 crore as an initial amount for Covid relief in FY22. This is in addition to the Rs 120 crore the bank spent in FY21.

The Money will be used to set up 20oxygenplants attached to hospitals, three 100-bed Covid-care facilities, isolation centres and provide medical equipment & supplies to over 200 hospitals across the country.

The initiative targets providing 20 lakh patients Home care support for asymptomatic, mild-symptom cases to reduce pressure on the overburdened Health system.

Indias Foreign Exchange reserves increased by$7.196 billionin the week ending May 5, 2023, reaching$595.976 billion, which is an 11-month high. This follows a previous rise of $4.532 billion the week before.Foreign currency assets (FCA)saw the most significant Growth, rising by$6.536 billionto$526.021 billionduring the week.

Gold reservesrose by $659 million to $46.315 billion, while the reserve position at the increased by $139 million to $5.192 billion.

However,Special Drawing Rights (SDRs)decreased by $204 million to $18.447 billion. The Reserve Bank Of India has been intervening in the forex market to curb rupee depreciation through spot and forward positions.

Global E-Commerce exports are poised to grow from $800 billion to $8 trillion by 2030, providing a significant opportunity for Indian businesses to expand their international sales.

Currently, e-commerce exports account for only $2 billion or less than 0.5 per cent of India’s total goods export basket. The country must plan to export $350 billion, or about one-third of its total goods, through e-commerce by 2030, said GTRI.

This will require focus on developing the ecosystem for e-commerce exports. India’s current e-commerce export provisions are a patchwork of rules framed for regular B2B exporters. This creates an enormous compliance burden on small firms, and India needs to address all such issues in one place.

The Indian government should issue a separate e-commerce export policy. E-Commerce policies in China, Korea, Japan, Vietnam, etc., have helped many firms sell globally. As the needs of the e-commerce export sector are vastly different from the regular export sector, the E-commerce Export Policy should be an independent document addressing all pain points faced by exporters. This policy should be jointly issued by the RBI, Customs, and DGFT after making necessary changes to their regulations.

The policy should include provisions for business development, easing regulatory burden, and setting up a national trade Network.

India’s strengths in high-demand customized products, expanding seller base, and higher profit margins per unit of export place it in a prime position to benefit from this trend.

India has a rich tradition of producing bespoke, handcrafted products that are increasingly in demand by discerning customers who value quality and uniqueness over mass-produced goods. Key product groups with high potential for export include handicrafts, jewellery, ethnic wear, decorative paintings, and Ayurveda products.

The Internet, technology, and secure online payments have made exporting via e-commerce simple and safe, enabling small firms from a wide range of cities and regions to participate in international trade. Over 100,000 Indian sellers are already exporting through e-commerce, and this number is set to multiply.

Exporting through e-commerce channels can result in higher profits per unit of export, as businesses can cut out intermediaries like indenting agents, bulk buyers, and shopkeepers.

A free Health camp was conducted for the workers and supervisory staff involved in the works related to the water conveyor system under the Kaleshwaram lift Irrigation project at Namapur village in Pegadapalli mandal of Jagtial district.

According to a press release, the free health camp was conducted by the executing agency concerned on the occasion of the National Safety Day.

More than 300 persons availed the free Services offered by a team of doctors at the medical camp.

The Control Bureau (NCB) will hire experts and firms dealing with financial data analysis and forensic audit to augment its probe in sophisticated drug crimes that involve use of the dark web, cryptocurrencies and deals concealed through layered transactions.

The NCB has issued a notice for empanelment of consultancy agencies which would be required to help it in “unearthing the chain of transactions for drug Money and provide effective guidance in financial investigation matters.”

The experts will also assist NCB sleuths in conducting forensic audits, scrutiny of reports and documents and analysing bank statements, and property transactions to unearth the illegal income of an accused, associates and family members.

UNICEF YuWaah facilitated the NaariShakti conversation, on STEM and Financial Literacy for Young Women. STEM refers to Science, Technology, Engineering, and Mathematics.

The event was part of the Ministry of Women and Child Developments Iconic Week celebrating International Womens Day under the Azadi Ka Amrit Mahotsav.

Union Minister for Women & Child Development, Smriti Irani participated in the event.

YuWaah is a UNICEF-initiated multi-stakeholder global platform. It aims to prepare young people to transition from Education and Learning to productive work and active .