In May, Unified Payment Interface (UPI) transactions surged to a record high, processing 14.04 billion transactions valued at US$ 246.15 billion (Rs. 20.45 trillion). This marks a 6% increase in volume compared to April, which saw 13.30 billion transactions, and a 4% rise in value from US$ 236.40 billion (Rs. 19.64 trillion). Data from the National Payments Corporation of India (NPCI) revealed that May’s figures soared by 49% in volume and 39% in value compared to May 2023, signaling the highest transaction volume and value since UPI’s inception in April 2016. Meanwhile, the Immediate Payment Service (IMPS) experienced a slight…
Author: Akancha Mishra
Akancha Mishra
Akancha has been a journalist for about twenty years, and she has a Bachelor of Arts in English Honors and a Master's Degree in Mass Communication from the Indian Institute of Mass Communication. She and her husband and children Supriya and Alok currently call New York City home.
Raj Chetty, a renowned Indian American economist, was recently honored with an Honorary Doctor of Humane Letters by Wesleyan University, a private liberal arts institution in Middletown, Connecticut. During his speech to the Class of 2024 at Wesleyan’s 192nd Commencement ceremony, Chetty highlighted his research on how opportunity disparity affects social mobility. He commended Wesleyan for its leadership in expanding access to higher education. “When a child moves to a neighborhood with better schools or attends a high-quality college, their lives are transformed compared to other kids who didn’t have the same opportunities,” Chetty remarked. “Opportunity matters, and education is…
India’s largest banks are expected to enhance their asset quality this fiscal year, driven by record-breaking net incomes that are bolstering their balance sheets and improving underwriting standards, as reported by S&P Global Market Intelligence. The combined nonperforming loans (NPLs) of the three largest private and three largest public banks declined to $41.76 billion (Rs. 2.48 trillion) for the 12 months ending March 31, representing an 11% reduction from the previous year’s $33.47 billion (Rs. 2.79 trillion). This improvement occurred despite a 56.8% rise in HDFC Bank Ltd.’s NPLs following its merger with Housing Development Finance Corp. Ltd. Major Indian…
Morgan Stanley, in its recent report titled ‘2024 Global Economic Midyear Outlook,’ suggests that India’s robust growth, already evident and accelerating, may become more widespread across both consumer and business spending sectors. The firm attributes India’s strong growth to three key megatrends: global offshoring, digitalization, and energy transition. The investment bank forecasts a growth rate of 6.8 percent in 2024, slightly below the Reserve Bank of India’s projection of 7 percent, and anticipates a growth rate of 6.5 percent the following year. It predicts that inflation will remain within policymakers’ comfort zone. While retail inflation in India stood at 4.83…
India’s burgeoning “new working class” is propelling the nation towards its ambitious goal of becoming a $5 trillion economy. At the forefront of this movement is Gaurav Chaudhary, popularly known as “Technical Guruji,” who wields significant influence across various social media platforms, capitalizing on India’s digital revolution. With access to inexpensive digital data, India’s population exhibits a voracious appetite for content consumption, a trend that Gaurav has adeptly tapped into by offering insightful tips, tricks, and reviews on new products, thus capturing a sizable portion of the country’s billion-strong market. Gaurav’s success story is emblematic of the transformative impact of…
Imagine receiving the teachings of the Bhagavad Gita directly from Lord Krishna. This isn’t a fantasy involving a sci-fi time machine whisking you back to the Kurukshetra war. Instead, picture yourself in your living room, embodying the role of Arjuna, seeking guidance for your personal struggles through the wisdom of the Gita, delivered by an avatar of Krishna, visible through Ray-Ban Meta glasses. This futuristic scenario is becoming a reality through the metaverse environment inspired by the Mahabharata, combined with a specialized AI language model trained on the Bhagavad Gita and its various commentaries. Although I haven’t experienced this yet,…
The Essex County Democratic Committee of West Orange, New Jersey, recently honored Indian-American activist Falguni Pandya with the “Women of Excellence Award.” At the Wilshire Grand Hotel, Pandya received the award alongside Susan Vezza and Khalifah Shabazz, presented by Jacqueline Jones, the wife of Leroy Jones, Jr., chair of the New Jersey and Essex County Democratic Party. Among the attendees were Rosy Bagolie, a former member of the Livingston Township Council, and Mikie Sherrill, a congresswoman, along with current council members Ketan Bhuptani and Shawn Klein. Pandya was recognized for inspiring youth to embrace their heritage and for her selfless…
Smartphones have risen to become India’s fourth-largest export category, achieving a 42% growth to reach US$ 15.6 billion in the fiscal year 2024. This advancement signifies a one-rank climb in the hierarchy of India’s top exported commodities compared to the previous year. Notably, it was from April 2022 that India began separately tracking smartphone exports. Traditionally, the country’s export portfolio has been heavily dominated by petroleum products, but now smartphones have taken a prominent place. Government data reveals that the remarkable growth in smartphone exports was primarily fueled by a 158% increase in shipments to the United States, amounting to…
External Affairs Minister S Jaishankar emphasized that India must prepare for a challenging global environment in the near future, a lesson underscored by the COVID-19 pandemic. Speaking at an open discussion on Viksit Bharat @2047, organized by the PHD Chamber of Commerce and Industry (PHDCCI) in New Delhi, Jaishankar highlighted the necessity for India to develop capabilities to meet basic requirements domestically, especially given the ongoing major global conflicts. Jaishankar pointed out that India’s growth trajectory might vary depending on circumstances, but stressed the importance of planning for a difficult global environment. He reflected on the COVID-19 experience, where India’s…
The Daily Express arrived in India with a mission: to provide on-the-ground reporting of the world’s largest election. In a launch video at the Taj St James’s, Assistant Editor Sam Stevenson explained that his goal was to experience India’s vibrant democracy firsthand and to enhance British media’s coverage of it. In Delhi, Stevenson aimed to counter negative stereotypes and misconceptions about India prevalent in the UK and the West. He also sought to understand and evaluate the narratives suggesting that democracy in India is under threat. During his stay, Stevenson found a celebration of democracy unparalleled in the UK. His…