According to data from MyGovIndia, India has taken the lead in digital payments, recording 89.5 million transactions in 2022, outpacing four other countries. These transactions accounted for 46% of global real-time payments, surpassing the combined digital payment transactions of the other leading nations. MyGovIndia expressed enthusiasm for India’s dominance in the digital payment landscape, attributing it to innovative solutions and widespread adoption, leading the way toward a cashless economy. Brazil secured the second spot with 29.2 million transactions, followed by China with 17.6 million. Thailand ranked fourth with 16.5 million digital transactions, while South Korea recorded 8 million transactions. MyGovIndia…
Author: Staff Reporter
India’s foreign exchange reserves reached their highest level since early June, totaling $599.53 billion as of May 12, according to the Reserve Bank of India’s statistical supplement. This marks the third consecutive week of growth, with an increase of $3.55 billion from the previous week and a total rise of $11.7 billion over the past two weeks. The Reserve Bank of India intervenes in the spot and forwards markets to prevent extreme fluctuations in the value of the rupee. Fluctuations in forex reserves can also result from gains or losses in valuation. According to treasury officials and economists cited by…
India’s internet economy is predicted to reach $1 trillion by 2030, thanks to the growing internet adoption by consumers, digitalization efforts by enterprises, and government initiatives. The “The e-Conomy India 2023 – The economy of a billion connected Indians” report, jointly released by Google, Bain & Company, and Temasek on June 6, reveals that India’s internet economy is projected to grow from $155-175 billion in 2022 to $900-1,000 billion by 2030. During the same period, the contribution of the internet economy to the country’s GDP is expected to increase from 4-5% to 12-13%. Sanjay Gupta, the country head and vice…
India has been projected to maintain its status as the fastest-growing economy among the largest emerging market and developing nations in terms of both aggregate and per capita GDP, according to the World Bank. The bank has retained its growth forecast for India at 6.3% for the fiscal year 2024. In its report titled “Global Economic Prospects,” the global development bank highlighted the resilience of private consumption, investment, and the services sector in India as key factors supporting growth in 2023. It predicts a slight pickup in growth until fiscal year 2026, with inflation moving back toward the midpoint of…
According to a recent report, the sales of 5G smartphones in India exceeded 50 percent for the first time in April this year. The research conducted by Counterpoint Research reveals that despite the limited availability of 5G services in most parts of India since its launch in October 2022, this achievement marks a significant milestone. Tarun Pathak, Research Director, acknowledged that there is still a long way to go, particularly in terms of network coverage. The report further highlights that while Samsung contributed to the growth of the 5G market in India, OnePlus emerged as the true winner. Senior research…
Indian Prime Minister Narendra Modi unveiled India’s newly constructed Parliament building on Sunday as part of the revitalized Central Vista project. The modern architectural masterpiece, crafted by renowned Indian designer Bimal Patel, symbolizes the rich culture, national pride, and essence of the country. Adding to its splendor is the monumental Samudra Manthan mural sculpted by artist Naresh Kumawat. In Hindu mythology, the Samudra Manthan holds great significance, narrated in the Vishnu Purana, depicting the emergence of divine goddesses, angels, and precious treasures, including the immortal elixir called Amrit, through the cosmic churning of the ocean. The phrase “Samudra Manthan” literally…
A recent tweet from an alleged supporter of right-wing ideology made derogatory remarks about the Malayalam superstar Mohanlal, calling him ‘a closet Muslim’ and ‘bigot’. This tweet sparked a wave of memes from Twitter users who are fans of Mohanlal and Malayalis. Rather than reacting angrily to this offensive statement, people responded with humor. One individual countered the allegation by sharing a humorous picture of Vijayan (played by Sreenivasan) and Dasan (played by Mohanlal), the iconic duo from the beloved film ‘Naadodikattu’, dressed in traditional Arab attire. The caption humorously stated, “Unseen footage of Mohanlal and Sreenivasan undergoing conversion.” Another…
People may find themselves slipping behind on their resolutions as the second half of this year approaches or struggling with a slowdown in pace, energy, or motivation. They constantly work to rediscover a sense of purpose amidst the chaos that modern life delivers and realign with their potential. The Power of One Thought: Master Your Mind, Master Your Life by BK Shivani is the ideal thought stimulator and an enlightening book that is a necessary manual for releasing the power of the mind, where it all starts, to manifest the life of your dreams. This helpful handbook, which will be…
Canada has announced a new measure that will allow international students who have been victims of fraud to present their case and provide evidence to support their situation. This decision follows an incident where the Canadian Border Security Agency (CBSA) issued deportation notices to more than 700 Indian students after discovering that their admission offer letters to educational institutions were counterfeit. Sean Fraser, the Immigration Minister, stated that the Immigration, Refugees and Citizenship Canada (IRCC) is actively investigating reports of fraudulent acceptance letters. In a tweet, Fraser emphasized that the focus is on identifying the culprits rather than penalizing the…
By the end of the year, Elon Musk will probably decide on a new location for a Tesla plant, and if all goes according to plan, India will play a significant role in his plan. Musk said “absolutely” when asked in a Wall Street Journal interview whether India is a compelling site for a new Tesla facility. Musk chose Mexico as the site of the following Tesla Gigafactory in March of this year. In the US, Tesla operates many facilities, one of which is in Fremont, California. The manufacturer of electric vehicles has plants close to Shanghai, China, and Berlin,…
