Deepshikha Sikarwar

India plans a major statistical overhaul, integrating AI, creating a national business register, and exploring data as an economic asset for better economic insights.

India's economy is projected to grow around 7% this fiscal year, with most businesses finding growth avenues despite global cost pressures. The new CII president, R Mukundan, advocates for a GST Council-like body to drive crucial reforms across sectors like agriculture and land. He also emphasized strategic technology infusion from China, particularly in battery storage, and expanding production-linked incentives for local manufacturing.

Authorities are intensifying scrutiny on Rajesh Exports. The Serious Fraud Investigation Office will probe the gold refining giant following allegations of financial irregularities by Sebi. The Enforcement Directorate also recently searched company premises, citing significant deviations from commercial practices and a lack of documentation for foreign transactions. The company denies any wrongdoing, attributing discrepancies to number interpretation.

Any moderation in El Nino effects and resolution of geopolitical uncertainty will further reduce the downside risks to growth. Operationalising the FTAs signed with 37 countries will boost exports and FDI, and thus growthRam Singh, Director, Delhi School of Economics

The Bank for International Settlements (BIS) has cautioned about the financial dangers linked to the rapid growth of AI, pointing to issues of overinvestment and high valuations. Theres a growing worry that advanced AI models could increase cyber threats, calling for stronger collaborations.

The Bank for International Settlements (BIS) has issued a stark warning about the financial risks stemming from the rapid expansion of Artificial Intelligence, citing concerns of overinvestment and inflated valuations. BIS also highlighted the inflationary pressures and supply chain vulnerabilities exposed by geopolitical conflicts, emphasizing the need for robust policy coordination to ensure economic stability and sustainable growth.

India could restore the merchant discount rate (MDR) on Unified Payments Interface (UPI) transactions for large merchants, addressing an issue that has plagued the online payments industry, according to three people aware of the matter.

India may reintroduce merchant discount rates for large businesses on UPI transactions. This move aims to address the financial sustainability of digital payment providers. Small merchants and transactions below a certain threshold will likely remain exempt from these charges.

The move would mark a significant shift in India’s digital payments policy, six years after the government made UPI and RuPay debit card transactions free to drive digital adoption. The levy is expected to apply only to large merchants, those with annual turnover of Rs 1-1.5 crore or more while peer-to-peer transfers and payments to small merchants will remain free.

A parliamentary panel proposes a new statutory framework for inward re-domiciliation. This would allow overseas companies to migrate to India while retaining their legal identity. The joint committee will recommend this new framework in its upcoming report. Sweeping changes are also expected to align corporate law with data protection. This initiative aims to simplify relocation for Indian-origin firms and future-proof legislation.