Tracking Indian Economy till general elections 2019

[indiatester]

This bugger also put out a false made-up report on Amit Shah's son. He's part of the Congress DTD (Dirty Tricks Department) and the Lutyen's Brigade who once roamed the corridors of power. He's pissed off as his free rozi roti has been stopped by Modi. And there are many like him who have been made fat by the Congress, and now out of jobs but get paid by them for dishing out fake news.

Reminds me of a story.
There was once an old woman whose rooster used to signal the dawn for years. After some change in village, the woman realized that people did not appreciate how important the rooster was.
So, to teach the village a lesson, she moved into the forest with the rooster. Later she came back to check and found that the dawn had happened everyday regardless of her or her rooster.

This is the same mentality of the privileged idiots. They think that they are the cause for our success if any and existence and that we should be eternally thankful for them.
Remember when Barkha said during one interview that when people have already made up their mind, then whats the use of journalists.

 

[HariPrasad-1]

Face of a typical Indian Liberandu who will doubt Global Economists and World Bank, because of his hatred towards Modi. I wish to see more such faces in coming days.

We should ask him how business are paralyzed. What is that which even world bank do not know and street ruffians who call themselves economist know that.

 

[sorcerer]

SBI brings home loan rate to lowest in industry

Highlights

• The reduction follows a cut in marginal cost of funds based lending rate (MCLR)
• State Bank of India had last cut the rate on January 1
• Rates have been reduced by 5 basis points or 0.05 per cent

'NEW DELHI: Largest public lender State Bank of India (SBI) today lowered home loan rate by 0.05 per cent to 8.30 per cent, the lowest in the industry.

It has also reduced the auto loan by a similar percentage point to 8.70 per cent.

The reduction in the retail loan rate by SBI+ is expected to prompt other lenders to go for a similar move.

"With this reduction, SBI's offering in home loan is the lowest in the market. The new rates will be effective November 1," SBI said in a statement.

https://timesofindia.indiatimes.com...o-lowest-in-industry/articleshow/61452561.cms

 

[sorcerer]

FSSAI launches Food Regulatory portal for businesses

https://economictimes.indiatimes.co...ortal-for-businesses/articleshow/61454738.cms

 

[Indian Sniper.001]

This is gonna hurt a few people.

Sales of FMCG firms signal consumer demand revival
Consumer goods sales numbers indicate impact of demonetisation and GST implementation may be tapering off
Sapna Agarwal

A surprise increase in sales volumes of consumer packaged goods companies has boosted hopes of a recovery in consumption demand, indicating the possible end of the lingering effects of last year’s demonetisation and the fallout of the move to a goods and services tax (GST) regime in July.




Click here for enlarge


Hindustan Unilever Ltd, India’s largest consumer packaged goods maker, reported a 4% volume growth in the three months to September compared with flat growth in the previous quarter.

Dabur India reported a 7.2% volume growth in the September quarter for its domestic business as compared with a 4.4% decline the previous quarter. Marico saw volume growth of 8% in the September quarter, compared with a 9% decline the previous quarter.

While the revival has been led by growth in urban markets, even rural markets are showing the green shoots of a gradual recovery. Indeed, across the board, from consumer packaged goods to consumer durables, the statements of companies reflect a slightly more optimistic outlook than before.



“Urban demand has been steady; rural has grown a shade faster than urban,” said Vivek Gambhir, managing director and chief executive officer, Godrej Consumer Products Ltd, the maker of Cinthol soaps and Hit insecticides. Godrej reported a surprise 10% growth in volumes.

In the last 12 months, the rural business suffered more despite a second straight year of good rains. The cash crunch was far more acute for the rural consumer following the invalidation of high-value notes last November. Then in the run-up to the implementation of GST, the cash-dependent wholesale channel started to run down inventory impacting supplies to the interiors of the country. Close to 70-80% of the rural market is serviced by the wholesale channel.

Still, rural consumption is also gradually recovering.

“Some sectors in consumption are doing well and some are not. Staples is a mixed bag and consumer durables is still picking up,” said Ashutosh Datar, vice-president at IIFL Institutional Equities.

“We are seeing clear signs of revival,” said Anand Mour, a research analyst at ICICI Securities Ltd. According to Mour, the normal monsoon, increased government spending and increase in the minimum support prices of crops, besides wholesale channel stabilization, will further aid in the pickup of demand in rural India in the coming quarters.



Experts cite two reasons for the growth. One, firms had run down inventory in the run-up to GST. So, restocking has played a role. Second, Diwali, which usually sees a spike in sales, came almost 15 days early this year. They add that growth in the December quarter will be high anyway because of the low base of a year ago due to the invalidation of high-value notes.

It would be prudent to wait before calling a full-fledged recovery, according to Chandru Kalro, managing director, TTK Prestige, the maker of cookware and stoves.

Source: http://www.livemint.com/Companies/S...MCG-firms-signal-consumer-demand-revival.html

 

[F-14B]

@Nanjesh Patel all this is fixed my dear friend by the bloody chia walla modi :biggrin2::biggrin2::biggrin2::biggrin2::biggrin2::biggrin2::biggrin2::biggrin2:

 

[sorcerer]

Government may make gold jewellery hallmarking mandatory by January

The government is planning to make hallmarking along with carat count mandatory for the gold jewellery sold in the country, Food and Consumers Affairs Minister Ram Vilas Paswan said today.

"At present people don't get to know quality of gold jewellery that they buy. We are planning to make hallmark for gold jewellery mandatory. It should be done by January," Paswan told reporters at an event organised by Bureau of Indian Standards (BIS).



Read more at:
//economictimes.indiatimes.com/articleshow/61485407.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst


GANDU BHAKTS BE LIKEEE!!! "

Quote

OMG!!! MODI GOING TO SLAUGHTER THE GOLD INDUSTRY

OMG!!! LIKE TOTALLY!!! JEWELLERY WORKERS LOST JOB CRIES RAGA!! UNEMPLOYMENT/ WOMEN EMPOWERMENT /RTI

WHERE IS DEVELOPMENT, ITS KILLING INDUSTRY IN THE NAME OF CONSUMER RIGHT!! HURTING GOLD ECONOMY IN THE NAME OF HALL MARK. TWEETS RAGA's BITCH ..(We all know RAGAS bitch tweets for him, I like when Raga did reveal it metaphorically )

How will OBAMA'S Wife look at a GOLD JEWELLERY and adore it and say ‘Made in Jaunpur’” if all the jewllers in India shuts shop.

unquote

[SARCASM]
Modi , doesnt know Indian consumers. Indian consumers are ass, they will eat whatever is put on plate. Congress knows it better than anyone else in the whole world. Bloody Indians have consumed all the shit sold by congress so far without complaining. C'mon congrass sold all scams and craps to Indians without hall mark, and Indians are so proud of it and burps in all happiness.
Oh..my the after taste of consuming a congress scam is sooo...bliss in the mouth.

Modi should instead,leave the common man with his plight alone and helpless .
Why should Modi give the rights to common man..the right to quantify and check on the produce they buy with their hard earned money..The Indu RSS Agent is cultivating new habits in Indian ass customers.

BULL CRAP!!
Common bloody Indians should be left to rot like an unattended corpse while the smart ones make money cheating Bloody ass Indian consumers.
What MODI Is doing is against theory of evolution put forward by Darwin. Modi is empowering the weak to survive. Modi is playing with bloody nature.

[/SARCASM]

 

[sorcerer]

Those who were in World Bank now doubt India's ranking: PM Modi's dig at Opposition

Highlights

• PM Modi hit out at the Congress for doubting India's ranking in the World Bank 'ease of doing business' report
• He said had the UPA government done some work while in power, India would have achieved this milestone long back
• "They have been a part of the World Bank. They are still raising question on its ranking," PM said

NEW DELHI: Prime Minister Narendra Modi on Saturday took a dig at the Congress party for their remark on 'ease of doing business', saying the party had failed to understand what coming down to 100 from 142 in the World Bank 's list means.

Taking a dig at the opposition leaders, PM Modi said those who worked with the World Bank are now doubting its ranking.

Speaking at India's Business Reforms at Pravasi Bharatiya Kendra in Delhi, the Prime Minister said had UPA government done some work when they were in power, then India would have achieved this milestone long back.

"There are some people, who do not understand what improving from 142 to 100 means. They are those people who have been a part of the World Bank. They are still raising question on its ranking," Prime Minister Modi said without directly referring to the Congress party.



Kuch logon ko bharat ki ranking 142 se 100 hone ki baat samajh nahi aati hai, inko fark nahi padta: PM on Ease of D... https://t.co/PAfmtBn0Sl

— ANI (@ani) 1509774179000
"They didn't do anything, and now the one who is doing something is being questioned. Coincidentally, the World Bank started this ease of doing business ranking process in 2004. The year is very crucial and everyone knows who was there in power till 2014," he added.


Karna kuch nahi aur jo kar raha hai usse sawal puche jaa rahe hain: PM Modi https://t.co/76vswtA0dN

— ANI (@ani) 1509774460000
Mai aisa PM hoon jisne World Bank ki building bhi nahi dekhi hai,jabki pehle World Bank ko chalane wale log yahan b... https://t.co/MvZMjLI5RE

— ANI (@ani) 1509774474000
He further said, rather than criticising this achievement, the parties should come together with a new energy and move forward to make a 'New India'.

The Prime Minister's remark came days after the Congress party dismissed the World Bank report on India's improved 'ease of doing business' and mocked the National Democratic Alliance (NDA) government over the same.

While addressing a rally in Gujarat, Congress vice president Rahul Gandhi on November 1 said there is nothing like 'ease of doing business in India' as Goods and Service Tax (GST) and demonetisation have ruined everything. He said such improved ranking is good, only for making Finance Minister Arun Jaitley happy.

PM Modi exuded confidence that India's ease of doing business ranking will further improve next year when the impact of GST - the biggest tax reform - is taken into account.

This ranking takes into account reforms initiated only till May-end and does not reflect the impact of the Goods and Services Tax (GST), which was implemented from July 1, he said.

The GST has not just integrated the nation of 1.2 billion into one market with one tax rate but also provided a stable and transparent taxation regime, he said.

This reform plus others that have already happened but need gestation and stabilisation time before they are taken into account by the World Bank, will improve the ranking, the prime minister said.

All these combined, gives me confidence that India will accompany a place of pride in World Bank's report next year and the year thereafter, he said.


Modi said he does not want to sleep over the 30 place jump this year - the biggest leap by India ever, and want to do more.


He said he has "one life, one mission" of bringing change to India and its 1.25 billion people.

https://timesofindia.indiatimes.com...-pm-modi-to-congress/articleshow/61505714.cms

 

[sorcerer]

Demonetisation to power 80% rise in digital payments, may hit Rs 1,800 crore in 2017-18

NEW DELHI: Official statistics indicate an 80% increase in the value of digital transactions in 2017-18, with the total amount expected to touch Rs 1,800 crore in the wake of the impetus provided bydemonetisation.

The value of digital transactions till October this year, at Rs 1,000 crore, was nearly equal to that for the whole of 2016-17. It was a continuation of a trend, with June, July and August registering Rs 136-138 crore transactions on an average, according to the ministry of information technology.

Interestingly, the volume of digital transactions rose in March and April (Rs 156 crore in both months) when the effects of demonetisation in terms of lack of cash had begun to wear off. Thereafter, the monthly average of Rs 136-138 crore indicates a steady pattern even as the value is rising.

The report, shared with the finance standing committee of Parliament, shows significant increases in average daily transactions across all platforms, such as UPI-BHIM, IMPS, M-wallet and debit cards, since November last year, when PM Modi announced demonetisation.

There has been progress in establishing the 'Jan Dhan-Aadhaar-Mobile trinity', with 118 crore mobiles, a similar number of Aadhaar numbers and 31 crore Jan Dhan accounts.

The report card for government receipts is also improving, with 100% online filing by 72 lakh registered entities under the goods and services tax. There has been a 23% increase in e-filing of income tax returns in 2016-17 as compared to 2015-16.


"Since November 2016, there has been a 221% increase in volume of transactions and 118% increase in value of transactions in the non-tax receipt portal," the government said.


In close proximation to bAadhaar architect Nandan Nilekani's recent statement+
that the government had saved around $9 billion by eliminating frauds in benefit payments, the government said direct benefit transfer had resulted in savings of Rs 57,029 crore up to 2016-17.


There has been a big increase in e-toll payments from Rs 88 crore in January 2016 to Rs 275 crore in August 2017 but the number of tags remains low at 6 lakh till September 2017. There has been a strong growth in volume and value of BHIM-UPI transactions. The value rose from Rs 101 crore in November 2016 to Rs 7,057 crore in October 2017.

https://timesofindia.indiatimes.com...800-crore-in-2017-18/articleshow/61500546.cms

 

[YagamiLight]

@square @Khagesh @YagamiLight
India jumped 30 points in WB's ease of doing business. Whats your take?

Did you see the breakdown of what has improved- Paying taxes . I would hold my horses if I were you about this "improvement"

 

[YagamiLight]

This means that Had Demonetization not done, Indian economy would have grown at 9% as per your logic right?

Unless proven otherwise, YES.

Demonetisation Shaved off 2% of GDP growth YOY from Indian GDP. This is a fact now given all the evidence

 

[sorcerer]

PM Modi says India may announce tax relief for traders next week

NEW DELHI: India may announce measures next week to help traders and small businesses who say a new nationwide goods and services tax (GST) has increased their tax and administrative burden.

Prime Minister Narendra Modi said if there is consensus at the next GST council meeting due over Nov. 9 to Nov. 10, the government would take the necessary steps to help traders and strengthen the country's economy.

A panel of ministers last month recommended reducing tax rates for small businesses and traders and raising the minimum revenue threshold for companies that need to pay tax, local media reported.

The launch in July of the long-awaited GST, which transformed India's 29 states into a single customs union, has left thousands of small and medium-sized firms at the bottom of the supply chain short of working capital.

Modi is facing criticism for the disruption to the economy caused by the roll-out of GST and the shock removal of higher-value bills from circulation last year. As a result of these issues India's economy is expected to grow at its slowest pace in four years this fiscal year, a Reuters poll found.

Modi's comments came days after India jumped about 30 places to 100th on the World Bank's "Ease of Doing Business" rankings, reflecting reforms in accessing credit, power supply and the protection of minority investors.

Modi said he expected India's ranking to improve next year when the GST and other reforms were considered.


"There are many other reforms that have already happened but need gestation and stabilisation time before they are taken into account by the World Bank," Modi said.

He added that there were other reforms on which India and the World Bank would need to find common ground.


Modi said along with manufacturing, India was also pushing for faster progress in developing infrastructure and was working to improve the investment climate.



Read more at:
//economictimes.indiatimes.com/articleshow/61508047.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

 

[sorcerer]

Will bring logistics cost down to 12%: Nitin Gadkari

With logistics cost in India alarmingly high, the government is working towards lowering it by a third by developing coastal shipping and inland waterways as alternative modes of transport, Union Shipping Minister Nitin Gadkari said on Saturday.

In his address at "World Food India 2017" here, he said the logistics cost in India was as high as 18 per cent compared to China where it was between 8 and 10 per cent.

"We are trying to bring this cost down to around 12 per cent which would make Indian goods more competitive in the international market," Gadkari said, adding that the government was prioritising coastal transport and inland waterways compared to road and rail mode as costs were significantly lower for the former.

"For every Rs 10 of transportation cost by road, it is Rs 6 for railways and only Rs 1 for waterways. That means you would be able to transport goods spending only 10 per cent of the current cost," said Gadkari, who is also the Road Transport and Highways Minister.

"There are 111 rivers which we have decided to develop as inland waterways. Out of these, work has already started on 10 rivers," he said. "These waterways will significantly reduce logistics cost."

Even as the government was focusing on developing waterways, work was simultaneously being done at a fast pace to bring down logistics cost on roads as well, the minister said.


"We are going for electronic toll collection. Currently, Delhi to Mumbai takes 28 hours but soon, it will take only 18 hours because we are abolishing all state barriers. Now we will have e-toll collection and no one will be stopped for paying the toll tax, which will be charged automatically.

"This will lead to saving of 8-10 hours between Delhi and Mumbai," Gadkari said.

"Our focus is also on logistics parks. We have already acquired land for 32 such parks and all major cities will have them," he said.

Gadkari added that all logistics parks would be located outside the city where big trucks would arrive with goods, after which smaller vehicles would take those goods to different parts of the city based on requirement.

He said in the road sector alone, his target was to bring in investment worth Rs 25 lakh-crore during his tenure.

"We have already signed contracts worth over Rs 6 lakh-crore in road sector. Under Bharatmala project, we are expecting Rs 8-lakh-crore investment.

"I am confident that in two years, we will meet that target," Gadkari said.



Read more at:
//economictimes.indiatimes.com/articleshow/61511138.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

 

[john70]

UPI transactions: Oct 2016 - 0.1 million, Oct 2017 - 76.96 million. What a story!

UPI transaction volume hits 76.8 million in October
Livemint: November 03, 2017


New Delhi: Transactions across the Unified Payments Interface (UPI) touched a new peak in October.

The transaction volume was 76.8 million, up 150% from 30.8 million in the previous month, figures released by National Payments Corp. of India (NPCI) on Thursday showed.

The value of transactions rose around 33% to Rs7,057 crore in October from Rs5,293 crore in September.

In the last one year, the UPI transaction volume has risen more than 700 times, NPCI data showed.

“UPI transactions: Oct 2016- 0.1 million, Oct 2017- 76.96 million. What a story!,” Infosys Ltd co-founder and chairman Nandan Nilekani tweeted on Wednesday.

UPI is a payments system launched by NPCI that facilitates instant fund transfer between two bank accounts on a mobile platform, without requiring any details of the beneficiary’s bank account.

NPCI is the umbrella organization for all retail payments in the country.

Transactions through UPI received a major stimulus from the government after Prime Minister Narendra Modi launched the Bhim (Bharat Interface for Money) app on 30 December.

Until now, there have been more than 19 million downloads of the Bhim app on Android platform and around 1 million downloads on iOS platform.

According to NPCI, around 7.6 million transactions have taken place on the Bhim app in October.

The value of transactions on Bhim recorded for October is around Rs2348.7crore i.e. around 33% of the total value of UPI transactions recorded in October.

Most banks have renamed their UPI apps as Bhim (bank name) app. For instance, the UPI app for State Bank of India (SBI) has been renamed as Bhim SBI Pay. Similarly, other bank apps have too been renamed.

UPI was launched in August 2016 with 21 banks, and is currently being offered by about 59 banks.

An upgraded version of UPI is expected to be launched soon.

“We have received phenomenal feedback from customers on the newly introduced UPI feature on Airtel Payments Bank platform and have seen a significant surge in transactions. UPI offers our customers the convenience of quick and seamless digital money transfers without the hassle of furnishing additional bank details. With more customers moving to UPI platform, we see this soon becoming one of the most preferred modes of payment in India,” Shashi Arora, MD and CEO, Airtel Payments Bank said.

 

[Flame Thrower]

Did you see the breakdown of what has improved- Paying taxes . I would hold my horses if I were you about this "improvement"

Are you suggesting that people at world Bank are fools and can't do their research properly.

In Paying taxes: We were ranking 172 in 2017 and 119 in 2018.

After seeing tax data in 2018 you might say that govt. have fudged the data. Why should I believe in you.

In your hatred for Modi, you've stopped believing the truth. You can only deny reality only for short period of time before everyone starts calling you a fool. If you really appreciate development, then you might have felt happy for India's improvements in "ease of doing business" stats.

But you choose denial and started questioning the stats of WB. Now, GST hasn't been considered while making 2018 stats. Because to consider any policy, it has to be implemented before June 1st of that year. If GST was included, then our rank would have gone below 100. But don't worry, it will be included while calculating stats for 2019.

@YagamiLight denial is not good in a long run

 

[Mikesingh]

HURTING GOLD ECONOMY IN THE NAME OF HALL MARK. TWEETS RAGA's BITCH ..(We all know RAGAS bitch tweets for him, I like when Raga did reveal it metaphorically )

Is it Pidi or Veronique Cartelli, his Spanish girlfriend who lives in Venezuela, this bitch? I wonder if she herself has the brains to tweet! Maybe Pidi would do a far better job than both! Seriously!

 

[Mikesingh]

PM Modi says India may announce tax relief for traders next week

How about the salaried class and pensioners? Businesses with annual turnover of up to Rs 1.5 crore, which constitute 90 per cent of the taxpayer base pay only 5-6 per cent of total tax. But most of us salaried class pay 30%!! How about some rationalization Mr jet-Li? The salaried class are being screwed since independence! We need a breather now.

 

[Bhoot Pishach]

Is it Pidi or Veronique Cartelli, his Spanish girlfriend who lives in Venezuela, this bitch? I wonder if she herself has the brains to tweet! Maybe Pidi would do a far better job than both! Seriously!

Pidi=Pedigree Biscuit (Barks for biscuits only);

Veronique=ShePappu (literally because for selecting Pappu as BF);

RAGAs Bitch=@divyaspandana (because of handling @OfficeofRG account)
http://www.news18.com/news/politics...hul-gandhi-congress-social-media-1539339.html

responsible for posting epic tweets like:


Hope all the BITCHES of RAGA are clear now. Pappu keeps bitches like "Jupiter's escape velocity"

 

[sorcerer]

Data shows Rs 17,000 crore deposited and withdrawn by 35,000 companies post demonetisation

Citing fresh data from 56 banks, the government on Sunday said over Rs 17000 cr was deposited and withdrawn by 35000 companies postb demonetisation, all of whom were struck off theRegistrar of Companies(RoC) records for such suspect transactions.

This comes in the run-up to the first anniversary of the demonetisation decision on November 8 last year. This is preliminary data received by the government about 58000 bank accounts held by these 35000 companies, out of the total 2.24 lakh companies which have been struck off RoC records post demonetisation.

“Apart form the restriction on bank accounts, action has also been taken to restrict sale and transfer of movable and immovable properties of struck off companies till restored. The state governments have been advised to take necessary action in this regard by disallowing registration of such transactions,” the government said in a statement.

The example of one company has been cited by government which had a negative opening balance in its bank account on November 8, 2016 but deposited and withdrew as much as Rs 2484 cr post demonetisation. Another company was found to be having as many as 2134 accounts. “The Information has been shared with Central Board of Direct Taxes, Financial Intelligence Unit, Department of Financial Services, RBI etc., for further necessary action and for inquiry under the Companies Act,” government said.

The PMO has also set up a Special Task Force under joint chairmanship of the Revenue Secretary and Corporate Affairs Secretary which has met five times already to oversee the drive against such defaulting companies with the help of various enforcement agencies, “which is expected to help in the drive against black money”, the government said. “Separately action has been taken to disqualify directors on the board of companies that have failed to file financial statements and/or annual returns for a continuous period of three financial years during 2013-14 to 2015-16.

Around 3.09 lakh directors have been affected by this action. Preliminary inquiry has shown that over 3000 disqualified directors are directors in more than 20 companies each, which is beyond the limit prescribed by law,” the government statement has said. The government has further prohibited multi-layering of corporate structures in wake of the “abuse” of the same, stipulating that not more than two layers will be permitted beyond the wholly-owned subsidiary. “This is in addition to the existing restriction which prohibits a company to make an investment through more than two layers of investment companies,” the government statement said.


Further, in order to address the criminality angle, the Director, additional director or assistant director of Serious Fraud and Investigation Office (SFIO) have been recently authorised to arrest any person believed to be guilty of any fraud punishable under the Act which carries a imprisonment up to 10 years.

“Reference has been made to the Ministry of Finance to include it as a Scheduled Offence under the Prevention of Money Laundering Act,” the government said. Action is also being taken against professionals guilty of fraud and all complaints against them are being reviewed, government said.

“A high-level Committee has been constituted for suggesting revamp of disciplinary systems of chartered accountants, company secretaries and cost accountants. Further, steps are underway for setting up a National Financial Reporting Authority, an independent body, to test check financial statements, prescribe accounting standards and take disciplinary action against errant professionals,” the government has said.

Action is also being taken to seed DIN with PAN and Aadhaar at the stage of DIN application through biometric marching for new applications — this is to check the problem of dummy directors, the government said. “The same may be extended to legacy data in due course,” the government statement added. “Finally, a separate initiative is underway to develop a state-of-the-art software application to put in place a “early warning system” which will be housed in SFIO to strengthen regulatory mechanism.

Read more at:
//economictimes.indiatimes.com/articleshow/61516486.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst


Robber Vadra is upset..and no matter all the opposition united to counter Demonatization as many of them have meticulously took years to cheat the system and it was all flushed in one go.
Well!!

 

[sorcerer]

demonetisation: Digital transactions shoot up post demonetisation

MUMBAI: Digital payment companies have seen a substantial jump in theirbusiness
as a result of the government's measures towards promoting cashless transactions postdemonetisationlast year.

These firms are likely to further consolidate their business with more incentives for digital transactions.

"In the last 12 months, we saw over 3 times growth. Before demonetisation, we were processing monthly transactions of Rs 3,000 crore, which now stands at Rs 6,800 crore across all our verticals," Atom Technologies Managing Director and CEO Dewang Neralla said.

The major contributor to this growth was online payments business, he indicated.

"Our focus has been largely on the education, travel ticketing financial services, C2G payments and cable and wireless industries and we have seen all round growth both in terms of enrolments as well as transactions.

"Payment processing volumes have grown three times to what they were since demonetisation and we still continue to see a healthy growth of around 20 per cent on a month on month basis in transactions in our online payment gateway," he said.


The company is targeting to bring into fold over 10 lakh merchants over the next few months, it said.

Globally, this is seen as an exciting time for fintech, especially payment processing.

According to the Payments Council of India, the growth rate of the digital payments industry, which was earlier in the range of 20-50 per cent, has accelerated post demonetisation to 40-70 per cent.

"However, demonetisation is just one of the milestones towards our country's cashless journey and not the final destination. It conveyed a strong psychological message to our countrymen that cash is not welcome and digitisation of cash is inevitable. This also resulted in doubling of the number of PoS machines in just one year...," Payments Council of India Chairman Navin Surya pointed out.

However, he said, for further accelerating this growth momentum and moving towards a less cash economy, both the government and regulators need to continue efforts.

"...seamless access to payments network and other critical payments infrastructure like UPI and RTGS, among others ...will make sure that incentives continue to grow for digital transactions. These critical steps can drive our current industry growth of 10 per cent transactions to 50 per cent in the next 5 years," he added.

According to Bhavik Vasa - Chief Growth Officer, EbixCash, post-demonetisation, the rhetoric has now changed from bank versus non-bank or wallet versus bank, with the industry witnessing an increased mind share for its digital and cashless journey.

"At Ebix ItzCash we now have more than 2 lakh retail touch points across the country, our ability to be an omni-channel player, has helped us clock a growth of 35-40 per cent across sectors," Vasa said.

Most digital players in the industry have made multi-fold investments in the sector in the last one year in infra, brand, marketing, creating awareness.

Ebix Inc CEO Robin Raina has further committed USD 200 million fund for investments and growth in India.


https://economictimes.indiatimes.co...-post-demonetisation/articleshow/61517092.cms