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India's GDP growth is projected at 7.2 per cent in 2024-25, around 7 per cent in the next fiscal, and after that, there is a strong likelihood that the growth will revert to the 8 per cent trend, said <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> deputy governor <keyword id="20244361" type="General" weightage="20" keywordseo="Michael-Debabrata-Patra" source="keywords">Michael Debabrata Patra</keyword>. He was speaking at the New York Fed Central Banking Seminar organised by the <keyword id="20238413" type="General" weightage="20" keywordseo="Federal-Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Federal Reserve Bank" meta.hostid="261" meta.entityid="Federal Reserve Bank">Federal Reserve Bank</keyword> here on Monday. "...I do believe with all the strength of my conviction that India's time has come," he said, and highlighted the country heads into its future with the youngest population in the world with a median age of 28 years. Unlike in many parts of the world, the working age population is growing -- every sixth working age person is an Indian. Patra said that since independence in 1947, India's growth path has undergone three structural shifts with trend growth, having risen to 7 per cent during 2002-2019. After the severe contraction during the pandemic, a new growth trajectory averaging 8 per cent seems to be forming during 2021-24, he said. India is now regarded as the fastest growing major economy in the world. Already the fifth largest economy in terms of market exchange rates, it is poised to become the third largest economy by 2030, the senior RBI official said and added the country is already the third largest economy in terms of <keyword id="20776921" type="General" weightage="20" keywordseo="purchasing-power-parity" source="keywords">purchasing power parity</keyword>. "Our projections show that India's <keyword id="21013593" type="General" weightage="20" keywordseo="real-GDP-growth" source="keywords">real GDP growth</keyword> will be 7.2 per cent in 2024-25 and around 7.0 per cent in 2025-26 in a cyclical correction to the rebound from the pandemic. Thereafter, there is a strong likelihood that India's growth will revert to the 8 per cent trend," Patra said. On inflation, he said it is projected to average 4.5 per cent in 2024-25 and 4.1 per cent in 2025-26. Consumer Price Index (CPI) based inflation fell below target during July-August but rose to 5.5 per cent in September on the back of a pickup in price momentum in some food items and adverse base effects inherent in year-on-year measurement. "Our projection indicates that these price pressures will persist in October and November before headline inflation realigns with the target from December 2024 and remains aligned in 2025-26," the deputy governor said. He also emphasised that India is emerging as a world leader in leveraging <keyword id="20181895" type="General" weightage="20" keywordseo="digital-technologies" source="keywords">digital technologies</keyword> for transformative change.

India likely to grow at 7.2% in FY25, says RBI deputy governor

<ul><li>FMCG giant HUL’s shares reported a decline of over 6% on Thursday.</li><li>This comes a day after the company reported a 2.33% decline in consolidated net profit in Q2.</li><li>The stock tanked 6.59% to ₹2,483.95 on the NSE.</li></ul>Shares of FMCG major <keyword id="20002610" type="General" weightage="20" keywordseo="Hindustan-Unilever" source="keywords">Hindustan Unilever</keyword> Ltd (HUL) on Thursday tumbled over 6% after the firm reported a 2.33% decline in consolidated net profit for the second quarter ended in September. The stock tanked 6.59% to ₹2,483.95 on the NSE. The stock emerged as the biggest laggard among the Sensex and Nifty firms during the morning trade. Hindustan Unilever Ltd on Wednesday reported a 2.33% decline in consolidated net profit at ₹2,595 crore for the second quarter ended in September 2024, impacted by moderation in demand from the urban market. The company had logged a net profit of ₹2,657 crore in the July-September quarter a year ago, HUL said in a regulatory filing. However, revenue from product sales was up 2.36% at ₹15,703 crore in the September quarter, from ₹15,340 crore in the year-ago period, HUL which owns power brands such as Surf, Rin, Lux, Pond's, Lifebuoy, Lakme, Brooke Bond, Lipton and Horlicks said. "In the September quarter, <keyword id="21419477" type="General" weightage="20" keywordseo="FMCG-demand" source="keywords">FMCG demand</keyword> witnessed moderating growth in urban markets, while rural continued to recover gradually. In this context, we delivered a competitive and profitable performance," HUL CEO and Managing Director Rohit Jawa said. HUL reported an underlying sales growth of 2% and underlying volume growth of 3%. Total expenses were at ₹12,581 crore in the September quarter, up 3.03% year-on-year. HUL's total income, which includes other income, was up 2.14% to ₹16,145 crore in the September quarter of FY25. Addressing an earnings call, HUL CFO Ritesh Tiwari said, "Two thirds of our business we do in urban areas, and one-third we do in rural areas … we are seeing growth in the urban market moderating. We are seeing rural growth recovery is gradual … it impacts all the categories that we have." On the outlook, he said, "In the near term, we expect demand trends to be stable with no further acceleration in pace of growth." In this context, Tiwari said, "Our focus remains on driving competitive volume-led growth, while continuing investments behind our brands and strategy priorities … If commodity prices remain where they are, we expect a low single digit price growth in the near-term." With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms">Afcons Infrastructure IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms">UPI refund to digital arrest scam, here are some online scams you need to be aware of</a> <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms">Waaree Energies IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Hindustan Unilever shares tumble over 6% post Q2 results

Issues related to data privacy and rising <keyword id="20127272" type="General" weightage="20" keywordseo="online-frauds" source="keywords">online frauds</keyword> are emerging as significant hurdles in the growth of e-commerce in India, said the <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords" meta.keywordsubtype="org" meta.entityname="Economic Survey" meta.hostid="261" meta.entityid="Economic Survey">Economic Survey</keyword> 2023-24 tabled in Parliament on Monday. Citing third-party data, the survey said that the e-commerce industry in India is expected to cross USD 350 billion by 2030 and called for the need to educate users on the safe use of e-commerce platforms. "The rise of e-commerce is constrained by inadequate skills required for online selling, such as cataloguing. <keyword id="22505774" type="General" weightage="20" keywordseo="data-privacy-issues" source="keywords">Data privacy issues</keyword> and increasing online fraud have turned out to be the most significant hurdle in the growth of e-commerce in India. It becomes imperative to educate users on the safe use of e-commerce platforms," the survey said. The survey mentioned that India's e-commerce market has gained significant momentum during the past few years, owing to technological advancements, evolving new-age business models coupled with government initiatives like the Digital India program, UPI, One District - One Product (ODOP), Open Network for Digital Commerce (ONDC), new foreign trade policy, easing of FDI limits and Consumer Protection (E-Commerce) (Amendment) Rules 2021. It has identified data privacy and <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">cybersecurity</keyword> as critical concerns in the <keyword id="22505776" type="General" weightage="20" keywordseo="digitisation-of-services" source="keywords">digitisation of services</keyword> in the country and called for adopting strong security measures, compliance with privacy regulations, and innovation, among others. "Data privacy and cybersecurity have become critical concerns with the increasing digitisation of services," according to the survey. It said that the government is spearheading data protection laws and cybersecurity policies to safeguard consumer data and strengthen cybersecurity measures in the services sector. "To further embrace technology with confidence, ensuring the adoption of strong security measures, compliance with privacy regulations, and fostering innovation in security technologies are essential," the survey noted. It said the future of e-commerce is built on the enhanced <keyword id="20290101" type="General" weightage="20" keywordseo="user-experience" source="keywords">user experience</keyword> through <keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword>, seamless <keyword id="21332958" type="General" weightage="20" keywordseo="digital-payment-methods" source="keywords">digital payment methods</keyword>, innovations like UPI, and business engineering data analytics for business operations and enhancements. The survey mentioned that the buyer ecosystem in India is evolving at a very sharp rate, and business models will need to innovate to serve the needs of a diverse shopper base regarding service expectations, price sensitivity and language requirements. "Local language platforms are needed as the shopper base expands to tier-2 and tier-3 cities. Growing startups and innovative social media platforms provide an opportunity to test unique business models that might be targeted to specific demographic cohorts," the survey said.

Data privacy issues, online frauds emerging as e-commerce growth hurdles: Eco Survey

A recent report by <keyword id="23201114" type="General" weightage="20" keywordseo="Centrum-Institutional-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Centrum Institutional Research" meta.hostid="261" meta.entityid="Centrum Institutional Research">Centrum Institutional Research</keyword> reveals a sharp rise in the number of <keyword id="21365016" type="General" weightage="100" keywordseo="wealthy-Indians" source="keywords">wealthy Indians</keyword> over the past five years. The data highlights that the number of individuals earning more than Rs 10 crore annually has surged by 63%, bringing the total count to approximately 31,800. Meanwhile, those earning over Rs 5 crore per annum now number 58,200, marking a significant 49% increase. <h2>Wealth growth across <keyword id="23201527" type="General" weightage="20" keywordseo="income-tiers" source="keywords">income tiers</keyword></h2>The report not only tracks the increase in high earners but also highlights growth among those earning above Rs 50 lakh annually. Over the last five years, this group has expanded by 25%, with nearly 10 lakh individuals now in this income bracket. In terms of cumulative income, the report showcases rapid growth. The income of individuals earning over Rs 10 crore annually grew at a compound annual growth rate (CAGR) of 121% between FY19 and FY24, reaching a staggering Rs 38 lakh crore. Those earning more than Rs 5 crore annually saw their collective income grow by 106% CAGR, amounting to Rs 40 lakh crore. Similarly, the income of those earning over Rs 50 lakh per annum increased by 64%, totaling Rs 49 lakh crore over the same period. <div type="Article" hostid="261" msid="113328057" title="The illegal maneuvers the rich use to get richer" mstype="2" mssubtype="0"></div>The Centrum report also forecasts significant growth for India's <keyword id="20301791" type="General" weightage="20" keywordseo="High-Net-Worth-Individuals" source="keywords">High Net Worth Individuals</keyword> (HNI) and <keyword id="21662893" type="General" weightage="20" keywordseo="Ultra-High-Net-Worth-Individuals" source="keywords">Ultra High Net Worth Individuals</keyword> (UHNI). By 2028, their combined financial assets are expected to rise from USD 1.2 trillion in 2023 to USD 2.2 trillion, driven by an annual growth rate of 13-14% over the period from 2023 to 2028. The <keyword id="23201526" type="General" weightage="20" keywordseo="mass-affluent-market" source="keywords">mass affluent market</keyword> is also projected to grow in early double digits during this time. <h2>A gap in professional <keyword id="20074812" type="General" weightage="20" keywordseo="wealth-management" source="keywords">wealth management</keyword></h2>While the wealth of India's affluent is growing rapidly, the report highlights a key difference between India and advanced economies: only 15% of financial wealth in India is professionally managed, compared to 75% in more developed markets. This gap suggests a significant opportunity for the professional wealth management sector as India’s wealthy population continues to grow. (With inputs from ANI)

Individuals earning over Rs 10 cr rise by 63% in India; financial assets of high net worth individuals to nearly double by 2028

Luxury carmakers <keyword id="19980471" type="General" weightage="20" keywordseo="Mercedes-Benz" source="keywords" meta.keywordsubtype="org" meta.entityname="Mercedes-Benz" meta.hostid="153" meta.entityid="Mercedes-Benz">Mercedes-Benz</keyword>, <keyword id="19911529" type="General" weightage="20" keywordseo="Audi" source="keywords" meta.keywordsubtype="org" meta.entityname="Audi" meta.hostid="153" meta.entityid="Audi">Audi</keyword>, and <keyword id="19911528" type="General" weightage="20" keywordseo="BMW" source="keywords" meta.keywordsubtype="org" meta.entityname="BMW" meta.hostid="153" meta.entityid="BMW">BMW</keyword> are eyeing robust sales during the festive period this year with demand for <keyword id="20194571" type="General" weightage="20" keywordseo="High-end-cars" source="keywords">high-end cars</keyword> continuing to see an upward trend in India. In an interaction with PTI, Mercedes-Benz India MD and CEO Santosh Iyer said the luxury car segment is set for its best-ever performance this year with <keyword id="19894908" type="General" weightage="20" keywordseo="Festive-season" source="keywords">festive season</keyword> offtakes playing a major role in the overall performance. He noted that the festive season generally gives high double-digit <keyword id="20040491" type="General" weightage="20" keywordseo="Sales-growth" source="keywords">sales growth</keyword>, helping the automaker to average out single-digit growth of the earlier quarter. "So in that sense, on an average, then we are able to get a double-digit growth during the festive season," Iyer stated. Elaborating on the overall industry, which still remains a very small part of the overall passenger vehicle market in the country, he said the segment is headed for record volumes this fiscal year but not all players are witnessing growth." Some (companies) are even degrowing, some are flat and they are facing headwinds, but because we are the primary player in the market, we still feel the luxury car market should cross 50,000-51,000 cars this year," Iyer said. The luxury car market in India currently remains very small accounting for less than 2 % of the overall passenger vehicle market in the country. Audi India Head Balbir Singh Dhillon said the automaker anticipates positive buying trends to continue during the festive season. "Our best-selling models - the A4, A6, Q3, Q3 Sportback, Q5, Q7, and the newly launched Q8 - continue to drive robust demand," he added. The company is equally optimistic about the e-tron range, the e-tron GT and RS e-tron GT, Dhillon said. BMW Group India President Vikram Pawah said the fundamentals of the Indian economy are sturdy and consumer confidence in the luxury segment is on the rise. "For BMW Group India, the order bank is solid and we are trying our best to speed up deliveries for our customers. Along with additional bookings around Diwali and Dussehra, we are confident of closing the year on a high note while clocking impressive growth," he stated. He noted that the group is witnessing very strong demand for products across all segments. Pawah said that in the run-up to the festive season, the company has introduced several special editions of its existing model range. The festive season usually commences with Onam and ends with Diwali every year.

Luxury carmakers Mercedes, Audi, BMW expect robust sales this festive season

Prime Minister Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> on Friday said the government is making necessary <keyword id="20861068" type="General" weightage="20" keywordseo="policy-changes" source="keywords">policy changes</keyword>, like removal of <keyword id="20279287" type="General" weightage="20" keywordseo="Angel-Tax" source="keywords">Angel Tax</keyword>, to promote the <keyword id="19945816" type="General" weightage="100" keywordseo="fintech" source="keywords">fintech</keyword> sector, even as he asked the <keyword id="19962476" type="General" weightage="20" keywordseo="regulators" source="keywords">regulators</keyword> to take additional measures to check cyber frauds which can have a crippling impact on startups. Lauding the fintechs for democratising <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, Modi said the sector, which has attracted USD 31-billion investment in the last 10 years, has played a key role in denting the parallel economy. The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. He said the domestic economy and the capital market are in a celebratory mood at a time when the nation is also going through a festive period. Modi underlined that the government is making all necessary changes on the policy level to assist the fintech sector and gave examples of doing away with Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. Broadly, fintech refers to entities utilising technologies for providing financial services. Expressing the need to put an end to <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, he urged the regulators to take major initiatives to boost digital literacy. It is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country, Modi said. In his speech, the Prime Minister also cautioned about the dangers of a parallel economy for the world. Fintech, he said, has played an impactful role in denting such a system and credited the emergence of transparency. He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. "Today, people can see the benefits of aligning with the formal banking system," he said. Modi further said the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of 'Cash is King' and made way for approximately half of the <keyword id="20004116" type="General" weightage="20" keywordseo="digital-transactions" source="keywords">digital transactions</keyword> in the world taking place in India. "India's <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> has become a major example of fintech in the world," he said, adding that it has enabled 24X7 banking services in every village and city in all weather conditions. Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of readily available loans, credit cards, investments and insurance. He said that fintech has made access to credit easy and inclusive, and gave the example of PM SVANidhi scheme that has enabled street vendors to avail collateral-free loans and further expand their business with the help of digital transactions. "Sustainable <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> is India's priority today," he said and emphasised that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks. About 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and other countries are participating in the fest.

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

India’s automobile sector is expected to get a boost during the upcoming festive season, with a forecasted growth of over 15%, particularly in the two-wheeler (2W) segment. According to an ANI report, this projection comes from a research report by <keyword id="23122458" type="General" weightage="20" keywordseo="nuvama-wealth-investment-limited" source="keywords">Nuvama Wealth Investment Limited</keyword>, which attributes the growth to increased customer enquiries and a resurgence in rural demand. A key factor driving this surge is the anticipated revival of rural demand, which contributes more than 55% to the two-wheeler market. According to the report, rural areas are showing strong signs of recovery, and the increased enquiries suggest a positive outlook for sales. This bodes well for mass-market original equipment manufacturers (OEMs) such as TVS Motors, <keyword id="19983534" type="General" weightage="20" keywordseo="hero-motocorp" source="keywords">Hero MotoCorp</keyword>, and <keyword id="19897354" type="General" weightage="20" keywordseo="bajaj-auto" source="keywords">Bajaj Auto</keyword>. The launch of new models, including the <keyword id="22875740" type="General" weightage="20" keywordseo="tvs-jupiter" source="keywords">TVS Jupiter</keyword> and Hero Xtreme 125R, is also expected to boost two-wheeler sales. In contrast, premium OEMs like Eicher Motors, which produces Royal Enfield motorcycles, may not experience the same level of demand growth. In the passenger vehicle segment, rural demand accounts for over 35% of the market. While growth in this area is expected to be in the single digits, it is anticipated that utility vehicles (UVs) will outpace hatchbacks with double-digit growth. This trend will likely benefit manufacturers such as Mahindra &amp; Mahindra and Tata Motors, with new models like the Mahindra Thar Roxx and Tata Currv expected to attract a significant share of customers. On the other hand, <keyword id="19909974" type="General" weightage="100" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword>, traditionally a strong player in the hatchback segment, may see more subdued growth compared to its rivals in the UV space. In preparation for the festive season, dealers have ramped up their inventories for both two-wheelers and passenger vehicles. According to the report, dealers have built up stocks for 1.5 to 2.5 months, signalling confidence in the market’s potential for increased sales. This build-up of inventory demonstrates that both manufacturers and dealers are optimistic about the surge in demand during the festive period. While two-wheelers and passenger vehicles are set to lead the charge this festive season, the commercial vehicle (CV) market is expected to grow at a more modest pace. Demand for medium and heavy commercial vehicles (MHCVs) is projected to increase in the low single digits, primarily driven by replacement demand as freight availability improves across India. Similarly, the tractor segment is expected to perform well over the next few years, with volume growth likely in the high single digits from FY24 to FY26. Tractors are seen as a strong performer in the long term, and the sector is poised to benefit from India’s agricultural demand and rural recovery. Looking beyond the festive season, the report suggests that the long-term outlook for the two-wheeler and tractor segments remains robust. Historical sales cycles, which typically span two to four years, suggest that these sectors could reach new peaks in the coming years. As a result, the report forecasts high single-digit volume growth for two-wheelers and tractors through FY24-26, while passenger vehicles and commercial vehicles are expected to see low single-digit growth. Overall, the Nuvama report paints a positive picture for the Indian automobile sector. (With PTI inputs)

Festive season to drive over 15% growth in Indian Automobile Market, says report

In an effort to give a further boost to partnership, India, and the US signed a landmark Memorandum of Understanding (<keyword id="19914814" type="General" weightage="20" keywordseo="MoU" source="keywords">MoU</keyword>), which will enable the Micro, Small and medium enterprises (<keyword id="19910977" type="General" weightage="100" keywordseo="MSMEs" source="keywords">MSMEs</keyword>) of the two countries to participate in <keyword id="19908188" type="General" weightage="20" keywordseo="global-markets" source="keywords">global markets</keyword> and foster trade. "<keyword id="20233690" type="General" weightage="20" keywordseo="India-US" source="keywords">India-US</keyword> joining hands to promote cooperation in MSMEs," the official spokesperson of the Ministry of External Affairs, Randhir Jaiswal, wrote on X. "Today, India-US signed a landmark MoU that enables MSMEs of the two countries to participate in global markets, drive innovation, foster trade, and support <keyword id="19930409" type="General" weightage="20" keywordseo="women-entrepreneurs" source="keywords">women entrepreneurs</keyword>," he added. S. C. L. Das, Secretary, Ministry of Micro, Small and Medium Enterprises, and Isabel Casillas Guzman, Administrator, <keyword id="21149255" type="General" weightage="20" keywordseo="small-business-administration" source="keywords">Small Business Administration</keyword> (SBA), United States of America, signed the MoU here in New Delhi. The MoU provides a framework for both sides to discuss issues concerning micro, small and medium enterprises (MSMEs) and explore possibilities for cooperation. It envisages the exchange of expertise between the two sides on issues related to improving MSME participation in the global marketplace through mutual visits as well as webinars and workshops on topics including access to trade and export finance, technology and digital trade; green economy, and trade facilitation. The MoU also provides for the joint conduct of programmes for women entrepreneurs to empower them and facilitate trade partnerships between women-owned small businesses in the two countries. Recognising the crucial role that MSMEs play in advancing <keyword id="20421749" type="General" weightage="20" keywordseo="inclusive-growth" source="keywords">inclusive growth</keyword>, expanding exports, and boosting employment, the two sides also agreed to explore the development of a "Business Matching Digital Platform" to boost <keyword id="20035864" type="General" weightage="20" keywordseo="business-opportunities" source="keywords">business opportunities</keyword>.

India-US join hands to promote cooperation in MSMEs

The number of credit cards in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is projected to reach 200 million by FY28-29, growing at a compound annual growth rate (<keyword id="20256055" type="General" weightage="20" keywordseo="CAGR" source="keywords">CAGR</keyword>) of 15%, according to a report by <keyword id="20055667" type="General" weightage="20" keywordseo="PwC" source="keywords" meta.keywordsubtype="org" meta.entityname="PwC" meta.hostid="153" meta.entityid="PwC">PwC</keyword>. The report highlights the significant expansion of the credit card industry, which has doubled the number of cards issued over the past five years. This strong momentum is expected to continue, with the market poised to replicate this growth in the coming years. The report states, "The <keyword id="23032285" type="General" weightage="100" keywordseo="credit-card-market" source="keywords">credit card market</keyword> in India is expected to double its cards in force by FY28-29, reaching 200 million cards. The industry, which has seen a 100% increase in issued cards over the past five years, is anticipated to replicate this growth within the next five financial years." In addition to the increase in the number of credit cards, the report notes a substantial rise in transactional activity within the industry. Transaction volumes have grown by 22%, while the value of transactions has surged by 28%. The report attributes this growth to the introduction of new products, innovative offerings, and the expansion of customer segments, which have collectively driven the adoption and usage of credit cards. However, the report also highlights a decline in debit card usage. Debit card transactions have decreased both in volume and value, reflecting a shift in consumer preferences. In FY23-24, the volume of debit card transactions dropped by 33% compared to the previous year, and spending on debit cards decreased by 18% year-on-year. "The growth of debit cards in the country has been muted in terms of the number of cards issued, and the volume and value of debit card transactions took a significant hit during FY23-24," the report noted. This decline is largely attributed to the rising popularity of the Unified Payments Interface (UPI), which has become the preferred payment method for small to medium merchants due to its ease of use and zero Merchant Discount Rate (MDR). The report states, "This decline can be attributed to the inclination towards UPI, driven by its ease of use and the push from small to medium merchants who favour UPI due to 0% MDR." Furthermore, the report points out that debit cards have struggled to compete with credit cards in terms of rewards, which has further contributed to their decline. The lack of attractive reward programs and lower awareness of existing benefits have made debit cards less appealing to consumers. Meanwhile, <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> in India continue to flourish, with transactional volume growing by 42% year-on-year in FY23-24. This trend is expected to triple by FY28-29. The report indicates that the ongoing growth in digital payments is driven by various factors, including innovations by payment ecosystem participants, new business models, technological advancements, and increasing customer awareness.

India’s credit card market set to double by 2029, reaching 200 million cards

<keyword id="6354427" type="General" weightage="20" keywordseo="apple" source="Orion">Apple</keyword> CEO Tim Cook on Friday said the company grew strong double-digit in India, clinching a new March quarter revenue record amid an "incredibly exciting market". Describing India market as a "major focus", Cook said Apple is working on the entire ecosystem from developer to the market to operations, and that he is "very pleased" with the growth numbers. "We did grow strong double-digit (in India). And so we were very, very pleased about it. It was a new March quarter revenue record for us. As you know, as I've said before, I see it as an incredibly exciting market and it's a major focus for us," he said in India specific call-outs during the tech titan's Q2 earnings. Cook further added: "In terms of the operational side or supply chain side, we are producing there; from a pragmatic point of view, you need to produce there to be competitive." The Cupertino-based iPhone maker has set revenue records in more than a dozen countries and regions. These include, among others, March quarter records in India, Latin America and the Middle East, as well as Canada, Spain, and Turkey. On Apple's India report card, Cook said the company has both operational things going on and go-to-market, alongside various initiatives. "We just opened a couple of stores as last year, and we see enormous opportunity there," he said. Apple continues to expand its channels, and is also working on the developer ecosystem. "And we've been very pleased that there is a rapidly-growing base of developers there. And so, we're working all of the entire ecosystem from developer to the market to operations, the whole thing. And I just -- I could not be more excited and enthusiastic about it," he said. Apple is also investing in new solar and wind power in the US and Europe, both to power its growing operations and users' devices. "And we're working with partners in India and the US to replenish 100 per cent of the water we use in places that need it most, with the goal of delivering billions of gallons of water benefits over the next two decades," Cook said. Announcing its financial results for its fiscal 2024 second quarter ended March, Apple said it posted a quarterly revenue of USD 90.8 billion, down 4 per cent year on year. Luca Maestri, Senior Vice President and Chief Financial Officer of Apple, said the company is particularly pleased with strong momentum in emerging markets, "as we set first-half revenue records in several countries and regions including Latin America, the Middle East, India, Indonesia, the Philippines, and Turkey". SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms" target="_blank">T20 World Cup: Here are the squads announced by major participating countries so far</a><a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a>

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