1. India's UPI Hits ₹81 Lakh Crore in Transactions, Leads Global Digital Payments
Tags: Reports Economy/Finance
According to Paysecure data, India's Unified Payments Interface (UPI) processed nearly ₹81 lakh crore in transactions from April to July 2024.
An Overview of the News
UPI's transaction volume has exceeded that of the world's leading digital payment platforms.
This represents a 37% Year-over-Year (YoY) increase in transaction volume.
UPI processed 20.6 lakh crore rupees in July 2024, setting a record for the highest transactions in a single month.
Global Leadership in Digital Transactions
India leads globally with over 40% of its payments made digitally.
UPI is the dominant platform for digital payments in India.
UPI processed an average of 3,729.1 transactions per second, a 58% increase from 2,348 transactions per second in 2022.
Comparison with Global Payment Platforms
Skrill (UK-based) ranked second with 1,553.8 transactions per second and 49 billion transactions in 2023.
Pix (Brazil-based) ranked third with 1,331.8 transactions per second.
About UPI
It is an Indian payment system, developed by the National Payments Corporation of India (NPCI) in 2016.
Function: Facilitates instant P2P and P2M transactions via mobile devices.
Requirements: Mobile number registered with the bank, recipient’s UPI ID.
Tech: Runs on IMPS, open source API.
Regulation: Overseen by the Reserve Bank of India (RBI).
Launch: UPI-enabled apps available on Google Play from 25 August 2016.
2. NSO Reports 6.7% GDP Growth for April-June 2024 Quarter
Tags: Reports
The Indian economy achieved a 6.7% real GDP growth for the April-June 2024 quarter.
An Overview of the News
The Ministry of Statistics' data highlights this as a significant economic performance.
Sectoral Performance
The manufacturing sector grew by 7%, contributing positively to job creation.
The construction and electricity sectors experienced double-digit growth.
Private Final Consumption Expenditure increased by 7.4%, and Gross Fixed Capital Formation grew by 7.5%.
Economic Outlook
Aggregate demand is gaining momentum with improved rural consumption and rising incomes.
This uptick in demand is expected to boost private sector investment and overall growth.
Despite this positive outlook, global economic concerns persist, including geopolitical tensions, recession fears in major economies, and financial market volatility, although inflation has moderated in many countries.
3. NCAER Report: India's Poverty Rate Plummets to 8.5% in 2022-24
Tags: Reports
Poverty in India decreased from 21.2% in 2011-12 to 8.5% in 2022-24, according to the NCAER report.
An Overview of the News
This decline persisted despite challenges posed by the pandemic, as per data from the India Human Development Survey (IHDS).
Rural vs Urban Trends:
Rural poverty dropped sharply from 24.8% in 2011-12 to 8.6% currently.
Urban areas also saw a decline, from 13.4% to 8.4%.
Impact of Economic Growth:
Economic growth contributed to poverty reduction, emphasizing the need for flexible social protection programs.
Long-term poverty drivers are shifting from "accidents of birth" to "accidents of life," such as natural disasters and changing occupational opportunities.
Government Surveys and Data:
NITI Aayog CEO indicated poverty has fallen to 5%, aligning with the latest consumer expenditure survey.
NSSO data showed significant increases in per capita monthly household expenditure from 2011-12 to 2022-23.
Poverty Thresholds and Adjustments:
Poverty lines adjusted over time: from Rs 447 and Rs 579 in 2004-05 (Tendulkar Committee) to higher thresholds in 2011-12 adjusted by the Planning Commission.
4. India Becomes World’s Third-Largest Domestic Aviation Market
Tags: Reports
India has surpassed Brazil to become the world’s third-largest domestic aviation market, following the U.S. and China.
An Overview of the News
This ranking is based on data compiled by the aviation analytics firm Official Airline Guide (OAG).
The growth has been driven by airlines like IndiGo and Air India expanding their fleets to meet the increasing number of air passengers.
India’s domestic airline capacity doubled over the past decade, rising from 7.9 million seats in April 2014 to 15.5 million in April 2024.
Comparison with Brazil and Indonesia: Brazil now ranks fourth with 9.7 million airline seats, followed by Indonesia at fifth with 9.2 million.
Growth Rates
Highest Growth Rate: India posted the highest annual average capacity growth rate among the top five countries at 6.9%, followed by China at 6.3% and the US at 2.4%.
Airline Dominance
IndiGo and Air India: These two airlines, which have more than 1,000 planes on order, dominate the market, accounting for 9 out of 10 domestic seats.
Low-Cost Carriers (LCCs)
According to OAG, India has experienced the most significant shift towards low-cost carriers (LCCs) among the top five countries.
As of April 2024, low-cost carriers (LCCs) represented 78.4% of India's domestic capacity. This was followed by Indonesia at 68.4%, Brazil at 62.4%, the US at 36.7%, and China at 13.2%.
5. India Surges to 3rd Largest Domestic Airline Market Worldwide: OAG Report
Tags: Reports
India Becomes World's 3rd Largest Domestic Airline Market: According to the Official Airline Guide (OAG) report, India has climbed to the 3rd position in the global domestic airline market, up from 5th in 2014.
An Overview of the News
The country's domestic airline capacity increased from 7.9 million in April 2014 to 15.6 million in April 2024.
Global Rankings:
1st Position: United States of America (USA) with 86.1 million capacities.
2nd Position: China with 67.8 million capacities.
4th Position: Brazil.
5th Position: Indonesia.
Fastest Growing Market: India is highlighted as the fastest growing market among the top 5 domestic markets, with a capacity growth rate of seats increasing at 6.9% per annum over the past 10 years.
High Low-Cost Carrier (LCC) Presence: India has the highest proportion of Low-Cost Carriers (LCCs) among the top 5 countries. As of April 2024, LCCs accounted for 78.4% of India's domestic capacity.
IndiGo's Impact: IndiGo has been a major driver of India's LCC growth over the last decade, with its market share nearly doubling from 32% to 62%.
On 19th November 2023, Indian airlines carried nearly 456,000 domestic passengers, the highest since the COVID-19 pandemic, surpassing pre-COVID averages by 7.4%.
The number of airports in India increased from 74 in 2014 to 157 in 2024.
6. WEF 2024 Report: Sweden Leads, India Ranked 63rd on Global Energy Transition Index
The World Economic Forum (WEF), in collaboration with Accenture, published its annual report titled "Fostering Effective Energy Transition 2024" on 19th June 2024.
An Overview of the News
According to the report, India has achieved the 63rd position on the global Energy Transition Index (ETI) 2024.
The report highlights that India has climbed 3 places from its 2023 rank of 67th, driven by notable enhancements in energy equity, security, and sustainability domains.
Top Countries on ETI 2024:
Sweden secured 1st place with an ETI score of 78.4.
Denmark followed at 2nd place with a score of 75.2.
Finland ranked 3rd with a score of 74.5.
Fastest Improving Countries (Last 5 Years):
Estonia, Ethiopia, and Lebanon identified as countries showing significant improvement.
About WEF:
Established: 1971
Founder: Prof. Klaus Schwab
Headquarters: Cologny, Geneva Canton, Switzerland
Managing Director: Saadia Zahidi
Important Points
- India ranked 3rd in Global Unicorn Index 2024
- India ranked 159th in World Press Freedom Index 2024
- India ranked 129th in Global Gender Gap Index 2024
- India ranked 39th in WEF's Travel and Tourism Development Index 2024
- India ranked 126th in World Happiness Report 2024
7. India ranked 129th in Global Gender Gap Index
India has slipped two places to the 129th position in the Global Gender Gap Index.
An Overview of the News
Among South Asian countries, India ranks fifth, behind Bangladesh, Nepal, Sri Lanka, and Bhutan, with Pakistan ranked last.
India demonstrates notable gender parity in secondary education enrollment and political empowerment.
India secures the 10th position for the number of years with female/male heads of state in the last 50 years.
However, India's overall gender gap closure has slightly declined to 64.1% in 2024 from 64.2% last year.
Top 10: The Global Gender Gap Index 2024 rankings
Iceland
Finland
Norway
New Zealand
Sweden
Nicaragua
Germany
Namibia
Ireland
Spain
Bottom 5: The Global Gender Gap Index 2024 rankings
Sudan 146 Rank
Pakistan 145 Rank
Chad 144 Rank
Iran (Islamic Republic of) 143 Rank
Guinea 142 Rank
About Global Gender Gap Report
The Global Gender Gap Report, initiated by the World Economic Forum in 2006, evaluates gender equality worldwide.
It measures how resources and opportunities are distributed among men and women within countries.
The report aims to raise awareness and foster dialogue among policymakers by highlighting role model countries in equitable resource allocation.
According to the 2023 report, it will take 131 years to close the global gender gap.
8. India Surpasses Japan to Claim Third Spot in Global Solar Power Generation Race
Tags: Reports
According to Ember, India surpassed Japan in 2023 to become the world's third-largest solar power generator. This significant achievement reflects India's rapid growth in renewable energy.
An Overview of the News
The Global Electricity Review 2024 provided a comprehensive analysis of global power generation systems in 2023.
It included data from 80 countries, covering 92% of global electricity demand.
Record Solar Power Share:
Solar power's contribution to global electricity production reached a record 5.5% in 2023.
India experienced the fourth-largest increase in solar generation globally, with a rise of 18 TWh.
Leading Countries in Solar Growth:
China, the United States, Brazil, and India accounted for 75% of the overall solar power growth in 2023.
India's remarkable growth trajectory propelled it into the top ranks of solar power generation.
India's Solar Capacity Expansion:
India has significantly expanded its solar generation capacity since 2015.
Its share of solar power surged from 0.5% in 2015 to 5.8% in 2023.
Global Solar Power Acceleration:
Solar power generation globally increased sixfold between 2015 and 2023.
India experienced a seventeen-fold increase in solar generation capacity during the same period.
Future Projections:
The International Energy Agency (IEA) predicts that solar power will constitute 22% of global electricity generation by 2030.
Achieving this goal requires substantial efforts, including tripling global renewable capacity by 2030, as set at COP28.
India's Renewable Capacity Goals:
India aims to triple its renewable capacity by 2030, aligning with global targets.
However, Ember's analysis emphasizes the need for significant annual capacity additions to meet this ambitious target.
9. India Ranks 159th in World Press Freedom Index 2024; Norway Maintains Top Position
The World Press Freedom Index 2024, published by Reporters Without Borders (RSF), ranks India 159th out of 180 countries, with a score of 31.28.
An Overview of the News
Norway maintains its top position for the 8th consecutive year, with Denmark and Sweden following closely in 2nd and 3rd place, respectively.
The lowest three rankings are held by Eritrea (180th), Syria (179th), and Afghanistan (178th).
The United Nations Educational, Scientific, and Cultural Organization (UNESCO) marked World Press Freedom Day 2024 on May 3rd by releasing a report titled "Press and Planet in Danger: Safety of Environmental Journalists; Trends, Challenges, and Recommendations."
About the UNESCO
Director-General : Audrey Azoulay
Headquarters: Paris, France
Establishment: 1945
Membership: Consists of 194 Members and 12 Associate Members
10. New York Retains Title as World's Wealthiest City in 2024 Report
Tags: Reports
New York City, USA, maintains its position as the wealthiest city globally, according to the 2024 World's Wealthiest Cities Report by Henley & Partners.
An Overview of the News
The Bay Area in California, USA, secures the second spot, with Tokyo, Japan; Singapore; and London, UK, following closely at 3rd, 4th, and 5th positions, respectively.
Mumbai, Maharashtra, and Delhi are the only Indian cities among the top 50, ranked 24th and 37th, respectively.
The USA leads as the wealthiest country with 11 cities in the top 50.
China dominates the list with 5 mainland cities, along with Hong Kong and Taipei featured in the top 50.
Shenzhen, China, experiences the fastest growth in millionaires, with a 140% increase over the last decade.
Top 10 Wealthiest Cities
New York City, USA: 349,500 millionaires, 48% growth (2013–2023).
The Bay Area, USA: 305,700 millionaires, 82% growth.
Tokyo, Japan: 298,300 millionaires, -5% growth.
Singapore: 244,800 millionaires, 64% growth.
London, UK: 227,000 millionaires, -10% growth.
Los Angeles, USA: 212,100 millionaires, 45% growth.
Paris & Île-de-France, France: 165,000 millionaires, 12% growth.
Sydney, Australia: 147,000 millionaires, 34% growth.
Hong Kong, Hong Kong (SAR China): 143,400 millionaires, -4% growth.
Beijing, China: 125,600 millionaires, 90% growth.
About Henley & Partners:
CEO - Dr. Juerg Steffen
Headquarters - London, UK
