Money this Month
From the Chandrayaan -3 landing on the moon to UPI transactions crossing 10 billion mark and surge in Gst collection, to India at the BRICS Summit. One place to know about them all for it is your "Money This Month", that matters. Here's an addition to the series of intellectually stimulating ramblings about the financial world, explained in the most efficient and succinct jargon.
Headlines
UPI transactions crossed 10 billion in a month for first time in August 2023
India's GDP Growth Rate for Q1-FY 2023-24 at 7.8 per cent
Chandrayaan -3 project cost at Rs 600 Cr lower than budgets of Hollywood films on Space
GST collection surge 11% to Rs 1.59 lakhs Cr in August
India open to larger BRICS , trade in local currency on the agenda
RBI: 93% of Rs 2000 notes back with bank as of August 31
Onion market strike sparks price concern
So, how was the money this month?
UPI transactions crossed 10 billion in a month for first time in August 2023
Contactless digital payments framework, Unified Payments Interface (UPI) crossed 10 billion monthly transactions in August, confirmed the Reserve Bank's non profit agency, National Payments Corporation of India (NPCI). Monthly transaction count on UPI crossed 10.24 billion on 30 August with net transaction value of Rs 15.18 billion.
India's GDP Growth Rate for Q1-FY 2023-24 at 7.8 per cent
India recorded an economic growth rate of 7.8 per cent in April – June quarter of 2023-24 and remained the fastest growing large economy mainly due to better performance by agriculture and financial sectors.
Chandrayaan -3 project cost at Rs 600 Cr lower than budgets of Hollywood films on Space
Union Science and Technology Minister Dr Jitnedra Singh said the estimated cost of Chandrayaan -3 projects at Rs 600 Crore was lower than the budget of Hollywood films. The lander module of chandrayaan-3 comprising of Vikram lander and Rover Pragyaan made a soft landing on South Polar region on moon on 23 August. The six wheeled lander and rover module is configured with payloads that provide data to scientific community on properties of lunar soil and rocks including the presence of hydrogen and oxygen.
GST collection surge 11% to Rs 1.59 lakhs Cr in August
The Goods and Services Tax (GST) collection for August stood at Rs 1.59 lakh crore, maintaining a steady growth of 11% on the back of sustained economic growth. All the key manufacturing and consuming states have marked a growth ranging from 10% to 23% indicating that overall increase in domestic consumption is fairly widespread across state. Experts said the collections are likely to be better on the back of upcoming festive season.
India open to larger BRICS , trade in local currency on the agenda
15th BRICS Summit in Johannesburg, India indicated its willingness to support an expansion of five nation grouping . Boosting the incipient trade in local currencies among member countries is high on agenda of the leaders’ summit in South Africa from August 22 to 24. BRICS consists of Brazil, Russia,India, China and South Africa. It is centered on economic cooperation and aims to be a counterweight to western economies and the bulwark of Global South. Countries that have shown interest in joining it include Indonesia, Saudi Arabia,United Arab Emirates, Egypt, Iran and Argentina.
RBI: 93% of Rs 2000 notes back with bank as of August 31
Reserve Bank of India (RBI) indicated that about Rs 3.32 trillion or 93% of total Rs 2000 bank notes in circulation as on May 19 have been returned by public to Banks as at the end of August. Consequently, about Rs 24000 crore in the form of Rs 2000 bank notes were still in circulation, RBI said. Data collected from major banks indicates that out of total bank notes in Rs 2000 denomination received back from circulation about 87% was in the form of deposits and remaining around 13% has been exchanged into other denomination bank notes over bank counters.
Onion market strike sparks price concern
The onion crisis in India intensifies as Agricultural Produce Market Committee (APMC) constituents in Nashik, home to largest onion market in Aisa declared an indefinite strike due to 40% export tax. Mumbai APMC onion-potato market director Ashok Walunj said state agricultural minister Dhananjay Munde could take up the issue of revoking tax with central government. He claimed that poor farmers would suffer “huge losses” because of tax which would render indian exports of onions.