Context:
Finance Minister Nirmala Sitharaman has directed officials to urgently make the Unified Payments Interface (UPI) system more robust, after multiple service disruptions earlier this month.
- A review meeting was held in New Delhi, attended by:
- Senior officials from the Reserve Bank of India (RBI)
- National Payments Corporation of India (NPCI)
- Finance Secretary Ajay Seth
- Department of Financial Services Secretary M. Nagaraju
Key Focus Areas
- Enhancing UPI Infrastructure:
- Strengthen resilience, scalability, and real-time monitoring.
- Ensure uninterrupted service delivery and bolster user trust.
- Collaborative Approach:
- Sitharaman urged stakeholders to address infrastructure gaps, improve cybersecurity frameworks, and enhance the end-user experience.
- The NPCI was specifically instructed to reinforce the robustness of the UPI platform to prevent future service disruptions.
Broader Economic Outlook
- India’s Growth Story:
- Despite recent global uncertainties and downgrades by international agencies, Sitharaman asserted that India’s economy remains resilient.
- Projected Growth: India is expected to grow by 6.5% in 2025–26, driven by strong domestic consumption and investment demand.
- External Sector Optimism:
- Services exports are projected to stay resilient.
- The recent decline in crude oil prices is expected to support a positive inflation outlook.
