However, the value of such transactions rose 6%.

Local players such as Paytm and PhonePe have been competing for market share in the digital payments space, facing stiff competition from global giants Google and WhatsApp.

While UPI transactions have mostly comprised P2P ones till date, both NPCI & other players have undertaken measures to promote merchant transactions – a rise in merchant transactions will exponentially raise the value of the UPI market.

Sugar output in India has reached 32 Million tonnes in the first 7 months of the marketing year starting October 2018, with total production at 33 Million tonnes, according to ISMA.

India’s annual domestic requirement is 26 Million tonnes.

The top 3 sugar producing states – UP, Maharashtra and Karnataka — have produced 11.26 MN, 10.7 MN and 4.3 MN (all tonnes), respectively, during the October-April 2018-19.

With many public sector banks remaining under prompt corrective action the past few years, credit availability to MSMEs had been impacted and these firms have had to increasingly rely on moneylenders.

While the average cost of bank lending to MSMEs is between 12-15%, it goes up to as high as 18% from NBFCs, and 24% from moneylenders.

The student housing market received an investment of $100 MN last year, but the sector has the potential to attract $50 BN, with an existing demand-supply gap of 8 million beds, according to property consultant Knight Frank.

The demand is expected to grow at a rate of around 8% each year until 2025 to around 13 MN beds – only 20% of current demand is met by university-operated supply.

Domestic air traffic registered first negative growth rate in more than five years in April, mainly due to the demise of Jet Airways, said a statement by IATA.

According to the report, Revenue Per Passenger (RPKs) in India are currently 0.5% lower than their year-ago level, down from a 15% year-on-year pace as recently as December.

Globally, the IATA said RPK rose 4.3% in April compared to the same period a year ago.

India has proposed to reduce import duties on telecom equipment, including mobile phones and smart watches, and offered an optimum duty reduction package, in line with US demands.

India has also sought to calm US nerves on the proposed e-commerce policy that Washington claims restricts entry by foreign corporate firms and raises the cost of business of US companies through forced server localization.

In April, the volumes in the Indian pharmaceutical markets grew by 2.8%, relative to a 5.2% per cent rise in prices.

Edelweiss has noted in a recent note that there is growing awareness about cheaper alternatives to branded generics and more channels providing access to them has started to impact volume growth for branded generics.

The drop was 20% in May, as continued weakness in retail offtake forced manufacturers to cut production.

Domestic car sales declined 26%, motorcycle sales last month were down 4.9%, while tow wheelers declined 6.7% and commercial vehicles decreased10%.

The government had helped the industry recover previously in 2011-12 and 2008-9 with various policy measures including cut in excise duty.

Exports touched to $17.9 BN as per RBI data. This follows a March increase of 10.5% to $11.7 BN.

Services accounts for 55% of GDP & the government is taking steps to promote growth. As an example, last year, an INR 5,000 crore package to promote 12 champion services sectors such as IT, tourism and hospitality was approved.

A 5% import duty by the Gulf nation to restrict trading & boost local manufacturing, has resulted in India losing over 1/3 of its apparel & garments exports in FY19.

India’s overall exports of apparel or readymade garments were marginally lower at $16.1 billion, compared to $16.7 billion a year ago, according to data from the commerce ministry.

India’s coal import increased by 13.4% to 20.7 million tonnes (MT) in April compared to 18.3 MT last year.

Non-coking coal or thermal coal shipments were at 15.08 MT, while coking coal, used in iron and steel making, were 3.52 MT in April while metallurgical coke imports during the month were at 0.22 MT.

Amid concerns about sluggish steel demand and dumping threat from China, domestic steel may register a growth of 6-8% according to experts.

“The central government has been focusing on infrastructural projects like Sagarmala, Smart Cities and the new government would stick to its focus. I think steel demand is expected to grow by 7-8% in 2019-20” INSDAG Director General Sushim Banerjee.

POSOCO, the grid manager of the country, is running a pilot with 57 thermal power projects to ensure round-the-clock availability of cheaper power and reducing outages that could save state’s INR 2.5 CR per day.

In 2016, the Power Ministry introduced a mechanism and monitoring portal called MERIT, that entailed that states should prefer cheaper power first.

Five working groups are being formed to deal with myriad issues, focusing on financial payments, postal problems, customs bottlenecks, goods and services tax and export promotion.

According to estimates by citizen engagement social networking platform Localcircles, about 75,000 exporters from India sent out $1.2 billion worth of goods via the e-commerce channel during FY19.

The slow down was because of a slump in government spending due to lower than anticipated tax collections.

The Core 8 — steel, coal, electricity, cement, refinery production, crude oil, natural gas and fertiliser — comprise 40.3% weight of the Industrial Production Index (IIP).

IIP growth going ahead is expected to remain subdued in the vicinity of 2 – 2.5%.

Monsoon rainfall is expected to be 96 %of the long-term average (LPA), the India Meteorological Department (IMD) said in a statement.

Average, or normal, rainfall is defined as between 96% and 104% of a 50-year average of 89 cm for the 4-month season beginning June.

The monsoon season delivers about 70% of India’s annual rainfall and is key to the success of the farm sector in Asia’s third-biggest economy.