 "Top headlines: Unemployment rate rises to 7.8%, Twitter bans 680k accounts")
Unemployment rate rises to 3-month high of 7.8% in March, says CMIE
India's unemployment rose to a three-month high in March to 7.8 per cent as the country's labour markets deteriorated, according to data from the Centre for Monitoring Indian Economy (CMIE). Unemployment rate in the country surged in December 2022 to 8.30 per cent but declined in January to 7.14 per cent. It edged up again in February to 7.45 per cent, the CMIE data released on Saturday showed. Read more
India's Goods and Services Tax mop-up crosses Rs 18 trillion in FY23
India’s Goods and Services Tax ( GST) tax collection for FY23 crossed Rs 18 trillion, 22 per cent higher than last year, the finance ministry said on Saturday while releasing the March collection figures. During March, the government collection grew 13 per cent to over Rs 1.60 trillion, making it the second-highest collection ever. Read more
UPI processes 8.7 bln transactions in March, highest ever since inception
India’s flagship digital payment platform – Unified Payments Interface (UPI) – ended the financial year (FY23) on a high, with March seeing 8.7 billion transactions being processed on the platform, the highest ever since its inception, amounting to Rs 14.05 trillion. This is another record high for the platform. According to National Payments Corporation of India’s (NPCI) data, UPI transactions in March 2023 were over 60 per cent and 46 per cent higher in volume and value terms from the year-ago period. Last year in March, UPI had processed 5.4 billion transactions, amounting to Rs 9.6 trillion. Read more
India and Malaysia can now use Indian rupee to settle trade, says MEA
More From This Section
India and Malaysia can now use the Indian rupee to settle trade in addition to other currencies, the Ministry of External Affairs (MEA) said on Saturday. The move follows the decision by the Reserve Bank of India in July last year to allow settlement of international trade in Indian currency. Read more
Twitter bans record over 680,000 accounts in India amid major overhaul
Struggling to become profitable under Elon Musk as it takes drastic decisions which have infuriated users, Twitter banned a record 682,420 accounts promoting child sexual exploitation and non-consensual nudity in India between January 26 and February 25. The micro-blogging platform, going through a churning under Musk, also took down 1,548 accounts for promoting terrorism on its platform in the country. Read more