India wants BRICS countries to make cross-border trade as easy as digital payments at home.

At the BRICS Business Forum in New Delhi, Commerce and Industry Minister Piyush Goyal urged member and partner countries to link their payment systems, increase trade in local currencies and make digital trade more accessible.

The pitch comes as India hosts the 18th BRICS Summit on September 12 and 13.

At the centre of India’s proposal is something most Indians already use every day: UPI.

From scanning a QR code to paying across borders

For an Indian consumer, paying through UPI is almost effortless.

You scan a QR code, enter the amount and the money moves from one bank account to another.

But cross-border payments can be a very different story.

International transactions can involve multiple banks, currencies, intermediaries and regulatory requirements. This can make payments slower and more expensive, particularly for businesses dealing with smaller-value transactions.

Goyal wants BRICS countries to explore whether their payment systems can be linked to make such transactions easier.

India already has experience in taking UPI beyond its borders. Goyal said UPI is currently accepted in 11 countries and called on BRICS member and partner countries to link their payment systems.

The larger idea is simple: make digital payments work across borders just as seamlessly as they do within them.

What does local-currency trade mean?

There is another important part of Goyal’s proposal: trading in each other’s local currencies.

Today, the US dollar plays a major role in international trade. When two countries trade with each other, their currencies may often be converted through the dollar or through other established international settlement mechanisms.

Trading more directly in local currencies could reduce some of that dependence.

For example, an Indian company importing goods from another BRICS country could potentially settle the transaction using the rupee and the partner country’s currency, rather than relying on the dollar as an intermediary.

This does not mean the BRICS countries are creating a common currency.

The proposal is more practical: use existing national currencies and build payment systems that can connect them.

Why is India pushing this?

Because BRICS has become a significant trading bloc.

According to Commerce Secretary Rajesh Agrawal, trade among BRICS countries increased from $84 billion in 2003 to nearly $1.2 trillion in 2024. The grouping now accounts for nearly one-fourth of global trade.

If that trade continues to grow, payment infrastructure becomes increasingly important.

A company can find a buyer in another country. It can manufacture the product. It can arrange shipping.

But if getting paid remains complicated, expensive or slow, that can still become a barrier to doing business.

A smoother payment network could therefore support the next phase of intra-BRICS trade.

UPI is India’s big advantage

India isn’t proposing this from scratch.

UPI has already become one of the country’s most successful examples of digital public infrastructure.

The system has transformed how Indians make everyday payments and has increasingly attracted international interest.

Goyal highlighted India’s growing digital public infrastructure and UPI’s global footprint while making his pitch to BRICS countries.

For India, this creates an opportunity to export not just goods and services but also digital infrastructure and technology standards.

The idea is to move from being a user of global payment systems to becoming a country whose payment technology helps shape how international trade works.

It is not just about payments

Goyal’s proposal was part of a broader push to make trade between BRICS countries easier.

He called for countries to open their markets, simplify regulatory procedures, speed up the clearance of consignments and strengthen supply chains, particularly for raw materials and critical minerals.

He also highlighted India’s strengths in engineering goods, electronics and pharmaceuticals and pointed to opportunities for greater cooperation in agriculture, technology and services.

That means the payment-system proposal is just one piece of a much larger puzzle.

The ambition is to make it easier for businesses in BRICS countries to find customers, suppliers and partners across borders.

What could this mean for Indian businesses?

For large corporations, cross-border payment systems are already part of doing business internationally.

But for smaller businesses, exporters, startups and service providers, simplifying payments could make a bigger difference.

Imagine an Indian MSME selling products to a customer in another BRICS market.

If payment systems are better connected, the business could potentially receive payments faster and with fewer intermediaries.

For exporters, this could mean lower friction.

For startups, it could make entering new markets easier.

For consumers, it could eventually mean more convenient international digital payments.

The impact will depend on how many countries participate and how their systems are connected. But the potential is significant.

The bigger challenge: making countries work together

Linking payment systems sounds straightforward.

It isn’t.

Every country has its own banking regulations, currencies, financial infrastructure, data rules and security requirements.

A successful cross-border payment network would need countries to agree not just on technology but also on regulation, security, currency settlement and trust.

There is also the question of how quickly businesses and financial institutions adopt such systems.

So the announcement is an important first step, but building a truly connected BRICS payment network would require sustained cooperation.

What happens next?

India’s BRICS presidency is focused on “Building for Resilience, Innovation, Cooperation and Sustainability.”

The push for connected payment systems fits neatly into that agenda.

If BRICS countries can make progress on payment linkages and local-currency settlements, it could eventually create a more integrated digital trade ecosystem across some of the world’s fastest-growing economies.

For India, there is an added opportunity.

UPI started as a way to make payments easier for Indians.

Now, India is asking whether the same thinking can help make international trade easier too.

Source: DD News

For years, the National Stock Exchange has been the place where Indians buy and sell stocks.

Now, the exchange itself is coming to the stock market.

The much-awaited NSE IPO will open for subscription on September 17, 2026 and close on September 21. The price band has been fixed at ₹1,700 to ₹1,785 per share. At the upper end of the price band, the issue is expected to be worth around ₹22,569 crore, making it one of India’s biggest IPOs. The shares are expected to list around September 24.

But before you rush to apply, there is one important thing to understand.

This isn’t NSE raising money to build a new business.

Here’s why.

First things first: What exactly is the NSE IPO?

The NSE IPO is an Offer for Sale (OFS).

In simple words, NSE is not issuing new shares to raise fresh money. Instead, some of its existing shareholders are selling a part of their holdings to the public.

That means NSE itself will not receive the money raised through the IPO. The proceeds will go to the shareholders selling their shares.

The final offer consists of up to 126.44 million shares, significantly lower than the nearly 149 million shares proposed earlier in the draft prospectus.

Several existing shareholders, including SBI, Bank of Baroda and others, have reduced the number of shares they plan to sell. SBI, for instance, has cut its proposed sale from 24.75 million shares to around 15.97 million shares.

So, the IPO has become smaller before it even opens.

How much money do you need?

The IPO’s price band is ₹1,700 to ₹1,785 per share.

The lot size is 8 shares.

At the upper end of the price band, one lot would therefore cost:

8 × ₹1,785 = ₹14,280

So, a retail investor would need roughly ₹14,280 to apply for one lot at the upper price band.

Of course, applying does not guarantee allotment.

Why is everyone talking about this IPO?

Because NSE isn’t just another company going public.

It is the exchange where millions of Indians trade.

As of March 2026, NSE had 129.09 million unique investors and 253.66 million investor accounts. It had 1,325 trading members and 2,978 listed companies on its platform.

NSE also held a dominant position in India’s equity derivatives market and accounted for more than half of global equity derivatives trading by contracts in FY2026, according to the company’s disclosures cited by Groww.

In other words, when you buy or sell shares on NSE, you’re using the infrastructure of the very business you can now potentially invest in.

But here’s the catch

NSE’s dominance does not automatically mean its IPO is a guaranteed winner.

The biggest question for investors is how NSE makes money and how sustainable that business is.

A large part of NSE’s revenue is linked to trading activity, particularly derivatives.

And that business is facing regulatory changes.

Stricter rules around options trading, changes to funding norms and higher taxes on derivatives trading have affected trading activity. Reuters reported that NSE derives more than 60% of its revenue from options transactions and that options volumes had declined year-on-year in August.

So while NSE is a market leader, investors also need to ask:

Can its current level of profitability continue?

The numbers look strong, but not perfect

In FY2026, NSE reported:

• Revenue from operations: ₹16,601 crore
• EBITDA: ₹11,098 crore
• Profit after tax: ₹10,302 crore

However, profit was lower than the ₹12,188 crore reported in FY2025.

At the same time, the latest quarter showed some improvement.

For the quarter ended June 30, 2026, NSE’s net profit increased 6.7% to ₹3,120 crore, while revenue from operations rose 13% to ₹4,560 crore.

So the picture isn’t simply “NSE is growing” or “NSE is slowing.”

It’s a little of both.

And then there is the valuation question

At ₹1,785 per share, NSE could be valued at around ₹4.42 lakh crore, or approximately $46 billion.

That is a massive valuation.

And this is where investors need to separate two things:

A great company does not always mean a great investment at any price.

NSE may have a strong market position, a powerful brand and a business that benefits from India’s growing participation in financial markets.

But if investors pay too much for that growth, future returns could still disappoint.

What should an investor actually look at?

Instead of asking only, “NSE IPO listing gain kitna dega?”, ask these five questions:

1. How dependent is NSE on derivatives?

If a large chunk of revenue comes from options trading, regulatory changes can directly affect earnings.

2. Can NSE keep increasing trading volumes?

More investors and more trading activity can mean more revenue. But competition and regulations matter too.

3. Is the IPO valuation reasonable?

A strong business can still be expensive.

4. Why are existing shareholders selling?

This is an OFS, so investors should understand who is selling and why.

5. Am I investing for the business or just the listing pop?

These are two very different strategies.

If your entire thesis is “NSE will list at a premium”, you’re betting on market sentiment.

If you’re planning to hold it for years, you’re betting on NSE’s ability to remain one of the most important pieces of India’s financial infrastructure.

The Simple Hai! takeaway

The NSE IPO is historic because the institution that has powered India’s stock market for decades is finally becoming a listed company itself.

But historic does not automatically mean profitable for every investor.

The IPO opens on September 17 with a price band of ₹1,700-₹1,785. The minimum application at the upper end works out to ₹14,280 for one lot of eight shares.

The interesting question isn’t just:

“Should I apply for the NSE IPO?”

It is:

“At this valuation, am I buying the future of India’s markets or simply paying a premium for its past success?”

And that’s the question investors should answer before pressing that Apply button.

This article is for educational purposes only and should not be considered investment advice or a recommendation to subscribe to the NSE IPO.

Retirement planning is usually about one big question: How much money do I need to retire?

But once you actually retire, another question becomes just as important:

How much can I withdraw without running out of money?

This is where a Systematic Withdrawal Plan (SWP) can become an important part of your retirement strategy.

An SWP allows you to withdraw a fixed amount from your mutual fund investments at regular intervals, while the remaining corpus stays invested. But unlike a pension, an SWP does not guarantee income for life. Your money remains exposed to market movements, inflation and other risks.

First, calculate your actual income gap

Don’t start with a random withdrawal number.

Start with your expenses.

Add up your essential monthly costs – household expenses, healthcare, insurance, utilities and other regular needs. Then subtract income you already have from sources such as a pension, rent or other investments.

The gap is what your SWP needs to cover. For example, if your retirement expenses are ₹70,000 a month and you receive ₹30,000 from other reliable sources, your portfolio needs to generate the remaining ₹40,000.

That number should drive your withdrawal strategy – not simply what feels comfortable today.

How much can you withdraw?

Suppose you retire with a ₹1 crore corpus and withdraw ₹40,000 every month.

That is ₹4.8 lakh a year, or an initial withdrawal rate of 4.8%.

Whether that money lasts depends on several factors – investment returns, inflation, how long you need the corpus and whether your withdrawals increase over time. There is no single withdrawal rate that works for every retiree.

The bigger the withdrawal, the greater the pressure on your corpus.

The biggest risk may come early

Imagine you retire and the market falls sharply in your first year.

You still need your monthly income, so you continue withdrawing money while your investments are down.

You may now have to sell more units to generate the same amount of cash.

This is known as sequence-of-returns risk – and it can seriously affect how long your retirement corpus lasts.

One way to manage this is to keep some money in relatively safer or liquid investments for near-term expenses, reducing the need to sell growth-oriented investments during a market downturn.

Inflation doesn’t retire with you

A ₹50,000 monthly expense today won’t necessarily remain ₹50,000 five or ten years from now.

Healthcare, household costs and everyday living expenses can rise with inflation.

That means your retirement plan needs to account for rising expenses, rather than assuming today’s spending will remain unchanged.

Your SWP should therefore be reviewed periodically instead of being treated as a set-it-and-forget-it strategy.

Don’t ignore taxes

An SWP isn’t simply “withdrawing your own money”.

Each withdrawal involves the redemption of mutual fund units. The taxable portion is generally the capital gain arising from the units being redeemed, with the applicable tax depending on the fund type, holding period and prevailing tax rules.

So your retirement strategy isn’t just about how much you withdraw.

It is also about how you structure your investments and withdrawals.

The bigger retirement lesson

Building a ₹1 crore or ₹2 crore corpus may feel like the finish line.

It isn’t. Accumulation is one part of retirement planning. Decumulation – deciding how to use that money – is the other.

A good retirement strategy needs to answer four questions:

How much will I need?
How much can I withdraw?
Where should the remaining money stay invested?
How often should I review the plan?

Because the goal isn’t simply to retire with a large corpus. The goal is to make that corpus last as long as you need it.

Source: Moneycontrol