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Traders Withdraw October 2 ‘No UPI Day’ Call After Meeting Finance Minister

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Traders Withdraw October 2 ‘No UPI Day’ Call After Meeting Finance Minister

Traders’ bodies have withdrawn their call to observe October 2 as a “No UPI Day” after a delegation of trade leaders met Finance Minister Nirmala Sitharaman in New Delhi on September 30. The proposed protest was triggered by the government’s plan to introduce a 0.4% Merchant Discount Rate (MDR) on specified merchant UPI payments above Rs 2,000. The proposed MDR is still scheduled to take effect from October 15.

Why did traders plan a ‘No UPI Day’?

The All India Consumer Products Federation and the All India Mobile Retailers Association had called for October 2 to be observed as a “No UPI Day”.

The trade bodies said they were concerned about the potential impact of the proposed MDR on merchants, particularly small and medium businesses.

A delegation of around 20 senior trade leaders from different states met Sitharaman to raise these concerns.

The delegation was led by Praveen Khandelwal, Member of Parliament from Chandni Chowk and secretary general of the Confederation of All India Traders (CAIT).

Following the meeting, Khandelwal said the organisations decided to withdraw the protest in view of the discussions and the assurance that the concerns raised by traders would receive consideration.

What are traders asking the government to change?

The trade bodies have asked the government to defer the implementation of the proposed MDR, particularly because the festive season is approaching and business activity is expected to increase.

They have also sought a review of the proposed Rs 1 lakh transaction threshold and asked the government to consider raising it to Rs 5 lakh.

Another demand is to keep merchant-to-merchant (M2M) transactions outside the MDR framework.

The associations have also proposed setting up a special committee to examine their concerns and recommend a way forward.

Why are small businesses concerned?

For traders, digital payments have become an important part of everyday business.

The trade bodies have argued that introducing an additional payment-related cost could increase the financial burden on merchants, particularly small and medium businesses.

Their concern comes at a time when merchants are preparing for the festive season, when retail activity typically becomes more intense.

The associations have therefore asked the government to consider the timing of the proposed MDR along with its potential impact on businesses.

‘No UPI Day’ call has been withdrawn, but the issue remains.

The withdrawal of the protest does not mean that the proposed MDR has been cancelled.

The 0.4% charge on specified merchant payments above Rs 2,000 remains scheduled for October 15, based on the source.

The traders’ bodies are instead seeking further discussions with the government before implementation.

They have said their objective is not to oppose digital payments. The delegation reiterated its support for the Digital India mission and UPI’s growth as a digital payment system.

The trade bodies said they want policies governing digital payments to balance the interests of consumers and businesses.

What happens next?

The immediate protest planned for October 2 will not take place.

However, the trade bodies want the government to consider three key changes:

  • Defer the proposed MDR implementation.
  • Review the Rs 1 lakh threshold and consider increasing it to Rs 5 lakh.
  • Exclude merchant-to-merchant transactions from the MDR framework.

They have also sought a special committee to examine the concerns raised by traders.

The Finance Minister assured the representatives that the government remains committed to promoting digital transactions while considering the interests of stakeholders, according to the CAIT statement cited in the report.

For customers, there is no reported change to the October 15 implementation date yet. The next key development will depend on the government’s response to the traders’ requests and any changes it may make to the proposed MDR framework.

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Explainer

The ₹80,000 Phone: A Status Symbol or a Financial Mistake?

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For young earners, buying an expensive smartphone can feel like a reward for hard work. But when does the desire to look successful start getting in the way of building wealth?

The first salary brings a new kind of freedom. A young professional can finally buy things without asking for money. And often, the first big purchase is a smartphone.

Friends are flaunting their latest devices, Instagram is flooded with unboxing videos and a perfectly functional phone suddenly feels outdated. An ₹80,000 smartphone starts looking less like an expense and more like a reward for all the hard work.

But there is a difference between buying something because it adds value and buying it because it makes life look better to others.

India’s premium smartphone obsession

India’s smartphone market is moving towards premium devices. According to Counterpoint Research, smartphones priced above ₹30,000 accounted for 22% of smartphone shipments in India in 2025, their highest ever share.

A July 2026 Counterpoint Research survey also found that 46% of prospective smartphone buyers in India were willing to stretch their budgets to purchase their preferred phone despite price increases. Among consumers aged 25 to 30, the figure was 52%.

These numbers do not mean everyone buys expensive phones for status. Better cameras, performance and software support can justify the premium. However, they highlight how willing consumers can be to spend beyond their original budgets for a device they desire.

For young professionals still building their savings, this creates a dilemma: should the money go towards a premium phone or towards financial security?

What does an ₹80,000 phone actually cost?

Consider someone earning ₹40,000 a month and choosing between a ₹15,000 smartphone and an ₹80,000 device.

The premium phone costs twice their monthly salary before deductions. The budget alternative costs less than half of one month’s salary.

The difference is ₹65,000. That money could help build an emergency fund, pay for professional training or contribute towards future investments.

Of course, a premium phone may offer better features and a longer useful life. The point is not that expensive phones are always a bad purchase. It is whether the additional benefits justify the additional cost.

The EMI trap

Monthly instalments can make an expensive purchase feel manageable. Instead of thinking about ₹80,000, buyers focus on a smaller monthly payment.

But an affordable EMI does not automatically make a purchase financially sensible.

If repayments leave little money for savings, rent or other priorities, the phone may be stretching the budget more than it appears. Interest and fees can also increase the total cost.

The real cost of keeping up

The phone that attracts compliments today may become ordinary tomorrow. A newer model arrives, attention shifts and the excitement fades. The money spent, however, does not return.

For someone whose main motivation is social recognition, this creates an uncomfortable trade off. The owner bears the full cost while the approval may last only a short time.

Choosing a budget phone and keeping the ₹65,000 difference could create room for savings, experiences or investments. For illustration, ₹65,000 invested at an assumed annual return of 10% could grow to approximately ₹1.05 lakh over five years, before taxes and charges. Actual returns are not guaranteed.

So, should young earners buy budget phones?

Not necessarily. A premium phone can be worth the money when its features genuinely matter and the purchase fits comfortably within the buyer’s finances.

But before upgrading, it helps to ask: is the phone being purchased for its usefulness or because everyone else seems to have one?

Affordable smartphones have expanded the choices available to consumers. For everyday needs such as messaging, digital payments, browsing and streaming, a budget device may be sufficient.

A smartphone can signal purchasing power, but it cannot tell anyone how financially secure its owner really is.

The real flex is not owning the most expensive phone. It is being able to afford the things that matter without sacrificing the financial freedom that makes them possible.

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India-US Trade Pact Enters Final Drafting Stage

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India-US Trade Pact Enters Final Drafting Stage

The first phase of the India-US trade agreement is in the final stages of legal drafting, with India seeking better market access and a competitive advantage for its exporters.

India and the United States are moving closer to finalising the first phase of their bilateral trade agreement, Commerce and Industry Minister Piyush Goyal said on Thursday. The agreement is currently undergoing legal drafting, with the government hoping to complete the process soon.

However, India wants to ensure that the deal gives its exporters a competitive advantage over businesses from other countries before it is implemented.

What Is the Latest Update?

According to Goyal, the first tranche of the India-US trade agreement has been finalised and is now going through the final stages of legal drafting.

Commerce Secretary Rajesh Agrawal also said negotiations were progressing in the right direction, with both countries working towards concluding and signing the agreement at the earliest.

However, the final timeline depends partly on the United States formalising its broader tariff framework. India is also seeking greater stability in tariffs and preferential access to the American market so that Indian exporters can compete effectively with businesses from other countries.

Why Does India Want a Competitive Advantage?

The US is India’s largest destination for merchandise exports, making trade terms between the two countries important for Indian businesses.

Preferential market access could help Indian exporters compete more effectively in the US by improving the tariff conditions under which their goods enter the market.

For example, if Indian products face lower tariffs than similar products from competing countries, they could become more attractive to American buyers. This could potentially help Indian businesses expand exports and secure new orders.

India is therefore looking beyond simply signing an agreement. It wants terms that allow its exporters to compete on favourable footing in the American market.

What Happens Next?

While the first phase has reached the legal drafting stage, some steps remain before the agreement can be signed and implemented. These include aligning the deal with the broader US tariff framework and resolving the remaining issues.

Separately, Goyal said the India-European Union free trade agreement is expected to be signed in December 2026 and could come into force in February or March 2027.

For India, these trade negotiations form part of a wider effort to strengthen international trade ties and improve opportunities for domestic businesses.

Source: The Economic Times 

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IPO Watch

Jio IPO 2026: How the ₹30,213 Crore Issue Will Use Its Funds

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Jio IPO 2026: How the ₹30,213 Crore Issue Will Use Its Funds

Unlike several major IPOs where existing investors sell their stakes, Jio Platforms’ upcoming public issue will raise fresh capital for the company, with most of the proceeds earmarked for debt repayment.

India’s IPO market is gearing up for a major milestone. Jio Platforms, the digital services arm of Reliance Industries, is preparing to launch a ₹30,213 crore initial public offering (IPO), which could become the country’s largest-ever public issue.

But the size of the offering is not the only thing setting it apart. The structure of Jio’s IPO makes it different from several large listings seen in India over the past few years.

A Fresh Issue, Not an Investor Exit

Jio Platforms’ IPO will consist entirely of newly issued shares, with no offer-for-sale (OFS) component. This means existing shareholders will not be selling their shares as part of the public issue.

In an OFS, existing investors or promoters sell some of their holdings to public investors. The money from that sale goes to the shareholders selling their stakes rather than to the company itself.

A fresh issue works differently. The company creates and issues new shares to raise capital, which it can then use for specified business purposes.

For Jio Platforms, this means the funds raised through the IPO will go to the company, rather than serving as an exit route for its existing investors, including Reliance Industries, Meta and Google.

Where Will the IPO Money Go?

A significant portion of the proceeds will be used to repay or prepay borrowings of Reliance Jio Infocomm, Jio Platforms’ telecom subsidiary.

The company has earmarked up to ₹27,500 crore of the net proceeds for this purpose, with the remaining funds intended for general corporate purposes. At the upper end of the IPO’s price band, the debt repayment allocation accounts for approximately 91% of the total issue size.

Reducing debt can help lower interest expenses and strengthen a company’s balance sheet. For Jio, the proposed repayment could support its financial position as it continues to expand its digital and telecom businesses.

When Is the IPO Opening?

Jio Platforms has fixed a price band of ₹1,065 to ₹1,119 per share. The public issue is scheduled to open on October 21 and close on October 23, 2026, with anchor investor bidding planned for October 19.

At the upper end of the price band, the company could raise ₹30,213 crore, surpassing Hyundai Motor India’s ₹27,859 crore IPO in 2024.

The offering values Jio Platforms at approximately ₹10.3 lakh crore, making it one of the most significant listings in India’s capital markets.

A Growing Business Heads to the Stock Market

The IPO comes as Jio Platforms continues to expand its presence across telecommunications and digital services. In FY26, the company reported revenue from operations of approximately ₹1.47 lakh crore, while its net profit rose to ₹30,049 crore.

Its subscriber base has also grown substantially since Reliance Jio entered the telecom market in 2016, disrupting the industry with affordable data and voice services.

The listing will give public-market investors an opportunity to invest directly in Jio Platforms and provide a market valuation for Reliance Industries’ digital business.

For investors, however, the size of an IPO alone does not determine whether it is a suitable investment. The company’s valuation, financial performance, future growth prospects and risks all matter when evaluating a public issue.

Source: Moneycontrol

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