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Cabinet approves Rs 2,600 crore incentive for digital transactions

The incentive programme for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (person-to-merchant) for a period of one year starting in April 2022 has been authorised by the Union Cabinet, which is presided over by Prime Minister Narendra Modi.

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BHIM-UPI

The incentive programme for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (person-to-merchant) for a period of one year starting in April 2022 has been authorised by the Union Cabinet, which is presided over by Prime Minister Narendra Modi.

A budgetary investment of Rs 2,600 crore has been allocated for the incentive programme for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M) in FY 2022–23. For the current fiscal year FY 2022–23, acquiring banks will get financial incentives under the aforementioned programme to encourage Point-of-Sale (PoS), e-commerce, and low-value BHIM–UPI transactions (P2M).

The government intends to maintain the financial support for digital payments introduced in the previous Budget, with an emphasis on encouraging usage of payment platforms that are affordable and user-friendly, the Finance Minister stated in her address on the Budget for FY 2022-23. The plan was created in accordance with the aforementioned Budget release.

In accordance with the FY2021–22 budget release, the government established an incentive programme in FY2021-22 to further promote digital transactions. Because of this, the overall volume of digital payment transactions has increased annually by 59%, from 5,554 crore in FY2020–21 to 8,840 crore in FY202–21. Transactions through BHIM-UPI increased by 106% year over year, from 2,233 crore in FY2020–21 to 4,597 crore in FY202–21.

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The Reserve Bank of India (RBI) and a number of other participants in the digital payments ecosystem raised concerns about the negative effects of the zero MDR regime on the development of the digital payments ecosystem. The National Payments Corporation of India (NPCI) also asked for the encouragement of BHIM-UPI and RuPay Debit Card transactions in order to develop a cost-effective value proposition for ecosystem stakeholders, expand merchant acceptance footprints, and hasten the transition from cash to digital payments.

The Indian government is launching a number of measures to promote digital payments all around the nation. Digital payment transactions have grown significantly during the past few years. Digital payments made it easier for businesses, notably small retailers, to operate during the Covid-19 crisis and contributed to the upkeep of social distance. In the month of December 2022, UPI set a record with 782.9 billion digital payment transactions worth $12.82 trillion.

This incentive programme will make it easier to develop a strong digital payment ecosystem and promote digital transactions using the BHIM-UPI and RuPay Debit Cards. In keeping with the goal of “Sabka Saath, Sabka Vikas,” the programme will also advocate for UPI Lite and UPI 123PAY as affordable and user-friendly digital payment options and help the nation’s adoption of digital payments across all industries and demographic groups.

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Rahul Gandhi, Rajnath Singh clash in Lok Sabha over ex-Army chief’s unpublished book on Ladakh

Lok Sabha proceedings were disrupted after Rahul Gandhi cited an unpublished book by former Army chief General MM Naravane on the Ladakh stand-off, drawing objections from Rajnath Singh and other BJP leaders.

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Rahul Gandhi

A sharp confrontation unfolded in the Lok Sabha on Monday after Leader of Opposition Rahul Gandhi referred to an unpublished book by former Army chief General MM Naravane while speaking on the 2020 India-China Ladakh stand-off, prompting strong objections from treasury benches.

Rahul Gandhi began his address by holding a printout of a magazine article that carried an essay on General Naravane’s yet-to-be-published memoir, Four Stars of Destiny. The reference immediately drew an intervention from Defence Minister Rajnath Singh, who objected to the citation, saying quoting an unpublished book violated parliamentary rules.

Objections from treasury benches

Rajnath Singh demanded that the Leader of Opposition place the book before the House, arguing that since the memoir had not been formally published, its contents could not be cited during proceedings. The objection was echoed by Home Minister Amit Shah, who questioned how references could be made to material that was not publicly available.

Parliamentary Affairs Minister Kiren Rijiju went a step further, suggesting that the House should deliberate on action against members who do not comply with the Speaker’s rulings.

As Rahul Gandhi persisted, repeatedly referring to “Chinese tanks” while discussing the eastern Ladakh situation, the opposition from BJP members intensified, leading to sustained disruptions.

Opposition support and continued disruptions

Samajwadi Party chief Akhilesh Yadav backed Rahul Gandhi, stating that issues concerning China were sensitive and that the Leader of Opposition should be allowed to present his views in the House.

Responding to the objections, Rahul Gandhi questioned the resistance to his remarks, asking what in the book was causing such concern. He maintained that both the article and the contents he was quoting were “100 per cent authentic.”

The Congress leader also said he had not intended to raise the issue but felt compelled to do so after BJP MP Tejasvi Surya questioned the patriotism of the Congress and its leadership.

Government, Congress trade charges

Government sources accused Rahul Gandhi of setting a dangerous precedent by citing material from an unpublished book, alleging that such references could be misused to make unverified claims on the floor of Parliament.

Congress MP Priyanka Gandhi defended her brother, saying he was not attempting to defame the Army and was merely reading an excerpt attributed to the former Army chief. She accused the ruling party of resisting discussion whenever uncomfortable issues surfaced.

House adjourned amid chaos

The repeated interruptions forced Lok Sabha Speaker Om Birla to adjourn the House till 3 pm. When proceedings resumed, similar scenes played out as Rahul Gandhi again attempted to speak on the subject, leading to further disruptions and another adjournment.

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P Chidambaram avoids commenting on Trump’s dead economy remark echoed by Rahul Gandhi

Chidambaram stays silent on Trump’s ‘dead economy’ remark echoed by Rahul Gandhi as Congress critiques Union Budget 2026.

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P Chidambaram

Finance Minister Nirmala Sitharaman on Sunday presented her ninth consecutive union budget, stopping just short of Morarji Desai’s record of ten.

Congress MP P Chidambaram, however, avoided commenting on the ‘India is a dead economy’ statement made by former US President Donald Trump last July, which was later echoed by Rahul Gandhi.

Speaking to reporters after reviewing the budget, Chidambaram said he could not respond as he lacked the full context of Trump’s original remarks.

The comment by Trump followed India’s continued purchase of Russian crude oil, which the US had criticized as indirectly funding military action in Ukraine. Trump imposed a 25 per cent penalty tariff on Indian imports and added: “I don’t care what India does with Russia. They can take their dead economies down together, for all I care.”

Rahul Gandhi later supported the statement, saying, “He is right, everybody knows this except the Prime Minister and Finance Minister. I am glad President Trump stated a fact…”

The remark sparked a political debate, with BJP leaders criticizing Gandhi, while some Congress members, including Rajya Sabha MP Rajiv Shukla, called the statement “completely wrong.”

Ahead of the budget, Gandhi had highlighted the impact of US tariffs on small textile businesses, noting on X: “50 per cent US tariffs are badly hurting textile exporters. Job losses, shutdowns… are reality of our ‘dead economy’.”

The debate gained traction following the budget announcement, which did not offer immediate relief to middle-class taxpayers and saw markets react sharply, with the Sensex closing 1,500 points lower on Sunday.

Chidambaram, as usual, led Congress’ critique of the budget, pointing to a decrease in capital expenditure as a percentage of GDP from 3.2 per cent in FY25 to 3.1 per cent, despite the proposal of Rs 12.2 lakh crore for capex. He added, “Revenue receipts short by Rs 78,086 crore… total expenditure short by Rs 1,00,503 crore… revenue expenditure short by Rs 75,168 crore… capex was cut by Rs 1,44,376 crore… not a word was said to explain this…”

Rahul Gandhi echoed the criticism, highlighting issues such as unemployment, farmers’ distress, declining household savings, and low investment. “A budget that refuses course correction and is blind to India’s real crises,” he said on X.

Responding to the criticism, Finance Minister Sitharaman said, “With due respects, I don’t know what course correction he is referring to. The economy and its fundamentals are strong.”

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Earthquake of 4.6 magnitude hits Andaman and Nicobar Islands

A 4.6 magnitude earthquake struck the Nicobar Islands at 10 km depth, highlighting the region’s seismic activity and potential risks from shallow tremors.

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An earthquake measuring 4.6 on the Richter scale struck the Andaman and Nicobar Islands early Monday at around 3:30 am, the National Center of Seismology (NCS) reported.

According to the NCS, the tremor occurred at a shallow depth of 10 km. The earthquake’s epicenter was located at a latitude of 9.03° North and a longitude of 92.78° East, placing it in the Nicobar Islands region.

In a post on X, the NCS confirmed the details: “EQ of M: 4.6, On: 02/02/2026 03:31:12 IST, Lat: 9.03 N, Long: 92.78 E, Depth: 10 Km, Location: Nicobar Islands.”

The Andaman and Nicobar Islands fall under Seismic Zone V, according to India’s seismic zoning map (1893-1984), making them one of the most earthquake-prone regions in the world. Historically, the islands have experienced several major earthquakes, including the devastating tremor on December 26, 2004, which caused significant land displacement and triggered tsunami waves, resulting in heavy loss of life and property.

Experts note that shallow earthquakes, like the one recorded on Monday, can be more hazardous than deeper ones. Seismic waves from shallow quakes travel a shorter distance to the surface, causing stronger ground shaking and posing higher risks to structures and human safety.

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