From UPI completing a decade as India’s digital payments backbone, to a new services price gauge offering an early read on inflation, the government stepping in as onion prices surge, divergent trends in non-resident indian (NRI) deposit inflows, and India retaining the top spot among emerging markets amid signs of resilience and shifting economic momentum — here is this week's news in numbers.
UPI milestone
Ten years since its launch on 25 August 2016, Unified Payments Interface (UPI) has transformed from just another payment rail into the backbone of India’s digital payments ecosystem. Its rise is visible not only in transaction volumes but also in the amount of money flowing through the platform. UPI processed 241.62 billion transactions in FY26, up 30% from a year earlier. Its average transaction value declined to about ₹1,300 from the pandemic-year high of ₹1,836, signalling wider use for everyday purchases. In June 2026, UPI accounted for nearly 84% of retail payment transactions by volume and 58% by value. Its transaction value was equivalent to about 70% of currency in circulation by July, up from just 27-40% in 2022.
Inflation pointer
India’s service producer prices showed a divergence in Q1FY27, with air passenger services recording a 31.9% year-on-year rise and banking remaining in deflation.
The Service Producer Price Index (service PPI), compiled by the commerce ministry, was introduced in June 2026 with 2022-23 as the base year. It covers seven services—banking, securities transactions, insurance, pension-fund management, railways, air passenger services and telecom—and is released quarterly.
The Centre cautioned that no aggregate weights have been assigned as these services do not cover the entire services sector.
Kanda express
The Centre has once again deployed the ‘Kanda Express’, sending buffer stocks by dedicated railway rakes from Nashik to consuming centres as onion prices climb. The initiative is not a first for India: it was first adopted under the government’s price-stabilization intervention in October 2024, and has since been scaled up. The train from Lasalgaon in Nashik is carrying onions to Delhi, with consignments also planned for other cities.
The move comes as the all-India average retail price of onions rose 36.5% year-on-year to ₹38.7 per kg on 22 August, while wholesale prices climbed 40.5% to ₹31.2. The Centre plans to sell buffer stock at ₹35 per kg in Delhi.
Numbers in the news
₹8,622 crore: The investment the Centre expects from privatising 11 airports, including Varanasi, Amritsar, and Bhubaneshwar, with larger or profitable airports to be clubbed with smaller or loss-making ones under the new plan, Mint reported.
₹1 trillion: The investment Coal India plans in rail connectivity and coal evacuation as it targets producing one billion tonnes annually by FY30, including ₹30,000 crore for coal-gasification projects and ₹23,463 crore for railway links.
7.4%: India’s expected GDP growth in April-June, a four-quarter low, due to disruptions from the West Asia war and statistical effect of a higher GDP deflator. However, the slowdown appears less severe than previously expected, according to a Mint poll of 21 economists.
$103,265: The additional fee proposed for H-1B petitions by the US Department of Homeland Security on 24 August, subject to the annual cap. This follows a court’s rejection of the Trump administration’s earlier $100,000 charge.
₹2.62 trillion: The investment Indian Railways aims to attract under the national monetization pipeline, using new public-private partnership models for projects spanning rail lines, station redevelopment, cargo terminals, power projects and budget hotels.
Deposits diverge
NRI deposit inflows fell 23% year-on-year to $2.8 billion in the June quarter of FY27, according to the Reserve Bank of India’s latest data.. The decline was led by Non-resident external (NRE) deposits, which are rupee-denominated accounts, even as foreign-currency deposits gained traction.
The RBI had introduced a special US dollar-rupee swap facility for foreign currency non-resident (bank), or FCNR(B), deposits in June to encourage foreign-exchange inflows and strengthen India’s external position. Forex inflows more than doubled to $1.7 billion during the quarter. The RBI later advanced the facility’s closure to 31 August from 30 September, citing strong response.
Emerging markets
India retained the top spot in Mint’s Emerging Markets Tracker in July with a score of 77.3 out of 100, ahead of Vietnam (73.2) and Malaysia (73.2). The country’s lead highlighted its relative resilience despite some loss of momentum.
GDP growth remained strong, exports accelerated to 19.5% in July, and foreign portfolio inflows supported the stock market and external position. However, manufacturing PMI eased to 53.5, inflation rose to 4.5%, and the rupee depreciated 0.9% against the dollar, limiting the score. The tracker, launched in September 2019, ranks 12 emerging economies on GDP growth, manufacturing PMI, exports, retail inflation, import cover, exchange-rate movements and stock-market performance.