Economy news

• UPI transactions touch Rs 76cr/day, FASTag declines

  01-08-2026 23:40 via timesofindia.indiatimes.com
  
  UPI processed 2,366 crore transactions in July, showing significant year-on-year growth.NETC FASTag transactions declined by 6% compared to the previous year.The value of UPI transactions rose to Rs 29.88 lakh crore in July.NETC FASTag transaction value also saw a decrease from the prior month.UPI handled an average of 76.3 crore transactions daily in July.
  
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• Forex mop up under RBI's swap scheme doubles to over $40bn

  01-08-2026 23:38 via timesofindia.indiatimes.com
  
  Total forex mobilization under RBI's concessional dollar swap facility has exceeded forty billion dollars.This amount more than doubled in just a fortnight, surpassing previous deposit drives.Foreign Currency Non-Resident (Bank) deposits formed the largest portion of these inflows.The facility encourages overseas fund mobilization and boosts foreign exchange reserves.This scheme remains available until late 2026 for various deposit types.
  
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• July auto sales rev up as Maruti crosses 2L, Tata EVs double

  01-08-2026 23:19 via timesofindia.indiatimes.com
  
  Several automakers achieved record July sales, largely due to new sport utility vehicle launches. Maruti Suzuki and Tata Motors reported significant year-on-year growth in their passenger vehicle segments. Mahindra also saw substantial increases in its utility vehicle sales during the month. Hyundai and Kia India posted their best-ever July wholesale volumes, driven by their SUV lineups. Nissan experienced a substantial surge in domestic wholesales following its new Tekton SUV deliveries.
  
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• July GST collections up 15.4% to Rs 2.1 L cr on higher imports

  01-08-2026 23:16 via timesofindia.indiatimes.com
  
  Goods and Services Tax collections rose 15.4 percent to Rs 2,11,205 crore in July. This increase was largely due to a 29 percent jump in integrated GST on imports. Strong economic activity and higher commodity prices also contributed to the robust tax collections. Central GST mop-up increased 12.3 percent while state GST grew 8.7 percent. Net collections after refunds went up 15.8 percent, reflecting continued economic resilience.
  
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• UPI reaches new milestone in July with highest-ever transaction value of Rs 29.88 lakh crore

  01-08-2026 17:41 via timesofindia.indiatimes.com
  
  India's UPI platform achieved its highest monthly transaction value ever.In July, transaction volumes also reached a new record high.The platform processed billions of transactions, surpassing previous records.This sustained growth strengthens India's digital payment ecosystem significantly.UPI is also expanding its global footprint across several countries.
  
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• Indian equities ‘probably oversold’: FIIs warm up after months of outflows

  01-08-2026 17:03 via timesofindia.indiatimes.com
  
  Foreign investors are showing renewed interest in Indian equities after significant outflows. Geopolitical uncertainties and elevated oil prices continue to pose risks to the outlook. India's domestic economy demonstrates robust performance with healthy sales and credit growth. The Reserve Bank of India is expected to align its monetary policy with the US Federal Reserve. Delays in bond index inclusion reflect global market dynamics, not India's debt concerns.
  
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• Samudra Manthan explained: How India’s offshore oil & gas exploration scheme can be a game-changer

  01-08-2026 15:40 via timesofindia.indiatimes.com
  
  The Samudra Manthan – National Offshore Exploration Scheme aims to unlock India’s offshore oil and gas potential. This will be done through large-scale seismic surveys, deepwater exploration, scientific drilling.
  
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• Indian Oil ramps up spot crude purchases as Middle East disruptions hit supplies

  01-08-2026 12:24 via timesofindia.indiatimes.com
  
  Indian Oil Corporation has significantly increased its spot crude purchases to nearly eighty-four percent. This strategic shift occurred after Middle East supply routes faced disruptions. The company also diversified imports from West Africa and Latin America. Despite higher crude costs, Indian Oil reported its highest-ever first-quarter crude throughput. Fuel sales and market share saw notable increases during the period.
  
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• Forex boost: RBI's special swap facility draws $40.8 bn in foreign inflows

  01-08-2026 11:47 via timesofindia.indiatimes.com
  
  Foreign exchange inflows under RBI's special swap facility reached $40.816 billion by July end. This figure nearly doubled from $20.718 billion reported just two weeks prior. FCNR(B) deposits were the primary driver, contributing $36.725 billion to the total collections. Overseas foreign currency and external commercial borrowings also added substantial amounts. The facility aims to strengthen the balance of payments and incentivize capital inflows.
  
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• US crude bound for Israel for first time since 2023

  01-08-2026 10:43 via timesofindia.indiatimes.com
  
  A US crude oil cargo is heading to Israel after almost three years. The Aframax tanker Captain John loaded the oil in Texas on Thursday. This shipment carries approximately 550,000 barrels of West Texas Intermediate crude. The vessel is chartered by the global trading house Vitol for this journey. This event occurs amid ongoing disruptions in the Strait of Hormuz.
  
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• GST collections jump 15.4% to over Rs 2.11 lakh crore in July

  01-08-2026 08:58 via timesofindia.indiatimes.com
  
  India's gross Goods and Services Tax collections reached over Rs 2.11 lakh crore in July. This represents a significant 15.4 percent increase compared to the previous year. Higher revenues from both domestic transactions and imports contributed to this strong performance. The government also maintained a healthy pace of refunds, totaling Rs 29,968 crore. Net GST revenue after refunds remained robust, indicating sustained growth in the indirect tax base.
  
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• PM Modi to inaugurate Rs 5,640-crore Alluri Sitarama Raju International Airport in Andhra Pradesh — See pics

  01-08-2026 06:20 via timesofindia.indiatimes.com
  
  Prime Minister Narendra Modi inaugurates the Alluri Sitarama Raju International Airport on Saturday. He will also lay foundation stones for significant development projects worth over seventeen thousand nine hundred crore. The new airport is designed to handle six million passengers annually and boost regional connectivity. Foundation stone will be laid for Andhra Pradesh's first semiconductor manufacturing facility.
  
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• FIFA abandons $4.2-billion World Cup stake sale plan after global backlash

  01-08-2026 05:23 via timesofindia.indiatimes.com
  
  FIFA has withdrawn its plan to sell a stake in its commercial operations.Strong opposition from football federations led to the proposal's abandonment.FIFA President Gianni Infantino announced the decision after listening to all views.Major continental bodies like UEFA and CONCACAF rejected the plan.Infantino will now seek other ways to strengthen global football.
  
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• 'Buy $5-10 billion yen': Bessent's note hints at US plan to back Japan's currency

  01-08-2026 04:45 via timesofindia.indiatimes.com
  
  The United States Treasury is reportedly considering buying Japanese yen. This move follows reports of potential intervention in the currency market. Japanese authorities had already intervened to support their currency earlier. The dollar slipped against the yen as these reports emerged. This marks a significant intervention in support of Japan's currency.
  
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• Commercial LPG prices cut by over Rs 200: Check 19-kg cylinder rates in Delhi, Kolkata

  01-08-2026 03:48 via timesofindia.indiatimes.com
  
  Commercial Liquefied Petroleum Gas cylinder prices have been reduced effective August 1.A 19 kg cylinder in Kolkata saw a Rs 209 price cut.Delhi experienced a Rs 202 reduction for the same commercial cylinder.This marks the second consecutive month of price decreases for commercial LPG.Domestic LPG cylinder prices remain unchanged during this period.
  
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• Shareholders approve issue of warrants to promoter group entity

  01-08-2026 02:11 via timesofindia.indiatimes.com
  
  Zee shareholders approved convertible warrants for promoters, raising over three thousand crore rupees. This approval allows promoters to increase their stake significantly in the company.Institutional shareholders largely opposed the resolution, while non-institutional investors provided strong backing.The company also gained approval for its employee stock option plan for eligible staff.This outcome reverses a previous shareholder rejection of a similar funding proposal.
  
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• Cybercriminals widen net as assessees rush to meet I-T return filing deadline

  01-08-2026 02:06 via timesofindia.indiatimes.com
  
  Cybercriminals are targeting taxpayers during income tax return filing season. They send fake notices via WhatsApp and use cloned tax portals. These scams aim to steal banking credentials and gain device access. Attackers use malware-laden attachments and phishing websites to deceive victims. This campaign exploits the expectation of official communications from the tax department.
  
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• GST rate cuts slow down Q1 tax collection growth

  01-08-2026 02:00 via timesofindia.indiatimes.com
  
  The Centre's fiscal deficit reached eighteen percent of its annual estimate during the first quarter. Tax revenue saw a modest increase, while capital expenditure rose significantly. Revenue expenditure also experienced a notable rise, driven by subsidies. Increased fertilizer and fuel subsidies were largely due to global price surges. Future fiscal health depends on West Asia conflict duration and energy price stability.
  
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• Zepto to delay IPO by 2-3 qtrs, CEO tells staff

  01-08-2026 01:55 via timesofindia.indiatimes.com
  
  Zepto will delay its public listing by two to three quarters.The quick commerce startup faced tepid investor response on its valuation.Domestic investors offered valuations significantly lower than its last funding round.The company now seeks Rs 1,000 crore in pre-IPO funding.Zepto aims for a lower valuation of around $4-4.5 billion for this investment.
  
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• Sebi bars Zee’s Chandra, Goenka from market for 1 year

  01-08-2026 01:53 via timesofindia.indiatimes.com
  
  Sebi has banned Zee group's Subhash Chandra and Punit Goenka for one year. They fraudulently pledged Zee Entertainment Enterprises land parcels as security for personal loans. Chandra and Goenka misused their positions, risking the company's assets for personal gain. The regulator also imposed fines on Chandra, Goenka, and the company for these fraudulent acts. This action was taken after a thorough investigation into the 2018 transactions.
  
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• Gold loans jump 94% y-o-y, fuel bank credit growth in Q1

  01-08-2026 01:49 via timesofindia.indiatimes.com
  
  Gold loans fueled a significant acceleration in bank credit during Q1FY27. This segment expanded by 93.8% year on year, adding substantial value. Overall bank credit also saw robust growth, crossing a significant milestone. Credit to industry recorded its highest first-quarter expansion in recent years. Vehicle loans and medium enterprises also showed strong performance.
  
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