Key Points:

• Per capita monthly household consumption expenditure (MPCE) has more than doubled between 2011-12 and 2022-23. This translates to an average monthly spend of Rs. 3,773 in rural areas and Rs. 6,459 in urban areas, as of 2022-23.
• The survey considers both paid and free goods and services. This includes items received through government welfare programs like the National Food Security Act (NFSA) and Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY) for food, and laptops, tablets, and school supplies for education.
• The increase in spending is higher in rural areas compared to urban areas. This suggests a potential narrowing of the urban-rural spending gap, potentially indicating improved living standards in rural communities.
• The data is adjusted for inflation to provide a more accurate picture of changes in real spending power. This allows for comparisons across different time periods.

Implications:

• The rise in household spending points towards an improved economic climate in India, with individuals and families having more disposable income.
• The increased spending in rural areas suggests a potential improvement in living standards for rural communities, potentially due to government initiatives and economic growth.
• The inclusion of free goods and services provides a more comprehensive picture of household consumption, taking into account government welfare programs and their impact on living standards.

The post Household Spending Doubles in India: New Survey Shows Rise in Consumption appeared first on PM Kishan.

Digitising the daily payments requirement of India – BHIM Aadhaar Pay#DigitalIndia #IndiaTechade #ViksitBharat @NPCI_NPCI @UIDAI

Know more at https://t.co/Z19555jQk4 pic.twitter.com/RSIH17rtzz

— Ministry of Electronics & IT (@GoI_MeitY) February 24, 2024

That’s where BHIM Aadhaar Pay comes in! This innovative platform empowers merchants to accept digital payments directly from their customers’ bank accounts using Aadhaar authentication.

Here’s what makes BHIM Aadhaar Pay a game-changer for your business:

For Merchants:

• Accept payments from any bank: No matter which bank your customer uses, BHIM Aadhaar Pay allows you to accept payments seamlessly.
• Safe and secure: Transactions are authenticated using Aadhaar biometrics, eliminating the risk of fraud and counterfeit notes.
• Fast and convenient: Payments are processed instantly, reducing wait times for both you and your customers.
• Cost-effective: No additional charges or fees for accepting BHIM Aadhaar Pay payments.
• Easy to use: The BHIM Aadhaar Pay app is simple to set up and operate, even for non-tech-savvy users.

For Customers:

• Fast and convenient: No need to carry cash or fumble with debit/credit cards. Simply pay using their Aadhaar number and fingerprint.
• Secure: Transactions are protected by Aadhaar authentication, ensuring their financial information remains safe.
• Widely accepted: BHIM Aadhaar Pay is increasingly being adopted by merchants across India, offering customers a convenient way to pay.

Getting Started with BHIM Aadhaar Pay:

To start accepting payments with BHIM Aadhaar Pay, you’ll need:

• An Android mobile or supported device.
• The BHIM Aadhaar Pay app.
• A certified biometric scanner connected to your device.
• An Aadhaar-linked bank account.

Ready to join the cashless revolution? Download the BHIM Aadhaar Pay app today and start accepting secure and convenient payments from your customers!

The post Go Cashless, Go Contactless: Accept Payments with BHIM Aadhaar Pay! appeared first on PM Kishan.

Lower Inflation Rates

“Inflation is now lower in America than any other major economy in the world,” President Biden stated. This statement reflects a significant achievement in economic management, particularly given the challenges posed by the global economic landscape.

Inflation is now lower in America than any other major economy in the world.

We have more to do, but we’re seeing real evidence that American consumers are feeling real confidence in their economy again.

— Joe Biden (@JoeBiden) February 24, 2024

Confidence in the Economy

President Biden’s tweet also underscored the growing confidence among American consumers regarding the economy. This confidence is a crucial factor in driving economic growth, as consumer spending comprises a significant portion of the country’s GDP.

Impact on Consumers

Lower inflation rates can have several positive effects on consumers. It means that the purchasing power of their money is preserved, allowing them to buy more goods and services without experiencing a significant increase in prices. This stability contributes to a sense of security and confidence in the overall economic environment.

Continued Efforts

While acknowledging the progress made, President Biden emphasized that there is still work to be done. Economic management requires ongoing attention and adaptation to changing circumstances, both domestically and internationally.

Conclusion

President Biden’s tweet provides a snapshot of the current state of the American economy, highlighting lower inflation rates and increasing consumer confidence. These factors bode well for the country’s economic outlook and demonstrate the effectiveness of prudent economic policies. However, vigilance and continued efforts remain essential to sustain this positive momentum.

The post America’s Economic Confidence: A Look at Inflation appeared first on PM Kishan.