Dynamic subtle changes in India

The Unified Payments Interface (UPI) has changed the country’s payment system, thereby promoting economic growth. Since UPI was first launched, life has become easier. UPI is currently accepted everywhere, including by taxi drivers, valet parking services, malls, toll roads, electricity companies, and LPG booking services. Even our favourite snack corners accept UPI payments.

Many people believe that the growth and development of UPI has been detrimental to the candy industry. Do you recall the days when you used to receive candy rather than cash?

GrowthX’s founder, Abhishek Patil, recently tried to draw an association between candy business and UPI as a payment method. In the early 2010s, almost every significant candy-related company announced astonishing growth and future prospects, including Mondelez International, Mars, Nestle, Perfetti Van Melle, Parle Agro Pvt Ltd, and ITC Limited. However, the bulk of these brands have experienced a dramatic decline in toffee sales since UPI’s arrival.

Before the advent of UPI, shop owners would trade excess cash for toffees; the transaction did not occur the other way around. Many customers admitted that over time, these modest sums did turn into significant amounts of money. With the introduction of UPI, all of this came to an end as consumers began paying the full amount required without the chance to haggle, decimating daily toffee sales in the process. 

Since the number of Covid-19 cases have decreased to a significant level, popular opinion is that the pandemic is nearing its end. Speaking at the Developing Countries Vaccine Manufacturers Network (DCVMN) annual general meeting, Adar Poonawalla, the chief executive officer of Serum Institute of India (SII) said that the Covishield vaccine manufacturer had stopped producing the shot as of December 2021, and that of the total stock that was then available, about 100 million doses had already expired. He further added that there is a little demand for COVID-19 booster vaccines and people are fed up of the epidemic. 

Although waste at any level is undesirable, millions of lives have been saved thanks to record vaccine production. If we want a rapid global vaccination response system, experts believe that we must be willing to accept a certain amount of waste.

Ending on a high note with a very promising news, Prime Minister Narendra Modi launched the ‘Rozgar Mela’, a mega recruitment drive, on October 22 via video conference. 

The PMO said this will be a significant step forward towards fulfilling the continuous commitment of the prime minister to providing job opportunities for the youth and ensuring the welfare of citizens. In June this year, Modi asked various government departments and ministries to undertake the recruitment of 10 lakh people in a “mission mode” in the next year and a half.

I hope you have loved reading the editorial and will continue to support us in bringing the best, interesting and informative articles for your perusal. In the meantime, keep reading the articles we have brought you this month. We discuss Infrastructure Funds, how stress affects your life, Personal loans and many more. Do share your thoughts at info@consumer-voice.org.

Until then, happy reading!

Pallabi Boruah

Editor

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