Current Affairs - Economy

India secured the 57th position in the 2023 Market Distortions Performance Index, improving significantly from 82nd place in 2010 and climbing 25 positions over 13 years. The Competere Foundation credited this progress to major structural and pro-competitive reforms such as the Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC), regulatory simplification, and trade facilitation measures. The report highlighted improvements in ownership rights protection, domestic competition, and international competitiveness, reflecting India's efforts to create a more transparent, investment-friendly, and globally competitive economy that supports long-term sustainable growth.

OmniCard launched India's first UPI-based Flexi Benefits Wallet, called the Flexi Benefits Basket, in July 2026. Developed by Eroute Technologies Private Limited, the platform enables employees to manage tax-efficient benefits through a single digital wallet and make UPI Scan-and-Pay transactions at nearly 60 million UPI-enabled merchants. Built on an RBI-licensed Prepaid Payment Instrument (PPI) platform, it supports benefits such as meals, fuel, telecom, books, and gadgets. The solution also uses Merchant Category Code (MCC)-based controls to ensure tax compliance and aligns with the Income-tax Rules, 2026, enhancing employee tax savings and digital payment convenience.

Burj Khalifa became the first tourist attraction in the United Arab Emirates to accept UPI for online ticket bookings on July 29, 2026. The initiative was launched through a partnership between NPCI International Payments Limited (NIPL), NEOPAY, and Emaar Entertainment. It marked the first use of UPI for e-commerce transactions in the GCC region, enabling Indian travellers to purchase tickets in Indian currency through UPI apps before arriving in Dubai. This development expands the global reach of India's digital payment ecosystem.

The Toy Sector Task Force, announced by Union Minister Piyush Goyal on July 27, 2026, has set a target of achieving a 5% share in the global toy market by 2032. The initiative aims to strengthen India's toy manufacturing ecosystem by integrating with global value chains, promoting innovation and design, resolving supply chain bottlenecks, and developing a skilled workforce. A comprehensive Toy Sector Playbook has also been launched to guide MSMEs, startups, and investors on manufacturing standards, intellectual property, compliance, and export opportunities. The initiative is expected to enhance India's competitiveness and establish the country as a major global toy manufacturing hub.

According to the BIMCO-ICS Seafarer Workforce Report 2026, India has become the world's second-largest supplier of seafarers, contributing 311,936 maritime professionals, which account for 12.16% of the global seafaring workforce. India is ranked behind the Philippines and ahead of China, the Russian Federation, and Indonesia. This achievement reflects the country's remarkable progress in maritime education, skill development, and workforce training. India's share has grown significantly from 5.2% in 2015 to 12.16% in 2026, strengthening its position in the global maritime industry and supporting its vision of becoming a leading global maritime hub.