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BUSINESS AND ECONOMY - August 2025

Aug 2025

Oct 08, 2025

PhonePe Partners with Mastercard to Launch Device Tokenisation, Unveils Smart Pod for Card and UP...

PhonePe announced a partnership with Mastercard to roll out ecosystem-wide device tokenisation on its payments gateway, making digital transactions more seamless and secure for users.
In addition to the tokenisation launch, PhonePe also introduced the Smart Pod--an all-in-one payment device for merchants.
The PhonePe Smart Pod combines the features of the PhonePe Smart Speaker with features of a card terminal. It accepts card payments and UPI payments from the same terminal. It will allow customers to pay with a card at smaller outlets.

FM Launches Foreign Currency Settlement System at GIFT City

Finance Minister Nirmala Sitharaman launched a foreign currency settlement system at GIFT International Financial Services Centre (IFSC) during Global Fintech Fest-2025.
The new system enables real-time transaction settlements, improves liquidity management, and ensures compliance, reducing the typical 36-48 hours lag for foreign currency transactions. With this, GIFT City joined elite financial hubs such as Hong Kong, Tokyo, and Manila — all of which have local currency settlement infrastructure.

Oct 07, 2025

India to Introduce RBI-backed Digital Currency

India will soon launch its own digital currency backed by the Reserve Bank of India (RBI), Union Minister of Commerce and Industry Piyush Goyal said in a roundtable during his visit to Doha, Qatar.
The move aims to make financial transactions faster, safer, and more transparent, while reducing paper use in the economy.
The digital currency will function like traditional money, but in an electronic form.

Piyush Goyal Co-Chairs India-Qatar Joint Commission Meeting on Economic and Commercial Cooperation

Union Commerce and Industry Minister, Piyush Goyal, co-chaired the India-Qatar Ministerial Joint Commission on Economic and Commercial Cooperation with H.E. Sheikh Faisal bin Thani bin Faisal Al Thani, Minister of Commerce and Industry of Qatar.
Both sides reaffirmed their commitment to deepening the India-Qatar partnership by building on our strong bilateral trade. They also agreed to further intensify cooperation to achieve the trade and investment goals set by the leadership during the visit of His Highness the Amir of Qatar to India in February 2025.
On his first visit to Qatar, Goyal was also accompanied by senior officials from different Ministries.

Piyush Goyal Launches UPI in Doha, Strengthening India-Qatar Economic Ties

Union Minister of Commerce and Industry Piyush Goyal launched India's Unified Payments Interface (UPI) at the Lulu Mall in Doha, marking a new milestone in digital and financial cooperation between India and Qatar. The launch symbolises growing trust across borders and aims to enhance ease of transactions for citizens and businesses in both nations.
Launched nine years ago, UPI has become one of India's biggest digital success stories, accounting for 85 percent of the country's digital payments and nearly half of global digital transactions. With over 640 billion transactions processed annually, UPI continues to demonstrate India's leadership in fintech innovation.

Oct 06, 2025

Arunachal Pradesh Launches First Commercial Coal Mine at Namchik-Namphuk Block

Arunachal Pradesh witnessed a historic day with the launch of its first commercial coal mine at the Namchik-Namphuk coal block, marking a new chapter of growth, energy security, and local prosperity.
The Namchik Namphuk coal block, with reserves of 1.5 crore tonnes, was first allocated in 2003 but faced long delays and stoppages due to various challenges. It was revived through a transparent auction process in 2022, opening the doors for private sector entry and marking the end of years of delays.

Oct 05, 2025

Vodafone Idea Appoints Tejas Mehta as CFO

Indian wireless carrier Vodafone Idea appointed Tejas Mehta as its Chief Financial Officer, effective October 6. Prior to his appointment at Vodafone Idea, he was working as CFO in Mondelez India since 2002.
Mehta replaces Murthy Gvas, who ends his tenure on October 5. He is set to be the new CFO of Vodafone Idea with 25 years of rich and diverse experience across India and international markets.

Oct 04, 2025

Zomato, HDFC Pension Introduce National Pension System Model for Delivery Partners

Zomato and HDFC Pension collaborated to introduce 'NPS Platform Workers Model' for delivery partners of the food delivery platform, in a bid to provide them access to formal retirement benefits.
The model was formally launched by Finance Minister Nirmala Sitharaman at an event organised by the Pension Fund Regulatory and Development Authority (PFRDA) in October 2025.

Microsoft Names CEO to Run Commercial Business, Nadella to Focus on Tech

Microsoft Chief Commercial Officer Judson Althoff took an expanded role as CEO of commercial business, freeing up company chief Satya Nadella to focus more on the technical side of the business in the tech giant's quest to dominate the AI race.
Althoff will lead what Microsoft CEO Nadella called a new organization, which will combine sales, marketing and operations.

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