India GDP growth forecast held at 7% amid global uncertainty: NITI Aayog

NITI Aayog Member Arvind Virmani has retained his forecast for India's GDP growth at 7% for the year, with an uncertainty range of plus or minus 1 percentage point. The projection reflects concerns over unresolved trade issues and evolving global developments that could influence the economy's trajectory.

Virmani also expressed support for a gradual transition towards a cost-based model for UPI Merchant Discount Rate (MDR). He noted that subsidies have played a vital role in establishing the digital payments platform and that a phased shift would be appropriate as the system matures.