India's pension fund regulator PFRDA will introduce a systematic withdrawal plan that will offer flexibility to pension account holders to draw a lump sum on completion of 60 years. Currently, subscribers can withdraw up to 60% of their retirement fund corpus as a lump sum when they turn 60 years, while the remaining 40% goes into buying an annuity.

Robust systems have been put in place to ensure the reconciliation of banknotes printed at the presses and supplied to the RBI. These systems include protocols to monitor the production, storage, and distribution of banknotes.

India is at a “tipping point,” he went on to say on a call with analysts after his visit. It was that same month when India also earned a new title as the world’s most populous nation, burnishing the appeal of sectors that cater to a burgeoning middle class and young consumers.

"Growth in 2023-24 is an aggregate of growth in four quarters and, obviously, Q1 figures will be higher than the other three. Having said that, what kind of growth can we expect in 2023-24? As I have said, this is largely a subjective call, weighing the pluses against the minuses."

Multiple other forecasts put India's current fiscal year growth between 5.9% and 6.5%, with some analysts highlighting challenges ahead for the Indian economy including a slow recovery in domestic manufacturing, geopolitical uncertainty, and the threat of El Nino. However, others suggest a robust growth rate could be achieved on a sustained basis if policies enhance productivity, create jobs, and increase total output.

India's goods and services tax (GST) collections rose 12% YoY to a monthly record high of INR1.87tn ($24bn) in April, beginning the financial year on a buoyant note, according to official data. Meanwhile, other released economic data including the manufacturing Purchasing Managers' Index (PMI), fuel demand, auto sales, and coal output demonstrated a strong economy, despite global challenges.

The Indian government succeeded in achieving more than 90% target completion in six out of 14 parameters under the Twenty Point Programme, as per data from the Ministry of Statistics and Programme Implementation. Performance in three parameters was labeled "poor" or below 80% target, which included area covered under plantation and construction of roads under Pradhan Mantri Gram Sadak Yojana.

Demand for work under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) rose for the third consecutive month in April, climbing to a 10-month peak due to a drop in agricultural activities. Preliminary data from the rural development ministry showed 31.84 million people requesting work under the scheme in April, an increase of over 12% from the previous month.

Stating that improved Iran-India ties are not against any other country, the Iranian NSA underlined that global and regional developments had created very good conditions to strengthen interactions between the two countries in the field of energy, transportation and transit, technology, and banking. India in the past used national currencies for oil trade with Iran and over the last year has introduced trade with number of countries in national currencies.