India witnessed an unprecedented rise in digital transactions as the Navratri festival season coincided with the biggest GST cuts on high-value consumer items. According to RBI data, total electronic payments soared to Rs 11.31 lakh crore on Monday, nearly 10 times the Rs 1.18 lakh crore recorded the previous day.The momentum continued on Tuesday, with digital payments totaling Rs 11.19 lakh crore, signaling optimism for the festive season. Demand is expected to remain strong throughout Navratri and leading up to Diwali.The recent GST reforms, which halved the number of tax slabs and reduced levies on discretionary items such as cars, motorcycles, and home appliances, have significantly boosted consumer spending. Automotive companies are expected to be the biggest beneficiaries, with levies on many cars reduced to 18% from 28%, prompting increased dealer and consumer bookings.“The conclusion of Shraddh period and the onset of Navratri, coupled with recent GST reductions and deep ecommerce discounts, have significantly lifted consumer sentiment,” said Anand Kumar Bajaj, founder and CEO of PayNearby.“We’re seeing a sharp uptick in spending, particularly on apparel and home appliances, signalling strong festive demand and renewed economic momentum,” he added, a quoted by ET.The surge was particularly noticeable on digital platforms such as UPI, credit cards, debit cards, NEFT, IMPS, and RTGS. During Flipkart and Amazon’s annual 10-day festival sales, credit card spending on ecommerce platforms rose six-fold to Rs 10,411 crore, while debit card spending tripled to Rs 814 crore, highlighting strong demand for high-value purchases.“Following the recent GST relief and the positive market sentiment around it, we’ve seen a noticeable surge in customer engagement and spending. In just the past couple of days, demand has grown by nearly 20%,” said Bikram Yadav, head of credit cards at RBL Bank.“With low inflation, GST relief and upbeat consumer sentiment, we anticipate strong festive spending across categories such as ecommerce, travel and electronics,” added Bikram.Among all digital channels, the largest value of transactions occurred via RTGS, the preferred method for high-value payments, which jumped to Rs 8.14 lakh crore from Rs 17,166 crore a day earlier. Large purchases such as cars, typically booked by dealers and end customers, are often routed through RTGS, reported ET.

New Delhi: Gold on the Multi-Commodity Exchange of India opened slightly lower on Thursday, tracking global prices as investors awaited US economic data for guidance on the Federal Reserve policy. MCX gold rate for December expiry declined Rs 122, or 0.11 per cent, at Rs 1,13,525 per 10 grams, down from Wednesday’s close of Rs 1,13,647.

The MCX silver opened lower by approximately Rs 1,000 per kg but rebounded quickly by 0.31 per cent to Rs 1,34,415 per kg as of 9.15 A.M. The price of 24-carat gold (1 gram) was at Rs 11,358 at 10.10 A.M., according to data published by the India Bullion and Jewellers Association (IBJA).

Spot gold in international markets remained near $3,734 an ounce, while US gold futures for December traded around $3,765, as the dollar index fell approximately 0.1 per cent. Meanwhile, analysts say that bullion continues to receive support from robust central bank purchases and sustained inflows into ETFs and that the MCX October gold futures may decline to Rs 1,12,000 if global trends weaken.

The Fed Chair’s cautious remarks on inflation, labour market and future rate cuts could act as a cap on bullion’s gains. “The PBoC is leveraging the Shanghai Gold Exchange to encourage central banks from friendly nations to purchase and store bullion within its borders. On data front, US housing numbers were reported better than expectations, weighing on prices,” said Manav Modi, Analyst – Precious Metal -Research, Motilal Oswal Financial Services Ltd.

Traders are waiting for cues from US economic data to gain further insights into Federal Reserve policy, such as US GDP, Inflation, and durable goods orders data, he added. Additionally, geopolitical tensions boosted demand for the safe-haven metal, as NATO warned Russia it would use “all necessary military and non-military measures” to defend itself, while US President Donald Trump said Ukraine could reclaim all territory held by Russia.

New Delhi: The Union Cabinet has given its approval for a major Rs 1,865.68-crore Productivity Linked Bonus (PLB) to Indian Railways staff for the financial year 2024-25, calling it a festive season “Diwali gift” for lakhs of employees. More than 10.91 lakh non-gazetted workers, including track maintainers, loco pilots, train managers, station masters, supervisors, technicians and clerical staff will benefit from this decision. Under the scheme, each eligible employee will receive a bonus equivalent to 78 days’ wages, with the maximum payout capped at Rs 17,951 per person. Gazetted officers and senior administrative staff are excluded, restricting the benefit to Group ‘C’ non-gazetted categories.

Who Is Eligible and How Much Will They Get?

The PLB is specifically targeted at non-gazetted railway staff to reward their dedication and exceptional performance. Eligible employees across various departments will receive 78 days of wage-equivalent bonus, ensuring a meaningful addition to their earnings. This annual payout recognises the hard work of front-line staff while excluding higher-ranking gazetted officers and senior administrative personnel.

Bonus Timed Before Festivals to Boost Spending

This incentive is traditionally paid before Durga Puja and Dussehra, and the government is expected to credit the amount ahead of the festivals. By giving railway staff extra spending power at the start of the festive period, the measure is likely to boost retail, transport, and services sectors as workers use the bonus for shopping, travel, and household expenses. This well-timed bonus acts as both a reward and an economic stimulus.

Recognising Indian Railways’ Record Performance

The Cabinet linked the PLB to Indian Railways’ record-breaking performance in 2024-25, when it handled 1,614.90 million tonnes of freight and transported nearly 7.3 billion passengers. The government stated that the bonus acts not only as a reward for these achievements but also as a motivational tool to sustain high productivity and operational efficiency in the coming years.

Upcoming Dearness Allowance Hike Adds to Benefits

Adding to the festive cheer, the PLB announcement comes alongside reports that the Centre is preparing to announce the next Dearness Allowance (DA) hike in the first week of October. This would ensure employees receive the revised DA along with arrears in their September salary. DA and Dearness Relief (DR) are revised twice a year based on the All India Consumer Price Index (AICPI) and are taxable under existing income-tax rules.

8th Central Pay Commission in the Pipeline

Government employees are also watching developments on the 8th Central Pay Commission (CPC). Prime Minister Narendra Modi formally announced the new commission in January, with an intended rollout date of 1 January 2026. The framework for its constitution and terms of reference is still under discussion, and the process may soon be fast-tracked to give clarity to employees on their future pay structure.

Financial Boost and Economic Impact at a Glance

Overall, the Cabinet’s decision provides a double benefit — immediate financial relief for railway workers ahead of major festivals and a stimulus for the broader economy. It also recognises the crucial role of Indian Railways staff in delivering record levels of freight and passenger movement across the country, while motivating employees to maintain high standards of service and efficiency.