New Delhi, September 17 (Daily Kiran) : In New Delhi, R. Mukundan, the President of the Confederation of Indian Industry (CII), highlighted the importance of balancing security and rising costs associated with recent changes to the Merchant Discount Rate (MDR) for UPI transactions. Speaking on Thursday, Mukundan noted that while UPI has significantly simplified financial transactions, it is crucial that the security of digital payments is not compromised as the ecosystem expands.
Mukundan refrained from providing detailed comments on the MDR issue, suggesting that financial experts are better positioned to determine the appropriate path forward. He expressed confidence that a meaningful solution would emerge, emphasizing that the main challenge lies in ensuring transaction security while addressing the need for increased capital expenditure.
Discussing the recent BRICS summit, Mukundan remarked that the meeting fostered a collaborative atmosphere among member countries. He pointed out that BRICS has expanded well beyond its original members, with the BRICS Business Forum showcasing positive engagement across four sectors, from agriculture to high technology.
According to Mukundan, the central message emerging from the business forum was the necessity of “moving from intent to outcomes,” particularly in trade and investment. He noted that BRICS nations contribute approximately 40 percent to global GDP, yet their share of current global trade stands at about 26 percent, indicating significant potential for increasing trade among these countries.
He emphasized that reducing non-tariff barriers, harmonizing quality standards, standardizing approval processes, and improving the movement of goods across borders are vital for boosting trade among BRICS economies. Mukundan also highlighted the increased opportunities for cross-border investment, citing the complementarity between India’s demand for essential minerals and the mineral resources available in Latin American BRICS nations.
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