Responding to Ramesh's allegations, FM Sitharaman clarified that Merchant Discount Rate applies only to merchants and not to end users or customers. The minister said the move would enable banks and fintech companies to invest more in infrastructure, innovation and security, with all UPI users ultimately benefiting from these investments

In a written reply in the Rajya Sabha, Sitharaman cited the IMF's World Economic Outlook (April 2026), which estimates India's GDP at current prices to reach around USD 5.1 trillion in 2028-29