
India to Restore UPI Merchant Fees, PhonePe Gains Most
India's government plans to amend the Payment and Settlement Systems Act to restore UPI merchant discount rates, ending the zero-MDR regime in place since January 2020.
Key Takeaways
May 8, 2026 · 2 min read · By Rishabh Bhardwaj
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President Trump plans to fire FDA Commissioner Marty Makary, according to reports, ending a tenure marked by growing friction with key figures inside the administration.
Makary, a Johns Hopkins surgeon and author, was seen as aligned with the Make America Healthy Again movement led by Health Secretary Robert F. Kennedy Jr. That alignment initially made him a natural fit for an administration focused on overhauling federal health agencies. But the relationship soured over several high-profile decisions.
Three issues appear to have driven the fallout. First, vaping policy: the administration has strong backing from vaping industry interests, and any moves toward tighter regulation would have created tension. Second, the abortion pill mifepristone, which remains a politically charged subject where any FDA action, or inaction, draws intense scrutiny from different wings of the Republican coalition. Third, Makary's agency rejected certain new drug applications, which may have clashed with expectations from industry allies or administration priorities around approvals.
The FDA commissioner role sits at the intersection of public health regulation and political pressure. Commissioners must manage drug approvals, food safety, medical device oversight, and increasingly, culture-war flashpoints like vaping and reproductive drugs. Getting the balance wrong with any one constituency can be fatal to a tenure.
A leadership change at the FDA introduces uncertainty for drug and medical device makers who track the agency's approval posture closely. A new commissioner could shift the agency's stance on pending drug reviews, vaping product authorizations, or enforcement priorities. Pharmaceutical and biotech stocks are sensitive to FDA leadership signals, particularly around how quickly or cautiously the agency moves on new approvals.
It is not yet clear who would replace Makary or when a successor would be nominated. Until a new commissioner is confirmed, the agency would likely operate under acting leadership, which can slow major regulatory decisions. Watch for any White House announcement on a replacement and for signals on how the new leadership intends to handle the abortion pill and vaping dossiers specifically.

India's government plans to amend the Payment and Settlement Systems Act to restore UPI merchant discount rates, ending the zero-MDR regime in place since January 2020.
India's government has introduced the Taxation and Other Laws (Amendment) Bill, 2026, proposing changes to payments regulation, income tax, and the Finance Act to attract FDI and support Make in India. The Bill's final shape will depend on parliamentary debate and committee review.
The government's Taxation and Other Laws (Amendment) Bill, 2026, proposes to replace the blanket UPI MDR ban with a system allowing the Centre to notify which payment modes stay fee-free.
Prime Minister Narendra Modi inaugurated the Rs 5,000 crore Bhogapuram greenfield airport in Andhra Pradesh, built under a public-private partnership model. He also laid foundation stones for infrastructure projects worth nearly Rs 18,000 crore in the state, signalling a broad investment push for the region.