PM WANI... Still Buffering

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Why India’s Public Wi-Fi Dream Is Still Buffering

What?

Public Wi-Fi in India is finally getting a push, though quietly. The government’s PM-WANI scheme (Prime Minister Wi-Fi Access Network Interface), first floated in 2016 and formally launched in 2020, aimed to create millions of public hotspots to bridge India’s digital divide. But adoption has lagged badly: today, there are only 3.33 lakh hotspots against an original target of 10 million by 2022.

Now, a new June 2025 order by the Telecom Regulatory Authority of India (TRAI) caps the wholesale prices telcos can charge local shopkeepers (PDOs), making public Wi-Fi significantly more viable.

Why?

Students climbing hills in Uttarakhand to attend online classes during lockdowns showed how fragile India’s mobile internet really is. Even today, mobile coverage isn’t universal—tele-density in rural areas is just 58%. Mobile data costs have also risen sharply, putting even subsidised 4G and 5G plans out of reach for many.

Public Wi-Fi, available for as little as Rs 1–2 per GB, is a cheaper alternative. But small operators (PDOs) faced sky-high bandwidth costs, often Rs 8 lakh a year for a 100 Mbps line. The new TRAI rules force telcos to offer bandwidth to PDOs at a more reasonable rate, unlocking wider access.

How does this affect me?

For urban and semi-urban users, especially students and gig workers, reliable and cheap public Wi-Fi means fewer signal dropouts, smoother video calls, and lower monthly bills. Experts argue it complements, not competes with, mobile data. In dense zones like malls, stations, or even crowded colonies, Wi-Fi offloads traffic, easing mobile congestion.

While major telecom players push back, saying it eats into their business, industry experts TheCore spoke with believe it can actually boost overall digital consumption. With mobile data getting costlier and 5G adoption still patchy, PM-WANI might finally get its moment—and help more Indians come online affordably.

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CORE NUMBER

Rs 22.08 trillion

That’s the total gross collection of the goods and services tax (GST) in India recorded in FY25 — the highest ever, doubling from Rs 11.37 trillion in FY21, according to Business Standard. Introduced in 2017, GST has reshaped India’s indirect tax system, expanding the tax base and improving transparency.

💡 The broader context:

• GST revenue grew 9.4% YoY from Rs 20.18 trillion in FY24

• Average monthly collection in FY25 stood at Rs 1.84 trillion, up from Rs 1.68 trillion in FY24

• Taxpayer base jumped from 65 lakh in 2017 to 1.51 crore in 2025

• GST collections hit Rs 2.37 trillion in April 2025, the highest monthly figure since launch

GST turns eight this year, having subsumed 17 taxes and 13 cesses into one streamlined system.

Factory Growth Hits Slump. India’s factory output hit a nine-month low in May 2025, with the Index of Industrial Production (IIP) growth slowing to 1.2%, down from 2.6% in April. According to The Economic Times, electricity and mining contracted, while manufacturing grew 2.6%. Capital goods rose 14.1%, but consumer durables fell 0.7% and non-durables dipped 2.4%.

Impact: Only 13 of 23 manufacturing sectors showed positive growth. Machinery, basic metals, and mineral products were the main drivers. Overall, the IIP stood at 156.6, slightly higher than 154.7 a year ago.

What This Means Going Forward: Industrial output in April–May FY26 grew just 1.8%, far below last year’s 5.7%, hinting at waning momentum in the economy.

Steady Despite Storms? The RBI's half-yearly Financial Stability report, released on Monday, said that the Indian economy was growing at a healthy pace. "Since India’s growth is mainly driven by buoyant domestic demand, it remains relatively insulated from the global headwinds," the report claimed.

Risk Check: The report said that the latest round of the Reserve Bank’s systemic risk survey, conducted in May showed that all major risk groups were in the medium-risk category. While global and institutional risks increased, macroeconomic and financial market risks decreased, the report found.

Going Forward: "In the global risks, geopolitical conflicts/ geo-economic fragmentation scored the highest," the report said. This means that India's economic growth will continue to be affected by global volatility such as the Trump tariffs and conflict in West Asia.

FinTech Lending Booms: FinTech non-banking financial companies (NBFCs) sanctioned a record 10.9 crore personal loans worth Rs 1,06,548 crore in FY 2024–25, according to data from the Fintech Association for Consumer Empowerment (FACE), as reported by The Economic Times.

The Backdrop: Though these firms make up just 12% of the personal loan market by value, they accounted for 74% of volumes — highlighting their strong grip on small-ticket, high-frequency credit, especially for younger borrowers and those in smaller towns.

The Impact: Outstanding FinTech loan portfolios stood at Rs 73,311 crore in March 2025, reflecting stable growth. Meanwhile, women’s participation rose to 16%, and loans to Tier III towns and beyond made up 39%, pushing financial inclusion deeper.

MSME Skilling Misses Mark: A new survey by real estate consultancy firm Cushman & Wakefield shows that 61% of India’s micro, small and medium enterprises (MSMEs) find government skill-training programs ineffective, with 71% of manufacturing MSMEs saying they haven’t benefited at all.

The Backdrop: Despite employing 80% of manufacturing workers and producing 40% of output, MSME workers generate only 14% as much as their large-plant counterparts. High logistics costs, low warehousing, and weak value addition threaten competitiveness.

The Impact: While skill programs lag, 88% of MSMEs credited government infrastructure spending for encouraging new capex plans. Experts say deeper reforms are needed to truly boost productivity and resilience.

THE SIGNAL DAILY

Luxury On A Budget: Why Young Indian Women Love Minis

India’s beauty market is huge – the country has the sixth largest market in the world. But, our per capita spending on beauty products is still low: only about 15 dollars. That’s 1200 rupees. For context, in the US, per capita spending on beauty is 335 dollars and the global average for this figure is 72 USD.

That’s also one reason why ‘minis’ of beauty products are particularly popular in India. In the West, people use minis as samples or as travel packs. With more luxury brands like Rare Beauty, Laneige and Innisfree coming to India, Indian consumers prefer to buy minis of these luxury products.

In the latest episode of The Signal Daily, we’ll hear from Indian consumers and learn about why they love buying minis of luxury beauty products. What does that say about aspiration, affordability, and identity among Indian women today?

The Core producers The Signal Daily. Follow us wherever you get your favourite podcasts. 

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PODCAST

On Episode 620 of The Core Report, financial journalist Govindraj Ethiraj talks to Ajay Bagga, Market Expert.

• Markets snap a 4-day winning streak

• Is a flood of fresh funds swamping markets and distorting valuations

• The gold paradox between America and the rest of the world

• Global air cargo grows despite 11% drop in Asia to North America routes. Jet fuel prices down sharply

• GST collections have doubled in last 5 years

👥 THE TEAM

✍️ Zinal Dedhia, Salman SH, Kudrat Wadhwa | ✂️ Rohini Chatterji | 🎧 Joshua Thomas