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By:

Bhaskar Nath Biswal

13 May 2026 at 8:30:30 pm

E-Commerce’s Hidden Threat

The modern Indian marketplace no longer echoes exclusively with the chaotic bustle of traditional bazaars. Instead, it thrives within the silent, instantaneous clicks of smartphone screens. From monthly groceries to high-end electronics, digital retail has fundamentally altered how households across the country consume goods. This transition has undoubtedly unleashed unprecedented convenience, democratizing access to products for millions living outside metro cities. However, this...

E-Commerce’s Hidden Threat

The modern Indian marketplace no longer echoes exclusively with the chaotic bustle of traditional bazaars. Instead, it thrives within the silent, instantaneous clicks of smartphone screens. From monthly groceries to high-end electronics, digital retail has fundamentally altered how households across the country consume goods. This transition has undoubtedly unleashed unprecedented convenience, democratizing access to products for millions living outside metro cities. However, this hyper-connected landscape has also exposed a deeply troubling reality. As digital storefronts expand, so does the shadowy ecosystem of cybercriminals eager to exploit the trust and vulnerabilities of unsuspecting shoppers. The digital transaction, once celebrated as a triumph of modern engineering, is increasingly fraught with unseen hazards. Protecting consumers from e-shopping fraud has now become an urgent national imperative. Fraud Surge The sheer scale of India’s e-commerce revolution provides vital context for why online shopping has become such a high-stakes arena. Recent market estimates indicate that India’s e-commerce economy has surged well beyond $140 billion, driven by over 300 million active digital shoppers. Projections show this user base rapidly swelling toward 400 million, largely fuelled by deep internet penetration, affordable smart phones and seamless payment infrastructure like the Unified Payments Interface across Tier-2 and Tier-3 cities. Yet, this remarkable surge in commercial volume has been mirrored by an equally dramatic escalation in cybercrime statistics. Official records from the National Cyber Crime Reporting Portal reveal that citizens have filed over 3.8 million cyber fraud complaints, representing staggering financial losses exceeding Rs. 36,000 crore, with a significant portion stemming from fraudulent online retail schemes. Perhaps most alarming is the historical recovery rate, where less than one percent of stolen funds is successfully returned to victims once transactions cross cyber borders. Despite the pervasive presence of online threats, digital consumers frequently fall into predictable traps that expose them to severe risk. A primary misstep is the failure to maintain basic password hygiene, with millions of shoppers reusing weak or identical passwords across multiple e-commerce platforms and email accounts, enabling attackers to execute swift cascading breaches. Furthermore, shoppers frequently bypass critical verification steps in pursuit of speed, such as failing to verify whether a website domain uses secure, encrypted connections before typing in card credentials. Another widespread oversight is performing financial transactions over unsecured public Wi-Fi networks in cafes or transport hubs, which allows bad actors to intercept sensitive data packets in transit. Many consumers also neglect regular software updates on their smartphones, leaving unpatched security vulnerabilities wide open to malware. Above all, emotional urgency remains the greatest weakness. Impulsive buyers frequently ignore glaring red flags, such as suspicious payment requests or unverified seller profiles. Decoding Scams Recognizing that awareness is the frontline of defence, key industry players and digital safety advocates have begun taking structured action. A prominent example is the consumer handbook, ‘Your Guide to Safe Online Shopping’, developed by Safer Internet India and commissioned by Amazon. The initiative aims to demystify complex cyber security concepts and provide consumers with actionable, real-world tools to navigate the digital marketplace safely. The handbook shines a bright light on the most prevalent fraudulent tactics currently plaguing buyers. To combat these threats, the safety guide emphasizes a multi-layered approach to consumer protection. It urges shoppers to verify web addresses meticulously, refrain from sharing one-time passwords and avoid conducting transactions off authorized brand platforms. Equally important, the guide bridges the gap between technical vigilance and legal empowerment by outlining explicit consumer rights under Indian laws and detailing formal grievance redressal mechanisms. A sustainable defence against online shopping fraud requires an integrated, multi-stakeholder strategy that aligns consumer awareness, corporate accountability and robust law enforcement. E-commerce platforms must continue investing aggressively in advanced artificial intelligence tools to detect cloned websites, eliminate fake merchant accounts and intercept suspicious payment flows before they reach consumers. Concurrently, regulatory authorities and law enforcement agencies must strengthen real-time intervention frameworks, expanding initiatives like the 1930 cyber crime helpline and emergency account-freezing protocols to minimize financial damage when breaches happen. On the demand side, continuous public awareness campaigns, modelled after comprehensive handbooks, must reach deep into semi-urban and rural regions where first-time internet users are most susceptible to manipulation. Ultimately, building a safe digital shopping environment is about preserving trust. Only when digital literacy keeps pace with technological innovation can India truly reap the economic rewards of its e-commerce revolution without sacrificing the security of its citizens. (The writer is a former college Principal and Founder of Supporting Shoulders, an Odisha-based non-profit Trust. Views personal.)

How India’s Electricity Exchange is Charging up the Future

Record trading volumes at the Indian Energy Exchange signal a shift toward cleaner, more efficient and market-driven energy.

In a country where power shortages once dominated headlines and diesel generators hummed in affluent homes, a silent transformation is underway. The Indian Energy Exchange (IEX) - the country’s premier electricity trading platform - has quietly become a barometer of India’s energy ambitions and a force accelerating its transition to a greener, more market-oriented power sector.


In the fiscal year ending March 2025, IEX reported a record 121 billion kilowatt-hours (kWh) traded, marking an 18.7 percent rise over the previous year. While such figures may seem arcane, they reflect a deeper trend: India’s power sector is growing up. Long dominated by opaque bilateral contracts and overburdened state utilities, electricity is increasingly flowing through transparent, price-discovery platforms like IEX. For a nation whose power demand is surging due to economic growth, rapid urbanisation, and intensifying heatwaves, this is welcome news.


The numbers are as electric as the product itself. IEX’s consolidated net profit jumped 22.3 percent to Rs. 429.2 crore, while revenues climbed 19.3 percent to Rs. 657.4 crore. The last quarter alone saw 31.7 billion kWh traded - an 18.1 percent year-on-year rise with quarterly profits up by 21.1 percent. More than just a financial windfall, it is an operational triumph for a market-driven model in a country still wrestling with the legacy of power sector inefficiencies.


At the heart of this boom lies demand. India’s electricity consumption has been growing steadily, driven not only by middle-class air conditioning and industrial growth but also by increased rural electrification and digitalisation. Yet traditional long-term power purchase agreements (PPAs) have often proved inflexible or politically fraught. Power exchanges like IEX offer a nimbler solution, enabling buyers and sellers to match demand and supply on a real-time or short-term basis.


Consumers benefit, too. A robust spot market improves price signals and encourages surplus generators to sell power during high-demand periods. In theory, and increasingly in practice, this reduces blackouts and price spikes. For state electricity boards, often plagued by poor finances and load management issues, exchanges provide a tool for course correction. For industrial consumers, they offer cost savings and flexibility.


But perhaps the most significant shift is ecological. The green energy revolution, often discussed in solar farm ribbon-cuttings and ministerial speeches, is finding an unlikely ally in IEX’s trading terminals. The exchange recorded a 136.3 percent surge in Renewable Energy Certificate (REC) trading in FY25, hitting an all-time high of 178 lakh certificates. These RECs, bought by companies to meet regulatory clean-energy obligations, are vital in a country where coal still accounts for over 70 percent of power generation.


Going a step further, IEX’s wholly owned subsidiary, Indian Carbon Exchange (ICX), has become the first accredited issuer of International Renewable Energy Certificates (I-RECs) in India. Though still modest in revenue, the move places India firmly on the global clean energy trading map. For multinationals operating in India, I-RECs are a crucial mechanism for meeting global ESG (environmental, social and governance) commitments. For India, it is a validation of its growing clout in the decarbonisation value chain.


The stock market has taken note. IEX’s earnings per share rose to Rs. 4.83 from Rs. 3.95 last year, and the board has declared a final dividend of Rs. 1.50 per share - a signal of confidence in future earnings. Analysts forecast steady growth in revenue (around 4.8 percent annually) over the next two years, driven by sustained demand and the increasing sophistication of India’s electricity market.


But challenges remain. Power exchanges still account for a fraction of total electricity traded in India, a meagre 7 percent compared to more than 30 percent in mature markets like the U.S. or U.K. Regulatory clarity, especially around market coupling and the introduction of new trading products, will be key. Grid stability, a perennial issue given India’s variable renewable generation and ageing infrastructure, also needs urgent attention.


Globally, India’s experiment with electricity market liberalisation is being watched closely. As countries seek models for integrating renewables while maintaining grid reliability, the IEX story offers useful lessons. It shows how digital platforms, policy nudges, and market incentives can collectively steer a fossil-fuel heavy economy towards cleaner horizons—without waiting for perfect infrastructure or complete reforms.


For Indian consumers, the changes may still feel abstract. There is no “IEX” button on the wall that powers their ceiling fans or refrigerators. But behind the scenes, every traded kilowatt-hour and every renewable certificate is shaping the future. The exchange’s success is not merely a corporate milestone but a symbol of India’s changing relationship with energy: more open, more efficient, and crucially, greener.


As India marches towards its ambitious target of 500 gigawatts of renewable capacity by 2030, platforms like IEX will be indispensable. In a future where electrons must travel smarter and greener, IEX is proving that the power of markets can indeed power the market of power.


(The author is a digital product leader passionate about energy innovation, manufacturing and driving impact through technology. Views personal.)

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