What changed for India between this and last January?

India changed between 26 Jan 2022 and 26 Jan 2023.

As India celebrates 75 years of Independence, India is reclaiming its spot in the world and how ? Let's have a look.

India is the fifth largest economy in the world now. This feat is remarkable not just because it is a big achievement but it's huge

because India beat Britain to claim this spot. The same British Empire that oppressed and crushed India for 250 years. Now India has left behind a Britain that is ailing with high inflation and recession looming large, having lost its past glory.

This feat is all the more heartening as India has climbed up 5 spots in 8 yrs to become 5th largest economy. India was the world’s 11th largest economy nearly 10 years back.The International Monetary Fund has forecasted India to grow by 7% this year. Also, the IMF assumes that India will have the world's 4th highest GDP by 2027.

Another feather in India’s cap is the crown of digital transactions globally. India is the undisputed leader in the sheer volume of digital payments across the world. The four economies of the US, UK, France and Germany added together do not come anywhere close to the transactions happening in India. The Union Minister, Ashwini Vaishnaw, representing India at the World Economic Forum, Davos made this statement that the figures of these economies multiplied by 4 is nowhere near the Indian figures of digital payments.

Aided by UPI or the Unified Payments gateway of India and several other digital payment platforms like Paytm, BharatPe, PhonePe and several others, paying digitally is super smooth and hitchless. UPI payments made a new record in December 2022 with transactions worth 12.82 lakh crores. It was 11.9 lakh crores in November, according to the NPCI, the National Payments Council of India , the parent agency of the UPI. The world is looking at the efficiency of the UPI with envy. It is already accepted in 10 countries and talks are on to make its foray in Europe too.

An estimate by the global investment banking firm, Jefferies reportedly said that  in the financial year FY 22, India is set to see a volume of $ 2.16 trillion worth of digital payments. UPI is assumed to be accounting for nearly half of this volume

India now holds the G-20 presidency which is a very powerful group of 20 nations. Collectively the G-20 countries hold 80% of world GDP, 75% of international trade and 60% of the world’s population which makes it a massive influential platform. India’s presidency is themed on the centuries old concept of “Vasudhev Kutumbkam” which translates to “One Earth, One Family, One Future”As it coincides with Indian celebration of Amrit Mahotsav or 75 years of Indian Independence, the G-20 Presidency is is set to be a great assertion of Indian values and diplomacy. Prime Minister Narendra Modi has already termed it a “huge opportunity”. India wants its presidency to “inclusive, decisive, ambitious and action-oriented”

India represents the global South in this group of nations. The weaker economies of this group expect India to give voice to their expectations from the Western world. Also, this is happening at a time when a part of the world is set to experience recession, India has an onerous responsibility to play a stellar role.

India also launched its first private rocket, designed by a Hyderabad based start-up heralding a new success for the private sector in the space industry. Skyroot became the first space startup to send a rocket this year, opening huge opportunities for the startups and private sector in this industry. Indian Space Research Organisation helped launch the maiden rocket named Vikram S, after India’s father of space programs, Dr Vikram S Sarabhai. With the increase in demand for satellite imagery and data from multiple sectors, India is looking to promote its private sector to fill the gaps for a greater share in the international space market.

Another landmark feature of this year has been the announcement of India’s first HPV vaccine for prevention of Cervical cancer in women. Being manufactured by the Serum Institute of India, the vaccine is expected to be out in the first 6 months of 2023. Cervical cancer is the second most prevalent cancer among women worldwide. It has high mortality rates with a woman dying every 8 minutes due to Cervical Cancer. India has also announced world’s first intra-nasal Covid Vaccine recently which is said to provide greater coverage to the vaccination program.

Richa Jain Kalra

Richa Jain Kalra is a seasoned editor who has been a leading news anchor on national television for over 18 years. She is a master communicator driven by the purpose of making a positive impact on society.

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