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Tuesday, April 23, 2024

India’s Economy Will Reach New Heights With UPI Going Global: Dr Vivek Bindra


New Startups Will Write The Picture of New India: Dr Vivek Bindra

 

The year 2023 stands out as a historic period for India, marking a significant rise in the country’s global standing. Noteworthy achievements include the successful landing of Chandrayaan 3 on the Moon, hosting the most successful G-20 summit to date, and attaining remarkable milestones in the digital realm. Amidst these successes, the country also witnessed a substantial growth in digital payments. The question that arises is: How is this growth benefiting the people of India?

 

Digitalisation Stepping Towards Transforming India

 

The ongoing era of digitalisation in India has opened up numerous opportunities for its citizens. What initially started as a UPI (Unified Payments Interface) for seamless digital payments has now evolved into a tool not just for facilitating transactions but also for managing India’s economy.

 

In July of the previous year, Prime Minister Narendra Modi, during his visit to France, discussed the possibility of introducing UPI in the country. The plan is to implement UPI payments in France by 2024, with transactions being conducted in Indian rupees. This visionary move by the Prime Minister is expected to strengthen India’s global standing, reducing the world’s reliance on the US dollar.

 

The reach of UPI will extend beyond France to countries such as Singapore, Australia, Canada, the United States, Oman, Qatar, Thailand, the United Kingdom, and the United Arab Emirates. This initiative is balanced to strengthen India’s position in the global economy.

 

Fostering a New India Through Emerging Startups

 

Despite being the fifth-largest economy globally, India aims to become the third position by 2030. To achieve this goal, it is crucial to elevate the value of the rupee on the international stage and encourage the growth of innovative startups within the country.

 

The previous year witnessed substantial economic growth. However, realising the ambition of becoming the world’s third-largest economy necessitates concerted efforts to empower the rupee internationally and nurture the development of new startup businesses.

 

In conclusion, with UPI ready to go international and the flourishing ecosystem of startups, India is on the road to a transformative period. 


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