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Leaping from the 11^th place as World’s Largest Economy a decade ago, India has now overtaken United Kingdom to become the 5^th largest economy in the world in the year 2022. Latest figures and data from International Monetary Fund reveal this fact. Besides, India’s economy is forecast to grow by 7% this year. IMF sees India to become the world’s 4^th largest economy in 2027 in terms of GDP

Reserve Bank of India’s maiden test of its central bank digital currency (CBDC), being used for secondary market trades in government securities (G-secs) went off smoothly on November 1, with 48 trades being carried out for a total of Rs 275 crore. According to media reports, the first deal was struck between the country’s largest bank State Bank of India (SBI) and another state-owned lender Bank of Baroda (BoB). SBI was said to have sold securities to BoB using CBDC. ICICI Bank also sold the five-year government paper to IDFC First Bank.

Ushering in a new era of technology, Prime Minister of India Narendra Modi launched the 5G telecom services in India on October 1, 2022. The technology of 5G Services provides many benefits including seamless coverage, high data rate, low latency and highly reliable communications system. 5G in in India is also expected to help in achieving the economic goal of making India a $5-trillion economy by 2024-25. According to experts, 5G Services will have a cumulative economic impact of $1 trillion by 2035.

The Prime Minister of India, Shri Narendra Modi has announced the National Logistics Policy on September 17, 2022 with the key objectives to ease and accelerate the movement of goods, giving a boost to trade sector by minimising the cost of logistics which stands around 13 to 14 percent at present, and to enhance the competitiveness of India among top exporting countries.   Incidentally, the National Logistics Policy was launched on the day of bringing Cheetahs to India.