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How India Became a Global Leader in Digital Payments & Economic Expansion

Prime Minister Narendra Modi recently emphasized India’s rapid economic growth and digital transformation at the India-Cyprus CEO Forum. He highlighted India’s rise as the fifth-largest global economy and its dominance in digital transactions via UPI.

1. India’s Economic Growth & Global Ranking
India is now the fifth-largest economy globally and is rapidly advancing toward becoming the third-largest.
The government has implemented major tax reforms, including GST (One Nation, One Tax) and corporate tax reductions.
Ease of doing business has significantly improved, attracting global investors.

2. Digital Revolution & UPI Dominance
50% of global digital transactions occur in India through Unified Payments Interface (UPI).
UPI has revolutionized financial inclusion, making India a leader in digital payments.
Cyprus may soon join UPI, following countries like France.

3. Infrastructure & Manufacturing Boost
₹100 billion+ annual investment in futuristic infrastructure.
Manufacturing Mission launched to boost sectors like semiconductors, biotech, and green energy.
Focus on maritime development, shipbuilding, and civil aviation expansion.

4. Startup & Innovation Boom
India has over 100,000 startups, with hundreds achieving unicorn status.
The government is promoting AI, Quantum, Semiconductor, and Nuclear Power Missions for future growth.
5. Sustainable & Green Future
Target of 500 GW renewable energy by 2030.
Plans for 100% carbon-neutral railways and green shipping initiatives.

Sample Questions & Answers for Competitive Exams
Q1. What percentage of global digital transactions occur in India via UPI?
Ans: 50% of the world’s digital transactions take place in India through UPI.
Q2. What is India’s current rank in the global economy?
Ans: India is the fifth-largest economy and is moving towards becoming the third-largest.
Q3. Which tax reform introduced the “One Nation, One Tax” system in India?
Ans: The Goods and Services Tax (GST) introduced the “One Nation, One Tax” system.
Q4. What is the target for India’s renewable energy capacity by 2030?
Ans: India aims to achieve 500 GW of renewable energy capacity by 2030.
Q5. Which country is likely to join India’s UPI system after France?
Ans: Cyprus is in talks to join India’s UPI payment system.