Indian Economy 2022 | Social and Economic reforms | Economic growth

 Indian Economy 2022 | Social and Economic reforms | Economic growth 

In this content we shall discuss on Indian and the world economy. The year 2020 and its subsequent year witnessed a great economic depression in the world and its impacts still alive in the world. However, the world economies suffered most, India is one the country kept its economy faster, sustainable and more reliable in the time of crisis. Therefore, wold's eyes are on India's economy and it attracted huge foreign investment. The year 2022, the whole world is grappling with the outcomes of economic crisis, even as India struggled with maintaining social reforms and economic reforms so that its economy can become inclusive and sustainable. The world had not come out of Corona, it grappled with inflation. The entire Europe, UK, and America came into economic depression. 

The Central Bank is compelled to increase its interest rate to counter inflation, but its ramifications , many countries have to compromise with their growth rate, that results in unemployment. 

The senses of the world is not very good, but it does't have with India. India is one of the countries which is seen as the most trusted and is being believed because the condition is good here.

The memorial time for Indian economy in 2022 

This year is very very special in other sense also, this year India has become the 5th biggest economy in the world after surpassing UK. The total economic volume of India is about 3.5 trillion dollar, and considered it will become 4th number in the year 2027. India was at 11th position in the world economy a decade ago. 

Several social measures were adopted has been great contribution to reduce in poverty. Social infrastructure, financial inclusion, GST, and many reforms directly or indirectly impacted on stock markets. The circumference of security has been increased like introduction of financial inclusion, PM Ujjawala, PM Samman, PM Awas , these all promoted inclusive growth. 

Here we will see the economic volume of some important countries.

Country             Economy Volume

America             $ 25.4

China                 $ 18.32

Japan                 $ 4.3

Germany            $ 4.03

India                   $ 3.47

COMING OF 5G IN INDIA 

This will bring about a revolution in many fields. Medical, Agriculture, Space field will enjoy extra mileage from this service. It helps in company level field. It helps in Digital University, Payment Banks.

here is the data shows the evolution of internet in India with respective time.

1 G        1980 - It provides unlimited voice calls

2 G        1995 - Voice calls + Text message

3 G         2010 - Video streaming + Global Roaming

4 G         2016 - Fifteen times faster than 3 G

5 G         2022 - Ten times faster than 4 G

Introduction of Digital Mudra e-Rupee 

India has started a new mode of payment called e- Rupee, a legal tender, not a cryptocurrency. This will accelerate transactions and control on counterfeiting money. It will directly boost our economy. In this chart we have tried to got understood clearly. 

Payment Mode           Year of Introduction

ECS                           1990

RTGS                         2004

NEFT                         2005

IMPS                          2010

CTS                            2011

NACH                        2012

UPI                             2016

e - Rupi                     2022