India celebrates its 75th Republic Day today. It is on this date in 1950 that the constitution of India came into effect. Projected by the World Economic Forum to reach a US$10 trillion economy by the end of this decade, India’s journey is characterized by steady growth, technological innovation and resilience. This growth story is not just about economic figures; it represents a civilization’s indomitable spirit to leapfrog into the future, leveraging the power of technology.
In the landscape of global economic uncertainties, India’s economy stands out as a beacon of resilience and growth. Registering a 7.2 percent growth rate, India was the fastest growing major economy in fiscal year 2022-2023. With a demographic dividend providing tailwinds, India has significant potential of further growth in areas such as infrastructure, industrialization and energy consumption. India’s economic narrative, in contrast to the sluggish growth and high inflation affecting many economies globally, highlights its unique position as a rapidly developing nation with vast potential for further growth and development. The nation’s strategic focus on digital infrastructure, public investment and robust domestic demand positions it not just as a growing economic powerhouse, but also as a key player in shaping the future of the global economy.
India’s rapid climb in the global 5G speed rankings to the 10th position, as of this year, is a clear indicator of the monumental shift underway in the nation’s telecommunications landscape. This achievement is set against the backdrop of an already successful 4G foundation, which has laid the groundwork for a smoother and more rapid 5G rollout. India’s homegrown telecoms have an ambitious plan to cover every town and key rural area in the nation by March. The reach of 5G technology is soon to be ubiquitous, bridging the digital divide and fostering inclusive growth. This expansion is supported by the rapid adoption of 5G smartphones, with shipments expected to exceed those of 4G smartphones by the end of last year. This ongoing 4G and 5G revolution in India is a testament to its position as a global leader in the digital age.
India’s trailblazing journey in digital payment innovations has profoundly influenced the global financial landscape, setting a benchmark for inclusive and adaptable financial technologies. The Unified Payments Interface stands out as a revolutionary model, offering a real-time interoperable payment system that Singapore and the UK are seeking to emulate. Indian initiatives like mobile wallets, QR-code based payments, harnessing mobile technology to foster financial inclusion and penetrate rural markets, are being replicated in nations such as Nepal and Singapore, among others.
India’s Aadhaar-enabled payment systems, which leverage biometric verification, are influencing the United Arab Emirates and the UK as they explore similar systems for secure and inclusive digital transactions. Additionally, India’s regulatory framework for managing digital payments is emerging as a model for nations such as France and Singapore, developing their digital economies with a balanced approach to regulation and innovation. India’s digital payment methods are not just reshaping its financial landscape, but are also setting a global standard.
The Indian Space Research Organisation’s (ISRO) recent achievements further underline our commitment to technological innovation. The successful launch of satellites, the historic Chandrayaan-3 mission’s soft landing on the moon’s south pole and the pioneering Aditya-L1 mission for solar observation are significant milestones. Going forward, ISRO’s road map includes a remarkable lineup of missions, such as the collaborative NASA-ISRO Synthetic Aperture Radar project, which would be the first dual-band radar imaging satellite, along with several other critical missions aimed at augmenting India’s capabilities in areas of communication, remote sensing and atmospheric studies.
A surge in private participation, following the Indian government’s decision to open up the space sector, is ushering in a new era of innovation and collaboration, not only bolstering India’s space exploration credentials, but also opening avenues for international collaboration in space technology and research. India’s political leadership, led by Indian Prime Minister Narendra Modi, has prioritized technological development in a very holistic manner.
As we navigate this transformative era, the synergy between India and Taiwan becomes increasingly significant. Our partnership is underpinned by a unique blend of commonalities and complementary strengths. On the one hand, we share profound commonalities such as a rich historical and cultural heritage rooted in Buddhism, vibrant democratic institutions, and a pluralistic, multicultural society that values high-quality education. On the other hand, our relationship is enriched by a diverse range of complementary strengths. Taiwan is renowned for its technological prowess, while India is known for its ingenious and cost-effective innovations. Taiwan’s reputation for efficiency pairs seamlessly with India’s vast potential for scalability. In the realm of technology, Taiwan is a global leader in hardware, whereas India is a powerhouse in software development.
Taiwan’s strength in nurturing high-tech talent complements India’s demographic advantage, which is the longest in the world. Furthermore, Taiwan’s key role in global supply chains is a perfect match for India’s expansive domestic market. These are just a few examples of the many synergies that define our dynamic and multifaceted partnership.
Initiatives such as the signing of the Bilateral Investment Agreement, the establishment of dedicated platforms such as the India-Taiwan Plus desk by Invest India for investment facilitation and the establishment of a new Taipei Economic and Cultural Centre in Mumbai highlight the recognition of this potential. The rapid growth in bilateral trade and investments, deepening people-to-people interactions, educational exchanges and cultural engagements create a robust framework for collaboration.
India’s economic growth story, powered by technological advancements, is not only a narrative of domestic growth progress, but also a clarion call for global collaboration. In an evolving global landscape, the economic, cultural and people-to-people ties between India and Taiwan become increasingly relevant. Our collaboration, grounded in technological synergies and mutual economic goals, can set a precedent for partnerships that are sustainable and forward-looking.
India-Taiwan ties, with their strong foundation and complementary strengths, have a natural momentum. Together, we can navigate the challenges of the 21st century, driving innovation and prosperity.
Manharsinh Laxmanbhai Yadav is director-general of the India Taipei Association.
Source: Taipei Times - Editorials 2024/01/26
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