The year 2022 has been eventful. Normalcy returned post-covid. Spurt in activity kick started the economy. This year and even the decade is said to be India’s. Industrial Economist lists the top events that shaped India this year. PS: These events are not listed in any particular order.
Inking trade deals
The India-Australia trade deal came in to force on the last working day of the year. The deal is expected to double bilateral trade to USD 50 billion over next five years. This is India’s first trade deal in a decade with a large developed country. This agreement will eliminate double taxation on IT services, boost tourism and create 40,000 new jobs. Apart from this, it will facilitate to promote sports, upgrade sport facility, wine industry besides the traditional sectors. Negotiations are scheduled with UK, EU and Canada in the coming months and two more free trade agreements are expected to be signed next year.
India G 20 presidency
India assumed the G20 presidency a provides the chance to structure the platform’s priorities. The theme for the year is Vasudhaiva Kutumbakam –One Earth, One Family, One Future. The priority areas would revolve around inclusive and sustainable growth; accelerating achievement of the SDGs; green development and LiFE (Lifestyle for Environment); public digital infrastructure; reforms of multilateral financial institutions; and international peace and harmony.
Women get their due rights
It is a year full of positives for women. Giving hope to several women across the country, the top court ruled that marital rape is also rape. Though with a catch that it is to facilitate abortion, the law will benefit many. Another major milestone is the ruling to allow abortion of a foetus between 20-24 weeks without distinguishing between married and unmarried.
The two-finger test practiced on rape and sexual assault victims has been done away with. The court called the practice regressive and invasive with no scientific bias.
Organisations also have played their part. BCCI, in a landmark move announced that it will implement pay equity policy for women players on par with the men. They will be paid the same match fee as the men. In line with this, the Table Tennis Federation of India also announced equal prize money for women in all national zonal tournaments across all age categories.
A president to be proud of
When Draupadi Murmu took over as the first citizen, she had several firsts to her credit. She is the first woman and tribal leader from Odisha to be appointed as governor of a state. She served as the governor of Jharkhand from 2015 to 2021, and she is the first governor to complete the term in the state. She is the first from India’s designated tribal communities to be elected president. She is the youngest and first individual born after India’s independence to have been elected president. Murmu is only the second woman after Pratibha Patil to serve as President of India. As the 15th president of India, Murmu stresses the need for technology to reach the most remote parts of the country and to enhance digital literacy amongst all.
Becoming Atmanirbhar
India has a large military force and the spending on the same is huge. Most have been through imports. Apart from few missiles, India lacked the capability to manufacture even a rifle. But making this all history, Atmanirbhar Bharat along with the Make in India mission have made substantial strides in developing several defence products in-house. Through this mission, India recorded the highest ever export of Rs 14,000 crore. This has been possible through enabling private players, startups and MSMEs along with the existing DRDO. The major achievement of this sector was when INS Vikrant, the country’s first indigenous aircraft carrier was commissioned. With 76 per cent indigenous content, the ship is equipped with state-of-the-art systems that can house a crew of 1600.
Beyond the skies
This year, Indian aerospace proved that sky is no longer the limit. Indian Space Research Organisation(ISRO) has been synonymous to space exploration but with small steps, entry of private players is making this sector interesting. ISRO’s heaviest rocket LVM3, successfully injected 36 broadband satellites for a UK based firm, marking the first commercial launch. The success of this is also being extended to launch humans to space as part of the Gaganyaan mission.
Skyroot aerospace’s Vikram S launch, adds a new chapter to Indian space history. The first private rocket launch gives hope for further establishing India’s competence in this sector. This was followed by another startup Agnikul, test firing Agnilet, a single piece 3D printed rocket engine. The company also inaugurated India’s first private launchpad and mission control centre at the Satish Dhawan space centre. A black spot in this remarkable year has been the misplacement of small satellites that was launched using SSLV. A sensor failure rendered them unusable but the mission helped test other new elements incorporated in the rocket.
5G will offer seamless connectivity
The Indian telecom industry has grown by leaps and bounds. Roll out of 5G service marks yet another milestone. 5G would be 20 times faster than the current 4G connections. Higher data speeds will alter several aspects of our life. Right from the way we shop, to how we access and consume data. Immersive experiences through AR and VR based applications would become common. For companies, Industry 4.0 and internet of things will become the norm. Currently 50 cities have been covered and it will be rolled out across the entire nation in a phased manner by 2030. A report by Ericsson states that, with an investment of USD 900 million to establish low-band coverage of 5G, Indian economy would benefit by USD 5.6 billion between 2020 and 2035. In contrast, extending mid-band 5G coverage at a cost of $6.4 billion can help reap economic benefits to the tune of $44.8 billion in the same period.
Digital mode on
World over, central banks have opposed the idea of cryptos, but at the same time, they do know that it will be the future. Coming a step closer, the Reserve Bank of India unveiled its own version of cryptocurrency – e₹ or Central Bank Digital Currency (CBDC). Started as a pilot version, it will be extended in a phased manner. It is different from the existing UPI, NEFT and wallets as each transaction does not appear in the bank statement making it a digital version of physical cash. Time and adoption rate will define the success of CBDCs but the RBI Governor, Shaktikanta Das projects this as the future path of RBI.
