Introduction:
The Indian economy is undergoing a technological revolution, with advancements and innovations taking place across various sectors. In today’s business news updates, we see the rapid expansion of Truecaller, the Swedish-based caller identification app, which aims to reach 500 million users in India. Additionally, the Indian Space Research Organisation (ISRO) is working towards making space tourism possible by 2030, and the Indian rupee is edging closer to becoming an international currency with the opening of 60 special rupee vostro accounts in 18 countries.
India is also making significant strides in 5G technology, as per the CEO of Ericsson Group, and digital payment company PhonePe has raised $200 million in additional funding. These developments signify the remarkable growth of India’s tech industry and its emergence as a key player on the global stage.
1. Truecaller aims to reach 500 million users in India by 2026
Truecaller, a caller identification app based in Sweden, is betting big on the Indian market. The company currently has 246 million users in India and aims to reach 500 million users by 2026. This is a significant target, as India is currently the largest market for the app. The company’s success in India can be attributed to its ability to identify spam calls and provide a user-friendly experience. With more and more people using smartphones in India, the app’s popularity is expected to continue to grow in the coming years.
2. India’s ISRO working towards space tourism by 2030
India’s space agency, ISRO, is working towards making space tourism possible by 2030. The estimated cost of the trip will be around Rs 6 crore per passenger. This is an exciting development, as it will open up new opportunities for the space industry and create a new market for space tourism. ISRO has been making steady progress in space exploration and has recently launched several successful missions, including the Chandrayaan-2 and Mars Orbiter Mission.
3. Indian rupee gaining international recognition
The Indian rupee is edging closer to becoming an international currency, with more and more countries working to de-dollarize global trade. India’s central bank, RBI, has given approval for opening 60 special rupee vostro accounts in 18 countries, including Russia and Sri Lanka. This move is expected to boost trade and investment between India and these countries. With India being one of the fastest-growing economies in the world, the recognition of the Indian rupee as an international currency is a significant development.
4. India’s pace in building out 5G
India is building out 5G at a rapid pace and is set to have the most modern digital infrastructure in the world, according to Börje Ekholm, President and CEO of Ericsson Group. The company is working with Indian telecom operators to roll out 5G networks across the country. This development is expected to have a significant impact on various industries, including healthcare, education, and manufacturing, by enabling faster and more efficient communication and data exchange.
5. PhonePe raises additional funding from Walmart
PhonePe, a digital payments firm, has raised additional funding of $200 million from retail giant Walmart at a pre-money valuation of $12 billion. This investment is expected to boost PhonePe’s growth and expansion plans in India’s digital payments market, which is growing at a rapid pace. With the increasing adoption of digital payments in India, PhonePe is well-positioned to capitalize on this trend and become a dominant player in the market.
6. Apple’s flagship India retail store to open in Mumbai
Apple, the iPhone maker, is set to open its flagship India retail store in Reliance’s premium Jio World Drive in Mumbai next month. The store is expected to be one of Apple’s largest retail stores in the world and will offer a wide range of products and services, including iPhones, iPads, Macs, and Apple Watches. The move is expected to boost Apple’s presence in India’s growing smartphone market, where the company has been facing tough competition from local players.
7. India’s progress in 6G technology
IT and Telecom Minister Ashwini Vaishnaw recently announced that India’s scientists, engineers, and academicians have together acquired 100 patents in 6G technology. This is a significant achievement, considering the complexity of electronics and the nascent stage of 6G technology. India’s progress in 6G technology is expected to have a significant impact on various industries, including telecommunications, healthcare, and transportation, by enabling faster and more efficient data transfer and communication.
