TIME FOR INDIA TO PLAY THE 'COUNTRY AS A PLATFORM' STRATEGY

Country platforms can address upstream and downstream investment barriers, access capital at scale, issue green Multilateral Development Banks' (MDBs) bonds in developing markets, and create an opportunity for everyone to participate across borders.

- Dr Asit K Barma & Dr Sangita Dutta Gupta

Post-pandemic, the International Monetary Fund predicted India to be the fastest-growing economy during 2022-23 and 2023-24. The predicted K-shaped or V-shaped recovery have been far from reality. HSBC India CEO, Hitendra Dave, recently remarked, "Once per capita GDP in India crosses the $3,000-3,500 mark, as China did 2530 years ago, it will be a J curve for everyone." But how? We want to articulate how India can play 'Country as a Platform' to enable an actual J curve growth.

The success of Digital India initiatives, Unified Payment Interface (UPI's) growth story with 75 billion transactions in 2022, doubling from 38 billion transactions in 2021, e-Governance, and other state-level initiatives are remarkable. India's UPI and Immediate Payment Service (IMPS) are regarded to be far more developed than similar systems in use in developed nations. However, a country-level platform approach can boost India's growth story.