New Delhi, Jan 29: India’s space agency, ISRO, marked a significant milestone on Wednesday morning with the successful launch of its 100th GSLV rocket from the Satish Dhawan Space Centre in Sriharikota.

The GSLV-F15 rocket lifted off at 6:23 a.m., carrying the NVS-02 navigation satellite into space, adding another triumph to the nation’s space exploration achievements.

ISRO took to social media to announce the historic event, posting:

“LIFTOFF! The GSLV-F15 has successfully taken flight, carrying NVS-02 into its planned orbit. Stay tuned for more mission updates!”

The GSLV-F15 flight was particularly noteworthy as it is the 17th mission of the Geosynchronous Satellite Launch Vehicle (GSLV) and the 11th successful mission utilising an indigenous cryogenic stage.

It also marks the 8th operational flight of GSLV featuring the indigenous Cryogenic stage, and the milestone 100th launch from India’s renowned spaceport in Sriharikota.

GSLV-F15 payload fairing is a metallic version with a diameter of 3.4 meters and it will place NVS-02 satellite in a Geosynchronous Transfer Orbit.

The NVS-02 is part of the second-generation satellites for the Navigation with Indian Constellation (NavIC) system — India’s own navigation system.

The navigation satellite system is designed to provide accurate Position, Velocity, and Timing (PVT) service to users in India as well as to regions extending about 1500 km beyond Indian land mass.

The new NVS-02 satellite comes with new features such as supporting the L1 frequency band, which will improve its services and reliability.

“The NVS-02 satellite is the second generation of NavIC satellites, featuring a standard I-2K bus platform. It will have a lift-off mass of 2,250 kg, power handling capability of around 3 kW, navigation payload in L1, L5, and S bands, ranging payload in C-band and will be positioned at 111.75 degrees E, replacing IRNSS-1E,” ISRO said.

NavIC will provide two types of services, namely, Standard Positioning Service (SPS) and Restricted Service (RS). NavIC’s SPS provides a position accuracy of better than 20 metres and a timing accuracy of better than 40 nanoseconds over the service area.

This launch marks a significant leap in the country’s technological and scientific advancements in space exploration.

Mumbai: The Maharashtra government has approved Metro Line 8, also called the Gold Line, to connect Chhatrapati Shivaji Maharaj International Airport (CSMIA) in Mumbai with Navi Mumbai International Airport (NMIA). The 35-kilometre corridor, part of the Mumbai Metropolitan Region Development Authority’s (MMRDA) Metro Master Plan, aims to improve airport connectivity and streamline travel for passengers.

Metro 8 To Be Developed Using PPP Model

The project will be developed using the Public-Private Partnership (PPP) model, despite its mixed track record in Mumbai metro projects. A Government Resolution issued on Monday confirmed the state’s decision, initially taken in May 2024. While MMRDA was originally tasked with overseeing Metro 8, the City and Industrial Development Corporation (CIDCO) has now been appointed as the nodal agency. CIDCO has been directed to prepare a detailed project report for the line, as reported by Hindustan Times.

The new corridor is expected to provide seamless access between the two airports, especially critical as NMIA is likely to become operational by mid of 2025. Currently, NMIA is accessible via the Atal Setu, and connectivity will further improve with the completion of the Worli-Sewri connector.

Challenges With PPP Model

However, the decision to use the PPP model has raised concerns. Metro 1, which connects Ghatkopar and Versova, was built on a PPP basis between MMRDA and Reliance Infra over a decade ago. While the metro line itself has been successful, the financial arrangement remains problematic, prompting all further metro projects in Mumbai to adopt a contract-based approach without private participation.

Details Of The Metro Line 8 Project

Metro Line 8 will span 35 km, comprising 25.8 km of elevated track and 8.2 km of underground sections. The route will pass through key areas like Kurla and Mankhurd, linking Lokmanya Tilak Terminus and a proposed Interstate Bus Terminal at Mankhurd. It will include 20 stations and integrate with Metro 2B.

Estimated to cost Rs 15,000 crore (as per 2023 data), Metro 8 will take approximately six years to complete, marking a remarkable step toward enhancing urban mobility in the Mumbai Metropolitan Region.

Mumbai, Jan 28: The share of the Unified Payments Interface (UPI) in India’s digital payments has surged from 34 per cent in 2019 to an impressive 83 per cent in 2024, with a remarkable CAGR (cumulative average growth rate) of 74 per cent over the last five years, according the RBI’s payment system report.

In contrast, share of other payment systems like RTGS, NEFT, IMPS, credit cards, debit cards, etc. in digital payments volume declined from 66 per cent to 17 per cent during the same period, the report states.

UPI has been the most significant contributor to the growth of digital payments in India due to its usefulness and ease of use, the report points out.

At a macro level, the volume of UPI transactions increased from 375 crore in 2018 to 17,221 crore in 2024, whereas the total value of transactions surged from ₹5.86 lakh crore in 2018 to ₹246.83 lakh crore in 2024.

This amounts to five year CAGR of 89.3 per cent and 86.5 per cent in terms of volume and value, respectively, the report states.

Both P2P (person-to-person) and P2M (person-to-merchant) transactions leverage UPI’s secure and real-time payment capabilities, making it easier for individuals and businesses to execute financial transactions without relying on traditional, time-consuming methods.

The UPI P2M transaction volume has surpassed the UPI P2P transaction volumes since 2023, however, in value terms, the UPI P2P transaction value is still higher than UPI P2M transaction values.

Over the past few years, digital payments in India have witnessed a phenomenal growth buoyed by the spectacular progress of UPI and the plethora of digital payment options available. In 2024 alone, India recorded 208.5 billion digital payment transactions.

UPI P2M grew at a CAGR of 99 per cent for transaction values below Rs 500 over 2019-24. In contrast, UPI P2P grew at a CAGR of 56 per cent during the same period.

For higher ticket-sized transactions — those exceeding Rs 2,000 — UPI P2M grew at a CAGR of 109 per cent during the same five-year period, while UPI P2P recorded a CAGR of 57 per cent.

The National Payments Corporation of India’s (NPCI) low-value transaction payment method, UPI Lite, recorded 2.04 million transactions daily, valued at Rs 20.02 crore in December 2024.

“When Paytm and PhonePe introduced UPI Lite on February 15, 2023, and May 2, 2023, respectively, a sustained increase in UPI Lite payment volumes and values was observed,” the RBI report observes.

“UPI has propelled India to the forefront in the provision of digital payment solutions as ‘public good’. This public good approach has the potential to be adopted by other economies, whatever stage of development they are at. UPI and its features bear lessons on democratisation of the payment system to the smallest value and penetration of digital payments to previously unreached segments,” the report added.