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genera Vespula and Dolichovespula
I found this one dead in my garden.
Yellow Jacket, Wasp........... Davesh, you were correct this is not a hover fly it is a Wasp as you suggested. I have posted a link to verify.
I have checked head part of your Organism.. match with Fly than Wasp... Wasp had smaller Head and eyes are with conical type oval shape...
https://www.google.co.in/search?q=Indian...
Great Shot, I think that does not belong to "Butterflies & Moths of the World" mission. ;)