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Rajesh NarayanaswamyRajesh Narayanaswamy 

Can you prioritise this first.... Field name : Country Current value : indian New value : india In production you can find in any object that have Country field value indian, change it to the new value india.

ShivankurShivankur (Salesforce Developers) 
Hi Rajesh,

Check out the steps mentioned over below thread:
https://salesforce.stackexchange.com/questions/284777/how-to-replace-the-pick-list-values-in-existing-records-for-a-particular-record

This might help you at some extent to modify the existing values to new value in Salesforce.

Hope above information helps. Please mark as Best Answer so that it can help others in future.

Thanks.