India, Japan And Australia Working On Trilateral Supply Chain To Reduce Dependency On China

Swarajya
August 19, 2020

Amid China's aggressive political and military behaviour, India, Japan and Australia have begun talks for launching a trilateral Supply Chain Resilience Initiative (SCRI) to reduce dependency on Beijing, reports Economic Times.

Stressing on the urgency to take the initiative forward, Japan through its Ministry of Economy, Trade and Industry had recently approached India. The three countries are now working on fixing dates for the first meeting of the their respective commerce and trade ministers by next week.

Amid the tension with China at the line of actual control (LAC) in Ladakh, India has taken the proposal quite seriously, contrary to its erstwhile approach of considering any such proposal cautiously. The decision to become the part of the global supply chain, which can potentially serve as an alternative to China, has reportedly been taken at the highest levels of the Indian government.

The development comes after PM Modi's Independence Day speech in which he asserted that businesses have started viewing India as a possible "hub for supply chains" and that the country should also "make for the world". The objective of the Japanese proposal is to make the Indo-Pacific region and "economic powerhouse" by attracting foreign direct investment as well as building mutually complementary ties among partner countries.

Under the proposal, the aim is to work out a plan to build on the existing bilateral supply chain networks. India and Japan already have an Indo-Japan Industrial Competitiveness Partnership that deals with locating Japanese firms in India.

After an understanding emerges among India, Japan and Australia, the initiative could also be thrown open for the ASEAN countries. The purpose of the SCRI is to improve supply chain resilience across the Indo-Pacific.

Comments

Post a Comment

Popular posts from this blog

ED tracks Swiss Bank A/Cs of Agusta scamster

The Poineer February 10,2019 Rakesh K Singh The Enforcement Directorate (ED) has tracked a dozen Swiss bank accounts in the name of Rajiv Saxena, who is key accused in the Rs 3,600 crore AgustaWestland VVIP chopper scam. The ED has also found out accounts held by  his family members and associates where the kickbacks in the now scrapped deal were allegedly parked. Two bank accounts are in the name of Rajiv Saxena’s  associates Pankaj Jain and Sumita Jain who are also the authorised signatories. The  third is in the name of another associate Ajit Singh Bubber, but Rajiv and his family members are authorised signatories. The remaining nine accounts are largely owned and operated by Rajiv, his family members and associates. Rajiv Saxena was deported by the UAE authorities on January 30 and the ED formally arrested him the next day and a court later granted his remand to the agency. He is currently undergoing custodial interrogation by the ED. The agency had in 2017 arrested his
Read more

J&K Cricket Board Scam: Chargesheet Filed Against Farooq Abdullah, 3 Others By CBI

OUTLOOK July 16, 2018 The agency has levelled charges of criminal conspiracy and criminal breach of trust under the Ranbir Penal Code against Abdullah and three others. The CBI on Monday filed a chargesheet against former Jammu and Kashmir chief minister Farooq Abdullah and three others in a special court in Srinagar in connection with alleged irregularities and misappropriation of funds in the Jammu and Kashmir Cricket Association. After the fall of the Peoples Democratic Party (PDP) and the BJP government, this is the biggest development that has taken place in the state. The National Conference has not reacted to the chargesheet so far. The agency has levelled charges of criminal conspiracy and criminal breach of trust under the Ranbir Penal Code against Abdullah, the then president of JKCA, Md Saleem Khan - the then general secretary, Ahsan Ahmad Mirza - the then treasuer and Bashir Ahmad Misgar, an executive in the J&K Bank. The BCCI gave Rs 112 crore t
Read more

As financial insecurity rises in urban India, so does investment in insurance

Image
Scroll.in March 13, 2020 Urban Indians are becoming less confident about their financial security. Up to 58% of them fret over financial independence post retirement, which is a 4% increase from last year. An equal share of urban Indians worry about meeting their daily medical expenses and sustaining their current lifestyle once they stop working. The findings are part of a survey published by Delhi-based Max Life Insurance in association with London-based consultancy Kantar. The firms surveyed 7,014 respondents in 25 cities, including six metros, nine tier-1 cities, and 10 tier-2 cities, between December 2019 and January 2020. Source: Max Life Insurance via Quartz The trends Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz A significant share of urban Indians also say their families will have no financial support in the event of the breadwinner’s death. In such a scenario, around 57% believe the family sav
Read more