Trade ministers of India, Japan and Australia formally launched the Supply Chain Resilience Initiative (SCRI) to counter China’s dominance of supply chain in the Indo-Pacific region.
Daily Current Affairs Quiz 2021
The Supply Chain Resilience Initiative aims to create a virtuous cycle of enhancing supply chain resilience with a view to eventually attaining strong, sustainable, balanced and inclusive growth in the Indo-pacific region.
Expansion of the SCRI may be considered based on consensus, if needed, in due course.
By 2049, the 100th anniversary of the People’s Republic, the government in Beijing wants China to become a global superpower in the field of industrial manufacturing and innovative research and development (R&D). Industrial policy programs such as “Made in China 2025” (MIC25) and “Internet+” aim to improve the innovative and competitive capacity of the Chinese economy.