Supply Chain Resilience Initiative (SCRI) to be launched by India, Japan and Australia

India is on its way to create an ally with Japan and Australia to launch a trilateral Supply Chain Resilience Initiative (SCRI) to counter the dependency on China, in the light of Beijing’s aggressive policy.

Key highlights

The initiative has reportedly been proposed by Tokyo at first. The country expressed its urgency to work on the initiative.

The Association of Southeast Asian Nations will also be invited to join SCRI.

What are the objectives of SCRI?

The objective of the initiative is to attract FDI with a vision of creating an economic powerhouse” and strengthening the relationship among partner countries.

How will it help India?

India is conducting high-level talks on the trilateral supply chain initiative.

Amid the border tension at the Line of Actual Control (LAC), India has amended the Foreign Direct Investment norms and has been monitoring China’s money flow in Indian territory very closely.

India has already launched a standard operating procedure to attract global investors.

ASEAN

The Association of Southeast Asian Nations is a regional intergovernmental organization which is associated with promoting intergovernmental cooperation to strengthen the economic, political, security, educational, and sociocultural integration among its members as well as other Asian countries.

Month: Current Affairs - August, 2020