Money Control | India-Singapore Trade Ties: Boosting economic relations amid regional challenges and changing global landscape

Despite growing ties, India must address protectionist policies, enhance service sector access, and explore broader Southeast Asian trade opportunities to fully leverage regional economic integration

By Anisree Suresh

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Nikkei Asia | Chipmaking subsidies are not the answer to supply security worries

The U.K. national semiconductor strategy, released in May, has been criticized for showing a lack of ambition or courage. The plan foresees government spending of 1 billion pounds ($1.2 billion). This has made some observers question the stance of the U.K. toward the chip sector in view of tens of billions of dollars in subsidies that the U.S., European Union, Japan, India and other governments are allocating to the industry. The U.K., though, is choosing a categorically different path from its peers, based on utilizing its comparative advantages. Read the full article here.

Separating economic and border issues

As we exit the lockdown and resume economic activity, we will have to observe certain protocols. Like social distancing. Or using hand sanitisers in office, public places, or even at home. These sanitisers are alcohol-based and usually come in dispenser pumps. The pump minimises human contact, unlike a tube or bottle. It is made of plastic, has 16 components, and costs less than Rs 20 if produced at scale. Here’s the rub: As reported by an online news outlet, we have not been able to find domestic manufacturers who can produce dispensers at a large scale, at this cost. We are facing a health crisis, and urgently need large quantities of dispenser pumps. There’s no alternative but to import from China.Take pharmaceuticals. We are the world’s leaders in bulk drug formulations, used by leading medicine makers of the world. But these formulations need crucial active pharmaceutical ingredients (APIs) as inputs. Without APIs, our pharma industry, both domestic and export, will be crippled. And 65 per cent of APIs are imported from China, worth $3.5 billion (i.e. about Rs 25,000 crore). When imports were halted in April and May due to the lockdown and stoppage of the sea and air cargo, there was near panic in the Indian pharma industry. This could threaten even our internal supply situation for medicines. And there is no realistic option of switching to any other supplier, at this cost or scale. Unless we risk rising medical costs.Read More

Delhi must wake up and smell the opportunity

Deepening competition between the US and China over trade and technology is bringing forth a new set of economic and strategic challenges for India. Navigating these successfully requires New Delhi to mitigate and manage the threats, while leveraging the opportunities that arise. Doing so, however, requires the Indian government to undertake key reforms and adopt a strategic outlook with regard to certain domestic policies.A protracted Sino-US tech war could limit India’s room to maneuver, with the possibility that the global cyberspace and technology and innovation ecosystems could splinter into spheres of influence. This necessitates the adoption of a strategic outlook towards domestic policies.Read more at: https://www.deccanherald.com/specials/sunday-spotlight/delhi-must-wake-up-and-smell-the-opportunity-739059.html 

Jobs From Abroad

This is the fifth edition of The Jobscape, our weekly round-up of news and opinion on the state of employment and job creation in India. In this edition, we look at how international trade creates jobs in India, how many ‘Australias’ of jobs India has to generate, our abysmal gender bias, and job scams.Read more