Economic Challenger

                                                                      OUTCOME OF THE QUAD SUMMIT 2022 The Quadrilateral Security Dialogue or broadly known as  'QUAD' is a group made of four nations namely India, Japan, the USA, and Au stralia . It is a strategic forum featuring  semi-regular summits.    The key focus  of the summit is the development of the Indo-Pacific region highlighting the threats of terrorism, disinformation, and territ orial disputes.  The Quad leaders' summit has been held on the 24th of May 2022 in Tokyo Japan broadly discussing issues like the Covid-19 pandemic and the economic development of the Indo-Pacific region and threats arising thereto. INITIATIVES TAKEN After the Summit the Quad leaders in Tokyo announced various initiatives in a joint statement: 1. Security and territorial integrity. Without naming China, the Quad nations have made a strong statement opposing coercive and provocative actions such as the militarization of disputed featu

 INDO PACIFIC ECONOMIC FRAMEWORK LAUNCHED TO COUNTER CHINA's  INFLUENCE The United States has launched IPEF a day before the QUAD Summit to be held in Tokyo Japan on 24 May 2022 to counter China's influences in the pacific area.  Prime Minister of India Narendra Modi also joined President Biden of the USA along with Japanese Prime Minister Fumio Kishida. The event also saw the virtual presence of leaders of other partner countries such as Australia, Brunei, Indonesia, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam. The new economic front will also include 7 South Asian Countries. The IPEF seeks to strengthen economic partnership amongst 14 participating countries including the US with the objective of enhancing resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region. Modi said that the IPEF is a  declaration of  collective will to make the region an engine of global economic growth. 

  We have now extended the deadline for submission of articles for publishing in our journal (#EconomicChallenger) to May 15, 2022.  We will appreciate it if you drop a line to editor@economicchallenger.net

PROMOTING THE SEMICONDUCTOR INDUSTRY IN INDIA The government of India is pitching high in attracting more and more entrepreneurs to set up semiconductor fabrication units in India.  At least 10 such units are estimated to come up in the immediate years. We cannot keep importing chips always as several manufacturing units need chips. Taking a call of the government's ATMA NIRBHAR BHARAT nearly five proposals are in the pipeline and many more are expected to be received in the coming months. At the inaugural session of the SEMICON INDIA, 2022 conference in Bangaluru Prime Minister Modi expressed his intent to place India as one of the key partners in the global semiconductor supply chain and accordingly India will play its role as an enabler and force multiplier through the PRODUCTION LINKED INCENTIVE (PLI) Scheme and a $10 billion package was announced in December 2021 to encourage the more and more investors to set up semiconductor units in India.  Having a roadmap for 20years many