Economic Cooperation: India’s fourth largest trading partner is ASEAN.
India inked a commodities FTA (Free Trade Agreement) with ASEAN in 2009, followed by a services and investment FTA in 2014.
India has a Comprehensive Economic Cooperation Agreement (CECA) with several ASEAN countries, which has resulted in concessional trade and increased investment.
The ASEAN-India Centre (AIC) was formed to conduct policy research, lobbying, and networking operations with Indian and ASEAN organisations and think tanks.
India gives financial assistance to ASEAN member countries through various mechanisms such as the ASEAN-India Cooperation Fund, the ASEAN-India S&T Development Fund, and the ASEAN-India Green Fund.
India is working on a number of connectivity projects, including the India-Myanmar-Thailand Trilateral (IMT) Highway and the Kaladan Multimodal Project.
India is also attempting to develop a Maritime Transportation Agreement with ASEAN, as well as plans for a railway link from New Delhi, India, to Hanoi, Vietnam.
Programs to Increase People-to-People Contact Interaction with ASEAN is organised through events such as inviting ASEAN students to India, hosting a Special Training Course for ASEAN diplomats, exchanging parliamentarians, and so on.
India and the majority of ASEAN countries conduct joint naval and military drills.
In defence matters, Vietnam has always been a close friend, but Singapore is also an essential partner.
India, Israel, the United Arab Emirates, and the United States will hold their first virtual summit in July 2022 as part of I2U2 projects.
Cooperate on a Variety of Levels: These countries might collaborate on a variety of levels, including technologies, trade, climate, combating Covid-19, and even security.
The IMD World Competitiveness Yearbook (WCY), originally published in 1989, is a comprehensive annual report and global reference source on country competitiveness.
It examines and ranks countries based on how they manage their skills to create long-term value.
It assesses a country’s prosperity and competitiveness by assessing the four components (334 competitiveness criteria):
The challenges that India faces include managing trade disruptions and energy security, maintaining strong GDP growth following the pandemic, skill development and job creation, asset monetisation, and resource mobilisation for infrastructure development.
The top five attractive qualities of India’s economy for business are a trained workforce, cost competitiveness, economic dynamism, a high educational level, and open and positive attitudes.
What recent initiatives has India done to increase its competitiveness?
India’s Department of Telecom (DoT) has formed six task forces on 6G technology to facilitate technological advancement and increase competitiveness.
Through its New, Emerging, and Strategic Technologies (NEST) section, the Ministry of External Affairs ensures India’s active involvement in international technology governance forums.
It serves as the ministry’s nodal division for matters concerning new and emerging technologies, and it facilitates collaboration with overseas partners in the field of technology.
The Reserve Bank of India (RBI) has proposed that credit cards be linked to the Unified Payments Interface (UPI) network.
A credit card is a financial instrument issued by banks that has a predetermined credit limit and allows for cashless transactions. It allows cardholders to pay a merchant for products and services based on the amount of debt she has accumulated.
This is meant to increase user convenience and broaden the scope of Digital Payments.
There is no cure, however it can be avoided through vaccination.
It is administered orally as a newborn dose for institutional deliveries, followed by three primary doses at 6, 10, and 14 weeks, and one booster dose at 16-24 months of age.
As part of the Universal Immunisation Programme, it is provided as an additional dosage alongside the third dose of DPT (Diphtheria, Pertussis, and Tetanus) (UIP).