The unfolding COVID-19 pandemic has pushed the global economy closer to a 1930’s wartime- like environment. Governments across the world swiftly implemented monetary and fiscal policy measures to prevent countries from slipping into a deep recession, while dealing with this black swan event. The crisis has led to the fastening of political and economic churning for new world order. The rising trade wars over the past few years had been threatening globalization, and the pandemic further led many countries to start focusing on internal sufficiency.
In a welcome move the government announced that technical education especially engineering courses will now be made available in regional languages from the next academic year. Promoting the use of regional languages especially in Higher Education will help the cause of universalization of opportunity, or democratisation of learning as it were.
"TO BE SECURE on land we must be supreme at sea"- Maritime domain has
always been a critical piece in shaping both, a dominance in trade as well as regional geopolitics from the point of national security. This is especially true for India, with her peninsular geography extending along a 7,500 kms
coastline, over 1,300 islands and an EEZ of over 2 million sq kms.
The Indian Armed Forces have been getting technologically advanced weapon and support systems with increased lethality, longer reach and all-weather capability. When coupled with state of art surveillance, coordinated and unexpected application of firepower, these offer results far greater than the simple application of technology in isolation.
India decided to opt-out of RCEP in November 2020. Both from a geopolitics perspective and a trade perspective, it is a big decision. However, that said, India continues to focus on bilateral and multilateral agreements. The two phases of the Malabar 2020 naval exercise was closely monitored with Australia also joining for the first time. The logistics agreements with countries including the US and Japan (the same with Russia and UK planned soon) also indicate a further strengthening of military co-operation. At the LAC, both sides are buckling down for the harsh winter. The non-compromising posture by India has found admirers the World over.
IT Sector growth to be minimal in 2020 and expected to return in 2021-22. As per a report by Fitch Ratings, the Indian IT sector is likely to see less growth in 2020, but return to high single-digit revenue growth in 2021-2022. The demand would be fuelled by higher demand for digital transformation post pandemic.
In September 2015, India adopted the 2030 Agenda during the United Nations Summit wherein, Energy is closely connected with 74% of the 169 targets related to the 17 Sustainable Development Goals (SDGs) which the country must achieve by 2030. Post this, India submitted its Nationally Determined Contributions (NDCs) for the period 2021–2030 to the United Nations Framework Convention on Climate Change (UNFCCC) and ever since the Government of India (GOI) has been strategizing ambitiously for improving the installed capacity of Renewable Energy sources when 75% of it's our electricity is currently generated by coal-fired power plants.
The key trends in Chemical Industry are regulatory changes, move towards sustainability & digitization. All of these trends require the industry to work together or collaborate.