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<keyword id="19895045" type="General" weightage="100" keywordseo="Singapore" source="keywords">Singapore</keyword>: India and Singapore held the 2nd round of the <keyword id="21531849" type="General" weightage="20" keywordseo="India-Singapore-Ministerial-Roundtable" source="keywords">India-Singapore Ministerial Roundtable</keyword> (<keyword id="22918586" type="General" weightage="20" keywordseo="ISMR" source="keywords">ISMR</keyword>) in Singapore on Monday and reviewed the progress of the strategic partnership between the two nations, the Ministry of External Affairs said in a press release. The two nations decided to add two new pillars, 'Advanced Manufacturing and Connectivity' for further strengthening bilateral cooperation. Finance Minister Nirmala Sithraman, External Affairs Minister Jaishankar, Commerce and Industry Minister <keyword id="19895367" type="General" weightage="20" keywordseo="piyush-goyal" source="keywords">Piyush Goyal</keyword> and Railways Minister Ashwini Vaishnaw represented the Indian side in Singapore. From the Singapore side, Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, Vivian Balakrishnan, Minister for Foreign Affairs, K Shanmugam, Minister for Home Affairs and Minister for Law, Josephine Teo, Minister for Digital Development and Information and Second Minister for Home Affairs, Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry and Chee Hong Tat, Minister for Transport and Second Minister for Finance participated in the meeting. "The Ministers reviewed the progress of India - Singapore Strategic Partnership, particularly under the pillars of Digitalization, Skills Development, Sustainability, Healthcare and Medicine, identified during the 1st meeting of ISMR, held in New Delhi on September 17, 2022," the statement read. They deliberated on ideas to expand bilateral cooperation and decided to add two new pillars, Advanced Manufacturing and Connectivity for further strengthening bilateral cooperation. The Ministers agreed to hold the next round of ISMR in India at a mutually convenient time. During their visit, the Indian Ministers also called on Singapore President, Tharman Shanmugaratnam, and Singapore Prime Minister Lawrence Wong. "India and Singapore are important partners of each other. The visit reaffirmed the commitment of both sides to further strengthen their multifaceted partnership," MEA added. Singapore Prime Minister Lawrence Wong has called the India-Singapore Ministerial Dialogue an important platform for strengthening bilateral ties. Finance Minister Nirmala Sitharaman thanked Singapore PM for meeting them and stated that talks with Lawrence Wong clearly show that ties between India and Singapore are on sound footing. <keyword id="19922551" type="General" weightage="20" keywordseo="EAM-Jaishankar" source="keywords">EAM Jaishankar</keyword> thanked the Singapore Ministers for their commitment to deepen ties between the two nations. (ANI)

India, Singapore to focus on advanced manufacturing, connectivity to boost bilateral relations

<keyword id="19895045" type="General" weightage="20" keywordseo="Singapore" source="keywords">Singapore</keyword>, September 5 (ANI): <keyword id="2504197" type="General" weightage="20" keywordseo="India-and-Singapore" source="Orion">India and Singapore</keyword> elevated their <keyword id="20009959" type="General" weightage="20" keywordseo="bilateral-relations" source="keywords">bilateral relations</keyword> to the level of <keyword id="20564653" type="General" weightage="20" keywordseo="Comprehensive-Strategic-Partnership" source="keywords">Comprehensive Strategic Partnership</keyword>, on Thursday, during the visit of <keyword id="19898052" type="General" weightage="20" keywordseo="Prime-Minister-Narendra-Modi" source="keywords">Prime Minister Narendra Modi</keyword>. Prime Minister Modi and Singapore PM <keyword id="20610066" type="General" weightage="20" keywordseo="Lawrence-Wong" source="keywords">Lawrence Wong</keyword> met at the Parliament House in Singapore on Thursday. The two leaders, along with their delegations, held the bilateral meeting. Following this, the two sides exchanged four MoUs in the areas of digital technology, semiconductor, skill development and healthcare. Prime Minister Modi invited PM Lawrence Wong to visit India, which he accepted. At their talks, both leaders reviewed the progress of India - Singapore bilateral relations. "Given the breadth and depth of bilateral ties and immense potential, they decided to elevate the relationship to a Comprehensive Strategic Partnership. This would also give a major boost to India's Act East Policy," the Ministry of External Affairs said in a statement. Taking stock of the robust progress in <keyword id="20900218" type="General" weightage="20" keywordseo="economic-ties" source="keywords">economic ties</keyword>, the leaders called for further expanding <keyword id="20344229" type="General" weightage="20" keywordseo="trade-and-investment" source="keywords">trade and investment</keyword> flows between the two countries. Prime Minister highlighted that Singapore, with an investment of around USD 160 billion in the Indian economy, is a leading economic partner for India. He further noted that rapid and sustained growth in India has opened up immense investment opportunities for Singaporean entities. The two leaders also reviewed existing cooperation in the fields of defence and security, maritime domain awareness, education, AI, Fintech, new technology domains, science and technology, and knowledge partnership. They further called for strengthening connectivity between the countries to enhance economic and people-to-people ties. They also called for acceleration in green corridor projects. PM Modi and PM Wong also discussed the outcome of the 2nd India - Singapore Ministerial Roundtable held in Singapore in August 2024. "Noting that the Ministerial Roundtable is a unique mechanism, the leaders appreciated the work done by senior ministers from both sides in deliberating and identifying a new agenda for bilateral cooperation. The leaders called for accelerated action under the pillars of cooperation identified during the Ministerial Roundtables - Advanced Manufacturing, Connectivity, Digitalisation, Healthcare &amp; Medicine, Skills Development and Sustainability," the release stated. The leaders underscored that the cooperation under these pillars, particularly in the areas of semiconductors and critical and emerging technologies, opens a new chapter in bilateral relations, making our ties future-orientated. The discussion also covered celebration of 60th anniversary of bilateral relations in 2025. Highlighting that cultural connect between the two countries is an important component of these ties, Prime Minister announced that India's first Thiruvalluvar Cultural Centre would be opened in Singapore, the release added. The leaders also exchanged views on important regional and global issues of mutual interest, including India - ASEAN relations and India's vision for the Indo-Pacific Terming Singapore an "important anchor" of India's Act East Policy, Prime Minister Narendra Modi appreciated the elevation of ties. He further emphasised that the two nations are connected by shared belief in democratic value, and also appreciated the increased cooperation in the field of skilling, defence, connectivity. Taking to social media platform X, PM Modi stated, "The discussions with my friend, PM Lawrence Wong continued today. Our talks focused on boosting cooperation in areas like skilling, technology, healthcare, AI and more. We both agreed on the need to boost trade relations." <div type="twitter" handle="narendramodi" handlename="narendramodi" favoritecount="0" retweetcount="0" id="1831541591275651268"></div> Speaking at the meeting, PM Modi, "Singapore is also an important anchor of our Act East policy. Shared belief in democratic values connects us to each other. I am happy that I have got the opportunity to visit Singapore at the beginning of my third term." The Prime Minister highlighted that the trade between the two countries has more than doubled in the last 10 years. He also noted that 17 satellites of Singapore have been launched from India in last 10 years. "A decade of our strategic partnership is being completed. Our trade has more than doubled in the last ten years. Mutual investment has increased almost three times to cross USD 150 billion. Singapore was the first country with which we launched the Person to Person payment facility of UPI," PM Modi said. "In the last ten years, 17 satellites of Singapore have been launched from India. Our cooperation has gained momentum from skilling to defence sector. The agreement between Singapore Airlines and Air India has strengthened connectivity. I am happy that today we are together giving our relations the shape of a Comprehensive Strategic Partnership," he added.. Recalling age-old ties between the two nations, PM Modi thanked Singapore for the respectful treatment of freedom fighter Subhash Chandra Bose. He added that the bilateral ties will complete 60 years in 2025. "The 3.5 lakh people of Indian origin living in Singapore are the strong foundation of our relations. We are forever grateful to the whole of Singapore for the place and respect that Subhash Chandra Bose, Azad Hind Fauj and Little India have received in Singapore. Our relations are going to complete 60 years in 2025. To celebrate this with pomp and show, work should be done to create an Action Plan in both the countries," the Prime Minister said. He also announced that India's first Thiruvalluvar Cultural Centre will be opened in Singapore soon, while appreciating the teachings of Saint Thiruvalluvar. "I am very happy to inform you that India's first Thiruvalluvar Cultural Centre will soon be opened in Singapore. The great saint Thiruvalluvar has given guiding thoughts to the world in the most ancient language, Tamil. His composition Tirukkural was written almost 2 thousand years ago, but the ideas given in it are still relevant today. He has said, 'Nayanodu nnnri purinnd payanudaiyar panbu parattum ulagu', that is 'The world praises those who are known for justice and service to others'. I believe that millions of Indians living in Singapore are also inspired by these ideas and are contributing to strengthening the relationship between the two countries," he further stated. PM Modi said that the two nations will continue to work together for regional peace, stability and prosperity.

India and Singapore elevate relations to Comprehensive Strategic Partnership; Agree to expand trade, investment

External Affairs <keyword id="13389957" type="General" weightage="20" keywordseo="minister-s-jaishankar" source="Orion">Minister S Jaishankar</keyword> held a meeting with Singapore's Minister of Trade and Industry Gan Kim Yong and discussed trade, semiconductors, space, <keyword id="60895" type="General" weightage="20" keywordseo="green-energy" source="Orion">green energy</keyword>, <keyword id="684589" type="General" weightage="20" keywordseo="supply-chains" source="Orion">supply chains</keyword> and <keyword id="21077182" type="General" weightage="20" keywordseo="defence-" source="Orion">defence.</keyword> In a post on X, Jaishankar stated, "Started the day by meeting Singapore Minister of Trade and Industry Gan Kim Yong. Discussed trade, semiconductors, space, green energy, supply chains.and defence. Hope to take these forward in the India-Singapore Ministerial Roundtable." EAM Jaishankar, who is on a visit to Singapore, interacted with Indian community on Sunday. Jaishankar kicked off his Singapore visit on Saturday by paying homage to Subhash Chandra Bose and the brave Indian National Army soldiers. In a post on X, Jaishankar stated, "Began my Singapore visit by paying homage to Netaji and the brave Indian National Army soldiers. The INA Marker in Singapore recognizes their deep patriotism and indomitable spirit that remain an inspiration for generations to come." He made remarks at the Institute of South Asian Studies of National University of Singapore. He was speaking on 'Why Bharat Matters'. Jaishankar said that today momentum in India has to be experienced to be believed and the country is going to be a much bigger economy in the coming years. He also recalled India's response to the COVID-19 pandemic and the country reaching out to other countries through vaccines. EAM Jaishankar also engaged in discussions with prominent corporate figures from the country who offered positive feedback on India's growth story derived from their investment experiences. "A very productive interaction with leading Singaporeon Corporate figures. Appreciate their positive feedback on the India growth story based on investment experiences. Confident that their commitment to doing more business in India will further increase," S Jaishankar posted on X. The ties between India and Singapore have a history rooted in strong commercial, cultural and people-to-people links. India was one of the first countries to recognise Singapore in 1965, according to the High Commission of India in Singapore. The relations between India and Singapore are based on shared values and approaches, economic opportunities and convergence of interests on key issues. There are more than 20 regular bilateral mechanisms, dialogues and exercises. The two nations have great convergence on a broad range of international issues and both are members of a number of forums, including the East Asia Summit, G20, the Commonwealth, Indian Ocean Rim Association (IORA) and the Indian Ocean Naval Symposium (IONS).

EAM Jaishankar, Singapore Minister of Trade and Industry discuss semiconductors and space

Prime Minister Narendra Modi will chair <keyword id="10217999" type="COMPANY" weightage="20" keywordseo="the-virtual-global-investor-roundtable">the Virtual Global Investor Roundtable</keyword> (VGIR) on Thursday. The VGIR will be organised by <keyword id="10037803" type="COMPANY" weightage="20" keywordseo="the-union-ministry-of-finance">the Union Ministry of Finance</keyword> and the National Investment and Infrastructure Fund. It is a dialogue between leading global institutional investors, Indian business leaders and the highest decision makers from the government of India and financial market regulators. Union Finance Minister Nirmala Sitharaman, Union Minister of State for Finance <keyword id="6364468" type="PERSON" weightage="20" keywordseo="anurag-thakur">Anurag Thakur</keyword>, RBI Governor Shaktikanta Das and other dignitaries will also be present on the occasion. The roundtable will witness participation from 20 of the world's largest pension and sovereign wealth funds with a total assets under management (AUM) of about $6 trillion. These global institutional investors represent key regions including the US, Europe, Canada, Korea, Japan, Middle East, Australia and Singapore. Some of these include funds like Singapore's Temasek Holdings, Canadian Investment Fund, Korean funds, JBIC, Australian Super etc. The event will witness the participation of key decision makers of these funds, i.e., the CEOs and CIOs. Some of these investors would also be engaging for the first time with the government of India. Apart from global investors, the roundtable will also see the participation of several top Indian business leaders. Addressing the media here, Economic Affairs Secretary Tarun Bajaj said that Ratan Tata, <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, Nandan Nilekani, Deepak Parekh, <keyword id="45051" type="PERSON" weightage="20" keywordseo="Uday-Kotak">Uday Kotak</keyword> and Dilip Sanghvi will be the major Indian business personalities present at the roundtable to provide the Indian perspective on investments and opportunities. The event will focus on discussions around India's economic and investment outlook, structural reforms and the government's vision for the path to a $5 trillion economy. The event will provide an opportunity to leading global investors and Indian business leaders to engage and deliberate with senior policymakers on how to further accelerate the growth of international investments in India. Further, in the next two weeks, the Prime Minister will also meet global investors on a one-to-one basis virtually. The upcoming roundtable and the following meetings are part of the government's push to attract foreign investments and boost the economy. SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/2020-election-see-insiders-comprehensive-guide-to-the-presidential-and-top-congressional-races/articleshow/78878848.cms" data-type="tilCustomLink">LIVE RESULTS: 2020 presidential and key congressional races</a> <a href="https://www.businessinsider.in/business/news/jack-ma-ant-group-ipo-listing-has-been-suspended-by-the-shanghai-stock-exchange/articleshow/79022502.cms" data-type="tilCustomLink">China suspends Jack Ma’s $34 billion Ant Group listing — citing changes in regulatory environment</a>

Ratan Tata, Mukesh Ambani and Uday Kotak to be a part of PM Modi's Virtual Global Investor Roundtable on Thursday

Union Minister for Commerce and Industry Piyush <keyword id="6361408" type="General" weightage="100" keywordseo="goyal" source="Orion">Goyal</keyword> on Monday (local time) visited <keyword id="107096" type="General" weightage="80" keywordseo="tesla" source="Orion">Tesla</keyword>'s manufacturing facility in California's Fremont and said that the US electric car maker is on its way to double its components imports from <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>. Goyal stressed that he is proud to see the growing importance of auto component suppliers from India in the <keyword id="7829399" type="General" weightage="50" keywordseo="tesla-ev" source="Orion">Tesla EV</keyword> supply chain. He said that he missed meeting Tesla CEO <keyword id="6355315" type="General" weightage="50" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> and wished him a speedy recovery. He said that he is "delighted" to see Indian engineers and finance professionals working in senior positions and contributing to Tesla's journey to transform mobility. Taking to social media app X, Goyal stated, "Visited @Tesla 's state of the art manufacturing facility at Fremont, California. Extremely delighted to see talented Indian engineers &amp; finance professionals working at Senior positions and contributing to Tesla's remarkable journey to transform mobility. Also proud to see the growing importance of Auto component suppliers from India in the Tesla EV supply chain. It is on its way to double its components imports from India. Missed Mr @ElonMusk's magnetic presence and I wish him a speedy recovery." Goyal, who is on a visit to the United States from November 13 to 16, arrived in San Francisco Monday morning (local time), will participate in the third in-person Indo-Pacific Economic Framework (IPEF) Ministerial meeting from November 13-14, 2023. During his visit, he will also attend the Asia-Pacific Economic Cooperation (APEC) Summit in San Francisco. Just shortly upon arrival in the US, Goyal met with Singapore's Minister for Trade and Industry Gan Kim Yong. The two leaders discussed ways to accelerate cooperation across sectors to further deepen economic partnership between India and Singapore. Taking to X, Goyal stated, "Met H.E. Gan Kim Yong, Minister of Trade &amp; Industry, Singapore, and discussed ways to accelerate cooperation across sectors to further deepen our economic partnership." (ANI) He also met US Trade Representative Ambassador Katherine Tai on the sidelines of the Indo-Pacific Economic Framework (IPEF) in San Francisco. The two leaders held talks on the IPEF and trade pillars. Goyal is scheduled to hold a bilateral meeting with US Commerce Secretary Gina Raimondo and representatives from various sectors and industries, according to the Ministry of Commerce and Industry earlier press release. These meetings will focus on addressing trade barriers, promoting investments, and fostering greater cooperation in areas such as technology and innovation. One of the key focus of the visit will be the joint event, co-chaired with US Commerce Secretary, Gina Raimondo on "India-USA Innovation Handshake Initiative", with the aim to lift up and connect the two sides' dynamic startup ecosystems, address specific regulatory hurdles to cooperation, and promote further innovation and job growth, particularly in emerging technologies." During his visit to the US, Goyal will also participate in the investors' roundtable along with one-to-one meetings with CEOs, according to the press release. He will also interact with various stakeholders such as students, entrepreneurs, venture capitalists and the Indian diaspora. Piyush Goyal is expected to interact with globally renowned technology, entrepreneurship, and academic communities in the Bay Area, particularly, in Silicon Valley to undertake focused discussions with American companies looking to invest or expand in India across sectors - Electronics (including semiconductors), Technology, FinTech etc. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/india-vs-new-zealand-wc-semi-final-preview-head-to-head-form-and-key-battles/slidelist/105180423.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/india-vs-new-zealand-wc-semi-final-preview-head-to-head-form-and-key-battles/slidelist/105180423.cms" target="_blank">Ind vs NZ in World Cup semis again – Head-to-head, form, key clashes and more</a> <a href="https://www.businessinsider.in/tech/news/ex-apple-employees-launch-ai-pin-a-wearable-which-wants-to-replace-your-smartphone/articleshow/105113255.cms">Ex-Apple employees launch AI-Pin, a wearable which wants to replace your smartphone</a> <a href="https://www.businessinsider.in/business/auto/news/british-luxury-carmaker-lotus-cars-enters-the-indian-market-with-2-55-electric-suv/articleshow/105092076.cms">Lotus Cars enters India with Eletre, a luxury electric SUV priced starting at ₹2.55 crore</a>

Piyush Goyal visits Tesla's California facility, says US electric car maker to double Indian component imports

Good governance is a major buzzword in this summer’s mega Indian polls. In fact, <keyword id="6354477" type="PERSON" weightage="40" keywordseo="Narendra-Modi">Narendra Modi</keyword>, BJP’s prime ministerial candidate and the bookies’ favourite to become the next PM, has patented a slogan around it that says, “Minimum Government, Maximum Governance.” 
 Looking around for role models, it will be difficult to find a nation which fits that bill well. The US has seen a major increase in the role of government, even as its <keyword id="34412" type="ORGANIZATION" weightage="40" keywordseo="economy">economy</keyword> sputters. In China, not just the government, but the entire Communist Party has its fingers in every pie of national activity. France and Germany have opted to create a supranational structure in the form of the EU, which has created a new set of problems. 
 However, the tiny city-state of <keyword id="6356662" type="COUNTRY" weightage="80" keywordseo="Singapore">Singapore</keyword>, ranked No. 1 as far as ease of doing business is concerned, has a higher per capita income than the US or Germany and some remarkable social policies. So it is no wonder that the country gets a mention now and then in such conversations. But its thumbnail size means large countries like India often dismiss its well-earned achievements. 
 
Instead, it might be useful to put that thumbnail under a magnifying glass. 
 
Debt diligence 
While it is difficult to outdo the US when it comes to national debt, India has tried its best to land itself in a sorry state of affairs on the debt front. Every year, the annual budget has policy pundits in a tizzy over the huge fiscal deficits incurred by the government, which have a direct impact on the billion-plus population, in terms of inflation. 
 In stark contrast with India’s $426 billion of external debt, Singapore has no ‘net debt.’ This is because the <keyword id="137578" type="ORGANIZATION" weightage="60" keywordseo="Singapore-government">Singapore government</keyword> only borrows to develop a market for its securities, but does not borrow to spend on any programme or activity. All expenditure is either made good from government revenues or is backed by national assets, which amply explains why Singapore is globally ranked second in creditworthiness. This is even more commendable when one considers that Singapore has a low tax rate. 
 
One of the reasons Singapore can afford a low tax rate is that it keeps a tight check on all government expenditures, especially expensive subsidies. 
 
So does that mean Singaporeans are left to fend for themselves? 
 
Homing in on priorities 
Believe it or not, 90% of the Singapore nationals own their homes and 80% of the people live in public housing, not built by private developers. While a small population makes it easier to execute such policies, Singapore has architected this approach by design and not by accident. 
 
Back in the 1930s, when it was still a British colony, Singapore saw the introduction of public housing schemes. In 1960, the formation of the Housing Development Board (HDB) marked a concerted push by the Singapore government to ensure quality public housing for all its citizens. Its Independence in 1965 did not result into a loss of focus. 
 
Even in India, the concept is not an alien one and government agencies do promote housing schemes. In fact, during the 70’s and the 80’s, when Singapore was witnessing a public housing boom, so was India. But the scenario has changed drastically and private realtors are literally ruling the housing sector in India today. On the other hand, public housing essentially caters to the weaker sections of the society. 
 
In Singapore, public housing not only provides a range of choices, from one-room to five-room flats, but also fulfils an important social construct. The government has set up quotas to ensure that the three main ethnicities – the Chinese, the Malays and the Indians – should have a balanced representation in a housing project in a bid to promote national integration and avoid ghettoisation. 
 
Ignorance is not bliss 
India’s broken primary education system is the subject of many a report, but offers a fascinating insight into how a government may appear to be doing something effective to fix a problem, like passing a grandiose Right to Education Act, and can still ignore an actual drop in the quality of education. 
 
Singapore, in contrast, boasts a public school system that has won laurels from independent third parties like the Programme for International Student Assessment (PISA). It should be especially lauded when it comes to cutting-edge approaches, such as teaching students skills like problem-solving. Out of the 172 schools selected from Singapore by PISA for their assessment, only six were private schools, offering yet another data point that the government can do well when it has its priorities clear and the execution is right. 
 
What offers a ray of hope to Indian educators is that Singapore’s education system has also seen its fair share of ups and downs. A detailed McKinsey study states that there were three distinct phases in the evolution of Singapore’s education system – survival driven (1957-1978), efficiency driven (1979-1996) and ability driven (1997-present). 
 
Teachers in Singapore are extremely well compensated and they are even eligible for bonus, depending on their performances. Based on their aptitude, teachers are groomed for leadership and administrative positions as well. So the people in charge of big decisions in the education space take suitable measures on the basis of their knowledge and experience. 
 
In contrast, we have had India’s Human Resources Development minister get into public spats with the administrators of the highly acclaimed IITs. Clearly, India’s huge size as a country cannot be regarded as a relevant factor when sizeable egos seem to be the real sticking point. 
 
As the Little India riots in Singapore so amply showed, all is not well with the country. For a larger country like India, the challenges are, therefore, far more. But it’s now high time to stop using that excuse and get cracking.

Should
India Embrace Socialism, Singapore
Style?

<ul><li>The annual <keyword id="2426742" type="PERSON" weightage="20" keywordseo="Malabar-exercise">Malabar Exercise</keyword> kicks off today with Australia as a permanent member. </li><li>This is the first time that all four <keyword id="887681" type="ENTERTAINMENT" weightage="20" keywordseo="Quad">QUAD</keyword> members — the US, Australia, India and Japan — are participating in the Malabar Exercise together in over a decade. </li><li>The timing of their cooperation is significant with China’s growing assertiveness in Taiwan, Hong Kong, the South China Sea, and, of course, Eastern Ladakh.</li></ul>India, the US, Japan, and Australia haven’t had their navies alongside each other for over a decade. Today, they kick off the first phase of the annual Malabar Exercise in the Bay of Bengal. The last time around, in 2007, Singapore was also among their ranks for the first-ever Malabar Exercise conducted outside of the Indian off the Japanese island of Okinawa. The event was a ‘test drive’ for how QUAD could coordinate on the open seas. While the partnership between India and the US remained strong — Australia withdrew in 2008 after a slew of diplomatic protests from China and India’s narrative under former Prime Minister Manmohan Singh that year to prioritise the India-China relationship. The QUAD was also on a nearly decade-long hiatus. In 2020, that is no longer the case. Japan became a permanent member of the Malabar Exercise in 2015. And this year, Australia also accepted India’s invitation to join in with its Royal Australian Navy (RAN). <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Navy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ships participating in the Malabar Exercise </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Royal Australian Navy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HMAS Ballarat </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">US Maritime Forces </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">USS John S McCain </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian Navy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shakti, Ranvijay, Shivalik, Sindhuraj </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Japan Maritime Self Defence Force </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JS Onami </td></tr></tbody></table> <div type="image" title="malabar 2017_edited" msid="79018793" hostid="261" caption="&amp;lt;p&amp;gt;US and Japanese (R) Navy ships are pictured docked at a harbour during the inauguration of joint naval exercises with India in Chennai on 10 July 2017&amp;lt;/p&amp;gt;"></div> The significance of the Malabar Exercise The coronavirus pandemic and the ongoing conflict along the border with China only served as more incentive for India to make the QUAD work. The members have refrained from referring to China directly and claim the organisation’s goal is to work towards a ‘free and open Indo-Pacific’. <div type="image" title="quad malabar." msid="79018706" hostid="261" caption="&amp;lt;p&amp;gt;Sships of the Indian Navy and U.S. Navy sail in formation in the Bay of Bengal during the Malabar Exercise 2017 between India, Japan and the US&amp;lt;/p&amp;gt;"></div> Even at the Shanghai Cooperation Organisation (SCO) Ministerial Summit, the countries were careful not to name China but insist that the QUAD has a positive agenda based on shared interests and democratic values. However, this is the first year that all four member countries of the QUAD, or the Asian NATO, are ‘officially’ participating in the Malabar Exercise. The solidification of the alliance between them is a strong signal to China who has been asserting itself in the straits of Taiwan, South China Sea, Hong Kong and, of course, Eastern Ladakh. On its part, China has made it clear that it's not particularly comfortable with the Malabar Exercise. “We hope relevant countries’ military operations will be conducive to regional peace and stability, instead of the contrary,” said China’s Foreign Ministry spokesperson Wang Wenbin during the regular press conference in Beijing on Tuesday. The 2020 Malabar Exercise The 2020 Malabar Exercise makes its 24th iteration. Alongside the Indian Navy, the RAN, and Japan’s Maritime Self Defence Force (MJSDF), the US will be sending its Arleigh Burke-class guided-missile destroyer USS John S. McCain. “It is fitting to see our Navies operate in a high end, tactically relevant exercise like Malabar. It is another opportunity to further strengthen our combined capabilities and enhance our partnerships," said <a href="https://t.co/YEqTr6tyT0?amp=1">Captain Steven DeMoss</a>, commodore of the US Destroyer Squadron Fifteen in a statement. This year’s exercise at sea includes a variety of high-end tactical training aimed at specific interactions designed to enhance interoperability between the navies of the four counties. The Indian Navy’s participation will be led by Rear Admiral Sanjay Vatsayan. Along with its ships, India will also be sending its submarine dubbed Sindhuraj and many aircraft, including the advanced jet trainer Hawk, martin patrol aircraft Dornier, and the long-range maritime patrol aircraft P-8I. Once the first phase of the Malabar Exercise is complete on November 6, the second phase is scheduled for mid-November in the Arabian Sea. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/tcs-infosys-hcl-tech-and-others-to-see-more-freshers-than-lateral-hires-in-the-next-six-months/articleshow/79014794.cms">TCS, Infosys, HCL Tech, and others to see more freshers than lateral hires in the next six months</a> <a href="https://www.businessinsider.in/thelife/personalities/news/prajakta-koli-aka-mostlysane-advice-for-content-creators-on-the-fine-line-between-brand-collaborations-and-staying-honest-on-social-media/articleshow/79013162.cms">Prajakta Koli aka MostlySane’s advice for content creators on the fine line between brand collaborations and staying honest on social media</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-acquires-gaming-startup-mech-mocha-as-it-looks-to-tap-the-social-gaming-space-for-more-consumers/articleshow/79014466.cms">Flipkart acquires gaming startup Mech Mocha as it looks to tap the social gaming space for more consumers</a>

Malabar Exercise kicks off today with the QUAD countries reuniting after over a decade

Two years ago, Misbah Ashraf faced the worst predicament that any entrepreneur would want to face. With a heavy heart, he shut down his Cibola, a payment venture he founded after dropping out of college from IIT Delhi. But, that setback didn't cause a dent in his entrepreneurial spirit. 
 
He wasn't one to give up. 
 What Misbah instead decided to do was help <keyword id="138263" type="UNKNOWN" weightage="100" keywordseo="startup">startup</keyword>s and small funds learn from his experience of failing at an early stage startup. He interacted and worked with <keyword id="53533" type="UNKNOWN" weightage="100" keywordseo="entrepreneurs">entrepreneurs</keyword> in the Bay Area and Singapore and it was during those conversations that a realisation dawned on him. 
 
He began processing the fact that the <a href="http://www.businessinsider.in/the-4-startups-that-are-likely-to-fail-in-2017-according-to-quora-users/articleshow/56500508.cms">Indian startup</a> ecosystem was missing something crucial. Afterall, why else would young entrepreneurs come to him with problems such as finding the correct target audience for their product or product position when they had the guidance of <keyword id="6359051" type="COMPANY" weightage="100" keywordseo="investors">investors</keyword> working with them? 
 
Soon after, he had the answer to his question. Most often than not, Indian investors limit their guidance to just writing a cheque, instead of being fully involved with the startup and guiding them through every obstacle. 
 A little more digging confirmed his views. "I found out that most of the time <keyword id="6362513" type="ORGANIZATION" weightage="100" keywordseo="Startups">startups</keyword> get investors just for the sake of few thousand dollars, and there is no other tangible value," he states. 
 From his own experience, he knew that <keyword id="4120102" type="UNKNOWN" weightage="100" keywordseo="early-stage-startups">early stage startups</keyword> have two fundamental requirements that can make a world of difference for them- early money and the right set of mentors. 
 But, as he soon found out, early stage <keyword id="982553" type="UNKNOWN" weightage="100" keywordseo="Indian-startups">Indian startups</keyword> prioritised <keyword id="6357455" type="EVENT" weightage="100" keywordseo="Funding">funding</keyword> way more than the importance of value creation. Most were following the 'how things have always been done' mentality instead of carving their own path. 
 
This is where Ahmed thought he could help. After meeting over 200 investors and entrepreneurs, Ahmed has come to a conclusion- it is imperative that the Indian ecosystem sees a transformation in the way early stage funds have been functioning till now. Shifting to a value creation perspective is the need of the hour, he believed. 
 
According to him, most of the early stage startups have the common problem of not being able to figure out product positioning, the right product and how to monetize their traffic. And, these issues have invariably become the reason of failures and shutdowns. 
 
He suggests two major changes for early stage funds taht will help startups. Here's what they are: 
 
 1. Community Building: If you are an early stage fund, why don’t you build a community of founders in the house where everybody can help each other with their expertise and network rather than fighting with each other? Early stage startups can’t survive by just competing with each other; rather they have to help each other to grow. 
 
2. In-House Talent Team: Experience and attitude towards learning always beat everything. Why don’t we put together some smart people in the house who are struggling to find their next series of their life? While they are fighting to find the next magical wave, they could add incredible value to your portfolio companies with their skill set. Since they are about to start the journey of starting up, they would do it passionately for learning and impact also. Design and growth are two skill sets which are hard to find, and it shouldn’t necessarily to any early stage team 24*7. So, an early stage fund could put together the talent pool of these skill sets in the house. 
 
 Having figured out the solutions, Ahmed didn't just want to be a passive participant. He went a step ahead. Last year. along with <keyword id="192589" type="PERSON" weightage="100" keywordseo="Amit-Agrawal">Amit Agrawal</keyword>, the former head of <keyword id="1017834" type="COMPANY" weightage="100" keywordseo="Youtube-India">Youtube India</keyword>, he launched <a href="http://www.indiagoesglobal.com/">'India Goes Global'</a>, an initiative that lends strategic advice to Indian internet startups to maximize their potential in a hyper-connected world. It helps driven entrepreneur teams with working products to scale up by leveraging global business trends. 
 
From bootstrapped companies to start-ups, it distils rich global experience to help new ventures move forward in a shifting business landscape. It stretches their boundaries to build agile business strategies through working lean principles. By staying approachable and friendly while mostly working pro-bono, it encourages them to take the leap and play big. 
 
From help on scaling up, speed monitoring to startup roundtables and acting as a bouncing board for startups, the duo aims to contribute to this startup ecosystem and help India create multiple profitable businesses through their initiative. 
 
It's time to show the real potential of Indian startups.

After meeting over 200 investors in a year, an ex-entrepreneur found out the secret to a profitable Indian startup

Indian start-up companies are looking at 'reverse flipping' - not a cricket terminology - with easy access to capital from private equity and venture capitals, changes in rules regarding round tripping, and the growing maturity of India's capital markets, states the Economic Survey 2022-23. The Survey was tabled in the Parliament on Tuesday. According to the Indian government the above measures have not only slowed down 'Flipping' but companies are also exploring 'Reverse Flipping'. Well, 'Flipping' and 'Reverse Flipping' are not cricket shots. The survey said many Indian companies have been getting headquartered overseas, especially in destinations with favourable legal environments and taxation policies. The technical jargon for this may be identified as 'Flipping', which is the process of transferring the entire ownership of an Indian company to an overseas entity, accompanied by a transfer of all intellectual property rights and all data hitherto owned by the Indian company. "It (flipping) effectively transforms an Indian company into a 100 per cent subsidiary of a foreign entity, with the founders and investors retaining the same ownership via the foreign entity, having swapped all shares," the survey notes. Typically, "Flipping" happens at the early stage of the start-ups, driven by commercial, taxation and personal preferences of founders and investors. Some companies decide to "Flip" because the major market of their product is offshore. Sometimes, investor preferences like access to incubators drive the companies to "Flip" as they insist on a particular domicile. Some companies prefer to domicile in countries where they would like to access Capital Market later for better valuations and ticket size. Better protection and enforcement of IP and tax treatment of Licensing revenue from IP, residential status of Founders, and agile corporate structures have been the reasons for "Flipping" in the past. "Many investors/private equity (PE) funds are based in the US and other places. They also exert pressure on the Indian startup entrepreneurs to move out of India and house their IPRs overseas," an entrepreneur had told IANS preferring anonymity. "Technology companies, primarily B2B, software as a service (SaaS) players and deep tech businesses tend to move out to the US and some towards Singapore. The reason they start in India to begin with is the entrepreneurial talent, active investing ecosystem, solid tech employees and most importantly the ability to develop and run pilots at competitive costs," Sarath <keyword id="293733" type="General" weightage="80" keywordseo="naru" source="Orion">Naru</keyword>, <keyword id="191679" type="General" weightage="80" keywordseo="managing-partner" source="Orion">Managing Partner</keyword>, Ventureast, one of the long standing venture capital firms in India had told IANS. According to Naru, the primary reason for them to move out is to be near their market. "Indian market tends to be small for these businesses and not economically viable to continue to invest in technology and be competitive against global players. The US and Southeast Asia offer large ready markets and it makes most economic and strategic sense to be close to the markets," Naru remarked. "Other than the IPR housing reason, investors like the tax regime in certain countries; lower income tax and capital gains taxes. This also attracts the startups to move and later the founders become Non-Resident Indians (NRI)," Kris Gopalakrishnan, Chairman, <keyword id="2602340" type="General" weightage="80" keywordseo="axilor-ventures" source="Orion">Axilor Ventures</keyword> told IANS. "Some of these governments give specific incentives like rent reimbursements, grants based on local employment etc. Further, the access to capital which does not invest in Indian companies. Finally, <keyword id="88599" type="General" weightage="80" keywordseo="sas" source="Orion">SAS</keyword> companies, especially enterprise SAS, move to the US/UK to be closer to the enterprise customers," Gopalakrishnan added. The Economic Survey said to accelerate 'Reverse Flipping', certain measures like the following are possible: i. Simplifying the process for grant of "Inter-Ministerial Board (IMB) certification" for Start-ups ii. Further simplification of taxation of Employee Stock Options (ESOPs) iii. Simplifying multiple layers of tax and uncertainty due to tax litigation iv. Simplifying procedures for capital flows: Many countries, such as US and Singapore, have easier corporate laws, with lesser restrictions on the inflow and outflow of capital and treatment of Hybrid Securities v. Facilitating improved collaboration and partnerships with established private entities to develop best practices and state-of-the-art start-up mentorship platforms vi. Exploring the incubation and funding landscape for start-ups in emerging fields like social innovation and impact investment. The flipping phenomenon mentioned above reflects start-ups venturing out for short-term gains in the dynamic, uncertain geopolitical world. However, the flip can be reversed with the collective action by the government related regulatory bodies and other stakeholders. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/in-a-major-clean-up-drive-bmc-sacks-55-staffers-for-corruption-suspends-134-for-graft-crimes/articleshow/97491919.cms">In a major clean-up drive, BMC sacks 55 staffers for corruption, suspends 134 for graft, crimes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/sc-suggest-nirav-modis-bro-in-law-to-give-letter-of-authority-to-cbi-to-access-offshore-bank-accounts/articleshow/97493054.cms">SC suggest Nirav Modi's bro-in-law to give letter of authority to CBI to access offshore bank accounts</a>

Indian start-ups are looking at reverse flipping says Economic Survey

In order to insulate airlines and passengers from high user charges, the <keyword id="149609" type="ORGANIZATION" weightage="100" keywordseo="Ministry-of-Civil-Aviation">Ministry of Civil Aviation</keyword> is reconsidering management contracts to private operators at India’s six airports. 
 
“We need to consider our learnings from the airport contracts awarded in the past,” a senior ministry official said. “One concern raised by stakeholders is the cost of turnaround of an aircraft. The turnaround cost for a jet is around $6,000 at an Indian private airport, whereas it costs $2,300 at Changi (Singapore) airport. We need to ensure privatisation does not increase the cost of the airport,” he added. 
 
The Civil Aviation Ministry will seek approval from an inter-ministerial group to give management contracts at six airports: Chennai, Kolkata, Lucknow, Guwahati, Jaipur and Ahmedabad. 
 
The ministry is also taking stock of the views expressed by the Comptroller and Auditor General on privatisation of Delhi and Mumbai airports. “We are looking into these concerns. All this will be debated in the inter-ministerial group,” the official added. 
 
The United Progressive Alliance government had initiated the process to award management contracts for these airports in 2013. 
Image: Thinkstock

Govt Reviewing Airport
Privatisation To Control High User Charges

The Securities and Exchange Board of India (<keyword id="35210" type="ORGANIZATION" weightage="80" keywordseo="sebi">Sebi</keyword>) should encourage startups as they have raised over Rs 50,900 crore in venture funding since 2012, while mature companies have raised only Rs 13,462 crore through initial public offerings (IPOs) in the same period, reported the Economic Times. Indian stock markets are not the first destination for most of these startups when they want to list. Most of them prefer to list abroad — London's Alternative Investment Market (AIM), New York's <keyword id="6357328" type="COMPANY" weightage="80" keywordseo="NASDAQ">Nasdaq</keyword>, and Singapore's SSX, which attract new age internet companies like magnets. 

	Recently, Sebi chairman UK Sinha spent several weeks meeting entrepreneurs before the regulator came up with a new set of relaxed norms for startups to list on a proposed Institutional Trading Platform (ITP). This, Sebi hopes, will help India compete better with global markets.
 But startup founders and investors have different opinion about it. "ITP is a good step," Vijay Shekhar Sharma, founder, <keyword id="6357120" type="UNKNOWN" weightage="80" keywordseo="PayTM">Paytm</keyword>, told ET. 

	Paytm is a mobile wallet-cum-commerce startup. 
 

	"But the Indian environment (read investors) chases only profitable growth. Internet companies are in the early growth phase. Their businesses are disruptive — like changing user buying and selling behaviour. They need to be looked at with different mindsets," he said.
 According to Indian Software Product Industry Roundtable (iSPIRIT), India has 3,100 startups. iSPIRIT is a group of software product companies, which interacted with the <keyword id="6378893" type="UNKNOWN" weightage="60" keywordseo="market-regulator">market regulator</keyword> to push for the new platform. This is set to multiply to more than 11,000 in just the next five years. <keyword id="6361649" type="CITY" weightage="80" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> sees eCommerce accounting for 2.5% of the country's Gross Domestic Product by 2030, growing 15 times to touch $300 billion, from $20 billion at present. Yet the current listing norms are unattractive for startups to list in India. Global investors as diverse as New York based investment firm Tiger Global, China's Ant Financials, an arm of <keyword id="163405" type="CITY" weightage="80" keywordseo="Alibaba-Group">Alibaba Group</keyword> and Japan's <keyword id="280185" type="COMPANY" weightage="60" keywordseo="Softbank-Corp">Softbank Corp</keyword> have been bank rolling startups here. This is great for the entrepreneurial ecosystem. But the cycle is complete only when startups list locally offering wealth creation opportunities to Indian investors. 
	 
	(Image: Indiatimes)

Startups aren’t convinced by SEBI’s listing guidelines. There’s something else they want

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Edgar SuIndia's trade minister Anand Sharma speaks about food security during a news conference at the ninth World Trade Organization (WTO) Ministerial Conference in Nusa Dua, on the Indonesian resort island of Bali December 5, 2013. </div></div></div>GENEVA/NUSA DUA, Indonesia (Reuters) - The first global trade reform since the creation of the World Trade Organization is ready for agreement by ministers from the body's 159 member countries later on Friday, sources involved in the talks said.
WTO Director-General Roberto Azevedo has drafted a text that he will submit to the full membership, signaling that he believes he has found terms that are acceptable to all members, including India which had raised vocal objections over agriculture.
Barring any last-minute veto, the deal aims to slash red tape at customs around the world, give improved terms of trade to the poorest countries, and allow developing countries to skirt the normal rules on farm subsidies if they are trying to feed the poor.
It would also revive confidence in the WTO's ability to negotiate global trade deals, after a string of failures that left the body at risk of sliding into irrelevance.
"We are very close," WTO spokesman Keith Rockwell told reporters at the meeting on the Indonesian resort island of Bali. "As things stand now, the prospects are promising."
Just a day earlier, a deal that would add hundreds of billions of dollars to the world economy by some estimates teetered on the brink of collapse.
In an organization based on consensus among all of its members, attention focused squarely on India as the main stumbling block to the WTO's first global trade deal in two decades.
India has insisted it would not compromise on a policy of subsidizing food for hundreds of millions of poor, putting it at odds with the United States and other developed countries.
Azevedo, a former Brazilian trade negotiator, told delegates at the start of the last day of talks that there was more work to be done, but sounded upbeat on prospects for success.
"He told members they were now very close to something that has eluded us for many years and that the decisions over the next few hours would have great significance beyond this day," the spokesman said.
It is 12 years since the WTO launched the Doha Round, which failed to yield concrete results, and many experts had warned that failure in Bali would leave regional and bilateral trade arrangements as the only avenue for trade reform, dividing the world and reversing the globalizing goal of the WTO.
A Bali trade deal, which is far less ambitious than the Doha Round had aimed for up until two years ago, would open the way to much wider trade reforms and enable the body to modernize its rules for the internet era.
The "all or nothing" agreement covers several areas, the largest of which is trade facilitation - a global standardization and simplification of customs procedures that would tear down barriers to cross-border movement of goods.
The deal also includes limited reforms in agriculture, including reducing export subsidies, opening borders to least developed countries, and the food subsidy policy championed by India, which proved the biggest obstacle.
<h3>SEEKING JUSTICE FOR THE POOR</h3>
India, whose government faces the risk of losing elections next year, has said its tough stance drew support from developing countries in Asia, Africa and South America, though the meeting's host, Indonesia, pressed for it to soften its stand.
"We are trying to get justice for the poor people," Indian Trade Minister Anand Sharma told reporters as he entered the final day of the meeting.
India will next year fully implement a welfare program to provide cheap food to 800 million people that it fears will contravene WTO rules curbing farm subsidies to 10 percent of production.
The program, which relies on large-scale stockpiling and purchases at minimum prices, is a central plank of the government's bid to win a third term in office next year.
A proposal led by the United States offered to waive the 10 percent rule until 2017. But India has rejected it, demanding the exemptions continue indefinitely until a solution is found.
If talks were to fail, the WTO may see its role eroded by regional trade pacts now being negotiated, such as the U.S.-led 12-nation Trans-Pacific Partnership and a U.S.-EU tie-up known as the TTP.
Ministers in the TPP are expected to meet in Singapore shortly after the WTO meeting in the hopes of reaching a free trade pact by the end of this year.
(Editing by Jonathan Thatcher and Simon Cameron-Moore)

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