CURRENT AFFAIRS

Detailed explanation-1: -Detailed Solution. The correct answer is Australia and Japan. India, Japan and Australia formally launched the Supply Chain Resilience Initiative (SCRI) to build resilient supply chains in the Indo-Pacific region in a virtual trilateral ministerial meeting on 27th April 2021.

Detailed explanation-2: -Trade ministers of India, Japan and Australia formally launched the Supply Chain Resilience Initiative (SCRI) after continued virtual conferences between the three countries starting September 2020.

Detailed explanation-3: -The Resilient Supply Chain Initiative (RSCI), was launched in September 2021 by India, Japan and Australia in response to growing alarm about the overdependence on China in global supply chains.

Detailed explanation-4: -The Supply Chain Resilience Initiative provides businesses up to $2 million to establish or scale a manufacturing capability or a related activity to address supply chain vulnerabilities for a critical product or input identified in the Sovereign Manufacturing Capability Plan.

Detailed explanation-5: -In layman’s language, SCRI is an initiative to reduce the dominance of China in the Indo-Pacific region, and set up standards and infrastructure to carry out smooth supply chain activities. China was the first country to go on a nationwide lockdown when the Covid virus began to spread.