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Prime Minister Narendra Modi's "short but a very productive visit" to Jakarta, where he participated in the <keyword id="1493716" type="General" weightage="20" keywordseo="ASEAN-India-Summit" source="Orion">ASEAN-India Summit</keyword> and the East Asia Summit, has concluded on Thursday, said Secretary (East), <keyword id="6374106" type="General" weightage="50" keywordseo="ministry-of-external-affairs" source="Orion">Ministry of External Affairs</keyword> (MEA), <keyword id="331724" type="General" weightage="50" keywordseo="saurabh-kumar" source="Orion">Saurabh Kumar</keyword>. "Prime Minister's participation in this summit will give India-ASEAN relations a strategic direction," said Secretary Kumar. In a short video message posted on X, by MEA spokesperson <keyword id="10953867" type="General" weightage="50" keywordseo="arindam-bagchi" source="Orion">Arindam Bagchi</keyword>, Kumar summarised the key takeaways of <keyword id="2238662" type="General" weightage="100" keywordseo="pm-modi" source="Orion">PM Modi</keyword>'s Jakarta visit. He said that PM Modi highlighted the "need to amplify the voice of the Global South, including in the G20". The <keyword id="5891" type="General" weightage="80" keywordseo="asean" source="Orion">ASEAN</keyword> leaders welcomed PM Modi's leadership in the G20 and wished him success and also congratulated India for the successful Chandrayaan-3 mission. "Prime Minister had comprehensive discussions, including in areas such as connectivity, maritime cooperation, digital transformation, trade and economy, environment, health and traditional medicines. In each of these, the Prime Minister made specific proposals, which has already been put out in the form of a twelve-point proposal," said Kumar. He added, "Two joint statements were issued between India and ASEAN. These relate to maritime cooperation and food security. In maritime cooperation, areas such as safety and security of the maritime area, maritime domain awareness, disaster management, blue economy, et cetera, have been covered." Prime Minister also announced the formation of an ASEAN India Fund for Digital Future, which would provide financial connectivity between ASEAN and India, said Kumar, adding, "Prime Minister also announced support for ERIA (Economic Research Institute for ASEAN and East Asia), which is an ASEAN think tank, which would be our knowledge partner to further deepen ASEAN-India relations." He also said that the Prime Minister, during his interactions and discussions, "called for a free, open and rules-based Indo-Pacific, emphasised ASEAN centrality and made the point that cod complements the same". Following his participation in the summits, PM Modi thanked Indonesian President, Joko Widodo, and the people. "Had a very short but fruitful Indonesia visit, where I met ASEAN and other leaders. I thank President @jokowi , the Indonesian Government and people for their welcome," wrote PM Modi on X. PM Modi, who is in Jakarta, will return to New Delhi on Thursday evening ahead of the <keyword id="42982" type="General" weightage="20" keywordseo="g20-summit" source="Orion">G20 Summit</keyword>, which will be held on September 9 and 10. ALSO READ: <a href="https://www.businessinsider.in/india/news/g20-check-out-the-full-list-of-restricted-roads-in-delhi-during-summit/articleshow/103436759.cms" data-type="tilCustomLink" target="_blank">Delhiites, here are all the traffic restrictions as a result of the G20 summit</a>

ASEAN-India Summit: PM Modi highlights need to amplify voice of Global South during Jakarta visit

New Delhi, Jul 13 () Moody's Investors Service on Monday said the challenging economic and credit conditions stemming from COVID-19 will weigh on the asset quality and profitability of banks in India and ASEAN countries. Moody's expects that asset quality and profitability will deteriorate from "good" levels in 2019 across most banking systems, and while government support measures will offset some of the pressure, they will not fully eliminate the negative impact. "In ASEAN and India, bank downgrades in 2020 have been driven by Indian banks, following the downgrade of the sovereign in June," Moody's Vice President and Senior Credit Officer Eugene Tarzimanov said. Despite the challenging outlook, the majority of banks are adequately capitalized, it added. "The challenging economic and credit conditions stemming from COVID-19 will weigh on ASEAN and Indian banks' asset quality and profitability," Moody's said. In a report titled 'Banks - ASEAN and India: Asset quality, profitability will weaken as economic challenges grow', Moody's said the largest banks will continue to benefit from deposit inflows as they are seen as safe havens in times of stress. Moody's expects the GDP of most ASEAN economies and India to contract in 2020 and gradually recover in 2021. The relaxation in lockdowns and resumption of economic activity will be key factors supporting the recovery, it added. JD ANU ANU

Asset quality of banks in India, ASEAN economies to weaken due to COVID-19 crisis:Moody's

Hanoi, Apr 14 (AFP) Vietnam will urge Southeast Asian leaders to set up an emergency fund to tackle the coronavirus at a summit held online on Tuesday, as the pandemic ravages the region's tourism and export-reliant economies.Hanoi is chairing an Association of Southeast Asian Nations (ASEAN) meeting on COVID-19, with the country touting its success so far in containing the virus with extensive quarantines and social distancing.Vietnam has 265 virus cases and no deaths, while Thailand has officially also kept its numbers relatively low at just over 2,500 cases with 40 deaths.The situation is mixed elsewhere across the region, with fears that limited testing in Indonesia has played out into the low caseload -- and under 400 deaths -- for a country of 260 million.Similarly, threadbare health systems from Myanmar to Laos are widely believed to be missing the true scale of infections, while a recent surge in cases in Singapore has raised fears the pandemic could rebound in places which had batted back the initial outbreak.In opening remarks via videoconference, Vietnam's premier Nguyen Xuan Phuc hailed the work of ASEAN in fighting the virus so far.But he warned COVID-19 "has badly impacted people's lives, their socio-economic situation... challenging stability and social security".Vietnam will use the 10-member summit to propose funding to deal with the pandemic, building emergency medical stockpiles, sharing resources as well as continuing to stress-test ASEAN's responses to future outbreaks.Hanoi will also call for an "exit strategy" for the battered economies of Southeast Asia, which rely on open borders to fuel tourism and feed supply chains for their exports.Vietnam has been hit hard by the virus, which forced the cancellation of the country's first Formula 1 race.Many of its factories are still running, but in a sign of the ongoing risks, dozens of workers at a Samsung unit in the north were ordered into quarantine after one tested positive for the virus.The Thai economy, the second largest in ASEAN, is expected to shrink by 5.3 percent this year -- a 22-year low -- with millions left jobless in the politically febrile kingdom. Nearly 22 million people have registered for cash handouts to help ease the economic pain.Leaders from China, Japan and South Korea are also joining the summit. (AFP) SCY

ASEAN leaders meet online to tackle coronavirus

<ul class="summary-list"><li>The Association of Southeast Asian Nations met on Tuesday to discuss <keyword id="6356970" type="LOCATION" weightage="60" keywordseo="myanmar">Myanmar</keyword>'s <keyword id="43597" type="PERSON" weightage="60" keywordseo="Military-coup">military coup</keyword>.</li><li>The military coup took place on February 1, and there's been widespread violence and protests since.</li><li><keyword id="5891" type="ORGANIZATION" weightage="60" keywordseo="ASEAN">ASEAN</keyword> traditionally has a policy of non-interference with its member nations.</li></ul>As Myanmar's military coup enters its second month, member states of the Association of Southeast Asian Nations are struggling with how - and if - to intervene.The southeast Asian ten-member bloc convened a special meeting on Tuesday to discuss the coup and the <a href="https://twitter.com/soezeya/status/1365857335587995653">escalating violence</a> in Myanmar, which is a member. ASEAN maintains a policy of non-interference among its member states, though Singapore's foreign minister, Dr. Vivian Balakrishnan, conceded that the coup had damaged the region during a television interview on Monday."Instability in any corner of Southeast Asia threatens and affects the rest of us," he said, according to <a href="https://www.reuters.com/article/us-myanmar-politics/southeast-asian-ministers-prepare-for-myanmar-talks-as-crisis-intensifies-idUSKCN2AU076">Reuters</a>, adding that the coup has caused "grievous damage to Myanmar's society and economy."As the meeting took place over video conference, police fired stun grenades into a crowd in Yangon, Myanmar's main city, <a href="https://www.reuters.com/article/us-myanmar-politics-idUSKCN2AU076">Reuters</a> reported. In the Sanchaung area of the city a <a href="https://twitter.com/shafiur/status/1366642748149936128">police sniper</a> was captured in prone position aiming at a crowd.Nearly two dozen <a href="https://www.reuters.com/article/us-myanmar-politics-scene-idUSKCN2AS0FN">anti-coup protesters</a> have been killed since February 1, when National League for Democracy leaders were put under house arrest. President Win Myint, who was elected in November, has been charged with breaching the Natural Disaster Management Law by allegedly violating COVID-19 health restrictions, while civilian NLD leader Aung San Suu Kyi was charged with being in possession of "illegal communication equipment." Yesterday the junta announced <a href="https://www.theguardian.com/world/2021/mar/01/aung-san-suu-kyi-faces-third-charge-as-myanmar-junta-cracks-down-on-dissent">new charges against Suu Kyi</a>, accusing her of causing "fear and alarm," an offense that carries with it a two-year prison sentence. <div type="image" title="myanmar aung san suu kyi" height="1665" width="2221" msid="81290924" hostid="261"></div>ASEAN has called for the immediate release of Suu Kyi.Dr. Balakrishnan said Myanmar's military must talk to her to end the crisis."They need to talk, and we need to help bring them together," he said, <a href="https://www.aljazeera.com/news/2021/3/2/asean-set-for-talks-with-myanmar-military-as-crisis-escalates">Al Jazeera</a> reported.Many who oppose the coup are appalled that ASEAN agreed to meet with members of the junta, especially after Myanmar's legislature, the Pyidaungsu Hluttaw, declared the Myanmar military to be a "terrorist group."In a <a href="https://twitter.com/gracejia10/status/1366585010191392775">letter published Monday</a>, the Committee Representing Pyidaungsu Hluttaw said it condemned "in the strongest terms all atrocities and acts committed by the putschists." Putsch is another term for coup.A group of alumni from ASEAN's student program also <a href="https://twitter.com/AlexanderAhkar/status/1366498012516782083">issued a letter</a> strongly discouraging the group from "inviting the terrorist on any ASEAN mechanisms," over concern that it would legitimize the junta. Dr. Sasa, the envoy to the United Nations by the Committee Representing the Pyidaungsu Hluttaw, urged ASEAN to avoid granting legitimacy to the coup."I'm requesting for the international community to stand with the 54 million people in Burma and not work with the six military coup leaders," he said, according to the <a href="https://www.bnionline.net/en/news/history-will-be-judge-coup-leaders-says-dr-sasa">Myanmar Peace Monitor</a>. ASEAN's member nations are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

ASEAN leaders are under fire for meeting with Myanmar's military as pro-democracy leaders call the junta a 'terrorist group'

<keyword id="1334" type="COUNTRY" weightage="20" keywordseo="China">China</keyword> and 14 other countries have agreed to set up the world's largest trading bloc, encompassing nearly a third of all economic activity, in a deal many in Asia are hoping will help hasten a recovery from the shocks of the pandemic. The Regional Comprehensive Economic Partnership, or RCEP, is to be signed virtually on Sunday on the sidelines of the annual summit of the 10-nation Association of Southeast Asian Nations. After eight years of negotiating with blood, sweat and tears, we have finally come to the moment where we will seal the RCEP Agreement," Malaysia's trade minister, Mohamed Azmin Ali, said in a statement. The deal sends a signal that RCEP countries have chosen to open our markets instead of resorting to protectionist measures during this difficult time," he said. The accord will take already low tariffs on trade between member countries still lower, over time, and is less comprehensive than an 11-nation trans-Pacific trade deal that President Donald Trump pulled out of shortly after taking office. It includes the 10 nations belonging to the Association of Southeast Asian Nations, China, Japan, South Korea, Australia and New Zealand, but not the United States. Officials said the accord leaves the door open for India, which dropped out due to fierce domestic opposition to its market-opening requirements, to rejoin the bloc. It is not expected to go as far as the European Union in integrating member economies but does build on existing free trade arrangements. The deal has powerful symbolic ramifications, showing that nearly four years after Trump launched his America First" policy of forging trade deals with individual countries, Asia remains committed to multi-nation efforts toward freer trade that are seen as a formula for future prosperity. Ahead of Sunday's RCEP special summit" meeting, Japanese Prime Minister Yoshihide Suga said he would firmly convey his government's support for broadening a free and fair economic zone, including a possibility of India's future return to the deal, and hope to gain support from the other countries. The accord is also a coup for China, by far the biggest market in the region with more than 1.3 billion people, allowing Beijing to cast itself as a champion of globalisation and multilateral cooperation" and giving it greater influence over rules governing regional trade, Gareth Leather, senior Asian economist for Capital Economics, said in a report. Now that Trump's opponent Joe Biden has been declared president-elect, the region is watching to see how U.S. policy on trade and other issues will evolve. Analysts are skeptical Biden will push hard to rejoin the trans-Pacific trade pact or to roll back many of the U.S. trade sanctions imposed on China by the Trump administration given widespread frustration with Beijing's trade and human rights records and accusations of spying and technology theft. Critics of free trade agreements say they tend to encourage companies to move manufacturing jobs overseas. So, having won over disaffected rust-belt voters in Michigan and western Pennsylvania in the Nov. 3 election, Biden is not going to squander that by going back into TPP," Michael Jonathan Green of the Center for Strategic and International Studies said in a web seminar. But given concerns over China's growing influence, Biden is likely to seek much more engagement with Southeast Asia to protect U.S. interests, he said. The fast-growing and increasingly affluent Southeast Asian market of 650 million people has been hit hard by the pandemic and is urgently seeking fresh drivers for growth. RCEP originally would have included about 3.6 billion people and encompassed about a third of world trade and global GDP. Minus India, it still covers more than 2 billion people and close to a third of all trade and business activity. The United States-Mexico-Canada Agreement, or USMCA, the retooled version of the North American Free Trade Agreement under Trump, covers slightly less economic activity but less than a tenth of the world's population. The EU and Comprehensive and Progressive Trans-Pacific Partnership, the revised version of the deal Trump rejected, also are smaller. RCEP includes six of the 11 remaining CPTPP members. India balked at exposing its farmers and factories to more foreign competition. Among other concerns, Indian dairy farmers are worried about competition from New Zealand and Australian milk and cheese producers. Automakers fear imports from across the region. But overall the biggest fear is over a flood of manufactured goods from China. Trade and investment flows within Asia have vastly expanded over the past decade, a trend that has accelerated amid feuding between the U.S. and China, which have imposed billions of dollars' worth of punitive tariffs on each other's exports. The RCEP agreement is loose enough to stretch to fit the disparate needs of member countries as diverse as Myanmar, Singapore, Vietnam and Australia. Unlike the CPTPP and EU, it does not establish unified standards on labor and the environment or commit countries to open services and other vulnerable areas of their economies. But it does set rules for trade that will facilitate investment and other business within the region, Jeffrey Wilson, research director at the Perth USAsia Center, said in a report for the Asia Society.

China and other ASEAN countries sign the world's biggest trade pact – the door has been left open for India to rejoin the bloc

<ul class="summary-list"><li>Several <keyword id="11906677" type="UNKNOWN" weightage="60" keywordseo="southeast-asia" source="Orion">Southeast Asia</keyword> countries are grappling with a labor shortage that's straining the global <keyword id="11894138" type="UNKNOWN" weightage="60" keywordseo="supply-chain" source="Orion">supply chain</keyword>.</li><li>In Vietnam, factory workers have headed home from Ho Chi Minh City after months of strict lockdowns.</li></ul>A shortage of workers in several Southeast Asian manufacturing hubs is adding to the <a href="https://www.businessinsider.com/global-supply-chain-crisis-ports-face-record-delays-2021-10">global supply chain crisis</a> that is expected to wreak havoc on <a href="https://www.businessinsider.com/order-christmas-presents-now-shipping-crisis-isnt-ending-soon-2021-9">Christmas shipping.</a>Countries including Vietnam, Malaysia, and Thailand are still grappling with containment of the COVID-19 virus, causing disruptions in the movement of the workforce required to produce goods.Those disruptions could cause major problems for retailers ahead of the holiday season."The rebound in economic growth in many of the world's largest consumer markets, including the US and EU, is boosting demand for ASEAN exports," Rajiv Biswas, chief economist for the Asia Pacific at research house IHS Markit, told Insider. But the labor crunch in affected areas will persist, he said, leaving low-wage industries like manufacturing and agriculture vulnerable until border restrictions are eased.<h2>Vietnam's factories are scrambling to find workers</h2>In Vietnam, factories making clothing, footwear, and electronics are now facing worker shortages after tens of thousands <a href="https://www.reuters.com/world/the-great-reboot/we-are-tired-workers-flee-vietnams-largest-city-long-lockdown-eases-2021-10-04/">left the business hub of Ho Chi Minh City</a> after months of strict lockdowns.Many workers who flocked to the city have returned to their rural homes, as they report <a href="https://www.reuters.com/world/the-great-reboot/we-are-tired-workers-flee-vietnams-largest-city-long-lockdown-eases-2021-10-04/">fatigue</a> and <a href="https://www.aljazeera.com/economy/2021/10/11/vietnams-staff-starved-factories-implore-employees-to-come-back">fear</a> from the pandemic.Earlier lockdowns had already caused problems, with <a href="https://www.businessinsider.com/nike-apparel-shortage-holiday-shopping-supply-chain-issues-2021-9">Nike warning</a> of "supply chain headwinds," while the delivery of Apple's iPhone 13 has also been delayed, <a href="https://asia.nikkei.com/Business/Technology/iPhone-13-delivery-times-lengthen-as-COVID-hits-suppliers-in-Vietnam">the Nikkei reported.</a>Factories are now looking for ways to safely bring in workers again, <a href="https://e.vnexpress.net/news/business/economy/hcmc-companies-consider-ways-to-bring-workers-back-4369383.html">according to</a> local media outlet VnExpress. Doing that will likely further slow production down, as <a href="https://e.vnexpress.net/news/business/economy/hcmc-four-green-scheme-to-reopen-impracticable-say-factories-4360136.html">virus containment guidelines and protocols</a> require additional time and administration. Such safety measures are especially critical in a place like Vietnam, where only around 17% of the country is fully vaccinated, according to the <a href="https://coronavirus.jhu.edu/region/vietnam">Johns Hopkins Coronavirus Resource Center.</a><h2>A migrant worker crunch in Malaysia has stressed the palm oil industry</h2>In Malaysia, the palm oil industry faces a similar issue, but with foreign migrant workers.Malaysia produces about a third of the world's palm oil; the versatile, edible oil is used in various products, from chocolates to detergents and shampoo. The country's palm oil industry, however, has long relied on migrant workers from countries like Indonesia and Bangladesh to harvest the crop.<div type="image" title="Workers harvesting oil palm fruits in Malaysia." height="2652" width="3536" msid="87036660" hostid="261"></div>As COVID-19 cases exploded in the country - spiking over four times in two months to about 25,000 cases a day in late August - the country put in movement restrictions and strict border controls. Migrant workers left the country in droves, and many have not been able to return, though the government has recently loosened restrictions to allow around 32,000 workers to return, according to the <a href="https://www.nst.com.my/business/2021/10/735449/intake-32000-foreign-workers-set-boost-oil-palm-production">New Straits Times.</a>But that's less than half of the number of 75,000 workers the industry is short of, per the New Straits Times report.<a href="https://www.reuters.com/article/us-health-coronavirus-malaysia-palmoil/pandemic-forces-malaysian-palm-industry-to-rethink-reliance-on-foreign-labour-idUSKCN25E0A4">Malaysian oil palm plantations</a> have tried to entice local workers with higher pay to pick up the slack and use more machines. But locals are generally not interested in what they consider "dirty, dangerous and demeaning," <a href="https://www.google.com/search?q=Malaysia+Offers+8%2C600+Jobs+for+Locals+Who+Can+Pick+Fruit+for+Palm+Oil+Giants+bloomberg&amp;rlz=1C5CHFA_enSG973SG973&amp;ei=GwNpYcSVJqCCytMPhvOAyAQ&amp;ved=0ahUKEwiEj7HdycvzAhUggXIEHYY5AEkQ4dUDCA4&amp;uact=5&amp;oq=Malaysia+Offers+8%2C600+Jobs+for+Locals+Who+Can+Pick+Fruit+for+Palm+Oil+Giants+bloomberg&amp;gs_lcp=Cgdnd3Mtd2l6EANKBAhBGAFQskJY7U1g7U5oA3AAeACAAb4CiAHVE5IBAzMtOJgBAKABAcABAQ&amp;sclient=gws-wizABAcABAQ&amp;sclient=gws-wiz">Bloomberg reported.</a><h2>Myanmar's coup leaves Thailand short of laborers</h2>In neighboring Thailand, factories and farms that once hosted <a href="https://asia.nikkei.com/Spotlight/Myanmar-Crisis/Coup-strands-over-a-million-Myanmar-workers-in-Thailand">over 1 million migrant workers</a> from neighboring Myanmar have been hit by a double whammy.Hundreds of thousands of them have left because of the pandemic, according to <a href="https://www.frontiermyanmar.net/en/pandemic-response-leaves-migrant-workers-in-the-cold/">Frontier Myanmar.</a> And <a href="https://www.businessinsider.com/myanmar-military-stages-coup-2021-2">Myanmar's military coup</a> earlier this year has injected uncertainty and caused delays in work permit renewals, reported the <a href="https://www.bangkokpost.com/opinion/opinion/2197015/migrants-face-red-tape-nightmare">Bangkok Post.</a>Thailand is a major manufacturer and exporter of vehicles, car parts, electronics, and food, and the labor crunch is hitting the supply chain, particularly in lower-end segments like farming.The Thai labor ministry is looking to fill these positions with local workers, <a href="https://www.bangkokpost.com/thailand/general/2183999/thais-to-fix-migrant-labour-shortage">reported Bangkok Post. </a>But as with Malaysia's palm oil industry, Thailand may find the mission a tough order."They are jobs that Thai workers don't want to do," said Labour Minister Suchart Chomklin in a July interview with <a href="https://www.reuters.com/article/thailand-economy-migrants/migrant-worker-shortage-threatens-key-thai-exports-economic-recovery-idUKL4N2OV0R3">Reuters.</a>

Worker shortages across Vietnam, Malaysia, and Thailand may lead to big delays in holiday shipping this year

Prime Minister <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword> on Saturday said reforms are "just a way station" to transforming India, with a slew of measures putting the economy back on track and vowed to provide a transparent and predictable tax regime as well as protection to <keyword id="388837" type="UNKNOWN" weightage="20" keywordseo="intellectual-property">Intellectual Property</keyword> Rights. 
 
Speaking at the ASEAN Business and Investment Summit, he said government actions in the past 18 months have led to bringing down inflation while at the same time leading to higher GDP growth and foreign investmen .. 
 
"Reform is not an end in itself. Reform for me is just a way station on the long journey to the destination. The destination is the transformation of India," he said. 
 
"India is reforming to transform, it is at a take-off stage. I invite you to be part of this change," he said. 
 
When the BJP-led government took office in May 2014, the economy faced serious challenges in high fiscal and current account deficit, stalled infrastructure projects and persistent inflation. 
 
"It was obvious that reforms were needed. We asked ourselves the question - Reforms for what? What is the aim of reform? Is it just to increase the measured rate of GDP growth? Or is it to bring about a transformation in society? My answer is clear: we must 'reform to transform'," he said. 
 
The fruits of development have to be taken to the margins of geography and to the bottom of demography. "We have to touch lives, while reaching for the sky," he said. 
 
Action during the last 18 months has ensured that "GDP growth is up and inflation is down, foreign investment is up and the current account deficit is down, tax revenues are up and interest rates are down, thee fiscal deficit is down and the rupee is stable," Modi said. 
 
Stating that a series of concerted steps including structural and institutional reforms have initiated, the Prime Minister said the government was "moving fast" to make sure tax regime is transparent and predictable where genuine investors and honest tax payers get quick and fair decisions. 
 
"Going further, I want to assure you that India is committed to protect Intellectual Property Rights of all innovators. We have taken several initiatives for transparency and online processing in IP administration. A comprehensive National IPR policy is expected by the end of the year," he said. 
 "To re-vitalise the flow of <keyword id="6362476" type="ORGANIZATION" weightage="80" keywordseo="investments">investments</keyword>, the second wave of structural and financial reforms have been launched. "We are trying to further open up the economy and introduce an element of predictability and stability in taxation system," he said. 
 
While productive public investment has been substantially increased, carbon taxes on fossil fuels has been imposed to show India's commitment to climate change. 
 
Stating that the world economy was not exactly doing well, Prime Minister said the economic revival in India is the result of a series of concerted policies. 
 
Even while cutting the fiscal deficit, productive public investment has been substantially increased. 
 
"We have embarked on a course of fiscal consolidation. We have entered, for the first time, into a monetary framework agreement with the Reserve Bank to curb inflation," Modi said. 
 
Recounting steps taken, he said carbon taxes on fossil fuels has been imposed, diesel price de-controlled, cess on coal hiked by three fold and wasteful expenditure has been cut. While confidence within and outside the country has increased, the IMF and World Bank have expressed even better hope for the <keyword id="6356076" type="UNKNOWN" weightage="80" keywordseo="indian-economy">Indian economy</keyword> this year and after, Modi said. 
 
Macro-economic stability, he said, is good. 
 
"Our aim is to create jobs for more than a billion young hands. To provide this, the share of manufacturing must reach around 25 per cent in our GDP," he said adding 'Make in India' campaign has been launched and government is aggressively working on ease of doing business front. 
 
Reducing complicated procedures, making them available at one platform -- preferably online, simplifying the forms and formats has been taken up on war footing, he said recalling India jumping 12 ranks in the recent World Bank's 'Ease of Doing Business Report of 2016'. 
 
Modi said the Index of Industrial Production (IIP) has shown a distinct improvement over the previous year. "We are working in all ways to make India a global manufacturing hub." 
Enumerating steps taken, he said a series of simple but powerful structural reforms in agriculture have been taken, the world's most ambitious housing for all programme launched and undertaken major improvements in the transport sector. 
 
Concerted action to revive stalled infrastructure projects and a major revamp of the power sector have been undertaken, he said. 
 
The pace of award of new highway works has increased from 9 kilometers per day in 2013-14 to 23 km a day currently. "These will have large multiplier effects throughout the economy," he said. 
 
Prime Minister said the government was committed to restore credibility in the process of allocation of natural resources. 
 
"My government has intervened with legislative and administrative measures to improve the supply of critical inputs and raw materials. They include Coal, other minerals and spectrum. The hallmark of this intervention is allocation through transparent auction," he said. 
 
About 190 million new bank accounts have been opened under the Jan Dhan Yojana. 
 
In a break with over 65 years of tradition, states have been involved in framing foreign policy. 
 
Prime Minister said the government was trying to remove the bottlenecks that were affecting growth process. 
 
"India is a land of immense opportunities," he told the ASEAN business community. "Our democratic values and an alert judicial system ensure the safety of your investments. We have set the tone of Governance with a long term vision and an open mind. We are particularly working to make India the easiest place to do business." 
 
He said "it is India's turn" now. 
 
"And we know that our time has come. We are at a take-off stage. I invite you to come and see the winds of change in India,” he said. 
Modi said maximum focus of the government is on building futuristic infrastructure. 
 
"By exercising tight control over unproductive expenditure, we have greatly increased capital investment by the public sector. To further augment such investments, we are encouraging the PPP (public-private partnership model)," he said. 
 
Also, National Investment and Infrastructure Fund has been set up to leverage public investments. 
 
"We are also coming up with Tax Free Infrastructure Bonds with a view to broaden the corporate bond market and to provide long term finance for infrastructure," he said. "We are eager to work with Malaysia, Singapore and other ASEAN countries in this regard." 
 
Prime Minister said the initiatives of 18 months has led to sentiments for private investment and inflow of foreign investment turning positive with foreign investment rising by 40 per cent. 
India, he said, has been consistently ranked as the most attractive investment destination by several global agencies and institutions. 
 
He said the government has allowed and enhanced FDI levels in key sectors including insurance, defence and railways and put most of the sectors on automatic approval route. 
 
Also FDI policies in sectors like construction, plantation and medical devices has been rationalised and composite caps for Foreign portfolio investors has been allowed. 
 
A new bankruptcy code has been drafted and formation of the Company Law Tribunal to expedite cases is on the way. 
 
"We have ended retrospective taxation," he said adding the implementation of General Anti Avoidance Rules (GAAR) has been deferred. 
 
Also, the Goods and Services Tax Bill has been introduced in Parliament. 
 
"We are hopeful of rolling it out in 2016. This will create a unified system of taxation across the country," he said. 
 
Calling India and ASEAN natural partners, Modi said ASEAN's ten member countries form an economic powerhouse and have emerged as one of the largest economic zones in the world. 
 
"Last fifteen years have seen your rapid and yet stable growth. Your Macro-economic stability has been the main reason for growth and stability in South East Asia. With good governance, futuristic infrastructure and focus on new age technologies, you have created excellence," he said. 
 
Image credit: Indiatimes

Full text of what PM Narendra Modi said at the ASEAN summit

As we approach the 50th anniversary of ASEAN in 2017, now is an opportune time to reflect on the region’s achievements, examine its prospects going forward and review the risks and challenges it faces. 
 Arguably the second most successful regional organization after the <keyword id="6355110" type="ORGANIZATION" weightage="20" keywordseo="European-Union">European Union</keyword>, ASEAN has achieved much in its short 50-year history. 
 
As a fledgling economic bloc established at the height of the Cold War comprising five member countries, ASEAN’s leaders committed to turn this densely populated region into one of the dynamic growth drivers of the global economy, raising the living and educational standards of its people, growing its trade profile and turning the region into a major focus of foreign investment. 
 
It has done this and much more. ASEAN, boasting a 10-country membership, has a combined GDP of nearly USD3 trillion. If ASEAN were a single country, it would be the seventh largest economy in the world and in 10 years it is projected to become the fifth largest after the United States, China, Japan and Germany. It has also achieved a high-level of integration, making much of the intra-regional trade and investment largely seamless. 
 
Opportunities 
As ASEAN embarks on its next stage of development and integration through the ASEAN Economic Community (AEC), agreed to by member states in 2015, it offers a range of opportunities both for intra-regional and extra-regional trade and investment. These include: 
 
Services: As ASEAN states transform themselves into services-driven economies, there will need to be considerably more progress made on services liberalization and the free movement of skilled labor. Member states will need to promote unilateral reform in services, enhance regulatory transparency, remove discriminatory restrictions (which favor domestic suppliers over foreigners) and more broadly improve the ease of doing business. While much has been achieved to date in aviation and financial services, progress elsewhere in the services sector has been relatively slow. With the overall contribution of services to GDP growth still relatively low, there is considerable potential and a multitude of opportunities for greater growth going forward. Information and Communication Technologies (ICT) is a case in point 
 
<keyword id="20048" type="CITY" weightage="20" keywordseo="tourism">Tourism</keyword>: A significant tourism hub, there is much scope for ASEAN to develop its tourism industry even further, both in its own right and as a transit or add-on destination for the burgeoning North-East Asia tourism market for European, Middle Eastern and U.S. travelers. Much will depend on ASEAN’s capacity to address its significant infrastructure and human resource development needs (see below) 
Education and Training: ASEAN boasts the world’s third largest labor force after China and India, offering excellent opportunities for providers of education and training. This is particularly important for the services sector but also for industrial development given its complementary effects on the manufacturing sector through intermediate input linkages and hence overall productivity improvements in the economy 
 
Addressing Consumer Demand: The “consumer class” in ASEAN (those able to make discretionary purchases) has grown exponentially over the past decade and is projected to double again by 2025. Focused on leisure activities, retail and ICT (strongly embracing modern trends in social media), ASEAN’s growing consumer cohort offers vast opportunities to local and international companies 
 
ASEAN as an FDI Destination: The region’s infrastructure needs and its growing middle class make ASEAN a very appealing destination for foreign direct investment. ASEAN ranks alongside China as a preferred destination for Foreign Direct Investment (FDI), and still well ahead of India. But it needs to ensure that its newly minted AEC succeeds in providing the additional driver to growth through enhanced economic integration, if it is not to lose out to India in attracting future tranches of FDI from multinational corporations. 
 
Risks 
ASEAN faces a range of risks and challenges that must be addressed if it is to realize its true potential. These include: 
 
Geo-political: Competition for influence in the region between China and the U.S. has the potential to seriously undermine the economic environment of ASEAN and to affect regional growth. To date, tension between the two superpowers has remained at a medium level, though recent moves by China to enforce its sovereignty claims over disputed areas in the South China Sea and U.S. responses to these have raised the specter of a U.S.-Soviet Cold War type of confrontation between China and the U.S. ASEAN needs to continue to work to convince both China and the U.S. that a confrontation in the region would serve no one’s interest, least of all ASEAN’s. To date, it has been relatively successful in limiting these tensions. 
 
Infrastructure Deficit: An estimated USD60 billion is needed to address the regional infrastructure deficiencies of ASEAN nations. While much capital has already been deployed though bilateral, regional and multilateral initiatives, little progress has been made to date because of bureaucratic inertia and waste. Much hope has now been placed in China’s new initiative, the Asian Infrastructure Investment bank, though this has become a target of regional geopolitical rivalry. ASEAN would be well advised to embrace this initiative, though it needs to do so with open eyes and a clear understanding of its geopolitical implications. For without a significant infrastructure upgrade, ASEAN will struggle to meet its full potential. 
 
Pandemics and Natural Disasters: Typhoons, tsunamis, severe acute respiratory syndrome (SARS), Avian influenza and now Zika have shown the impact that natural disasters and pandemics can have on this densely populated region. Improved regional integration and communications, as well as improved education are likely to mitigate these risks to some extent going forward, though they will continue to pose a considerable risk for regional economic growth. 
 
Growth in China: Slower growth in China poses an ongoing risk for ASEAN, given the importance of China as a trade and investment partner for the region. There are now signs emerging that China may be over the worst of its recent economic woes – that would be a strong boost to ASEAN’s growth prospects. 
 
Religious and Political Extremism: Terrorist attacks in a number of ASEAN countries have compounded fears of the spread of religious radicalism to the region. ASEAN needs to respond to this threat collectively in order to ensure perceptions of a stable region are maintained and the desirability of ASEAN as an investment destination and preferred trading partner are preserved. 
 
ASEAN has the potential to become the third great emerging driver of global growth after China and India. Whether it achieves its full potential in this regard will depend on the capacity of the region to prosecute its grand plan of an AEC facilitating seamless cross-border trade, investment and the movement of people and the commitment of individual member states to put in place the suite of economic policies that will be required to achieve this. 
 
Simon Gerovich is founder and Chairman of the Board of Red Planet Hotels, a privately-owned Pan-Asian hotel company focused on the value hotel sector. Red Planet owns and operates hotels in Japan, Thailand, Indonesia and the Philippines. Gerovich will be part of a panel discussion at YPO’s Insights ASEAN Summit 2016 in Singapore. 
 
(The article is authored by Simon Gerovich, Founder and Chairman of the Board for Red Planet Hotels. Member of YPO since 2010) 
 
(YPO is a global community of chief executives dedicated to becoming Better Leaders through Lifelong Learning and Idea ExchangeTM. The YPO platform provides more than 24,000 members in more than 130 countries. For more information, visit www.ypo.org.)

The future of ASEAN: Risks and opportunities

Energy for all is the need of the hour, especially in an emerging <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> like <keyword id="3658" type="COUNTRY" weightage="100" keywordseo="India">India</keyword> where a big chunk of the population still can’t access <keyword id="1977921" type="UNKNOWN" weightage="100" keywordseo="Modern-energy-sources">modern energy sources</keyword> and the overall growth of the country suffers due to such non-inclusion. The outlook is not exactly bright at this point as India ranks 69th among 124 <keyword id="6407494" type="UNKNOWN" weightage="100" keywordseo="countries">countries</keyword> in the recently released <keyword id="1970968" type="UNKNOWN" weightage="100" keywordseo="global-energy-architecture-performance-index">Global Energy Architecture Performance Index</keyword> (<keyword id="1977925" type="UNKNOWN" weightage="100" keywordseo="EAPI">EAPI</keyword>) Report 2014, prepared by the <keyword id="69007" type="ORGANIZATION" weightage="100" keywordseo="World-Economic-Forum">World Economic Forum</keyword> in collaboration with <keyword id="6370971" type="CITY" weightage="100" keywordseo="Accenture">Accenture</keyword>. 
 India, with an overall score of 0.48, has the second lowest <keyword id="1379968" type="UNKNOWN" weightage="100" keywordseo="energy-performance">energy performance</keyword> in the <keyword id="1977931" type="UNKNOWN" weightage="100" keywordseo="BRICS-cluster">BRICS cluster</keyword> that also includes <keyword id="6355226" type="COUNTRY" weightage="80" keywordseo="Brazil">Brazil</keyword>, <keyword id="6358826" type="COUNTRY" weightage="80" keywordseo="Russia">Russia</keyword>, <keyword id="1334" type="COUNTRY" weightage="100" keywordseo="China">China</keyword> and <keyword id="6355117" type="COUNTRY" weightage="80" keywordseo="South-Africa">South Africa</keyword>. Interestingly, China lies at the bottom among the <keyword id="175259" type="ORGANIZATION" weightage="100" keywordseo="Brics">BRICS</keyword> (85th with a score of 0.45), but other countries in this group are way ahead of India and its neighbour. Ranked 22nd, Brazil tops the BRICS group with a score of 0.64, extracting 50% more <keyword id="35050" type="CITY" weightage="100" keywordseo="gdp">GDP</keyword> per unit of energy use than the average of the other <keyword id="486040" type="UNKNOWN" weightage="100" keywordseo="BRICS-countries">BRICS countries</keyword>. It is followed by the Russian Federation (28th, with a score of 0.62) and South <keyword id="12925" type="ENTERTAINMENT" weightage="80" keywordseo="Africa">Africa</keyword> (54th, with a score of 0.54). 
 The top 10 performers are mostly EU and/or <keyword id="1977933" type="UNKNOWN" weightage="100" keywordseo="OECD-nations">OECD nations</keyword> – <keyword id="6356961" type="COUNTRY" weightage="100" keywordseo="Norway">Norway</keyword>, <keyword id="22501" type="COUNTRY" weightage="100" keywordseo="New-Zealand">New Zealand</keyword>, <keyword id="6354785" type="COUNTRY" weightage="100" keywordseo="France">France</keyword>, <keyword id="23050" type="COUNTRY" weightage="100" keywordseo="Sweden">Sweden</keyword>, <keyword id="103" type="COUNTRY" weightage="100" keywordseo="Switzerland">Switzerland</keyword>, <keyword id="49968" type="COUNTRY" weightage="100" keywordseo="Denmark">Denmark</keyword>, <keyword id="6363645" type="COUNTRY" weightage="100" keywordseo="Spain">Spain</keyword> and <keyword id="106735" type="COUNTRY" weightage="80" keywordseo="latvia">Latvia</keyword> – with the exception of <keyword id="15385" type="COUNTRY" weightage="80" keywordseo="Colombia">Colombia</keyword> (7th) and <keyword id="57870" type="COUNTRY" weightage="80" keywordseo="Costa-Rica">Costa Rica</keyword> (9th). The US came in 37th, followed by <keyword id="6355311" type="COUNTRY" weightage="80" keywordseo="Japan">Japan</keyword>. The regions covered in the report include <keyword id="1977935" type="UNKNOWN" weightage="100" keywordseo="EU28">EU28</keyword>, <keyword id="195393" type="COMPANY" weightage="100" keywordseo="MENA">MENA</keyword>, BRICS, <keyword id="6378080" type="COUNTRY" weightage="60" keywordseo="North-America">North America</keyword>, <keyword id="303353" type="COUNTRY" weightage="100" keywordseo="Sub-Saharan-Africa">Sub-Saharan Africa</keyword> and the <keyword id="5891" type="ORGANIZATION" weightage="100" keywordseo="ASEAN">ASEAN</keyword>. 
 
Why we need EAPI Before we consider why India is lagging behind the rest, it is important to understand the dimensions of the ‘<keyword id="1977936" type="UNKNOWN" weightage="100" keywordseo="Energy-triangle">energy triangle</keyword>’ and what it takes to achieve top-level energy performance. During the past three years, the World Economic Forum has been working on the <keyword id="1978006" type="UNKNOWN" weightage="100" keywordseo="New-Energy-Architecture">new energy architecture</keyword>, defined as the integrated physical system of <keyword id="689119" type="UNKNOWN" weightage="100" keywordseo="energy-sources">energy sources</keyword>, carriers and demand sectors. The ‘energy triangle’ frames the key objectives of the <keyword id="1977939" type="UNKNOWN" weightage="100" keywordseo="Energy-architecture">energy architecture</keyword> – the ability to provide secure, affordable and <keyword id="1977947" type="UNKNOWN" weightage="100" keywordseo="Environmentally-sustainable-energy-supply">environmentally sustainable energy supply</keyword>. Accordingly, the Global Index has used 18 indicators to assess 6 regions and 124 countries under three baskets – <keyword id="1977948" type="UNKNOWN" weightage="100" keywordseo="Economic-growth-and-development">economic growth and development</keyword>, <keyword id="585025" type="UNKNOWN" weightage="100" keywordseo="environmental-sustainability">environmental sustainability</keyword> and <keyword id="1714410" type="ORGANIZATION" weightage="100" keywordseo="Energy-access">energy access</keyword> &amp; security – while analysing the complex trade-offs and dependencies that affect the efforts of each country under review. 
 “Resource, wealth or <keyword id="352701" type="ORGANIZATION" weightage="100" keywordseo="Economic-Development">economic development</keyword> alone do not guarantee high performance on the Index,” said Roberto Bocca, senior director and head of energy industries at the World Economic Forum. “For an <keyword id="1977954" type="UNKNOWN" weightage="100" keywordseo="Effective-energy-system">effective energy system</keyword>, countries need to focus on all three sides of the energy triangle – environmental sustainability, security of supply and affordability,” he added. Undoubtedly a difficult task, if you look at the toppers or any other country, for that matter. No single country has got a top score of 1/1 for the overall Index (an average of the scores posted under the three heads) and no one has hit a ‘perfect 1’ either, under any of the three baskets. 
 
 
 
Four factors hindering India’s energy performance 
Low access: Let’s look at the grassroots first. Energy access across BRICS is high, with the exception of India and South Africa which continue to face <keyword id="1977958" type="UNKNOWN" weightage="100" keywordseo="Lower-electrification-rates">lower electrification rates</keyword> for rural and low-income groups. In fact, India is the lowest performer within the BRICS cluster (0.54/1), with only 75% accessing modern energy sources. It means around 293 million people go without those, compared to just 4 million in China. 
 However, there are longer-term solutions on the cards. Alongside a number of national and international initiatives, the government is currently running the Restructured Accelerated Power Development and Reform Programme or <keyword id="398803" type="UNKNOWN" weightage="100" keywordseo="R-APDRP">R-APDRP</keyword>, directing around $10 billion over the coming years for <keyword id="1977960" type="UNKNOWN" weightage="100" keywordseo="Grid-modernisation">grid modernisation</keyword>. India has also launched a <keyword id="856064" type="UNKNOWN" weightage="100" keywordseo="Remote-Village-Electrification">Remote Village Electrification</keyword> programme while the <keyword id="386624" type="ORGANIZATION" weightage="100" keywordseo="Ministry-of-New-and-Renewable-Energy">Ministry of New and Renewable Energy</keyword> is targeting the installed capacity from new <keyword id="430844" type="UNKNOWN" weightage="100" keywordseo="renewables">renewables</keyword> to reach 21,700 MW by 2017 (more on India’s <a href="http://www.businessinsider.in/Five-Moves-That-Will-Power-Indias-Green-Shift/articleshow/23463110.cms">green power</a> here). 
 
Increasing <keyword id="1977962" type="UNKNOWN" weightage="100" keywordseo="Reliance-on-energy-imports">reliance on energy imports</keyword>: Large-scale economic expansion across the country has triggered bigger <keyword id="6417014" type="UNKNOWN" weightage="100" keywordseo="energy-consumption">energy consumption</keyword> and a crippling dependence on imports – a major factor behind the ballooning trade and <keyword id="894126" type="UNKNOWN" weightage="100" keywordseo="current-account-deficits">current account deficits</keyword>. India is one of the biggest importers of crude oil and more than half of its $191 billion <keyword id="113688" type="UNKNOWN" weightage="100" keywordseo="trade-deficit">trade deficit</keyword> in FY2013 – $109 billion, to be precise – accounted for oil, with the country importing around 82% of its requirements, mostly from the <keyword id="138623" type="UNKNOWN" weightage="100" keywordseo="Gulf-countries">Gulf countries</keyword>. Overall, 28% of the country’s <keyword id="1977965" type="UNKNOWN" weightage="100" keywordseo="Net-energy-consumption">net energy consumption</keyword> is met through imports and among the BRICS, India has the <keyword id="1977966" type="UNKNOWN" weightage="100" keywordseo="Highest-spend-on-fuel-imports">highest spend on fuel imports</keyword> relative to GDP (10%). 
 It’s a kind of vicious cycle, to say the least, which is negatively impacting the <keyword id="6356076" type="UNKNOWN" weightage="100" keywordseo="indian-economy">Indian economy</keyword>. “The whole mess in the <keyword id="52599" type="TECHNOLOGY" weightage="100" keywordseo="CAD">CAD</keyword> is due to the imports of both coal and oil,” Vivek Pandit, senior director for energy at the Federation of Indian Chambers of Commerce and Industry (<keyword id="6355001" type="CITY" weightage="80" keywordseo="FICCI">FICCI</keyword>) told FT. Worried by the current account deficit, <keyword id="44528" type="ORGANIZATION" weightage="100" keywordseo="FDI">FDI</keyword> and <keyword id="68968" type="UNKNOWN" weightage="100" keywordseo="institutional-investors">institutional investors</keyword> gradually started withdrawing their support since March this year. This fuelled a substantial weakening of the <keyword id="6355302" type="ORGANIZATION" weightage="100" keywordseo="Rupee">Rupee</keyword> and resulted in a drawdown of <keyword id="6368276" type="COMPANY" weightage="80" keywordseo="Foreign-exchange">foreign exchange</keyword> to the tune of $12.8 billion. According to a PwC report, the drawdown could have been avoided, had India produced 17 million tonnes more oil than its current domestic production. 
 Worse still, <keyword id="1977973" type="UNKNOWN" weightage="100" keywordseo="Indias-oil-import-dependency">India’s oil import dependency</keyword> is forecast to grow another 10 percentage points to exceed 90% by 2031. While increasing domestic exploration will help to a certain extent, India must try and curb the <keyword id="1977977" type="UNKNOWN" weightage="100" keywordseo="Oil-bills">oil bills</keyword> further by seeking new suppliers and buying more stake into African and other <keyword id="1977979" type="UNKNOWN" weightage="100" keywordseo="Non-Gulf-oil-and-gas-assets">non-Gulf oil and gas assets</keyword>. 
 This part of the strategy is slowly taking shape as <keyword id="81864" type="CITY" weightage="100" keywordseo="ONGC-Videsh">ONGC Videsh</keyword>, the overseas investment arm of <keyword id="55282" type="ORGANIZATION" weightage="100" keywordseo="India-Government">India government</keyword>’s flagship oil and gas explorer <keyword id="118729" type="COMPANY" weightage="100" keywordseo="Oil-Natural-Gas-Corp">Oil &amp; Natural Gas Corp</keyword>, has been pushing hard to build up a <keyword id="1977984" type="UNKNOWN" weightage="100" keywordseo="Diversified-portfolio-of-foreign-assets">diversified portfolio of foreign assets</keyword> to minimise the country’s dependency on the Middle East. <keyword id="6354737" type="CITY" weightage="100" keywordseo="ONGC">ONGC</keyword> Videsh has recently signed two multi-billion-dollar deals to buy into offshore natural gas assets in <keyword id="6372754" type="COUNTRY" weightage="80" keywordseo="Mozambique">Mozambique</keyword>. It has a significant presence in <keyword id="48890" type="COUNTRY" weightage="80" keywordseo="Latin-America">Latin America</keyword> and is also looking for exploration assets in <keyword id="6356970" type="COUNTRY" weightage="100" keywordseo="Myanmar">Myanmar</keyword>, <keyword id="6354759" type="COUNTRY" weightage="100" keywordseo="Bangladesh">Bangladesh</keyword>, <keyword id="30174" type="COUNTRY" weightage="100" keywordseo="Lebanon">Lebanon</keyword> and <keyword id="6355478" type="COUNTRY" weightage="80" keywordseo="Australia">Australia</keyword>. 
 
Prevalence of <keyword id="1896941" type="UNKNOWN" weightage="100" keywordseo="energy-subsidies">energy subsidies</keyword>: Another factor that is dragging India down by increasing oil demand and widening the budget deficit. Both India and Russia are the lowest performers for the indicator on <keyword id="1977989" type="UNKNOWN" weightage="100" keywordseo="Liquid-fuel-subsidies">liquid fuel subsidies</keyword>. India’s subsidies for diesel put it in the lower quartile globally for this indicator even as the country is trying to improve <keyword id="1977991" type="UNKNOWN" weightage="100" keywordseo="Energy-affordability">energy affordability</keyword> and access for lower-income groups. 
 
Coal-dependence hurts: At present, coal dominates the country’s <keyword id="1798751" type="UNKNOWN" weightage="100" keywordseo="energy-mix">energy mix</keyword> with a robust 53% share in <keyword id="1977995" type="UNKNOWN" weightage="100" keywordseo="Primary-energy-consumption">primary energy consumption</keyword>, affecting India’s score in terms of environmental sustainability. The country has scored 0.41/1, underlining the challenge it faces in diversifying the energy mix beyond <keyword id="181402" type="UNKNOWN" weightage="100" keywordseo="fossil-fuels">fossil fuels</keyword>. Although energy trade can have positive impacts here, it can also pose economic and <keyword id="1977997" type="UNKNOWN" weightage="100" keywordseo="Energy-security-risks">energy security risks</keyword>, especially as we are dependent only on a few trading partners. 
 Interestingly, 41% of the <keyword id="1200645" type="UNKNOWN" weightage="100" keywordseo="energy-supply">energy supply</keyword> in the top 10 countries comes from low-carbon energy sources, compared to a global average of 28%. India, too, is rolling out low-carbon power generation through plans to increase <keyword id="43870" type="UNKNOWN" weightage="100" keywordseo="nuclear-capacity">nuclear capacity</keyword> from the current 4.4 GW to 5.3 GW by 2016. 
 
The bottom line “Our analysis concludes that there is no single way forward; each country must work with its own resources and constraints, making difficult choices and trade-offs,” said Arthur Hanna, Managing Director, Energy Industry, Accenture, and a Member of the World Economic Forum’s Global Agenda Council on New Energy Architecture. “The Index helps nations take stock of their energy transition challenges and address key barriers to success, such as market distorting subsidies, continued uncertainty around energy policy and funding for research and development of <keyword id="1978009" type="UNKNOWN" weightage="100" keywordseo="New-energy-sources">new energy sources</keyword> and technologies.” 
 
Keeping that in mind, can India cope with the transition and morph its energy policies accordingly? 
 
Top Image: Wikipedia 
Data chart: World Economic Forum

Energy
Performance: Is India
Losing Out On Power Play?

In 2016, <keyword id="13486" type="COUNTRY" weightage="20" keywordseo="Vietnam">Vietnam</keyword> will mark the 30th anniversary of the launch of the Đổi Mới reforms, which marked the beginning of Vietnam’s efforts to reform and transform its economy. At the time, the country was still recovering from decades of conflict, was insular, and overly dependent on long-time allies such as the Soviet Union. In just one generation, Vietnam has become one of the fastest growing economies in the world, and trade has played a starring role in that transformation. 
 
In a few short years, Vietnam has become a manufacturing hub, particularly for the electronics industry and the apparel and footwear industry, with most of the products exported to markets around the world. Foreign direct investment in Vietnam continues to be robust, with billions of dollars being invested by companies from Korea, Japan, Thailand, the United States and other countries, with the majority going towards manufacturing. Vietnam’s agricultural products are also in demand around the world, and the country is one of the world’s top exporters of rice, coffee, fish and shrimp, and a range of other agricultural products. 
 
 
 
Trends in Vietnam’s GDP per capita and exports, 1986 – 2016 
 
It was just about a year ago that negotiations around the landmark TPP were successfully concluded, and there was great fanfare about the benefits it is expected to bring to Vietnam. Since then, the political situation in the US has evolved in a way that makes passage unlikely this year – if ever. Likewise, Vietnam’s free trade agreement with the EU is a far-reaching pact that is expected to go into effect in 2018, but Brexit has called into question the whole concept of the EU; will other nations follow the UK’s example? 
 
Another multilateral pact, the Regional Comprehensive Economic Partnership (RCEP), encompasses ASEAN’s ten members plus six other countries including India and China, and remains under negotiation nearly five years since it was first proposed; Singapore Prime Minister Lee recently said that talks were progressing rather slowly. None of this would be happening had Vietnam’s government not made a concerted effort to open up the country and build relationships with countries around the world. 
 In 2007, Vietnam joined the <keyword id="126959" type="ORGANIZATION" weightage="20" keywordseo="World-Trade-Organization">World Trade Organization</keyword>, marking the start of its integration into the global economy. Since then, the country has negotiated and/or entered into 16 free trade agreements, on both a bi- and multilateral basis. Recent agreements include those with Korea, the Russian Federation, the <keyword id="3145781" type="ORGANIZATION" weightage="20" keywordseo="ASEAN-Economic-Community">ASEAN Economic Community</keyword> (AEC), the EU, and of course the Trans-Pacific Partnership (TPP). 
 
What does all of this mean to Vietnam? Clearly the possible failure of TPP would be disappointing. Meanwhile the effects of Brexit remain to be seen. Regardless of what happens, there is no chance that Vietnam’s growth will be stopped – trade has become the cornerstone for its economy, and I would expect the government to enter into bilateral agreements with those TPP members with which it does not currently have agreements, and will negotiate a separate agreement with the UK at the appropriate time. But all of these developments point to the extreme difficulty of negotiating, let alone eventually ratifying multinational agreements, and the future of large economic communities could be called into question. 
 
The progress made by ASEAN nations over the past two decades has been nothing short of breathtaking, and trade has been and will continue to be a critical part of the region’s ongoing development. Trade encompasses so much more than simply producing and selling goods – it is a catalyst for progress, for greater exposure to and integration with the world, and ultimately for improving peoples’ lives. It is a multi-faceted topic, and that is why I am excited to be a part of the panel discussion at this year’s Insights ASEAN Summit. 
 (The article is authored by By <keyword id="3791307" type="UNKNOWN" weightage="20" keywordseo="don-lam">Don Lam</keyword>, CEO and Founding Partner for VinaCapital, who is also a Member of <keyword id="852310" type="ORGANIZATION" weightage="20" keywordseo="YPO">YPO</keyword> since 2010) 
 
(YPO is a global community of chief executives dedicated to becoming Better Leaders through Lifelong Learning and Idea ExchangeTM. The YPO platform provides more than 24,000 members in more than 130 countries. For more information, visit www.ypo.org.)

The future of trade and growth in Southeast Asia

<div><a href="http://www.businessinsider.com/worldviews"></a></div><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Trade is the lifeblood of the Thai economy, with exports of goods and services accounting for almost 70% of the country's economic output. This compares to a world average of just 30%.The country's heavy reliance on trade means that any major shifts in demand have significant implications for its economic outlook. And with <a href="http://jakartaglobe.id/inte" rel="nofollow">exports expected to strengthen by 1.7% in 2017</a> as global economic conditions improve, this outlook is brightening.<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>Source: World Bank, World Databank, as of 2014/2015.&#xa0;<h2>Long-term drivers of Thailand's export economy</h2>In addition to <a href="http://www.imf.org/en/News/Articles/2016/10/03/AM2016-NA100416-WEO" rel="nofollow">slowly improving global growth</a>, Thai exports are expected to benefit from <a href="http://asia.nikkei.com/Politics-Economy/Policy-Politics/Thailand-targets-competitive-infrastructure-with-50bn-plan" rel="nofollow">increased infrastructure investment</a> and the government's ongoing commitment to free market principles.This should allow the country to continue leveraging its large, low-cost labor force to manufacture and export a wide variety of goods to a diverse range of partners. &#xa0;China, the US, and Japan account for about 31% of Thai exports, according to <a href="http://www.nesdb" rel="nofollow">National Economic and Social Development Board data</a>, exposing the country to the world's three largest economies.It's important to note that trade with the US could shift depending on the incoming government's trade policies, however the direction of these is yet to be seen. Thailand's spread of trade partners should also help it weather any changes.Closer to home, the country is well positioned to benefit from strong regional growth, with the nine <a href="http://asean.org/" rel="nofollow">ASEAN</a> nations making up a further 25% of the country's exports. These trade ties are reinforced by Thailand's position as a founding member of ASEAN and APEC.And while Thailand is facing some political uncertainty in a year of mourning following the death of King Bhumibol Adulyadej in 2016, economically, it is largely business as usual.So if the country's supportive government and large, diversified trade base can continue to boost export growth, there may be a significant upside for the Thai economy.If you're looking to access the Thai market, consider the&#xa0;<a href="https://www.ishares.com/us/products/239688/ishares-msci-thailand-capped-etf" rel="nofollow">iShares MSCI Thailand Capped ETF (THD)</a>, or broaden your search to <a href="https://bs.serving-sys.com/BurstingPipe/adServer.bs?cn=tf&amp;c=20&amp;mc=click&amp;pli=19456168&amp;PluID=0&amp;ord=%5Btimestamp%5D" rel="nofollow">other countries</a>.EXPLORE: <a href="http://www.businessinsider.com/worldviews">Research other countries in the Worldviews series</a>&#xa0;&#xa0;This post is sponsored by <a href="https://www.ishares.com/us/" target="_blank" rel="nofollow">iShares®&#xa0;by BlackRock®</a><a href="https://www.ishares.com/us/" target="_blank" rel="nofollow"></a>.Visit <a href="https://www.ishares.com/us/" target="_blank" rel="nofollow">www.iShares.com </a>or <a href="https://www.blackrock.com/" target="_blank" rel="nofollow">www.BlackRock.com</a> to view a prospectus, which includes investment objectives, risks, fees, expenses and other information that you should read and consider carefully before investing.&#xa0;Investing involves risk, including possible loss of principal.International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets and in concentrations of single countries.The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").This article was sponsored by iShares by BlackRock. BlackRock is not affiliated with Business Insider Inc., or any of their respective affiliates. BlackRock does not control or guarantee the accuracy or completeness of information contained in this article or any content linked to this article; or any third parties which produce and provide such content; and does not endorse the views and opinions they express or the products and/or services they may offer.©2016 BlackRock. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock. All other marks are the property of their respective owners.&#xa0;iS-19744</hr>

How trade is having an incredible influence on the Thai economy

As per global law firm Baker McKenzie, the domestic <a href="http://www.businessinsider.in/searchresult.cms?query=mergers+and+acquisitions&amp;sortorder=effectivedate">mergers and acquisitions</a> (<keyword id="65833" type="COMPANY" weightage="20" keywordseo="MAs">M&amp;As</keyword>) is likely to grow three-fold to more than USD 49 billion by 2019. 
 
As per the report, in 2016, the domestic M&amp;As was at USD 17.5 billion and the sum is expected to jump to USD 28.5 billion in 2017. 
 
"India is predicted to be one of the global hotspots for M&amp;As in coming years, with the total value of M&amp;A transactions (domestic and in-bound) more than doubling to USD49.3 billion in 2019," the report said today. 
 
The estimates are based on easing of threats to the <a href="http://www.businessinsider.in/searchresult.cms?query=global+economy&amp;sortorder=effectivedate">global economy</a> going forward which will help dealmakers regain confidence in the domestic market. In number of deals, the same is expected to nearly double from 553 in 2016 to 916 in 2019. This year 786 transactions are likely to take place. 
 
While domestic deals in 2019 will be USD 22.6 billion of the total USD 49.3 billion, cross border and inbound deals will together account for USD 26.8 billion, it said. 
 
Ashok Lalwani of Baker McKenzie India, told reporters that while there can be uncertainties related to the US policies under the new president <a href="http://www.businessinsider.in/searchresult.cms?query=donald+trump&amp;sortorder=effectivedate">Donald Trump</a>, there are various opportunities for Indian firms to look at the US which is seeing recovery. He also noted that the US would want to expand its business globally. 
 
Interestingly, he also said India as well as other Asia-Pacific countries will be increasingly looking at investment opportunities within Asean regions to insulate themselves from other global uncertainties. 
 
"The Reserve Bank's more accommodative monetary policy along with solid domestic demand should support M&amp;A and IPO activity in the next two-three years," Lalwani said. 
 
"We do expect overseas corporate buyer activity to pick up as well, as India continues to be a focus for emerging market investors globally. Consolidation, restructuring and asset sales by highly-leveraged companies are expected to continue and drive M&amp;A activity here," he added. 
 
Sectors that are directly linked to the consumption story-financials, consumer, healthcare, Internet and real estate-will likely see good momentum on the M&amp;A front. M&amp;As will see some correction in 2020 where it is expected to fall to USD 38.8 billion from USD 49.3 billion in 2019. 
 
Besides, a strong pipeline of <a href="http://www.businessinsider.in/searchresult.cms?query=IPOs&amp;sortorder=effectivedate">IPOs</a> is also in place with public issues worth USD 4.76 billion in 2019 up from USD 4.04 billion in 2016. This year is likely to see IPOs worth USD 5.80 billion. 
 
(Image: Thinkstock)

India is going to be one of the global hotspots for M&As. Here are the numbers

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Erik De CastroResidents involved with illegal drugs wait for fellow surrenderees before taking a pledge that they will not use or sell "Shabu" (meth) again after surrendering to police and government officials in Makati, metro Manila, August 18, 2016</div></div></div>National economies, and the investors involved in them, generally do well when public safety and rule of <keyword id="6355470" type="CITY" weightage="60" keywordseo="Law">law</keyword> can be assured.But amid the Philippines' bloody crackdown on the drug trade and criminality, led by President Rodrigo Duterte, it appears investors and businesspeople inside and outside the country have lost faith that those conditions can be assured.Since taking office in July, Duterte has exhorted civilians to <a href="http://www.businessinsider.com/philippines-president-pursuing-a-dangerous-antidrug-policy-2016-9" target="_blank">take the law into their own hands</a> and voiced his support for extrajudicial killings.The body count has since grown to <a href="http://www.businessinsider.com/r-after-middle-finger-salute-philippines-duterte-asks-eu-why-insult-me-2016-9" target="_blank">about 3,800 people</a>, many of whom have been killed by unknown assailants. Duterte has also <a href="http://www.businessinsider.com/philippines-geopolitical-balance-between-us-china-asia-2016-9" target="_blank">taken positions hostile to the US</a>, a longtime ally and major economic supporter, and <a href="http://www.businessinsider.com/philippines-geopolitical-balance-between-us-china-asia-2016-9" target="_blank">made overtures to China</a>, which has clashed with countries in the region regarding the South China Sea.As a consequence, the Philippines' economic footing, recently <a href="http://www.businessinsider.com/philippines-geopolitical-balance-between-us-china-asia-2016-9" target="_blank">quite strong</a>, seems less assured. "Official data from the Philippine stock exchange shows net foreign transactions on the benchmark index have fallen over the past month," CNBC <a href="http://finance.yahoo.com/video/foreign-investors-pull-money-philippines-105800515.html" target="_blank">reported</a> on Tuesday."Many investors have been turned off by threatening remarks made by Duterte against the US and China, casting doubt on the future of Manila's foreign policies and his handling of the economy," the CNBC report <a href="http://finance.yahoo.com/video/foreign-investors-pull-money-philippines-105800515.html" target="_blank">noted</a>.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Thomson ReutersPhilippine President Rodrigo Duterte speaks during a news conference in Davao.</div></div></div>According to The Economist, since Duterte took office, investors have <a href="http://www.economist.com/news/asia/21707167-new-president-may-undo-economic-gains-recent-years-sceptred-bile" target="_blank">demanded</a> higher risk premiums to hold Philippine assets. "A lot of people are hesitant to put their money into the Philippines at this point," Guenter Taus, who heads the European Chamber of Commerce in the Philippines, <a href="http://www.economist.com/news/asia/21707167-new-president-may-undo-economic-gains-recent-years-sceptred-bile" target="_blank">told the magazine</a>.Duterte has lashed out at <keyword id="6356001" type="COMPANY" weightage="60" keywordseo="international">international</keyword> critics, including the UN as well as the US and President Barack Obama (though Philippine <a href="http://www.businessinsider.com/r-philippines-guarantees-us-deal-intact-as-dutertes-salvos-test-ties-2016-9" target="_blank">officials have said</a> that deals between the country and the US will remain in place). His most recent outburst was directed at the EU, which urged his government to curb extrajudicial killings and violence. "F--- you," Duterte <a href="http://www.businessinsider.com/r-after-middle-finger-salute-philippines-duterte-asks-eu-why-insult-me-2016-9" target="_blank">replied</a> on Tuesday, adding a raised middle finger for good measure.In addition to his words, Duterte's deeds have caused worry about his engagement with the international community.Earlier in September, Duterte skipped several meetings at a summit in Laos, including one on ASEAN and the UN, which, <a href="http://thediplomat.com/2016/09/will-dutertes-loose-lips-sink-the-us-philippines-alliance/" target="_blank">according</a> Prashanth Parameswaran, an associate editor at The Diplomat, has raised concerns about his commitment to multilateralism, which is important not only to the economic relationships in the region, but also to multinational cooperation on security issues in the South China Sea.<div class="KonaFilter image-container display-table"><div><div class="image on-image">AP Photo/Aaron FavilaFilipino activists at an anti-China rally outside the Chinese consulate at the financial district of Makati, south of Manila, Philippines, June 4, 2015.</div></div></div>While Duterte's stated focus on macroeconomic stability, infrastructure development, and workers' rights <a href="http://www.economist.com/news/asia/21707167-new-president-may-undo-economic-gains-recent-years-sceptred-bile" target="_blank">was welcomed</a> at the outset of his term, it seems the Philippine president's harsh rhetoric, which has helped <a href="http://www.businessinsider.com/philippines-geopolitical-balance-between-us-china-asia-2016-9" target="_blank">drive his popularity sky-high</a>, has more recently stoked worry among businesses and investors.Duterte has repeatedly made accusations against public figures without substantiation. This month, he said he had a <a href="http://time.com/4496535/philippines-duterte-drug-war-list-officials/" target="_blank">list of at least 1,000</a> police, local community leaders, politicians, and other officials suspected of links to the drug trade. In August he <a href="http://time.com/4496535/philippines-duterte-drug-war-list-officials/" target="_blank">accused</a> 159 public officials of colluding with the drug trade without presenting evidence.Duterte's brash pronouncements since taking office may be part of an effort to shore up his base as he finds his footing on the national political stage."His tactic of calling out allegedly corrupt officials and business leaders is a way to help him build public support and keep potential rivals at bay," geopolitical analysis firm Stratfor <a href="https://www.stratfor.com/analysis/method-dutertes-madness" target="_blank">wrote</a> in late August.As mayor of Davao City, home to 1.5 million people in the southern Philippines, Duterte's brash attitude and harsh anticrime measures <a href="http://www.businessinsider.com/philippines-vigilante-drug-killings-2016-9" target="_blank">won him popularity</a>, and he held high office there for nearly 30 years. And as president, Stratfor <a href="https://www.stratfor.com/analysis/method-dutertes-madness" target="_blank">argued</a>, "Over the long term, he thinks voters and foreign investors alike will reward his focus on law and order, even if it brings with it a temporary spike in bloodshed and is enforced with extralegal means."<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Ezra AcayanPolicemen inspect the body of a man, with tape wrapped around his head and feet, who police said was a victim of drug-related vigilante execution in Manila, September 21, 2016. The cardboard found near his body reads: "Kage Lao, drug lord from Mindanao. You are next."</div></div></div>But Duterte's administration's public denunciations have affected locals and foreigners alike.Philippine officials have admitted that organized-crime groups have seized on Duterte's call to arms for their own violent purposes, and impunity for police violence has some in the country worried about reprisal killings. A longtime Manila resident <a href="http://www.economist.com/news/asia/21707167-new-president-may-undo-economic-gains-recent-years-sceptred-bile" target="_blank">told</a> The Economist that some expatriates were thinking of leaving.In August, just a few days after he was publicly accused of being a drug trafficker by the national-police chief, <a href="http://www.businessinsider.com/philippines-vigilante-drug-killings-2016-9" target="_blank">a Philippine businessman and his wife were gunned down</a>. This month, the daughter of a British baron was killed when she was out on bail after being charged with drug possession, with her body left on a Manila street, adorned with a sign accusing her of being a "drug pusher for celebrities," <a href="https://www.yahoo.com/news/british-barons-daughter-dies-philippine-drug-war-111006704.html" target="_blank">according</a> to AFP.Recently, one online-gambling executive saw his company's shares <a href="http://www.economist.com/news/asia/21707167-new-president-may-undo-economic-gains-recent-years-sceptred-bile" target="_blank">fall 50%</a> after Duterte publicly criticized him for having outsize political influence - the executive resigned the next day."Everyone is scared," a corporate leader <a href="http://www.economist.com/news/asia/21707167-new-president-may-undo-economic-gains-recent-years-sceptred-bile" target="_blank">told</a> The Economist. "None of the big business groups will stand up to him. They're all afraid their businesses will be taken away." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/philippine-president-duterte-slammed-president-obama-canceled-meeting-2016-9">Obama canceled a meeting with the Philippines president after he called him a 'son of a b----'</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="1pMDVxNTE6vCgssIu_sj3xD4wgY6KkvU" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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