{"id":103009,"date":"2021-04-23T10:09:29","date_gmt":"2021-04-23T04:39:29","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=103009"},"modified":"2021-04-23T10:09:29","modified_gmt":"2021-04-23T04:39:29","slug":"data-revolution-and-new-global-order","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/data-revolution-and-new-global-order\/","title":{"rendered":"Data Revolution and New Global Order"},"content":{"rendered":"<p><br \/>\n<b>Synopsis<\/b><span style=\"font-weight: 400;\">:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Digital Data Revolution will shape the new global order. It would give Asia a strategic advantage in the world. India must also prepare itself to play a key role in the hyper-connected world.<\/span><\/p>\n<h5><b>Background:<\/b><\/h5>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There has been a shift of global<\/span> <span style=\"font-weight: 400;\">power from the Atlantic to the Indo-Pacific in recent times.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This shift is marked by advancement in \u201cDigital Data Revolution\u2019 while the earlier order was created by the Industrial Revolution.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">However, this data revolution has created some strategic implications.<\/span><\/li>\n<\/ul>\n<h5><b>Strategic Implications of the Data revolution<\/b><span style=\"font-weight: 400;\">:<\/span><\/h5>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Data has created a symbiotic (mutually beneficial) relationship between military and civilian systems. Today cybersecurity has become national security. Thus, it demands a new military doctrine and a diplomatic framework.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Data has <\/span><b>blurred the line between domestic and foreign policy<\/b><span style=\"font-weight: 400;\"> and calls for establishing new global rules.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Further, a growth in smartphone-based e-commerce is generating massive amounts of data. It would give a<\/span><b> sustained productivity advantage to Asia<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Data streams have acquired a central position in Global trade. Further, a country\u2019s economic and national power is dependent on data.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These factors allow India to negotiate new rules as an equal with the U.S. and China. Formulation of the rules must be by keeping in mind the new dynamics.\u00a0<\/span><\/p>\n<p><em><span style=\"font-size: 14pt;\"><strong>Read Also-<a href=\"https:\/\/forumias.com\/blog\/what-is-industrial-revolution-4-0\/\">What is Industrial Revolution 4.0?<\/a><\/strong><\/span><\/em><\/p>\n<h5><b>New Dynamics<\/b><span style=\"font-weight: 400;\">:<\/span><\/h5>\n<ul>\n<li><b>China<\/b><\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It has made use of data streams and emerged as the second-largest economy.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It also has a $ 53 trillion mobile payments market and acquires a global share of 50%.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Furthermore, It has formed a joint venture with SWIFT for cross-border payments. The country also suggested foundational principles for interoperability between central bank digital currencies at the Bank for International Settlement.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">However, it is still highly dependent on semiconductors and unable to avoid US sanctions on banks, 5G, and cloud computing companies.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Thus, it is trying hard to overcome this weakness by<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Distorting dollar-based trade through its e-yuan<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Launching a $1.4 trillion science and technology strategy\u00a0\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li><b>U.S:<\/b><\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The conventional deterrence capabilities of US have reduced. It now puts more focus on diplomacy than military power to resolve conflicts with China.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In the mobile payments market, only around 30% of consumers use digital means and the total volume of mobile payments is less than $100 billion.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The country appears to be losing its dominant position to China in the global order.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li><b>India:<\/b><\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In the mobile payments&#8217; sphere, the Unified Payments Interface (UPI) volume is expected to cross $1 trillion by 2025.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The goal is to create a $5-trillion economy by 2025.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It faces a challenge of :<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Balancing engagement with major powers and<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Retaining its data for innovation and competitive advantage.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><b>Factors showing India\u2019s crucial position in shaping the new global order<\/b><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">China is India\u2019s largest trading partner despite recent border clashes. Also, both the countries are uncomfortable with:<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Treating Western values as universal values<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The U.S. interpretation of Freedom of Navigation rules in others\u2019 territorial waters<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The US wants to invest heavily in India and leverage the Indian markets, a strategy similar to China\u2019s belt and initiative. Further India is seen as a reliable partner to curb Chinese influence in the Indo-Pacific.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">New Delhi\u2019s Indo-Pacific vision is premised on \u2018ASEAN centrality and the common pursuit of prosperity\u2019.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The EU is also determined to enhance its influence in the Indo-Pacific region. This automatically induces the grouping to improve its relation with India.<\/span><\/li>\n<\/ul>\n<p><b style=\"font-size: 19px;\">Way Forward:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">India is part of both the U.S. and China-led strategic groupings. This gives India a robust development potential.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Further, the country must prepare itself to play a key role in moulding rules for the hyper-connected world. This would help it in realising its potential of becoming the 2nd largest economy.\n<p><strong>Source: <a href=\"https:\/\/epaper.thehindu.com\/Home\/ShareArticle?OrgId=G1M8GOQA6.1&amp;imageview=0\" target=\"_blank\" rel=\"noopener\">THE HINDU<\/a><\/strong><br \/>\n<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Synopsis: The Digital Data Revolution will shape the new global order. It would give Asia a strategic advantage in the world. India must also prepare itself to play a key role in the hyper-connected world. Background: There has been a shift of global power from the Atlantic to the Indo-Pacific in recent times. This shift&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/data-revolution-and-new-global-order\/\">Continue reading <span class=\"screen-reader-text\">Data Revolution and New Global Order<\/span><\/a><\/p>\n","protected":false},"author":10322,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[1428],"class_list":["post-103009","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-st_2","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/103009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10322"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=103009"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/103009\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=103009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=103009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=103009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}