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World Affairs
Pradeep Kumar

10/06/21 13:00 PM IST

U.S. Senate passes huge innovation Bill

In news
  • The U.S. Senate passed a sweeping industrial policy Bill aimed at countering the surging economic threat from rival China, overcoming partisan divisions to support pumping more than $170 billion into research and development.
Highlights
  • With both American political parties increasingly worried about competition from Asia’s largest power, the measure cleared the chamber on a 68-32 vote, one of the most significant bipartisan achievements in Congress since Joe Biden’s presidency began in January.
  • It also represents the largest investment in scientific research and technological innovation “in generations”, according to Senate Majority Leader Chuck Schumer.
  • The Bill now heads to the House of Representatives, which earlier passed a different version.
  • The two will have to be reconciled into a single Bill before it is sent to the White House for the President’s signature.
  • The package, a key provision of which addresses a shortage of semiconductors that has slowed U.S. auto production this year, will help the U.S. industry bolster its capacity and improve technology.
  • It is seen as crucial for U.S. efforts to avoid being out-maneuvered by Beijing as the adversaries compete in the race to technological innovation.
Key areas
  • The proposal aims to address a number of technological areas in which the U.S. has fallen behind China.
  • The Bill allocates $52 billion in funding for a previously approved plan to increase domestic manufacturing of semiconductors.
  • It also authorizes $120 billion over five years for activities at the National Science Foundation to advance priorities, including research and development in key areas such as artificial intelligence and quantum science.
Source: The Hindu

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