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The COVID‑19 crisis and the Special Military Operation in Ukraine have showed how quickly and deeply global supply chains can be disrupted. This is especially true for critical and strategic materials. Many of these raw materials are critical to the European and US economies. They form a strong industrial base, participating in the production of a wide range of goods used in everyday life and modern technologies. Reliable and unfettered access to certain raw materials is a growing concern in the United States and around the world. Success in transforming and modernizing economies depends on the sustainable supply of primary and secondary raw materials needed to scale up clean and digital technologies in all industrial ecosystems. One of the lessons of the COVID‑19 crisis is the need to reduce dependency and strengthen the diversity and security of supply of critical raw materials. The expansion of strategic self-sufficiency is a priority of the long-term policy of the US and the EU. This article highlights the challenges and priorities for the United States to strengthen its strategic approach to building more sustainable commodity value chains. Strategic self-sufficiency, therefore, should, in the opinion of American and European experts, be based on diversified access to world commodity markets. At the same time, in order to reduce external dependence, the problem of rapidly growing global demand for resources is proposed to be solved by reducing and reusing materials. Achieving resource security requires action to diversify supply from primary and secondary sources, reduce dependency, and improve resource efficiency. This applies to all types of raw materials, including base metals, industrial minerals, and biotic materials.

The new industrial policy which will replace the industrial policy of 1991 seeks to achieve One Nation – One Standard mission, to promote startups in every district, to create innovation zones at the local level, and to introduce incentives for Indian products by creating premium international brands. The current industrial policy also proposes to strengthen credit rating mechanism, industrial cluster financing models and make India attractive for investment. Sustainability, R&D, and ease of doing business for manufacturing are the basic areas of the country's industrial vision. This will be the third industrial policy, after the first in 1956 and next in 1991. The Statement on Industrial Policy 2022–2023 also formulates a policy to enhance the quality of the Indian products by setting up a trade surveillance system, branding of "Made in India" products, and to bring national standard quality system closer to international practices. Foreign direct investment in R&D will be encouraged and the focus has to be on high value–added manufacturing activities. Micro, small and medium enterprises will be allowed to leverage the corporate bond market and their intellectual property rights be accepted as collateral for loans besides promoting shared economy models in critical areas like equipment leasing. New industrial and foreign trade policy confirm the government's focus on self-reliance or Aatmanirbhar Bharat and it will play a critical role in facilitating India's transition to an advanced developed economy during its Amrit Kaal (the period when it attains 100 years of Independence). India is targeting seven per cent growth in 2022–23, to cross it in the next five years and will try to stay in the 7–9 per cent range at least for a decade and a half. While inaugurating a new aircraft factory in Western India Prime Minister Narendra Modi returned to a slogan he came up a few months after taking power in 2014: "Make in India". This time, however, he added: "Make for the world".

The analysis of the fourth industrial revolution outlines the structural changes arising in industries, as described by firm managers, scientists and consultants, as well as the literature on the fourth industrial revolution. It raises the need for new industrial policies, which are discussed in this paper. Structural changes arising in specific industries might have effects on other industries (due to complementarities) and on the whole economic system. Industrial policy must therefore be based on an analysis of productive processes, but also on analyses of the interactions between different productive processes. Favoring structural changes in one sector may have positive or negative impacts on other sectors; it may also impact upon the labour market, changing the skill required in the labour force, as well as wages. We argue that industrial policies are particularly needed when the economy experiences deep transformations, such as industrial revolutions. The advent of digital globalization is primarily driven by the technological progress induced by the fourth industrial revolution, but we believe that industrial revolutions are the result of complex transformations of the economy, the society and culture. We define industrial policy in a broad manner, as a set of actions aimed to favor structural changes in industries and orientating industrial development in specific directions. Such actions regard innovation, trade, intellectual property rights and antitrust; they also regard labour, because firms cannot upgrade or be created if they do not find the human capital they need for their operations. Looking at providing appropriate human capital means considering social policies, labour contracts and measures to favor the participation in the labour force. It also means considering education and training, because they determine the types of skills people will be able to develop.

A significant increase in the use of services is observed for some industries in GVCs (Global Value Chains). The paper has shed light on important dimension of the servitization which is the sale and export of services by manufacturing firms, often bundled together with goods. Firm-level data confirm that many firms are involved both in the production of goods and services and that there are complementarities between these activities. Not only manufacturing firms are involved in the distribution, transport and logistics services needed for their international operations in GVCs but also, they provide installation, maintenance, repair services as well as a variety of other business support and complementary services that increase value for their customers. The servitization has important policy implications, particularly when taking into account the fact that trade in services is generally more restricted than trade in goods. As the lines between goods and services are blurred, economic policy today might be more challenging than in the past, particularly for companies moving to new business models that imply more interactions with customers and a more intensive use of digital technologies. Services themselves are split into different modes of supply for which there are different levels of economic policy. A closer look at the mechanisms of value creation in the case of services suggests that there are still the needs of new economic policy addressed at business models described as value networks or value shops. As technologies become more disruptive and more companies move to 'servicified' GVCs, the need for a more consistent international economic policy regime, particularly at the multilateral level, will become more urgent.