Economic Highlights

New Delhi, 29 June 2026

Sachet to Pink Slips – The Squeeze

MARGINS, MARKETS, MONEY SLIDE

By Shivaji Sarkar 

The inflationary squeeze is no longer confined to household budgets. It is spreading across the entire consumer economy. 

As food, transport and healthcare costs continue to rise, Indian families are being forced to rethink even routine purchases. Branded detergents, shampoos, soaps and grooming products are no longer automatic additions to the shopping basket. Instead, consumers are increasingly opting for smaller packs, switching to cheaper brands, delaying purchases or waiting for discounts. Inflation is changing not only what Indians buy, but also how they buy. 

It calls for immediate cut in domestic petrol prices, stoppage of disastrous ethanol experiment, and pass on the crude prices fall from a high of $ 126.40 in January to $ 72 barrel in June to Indian consumers after a six-year-long super high prices, ignoring even rock bottom prices – below $ 40 - during Covid19. 

Inflation shift is now visible in the country's largest consumer goods companies. On June 16, 2026, Procter & Gamble (P&G) India acknowledged that inflation is making consumers more discerning, including households that can still afford branded products. The company's assessment comes as retail inflation rose from 3.48 percent in April to 3.93 percent in May, driven primarily by food – food inflation rises to 4.20 percent, alongwith medical and transport costs.It leads to severe cut in household discretionary spending, even the essentials. 

Profits Erode, FPI flight

More than 20 leading Indian companies in the FMCG, manufacturing and transport and logistics sectors have seen their margins erode in the past few months as wholesale inflation, soaring crude oil prices and a weakening rupee pushed up operating costs. 

The stocks are in tizzy. Between March 1 and June 25, 2026, the NIFTY 50 gained a nominal 0.15 percent, but inflation and the rupee's depreciation turned those gains into losses in real terms. Adjusted for purchasing power, investors suffered an estimated real gross return of around -3.5 percent in rupee terms and about -5 percent in dollar terms. 

Foreign Portfolio Investor (FPI) outflows from Indian equities have reached an unprecedented scale, with cumulative net sales exceeding Rs 2.25 lakh crore over the year - March 2026 outflow - Rs 1.17 lakh crore; April Rs 60,847 crore, disproportionately hitting technology, finance, and capital goods stocks; May outgo Rs 32,963 crore; and in June an estimated Rs 62,800 crore pulled from equities in the first fortnight alone. 

Information technology, energy and metal stocks were among the worst performers, with several large-cap companies trading 30-50 percent below their 52-week highs. Including industry heavyweights such as Reliance Industries and Infosys. 

Sache Economy

Companies, however, are facing their own cost squeeze. Higher crude oil prices, now nullifying, have sharply increased the cost of plastic packaging, freight and manufacturing inputs. P&G says its plastic costs have risen by nearly 50 percent, reflecting how energy prices ripple through the entire FMCG supply chain. While firms can attempt to protect sales through refill packs, promotional offers and smaller pack sizes, widespread price cuts are difficult when input costs remain elevated. 

The result is a difficult balancing act. Consumers are trying to stretch every rupee without compromising essential needs, while companies are struggling to preserve volumes and profit margins without alienating increasingly price-sensitive customers. If inflation persists, the battle will not simply be over market share. It will be over purchasing power itself, as households and businesses alike adapt to a more expensive economic reality. 

FMCG companies still have room to compete on price, though large reductions may be difficult. Refill packs use less packaging. A short discount can pull back a customer who planned to delay the purchase. Products that last longer may also sell better when shoppers are counting each expense. 

Freight, plastic and factory bills remain high, so companies cannot cut prices across every product without taking a hit.Sachets often cost more for the quantity supplied. Buyers know this in many cases, but the immediate payment is smaller. At the counter, that can settle the decision. 

Niti Aayog

High food inflation means a larger share of household income is diverted to the kitchen table, forcing families to compromise on branded goods, grooming, or personal care products in favour of cheaper unbranded alternatives. 

NITI Aayog highlights that sustained economic growth and evolving consumption patterns require careful monitoring of price stability to protect consumers' real purchasing power. In August, 2024, the government and the Reserve Bank of India signed and inflation-targeting agreement.A report on reducing, if not eliminating construction-building related activities, cause large outgo of government funds, impliedly high debt was in circulation. NITI Ayog later denied it. 

Attrition

A RBI report flagged high employee attrition of 25 percent in private banks posing operational risk. Employee attrition rates are high across select private sector banks and small finance banks (SFBs), the report said. 

Attrition or reduction in employees has been continuous.  Indian companies hit by inflation span multiple sectors, with consumer goods (FMCG), auto, and manufacturing taking the hardest hits due to elevated crude, packaging, and logistics costs. These cost-push pressures have triggered price hikes and "shrinkflation" to protect margins. 

Leading companies in India that have navigated margin pressures and implemented price actions include include topmostFast Moving Consumer Goods (FMCG) and other companies, including squeeze even in the private education sector. 

India's education sector faces a twin attrition crisis: chronic faculty vacancies in public institutions and high teacher turnover in private schools, driven by burnout, excessive workloads and inadequate support. Nearly 982,662 teaching posts remain vacant out of 6.9 million sanctioned positions, while central universities face faculty shortages of 56 percent at the professor level and 38 percent among associate professors. In some private schools, teacher attrition has reached 34 percent as administrative burdens mount. The problem is compounded by a decline in non-teaching support staff, further increasing workload on low-paid faculty. 

Unsecured 12 million Gigs

Between 2021 and 2026, India's labour market underwent a profound shift. More than 100,000 domestic jobs disappeared from traditional IT and technology firms, while the unsecured low-pad gig economy grew 55 percent to nearly 12 million workers. 

As secure employment gives way to lower-paid, precarious work, household purchasing power erodes, weakening consumer demand and corporate revenues.The challenge is no longer just creating jobs—it is creating quality jobs capable of sustaining long-term economic growth.---INFA 

(Copyright, India News & Feature Alliance)

Economic Highlights

New Delhi, 29 June 2026

Sachet to Pink Slips – The Squeeze

MARGINS, MARKETS, MONEY SLIDE

By Shivaji Sarkar 

The inflationary squeeze is no longer confined to household budgets. It is spreading across the entire consumer economy. 

As food, transport and healthcare costs continue to rise, Indian families are being forced to rethink even routine purchases. Branded detergents, shampoos, soaps and grooming products are no longer automatic additions to the shopping basket. Instead, consumers are increasingly opting for smaller packs, switching to cheaper brands, delaying purchases or waiting for discounts. Inflation is changing not only what Indians buy, but also how they buy. 

It calls for immediate cut in domestic petrol prices, stoppage of disastrous ethanol experiment, and pass on the crude prices fall from a high of $ 126.40 in January to $ 72 barrel in June to Indian consumers after a six-year-long super high prices, ignoring even rock bottom prices – below $ 40 - during Covid19. 

Inflation shift is now visible in the country's largest consumer goods companies. On June 16, 2026, Procter & Gamble (P&G) India acknowledged that inflation is making consumers more discerning, including households that can still afford branded products. The company's assessment comes as retail inflation rose from 3.48 percent in April to 3.93 percent in May, driven primarily by food – food inflation rises to 4.20 percent, alongwith medical and transport costs.It leads to severe cut in household discretionary spending, even the essentials. 

Profits Erode, FPI flight

More than 20 leading Indian companies in the FMCG, manufacturing and transport and logistics sectors have seen their margins erode in the past few months as wholesale inflation, soaring crude oil prices and a weakening rupee pushed up operating costs. 

The stocks are in tizzy. Between March 1 and June 25, 2026, the NIFTY 50 gained a nominal 0.15 percent, but inflation and the rupee's depreciation turned those gains into losses in real terms. Adjusted for purchasing power, investors suffered an estimated real gross return of around -3.5 percent in rupee terms and about -5 percent in dollar terms. 

Foreign Portfolio Investor (FPI) outflows from Indian equities have reached an unprecedented scale, with cumulative net sales exceeding Rs 2.25 lakh crore over the year - March 2026 outflow - Rs 1.17 lakh crore; April Rs 60,847 crore, disproportionately hitting technology, finance, and capital goods stocks; May outgo Rs 32,963 crore; and in June an estimated Rs 62,800 crore pulled from equities in the first fortnight alone. 

Information technology, energy and metal stocks were among the worst performers, with several large-cap companies trading 30-50 percent below their 52-week highs. Including industry heavyweights such as Reliance Industries and Infosys. 

Sache Economy

Companies, however, are facing their own cost squeeze. Higher crude oil prices, now nullifying, have sharply increased the cost of plastic packaging, freight and manufacturing inputs. P&G says its plastic costs have risen by nearly 50 percent, reflecting how energy prices ripple through the entire FMCG supply chain. While firms can attempt to protect sales through refill packs, promotional offers and smaller pack sizes, widespread price cuts are difficult when input costs remain elevated. 

The result is a difficult balancing act. Consumers are trying to stretch every rupee without compromising essential needs, while companies are struggling to preserve volumes and profit margins without alienating increasingly price-sensitive customers. If inflation persists, the battle will not simply be over market share. It will be over purchasing power itself, as households and businesses alike adapt to a more expensive economic reality. 

FMCG companies still have room to compete on price, though large reductions may be difficult. Refill packs use less packaging. A short discount can pull back a customer who planned to delay the purchase. Products that last longer may also sell better when shoppers are counting each expense. 

Freight, plastic and factory bills remain high, so companies cannot cut prices across every product without taking a hit.Sachets often cost more for the quantity supplied. Buyers know this in many cases, but the immediate payment is smaller. At the counter, that can settle the decision. 

Niti Aayog

High food inflation means a larger share of household income is diverted to the kitchen table, forcing families to compromise on branded goods, grooming, or personal care products in favour of cheaper unbranded alternatives. 

NITI Aayog highlights that sustained economic growth and evolving consumption patterns require careful monitoring of price stability to protect consumers' real purchasing power. In August, 2024, the government and the Reserve Bank of India signed and inflation-targeting agreement.A report on reducing, if not eliminating construction-building related activities, cause large outgo of government funds, impliedly high debt was in circulation. NITI Ayog later denied it. 

Attrition

A RBI report flagged high employee attrition of 25 percent in private banks posing operational risk. Employee attrition rates are high across select private sector banks and small finance banks (SFBs), the report said. 

Attrition or reduction in employees has been continuous.  Indian companies hit by inflation span multiple sectors, with consumer goods (FMCG), auto, and manufacturing taking the hardest hits due to elevated crude, packaging, and logistics costs. These cost-push pressures have triggered price hikes and "shrinkflation" to protect margins. 

Leading companies in India that have navigated margin pressures and implemented price actions include include topmostFast Moving Consumer Goods (FMCG) and other companies, including squeeze even in the private education sector. 

India's education sector faces a twin attrition crisis: chronic faculty vacancies in public institutions and high teacher turnover in private schools, driven by burnout, excessive workloads and inadequate support. Nearly 982,662 teaching posts remain vacant out of 6.9 million sanctioned positions, while central universities face faculty shortages of 56 percent at the professor level and 38 percent among associate professors. In some private schools, teacher attrition has reached 34 percent as administrative burdens mount. The problem is compounded by a decline in non-teaching support staff, further increasing workload on low-paid faculty. 

Unsecured 12 million Gigs

Between 2021 and 2026, India's labour market underwent a profound shift. More than 100,000 domestic jobs disappeared from traditional IT and technology firms, while the unsecured low-pad gig economy grew 55 percent to nearly 12 million workers. 

As secure employment gives way to lower-paid, precarious work, household purchasing power erodes, weakening consumer demand and corporate revenues.The challenge is no longer just creating jobs—it is creating quality jobs capable of sustaining long-term economic growth.---INFA 

(Copyright, India News & Feature Alliance)

Spotlight

New Delhi, 27 June 2026

China Depoliticized for Western Readers

By Maciej Gaca

(Expert, Centre For Intl Relations, Poland) 

Relations between Beijing and Tokyo continue to be in a phase of acute diplomatic conflict.It all started last year with remarks by Japanese Prime Minister Sanae Takaichi—suggesting a potential Chinese attack on Taiwan could be treated as a "situation threatening Japan's survival," thereby paving the way for military action. 

Then then the state media, and military and Party social media accounts in China, reacted immediately: graphics depicting Takaichi as embodiment of a threat appeared, public television ramped up the rhetoric, and hashtags sanctioned by censors—calling for Japan to be "held accountable" and to "pay the price"—began circulating on Weibo. Concurrently, Beijing implemented retaliatory measures: travel warnings, flight restrictions, and trade curbs. All the familiar political tools were deployed. 

Yet one tool, previously a standard one, was left unused: there was no "street" response. No demonstrations outside Japanese diplomatic missions, no officially "spontaneous" marches, and none of the scenes the world remembers from 2012. In a country that has repeatedly demonstrated its ability to mobilize thousands of people outside a foreign embassy within an hour, such an absence constitutes a political message. It’s not "nothing"; it’s absence of movement where movement can be summoned at will and we must analyse it. 

It is precisely this gap—the fact that the anger did not spill onto the streets—that the South China Morning Post sought to address. The article in question was titled: "Why do Chinese consumers feel Japanese products are no longer worth boycotting?"  This is not merely a market commentary, but an attempt to impose a specific interpretation on Western audiences: the absence of protests implies a shift in societal attitudes. 

The SCMP explains Chinese people have grown "weary of boycotts" and have "greater confidence in domestic brands," seeing little point in symbolic gestures given the world's increased complexity and deepening of economic ties. It cites the views of consumers, marketing experts, and market analysts—all reflecting a tone of moderation, reasonableness, and an ostensibly apolitical perspective on the "maturation" of China’s middle class. 

The problem lies in the fact that the very structure of this narrative is flawed—and at times, downright dishonest. The SCMP is executing a classic maneuver known in Chinese media studies as "selective depoliticisation" (‘xuanzexingquzhengzhihua’—literally "selectively stripping politics from the message"), wherein a deeply political phenomenon is reframed in market terms. An interstate conflict involving national security is transformed into a story about consumer tastes, "shifting preferences," and "boycott fatigue." 

The state, as an active agent, vanishes from the narrative. In its place appears the consumer—ostensibly free to react as they please, yet who, by some strange coincidence, never takes to the streets against the wishes of the authorities. The essence of the SCMP’s manipulation lies in its choice of an analytical level that can be framed as a "natural social evolution." The article makes no mention of the fact that the massive anti-Japanese protests in China in 2012 spanned over a hundred cities, were highly orchestrated, and appeared and vanished exactly when the authorities deemed it convenient. 

There is no discussion of how street-level nationalism served for years as a controlled safety valve. Nor is there any mention that the absence of protests might stem from a decision made not by the "consumer," but by the Party apparatus—an apparatus that, following the "White Paper" protests of 2022, now fears any gathering of a crowd.

Instead, the SCMP employs a tactic known in Chinese propaganda theory as ‘yinxingyúlùnyǐndǎo’ (literally "covert guidance of public opinion")—a narrative style that appears not to be propaganda but, in practice, steers the audience's interpretation by shifting the focus to obscure the situation's most political elements. The reader is offered a convenient explanation: there are no protests because Chinese people have calculated that boycotts are ineffective, because the world has grown more complex, and because prominence of Japanese brands has declined. They are not asked: who decides whether a protest can take place at all? Under what conditions? Why did people take to the streets in 2012, yet fail to do so in 2025? 

Yet the answer lies precisely in the realm SCMP consciously avoids. The authorities in Beijing operate according to a logic of maintaining stability. In this model, protests are treated as high-risk mass incidents (‘quntǐxìngshìjiàn’—literally "collective incidents"). Following the events of 2019, Hong Kong, and the "White Paper" protests, the authorities are aware that a crowd, once inflamed, will not necessarily stop at an external enemy. It may redirect its anger toward domestic issues: the cost of living, inequality, and a lack of prospects. 

That is why the absence of protests is a deliberate choice. In a state capable of mobilizing five thousand people outside the Japanese embassy within an hour, lack of such a gathering is not the natural state of affairs. It’s a political decision—one driven by the fear that anger could spiral out of control and spill over into areas the authorities wish to keep closed: housing prices, unemployment, stagnation, and a pervasive sense of being overwhelmed. This is neither "boycott fatigue" nor "consumer maturity." It is a risk calculation. 

The SCMP will not write about this. Instead, it opts for a market-oriented, "depoliticising" narrative designed to reassure Western readers. This is precisely what constitutes the "official narrative in soft packaging": it is elegant, reasonable, and seemingly objective. It relies on expert quotes, market references, and sometimes general data. Yet, when weighed against the reality on the ground, it amounts to just one thing: an attempt to make sense of a situation created not by spontaneous social change, but by the authorities' fear of their own society. 

This becomes particularly clear when one recalls what those "spontaneous" protests looked like back when they were being orchestrated. In 2012, I was working as a diplomat at the Polish Embassy on Ritan Lu, directly opposite the Japanese Embassy (now headquarters of SCO). I saw firsthand what a "spontaneous" protest looks like, Chinese-style: buses lined up at six am, the distribution of meals and banners, instructions given to demonstrators, and positioning of crowds to ensure perfect shot for CCTV cameras. 

There were shouts, fluttering slogans, and a burst of excitement—all lasting exactly as long as the broadcast itself. Then, the crowd would vanish just as suddenly as it had appeared. There was no improvisation, no grassroots energy. There was only a script and performers. 

That is precisely why the current absence of protests stands out so starkly. It is not a social shift; it is a political one. The state has not allowed anger to spill onto the streets because, today, anger poses a threat rather than serving as a tool. The SCMP acts as an intermediary: a translator between Western public opinion and a narrative that can no longer be overtly propagandistic yet must remain loyal to the boundaries set by Beijing. 

Why there are no protests is a question about authorities' fear. A leadership that spent years wielding nationalism as a tool of pressure now increasingly understands that mass emotions cannot be "metered out" without risk. Hence the apparent contradiction between heated rhetoric and cool mood on the streets. The state has allowed anger to circulate within the tightly controlled channels of social media—spaces where algorithms and censors can quickly snuff out excessive sparks. 

When weighed against facts, it looks less like an analysis and more like pre-emptive commentary—a proposed interpretation intended to fill an awkward gap. That gap is the question: why didn't the Chinese take to the streets when Japan had just signalled its readiness for war? The most likely answer is simple. Today, the authorities fear the crowd more than at any time in the last...INFA 

(Copyright, India News & Feature Alliance)

Round The World

New Delhi, 26 June 2026

Emergence As Healthcare Leader

INDIA’S POTENTIAL & PITFALLS

By Dr. D.K. Giri

(Prof. of Practice, Institute of Management Bhubaneshwar) 

India saved a large part of the world in the pandemic. During Covid-19, it shipped 300m vaccine doses to 100 plus countries under ‘Vaccine Maitri’ (Vaccine Friendship). The Global South called it a lifeline. That was potential made real at the time of a health crisis. But the potential is not leadership. It is actualising the potential and creating scope for further action and support. 

A NITI Aayog report puts it bluntly: India is one of the world’s largest suppliers of generic medicines and vaccines. Yet, our global export share in pharmaceuticals and APIs remains just 2.8 per cent. We are the world’s pharmacy, but we own a corner shop, not the mall. To illustrate this comment, India occupies number one position in the world in generic drugs by volume, but has 20 per cent of global share; in vaccine production, it’s number one with a global share of 60 per cent; pharma exports by value (2025) amounted to 28.5b USD, but the global share is just 2.8 per cent; API production puts India at number three in the world, but global share just 8 per cent. 

The 2.8 per cent share in pharma exports is both our drawback as well as a runway for greater accomplishment. Keep in mind, global pharma market was 1.6T USD in 2025, biologics alone 450b USD. The context and scope for health intervention is increasing globally: ageing West, rising South, disasters and pandemic lurking. (at the time of writing Venezuela has been struck by a massive earthquake). The question is not if India can lead, it is how and how fast, given the potentials existing in India. 

The potentials consist of three main pillars. One, the Manufacturing Muscle: 650+ USFDA-approved plants — highest outside America; 10,500 manufacturing units at the cost 30-40% lower than West. This is a strategic pillar, not just an industry. Two, Generic Dominance: Our comparative advantage is formulations — retail medicaments, ARVs, TB drugs. It is the case that, when Africa needs HIV drugs or Brazil needs insulin, the Purchase Order lands in Hyderabad. We built trust the hard way: affordable, reliable and accessible. Three, Supply Chain Integration: Serum, Cipla, Biocon, Dr. Reddy’s — Indian firms are now empanelled in WHO, UNICEF, Global Alliance for Vaccines and Immunisation (GAVI) supply chains. Covid taught the world: if Africa sneezes, India rolls out paracetamol. 

The pitfalls which hold back emergence of India as a leader in healthcare, are largely structural, and to some extent, circumstantial. The latter is mainly shifting of global pharma to high-value segments – biologics, mRNA, cell and gene therapy, immunologicals, patents, 80 per cent margins, brutal regulators. In these areas, India’s export regime is thin. The structural drawbacks comprise the following: 

API Dependence: 70% of APIs and 90% of key starting materials are procured from China. One Galwan type incident and Lagos loses HIV drugs. Production Linked Incentives (PLI) covers 53 APIs, but we’re 5-7 years from security. Second, Regulatory Trust Deficit: Indian firms got 42 USFDA import alerts in 2023-25 vs 12 for EU. The Gambia cough syrup deaths in 2022 did to “Made in India” what Maggi did to noodles — one tragedy, global memory. Third, R&D Gap: India spends 0.7 per cent of pharma sales on R&D compared to global spending of 8-10 per cent. India is perceived great at process innovation but poor at product innovation. There are zero Indian-origin drugs with $1B global sales. 

How does India make-up these drawbacks? Obviously, it calls for a shift in strategy from one geographical area to another. In Africa, India needs to move from exploring the market to becoming a manufacturing partner. Africa is not just a buyer. It’s 1.4B people, 25 per cent of global disease burden, 2 per cent of drugs made locally. It imports $16B pharma yearly — 80 per cent from India and China. 

Second, stop selling, start co-producing. Vaccine Maitri 2.0 = Technology Maitri: Serum + Aspen South Africa already do fill-finish. Scale it. India should set up 5 vaccine hubs in Kenya, Nigeria, Rwanda, Senegal, and Egypt. Transfer mRNA, not just vials. Third, ARVs & Malaria: 70 per cent of Africa’s Antiretrovirals (ARVs) are Indian. Shift from export to JV plants. Fourth, use AfCFTA - African Continental Free Trade Area - if made in Ghana, sell duty-free to 54 nations.  

Fifth, climate-proof drugs: Africa needs drugs that survive 45°C, patchy power. India’s frugal R&D edge: heat-stable insulin, vaccines without -80°C. We should sell resilience, not just molecules. Sixth, regulatory bridge: push for African Medicines Agency with CDSCO - Central Drugs Standard Control Organisation as mentor. If approved in India, fast-track in Africa. This is health without borders. 

In Latin America, Middle East, South Asia, the following shift is necessary. Latin America: $50B market. Brazil demands local trials. Set up clinical trial hubs in São Paulo; target oncology biosimilars — 40 per cent cheaper than Roche.  Middle East wants halal-certified, USFDA-grade material. GCC is $20B import market. Let us use CEPA with UAE as gateway. Nearer home, in South Asia, our lab is BIMSTEC health pact — one approval in India is equal to auto-clear in Dhaka, Colombo, and Kathmandu. If we can’t integrate here, we can’t lead anywhere. 

It is important to crack the high-value West. Focus on regulatory harmony: join ICH, PIC/S. Hire ex-FDA inspectors for pre-audits. Trust is the new API. Let us bet on Biosimilars: $300B market. Build 10 Bio-VIP Parks — assured power, single window, shared bioreactors. PLI 2.0 for platforms: mRNA, MAbs, CAR-T and so on. Secure intellectual property + Diaspora support. License, acquire, co-develop, Biocon-Viatris model. Use 300K Indian-origin scientists in Boston/Basel as bridgeheads. This should amount to invented with India. 

Finally, fix the home game. Revisit API Atmanirbharta: Fermentation parks, 10-year tax holiday. Emphasise on national security, not commerce. One Regulator: Merge CDSCO/State FDAs into Indian Medical Products Authority. Fix 180-day timelines. Conduct trials reform: 20 per cent of global disease, 2 per cent of trials. Secure digital consent, fast ethics, insurance backstop. Brand India Pharma: QR code on every strip. Track from Baddi to Bamako. After Gambia, trust must be scanned. 

The leadership test is reflected in Prime Minister Modi’s statement at G20 health summit, 2023: “India’s vision is One Earth, One Health. During Covid, we saw that when India grows, the world benefits.” This was endorsed by WHO Director-General Dr. Tedros who added during Vaccine Maitri: “India’s capacity to produce vaccines at scale has been critical for global equity. The world needs India’s continued leadership.” The scope is awaiting, New Delhi needs to grab it with both hands.---INFA 

(Copyright, India News & Feature Alliance)