New Delhi, December 3. With India’s growing stakes in the world and with it added responsibilities, the country needs more significant global partnerships, External Affairs Minister S Jaishankar has said.
Addressing the Confederation of Indian Industry (CII) Partnership Summit 2024 here on December 2, Jaishankar said that an economy like India that has risen to the fifth position globally and advancing further needs more significant partnerships.
“Our stakes in the world are more; the responsibilities are greater, and indeed, the expectations too are higher,” he stated. “But the case for international relationships is strengthened by the state of the global economy currently. At a time when there is so much volatility and uncertainty, India can certainly be a stabilizing factor. We can add as well to the engines of growth and make our due contribution to the progress of technology.”
Highlighting the challenges faced by the world across multiple domains, he said: “At one end are those of more diversified manufacturing and improved logistics. On the other, we are entering an era of AI (Artificial Intelligence) and EV (electric vehicle), space and drones, green hydrogen and ammonia, clean and green technologies, we can go on. Whether it is the orthodox demands or those of critical and emerging technologies, a common factor is that of human resources. The knowledge economy puts a premium on innovation and creativity that in turn, demand more talent and skills.”
Stating that the global economic landscape is in the midst of a deep transformation, he stressed that responding effectively cannot be just a national endeavour.
Jaishankar said that along with this, there is also a strategic transformation underway.
“For a decade now, we have witnessed a steadily building backlash against the current model of globalization,” he stated. “Many societies feel that their capacities have been hollowed out and that their quality of life is stagnating.”
The External Affairs Minister said that while the US-China friction has assumed a salience that could not have been envisaged, just a few years ago, the Ukraine conflict has created its own ripples, reflected in food, fuel and fertiliser insecurities.
“The Global South is also feeling the brunt of inflation, debt, currency shortages and trade volatility,” he pointed out. “In short, the world looks a tough place. And tough situations call for more friends and partners.”
He also referred to the the advent of the second Donald Trump administration in the US and said that the only safe prediction is a degree of unpredictability.
“A lot of what lies ahead would be in fashioning terms of engagement that are perceived as mutually beneficial,” Jaishankar said. “And in that regard, the more that India can bring to the table, the stronger our appeal.”
He also referred to India’s neighbourhood and the changes the countries of this region have undergone in recent times.
“At times, currents of politics may seek to distance, or even disrupt,” he said. “Obviously, challenges like terrorism cannot be overlooked. But the truth is that otherwise, departures from natural collaboration do have a cost. Their viability is also a related issue. On the whole, that realisation is now more deeply felt.”
The External Affairs Minister expressed the view that the real issue in progressing partnerships is actually about building better at home.
“The greater our capabilities, the broader our capacities, the more innovative our talent, the wider our skills, the more attractive we are as a partner,” he said.
Jaishankar said that the digital era has intensified the compulsions to forge trusted partnerships.”
“Data, it is now evident, is much bigger than just the new oil,” he said. “The AI revolution is going to transform the way we live, work and even think. This has consequences across the board, including understandably how to develop the requisite capacities.”
He said that in an era of leveraging and weaponisation, policy makers have to place national security filters when it comes to economic decisions, including those of investment.
He also highlighted the importance of connectivity in today’s world and the role India can play in this regard.
“For a variety of historical and geographical reasons, India occupies a crucial position,” Jaishankar stated. “Our ability to forge more connectivity partnerships will have a broader resonance. To the west, we are currently working on the India-Middle East-Europe Economic Corridor (IMEC) and the International North South Transport Corridor (INSTC). To the east, work is underway on the India-Myanmar-Thailand Trilateral Highway (IMTT) as well as the Chennai-Vladivostok Corridor. When they are realized, new pathways will open up from the Atlantic to the Pacific, traversing India in that process.”
Stating that partnerships are also increasingly cognizant of demographic challenges, he expressed the view that the mismatch between the demands for skills and its availability is actually going to increase sharply, even in this decade itself.
“We are seeing a trend in the proliferation of global capability centres in our country,” he said. “In many ways, they have an efficiency and a sensitivity which addresses contemporary needs. ‘In source’ from India may well become the new mantra.”
He also highlighted the fact that India is today steadily expanding its economic, political, diaspora and cultural footprint in the world.
“Very often, it is our businesses and our talent who have led these endeavours,” he said. “But whoever takes the initiative, our goal is to work as Team India abroad.”
