External Affairs Minister S Jaishankar on February 29 highlighted the key geo-economic challenges and stressed the imperative need to cultivate deep national strengths and capabilities during the Amrit Kaal that will help India to transit towards becoming a developed economy and the leading power.
He further stated that the initiatives and programmes implemented in the country in last decade is based on the mission of making the country a developed econmy under Modi’s leadership.
Addressing the inaugural session of the Asia Economic Dialogue 2024 virtually on February 29, Jaishankar highlighted the three broad geoeconomic challenges facing the country, which include the supply-chain challenge, the technology challenge and the challenge of over-concentrations stemming from the nature of globalisation.
Addressed the inaugural session of the #AsiaEconomicDialogue 2024 virtually today.
Highlighted the three broad geoeconomic challenges facing us – supply-chain challenge, technology challenge and challenge of over-concentrations stemming from the nature of globalization.
Our… pic.twitter.com/57TSqwubrE
— Dr. S. Jaishankar (@DrSJaishankar) February 29, 2024
He said, “Our goals and ambitions cannot be determined by the goodwill of others. Stressed on the need to build deep national strengths during the Amrit Kaal that will drive the transition towards a developed economy and a leading power.”
Regarding the supply-chain challenge, S Jaishankar pointed out the perilous dependence on a limited number of suppliers in the globalization era.
Jaishankar said that the supply chain challenge is created by the globalisation era, and added that “Whether it is finished products, intermediates, or components, the world is dangerously dependent on a limited number of suppliers. Even as importers, the production centres have built their own sourcing chains. How to introduce greater resilience and reliability is to be central to de risking the global economy. All of us need more options and must work to create them.”
“The 2nd is a technology challenge which grows by the day given our reliance on it for more aspects of our daily life. The digital era has given it, and all together, different connotation because it is so intrusive. It is not just our interests that are at stake, but often the most personal of our decisions and forces,” he said.
The era demands more trust and transparency, however in the current times, it is the technology providers that are concerned. The External Affairs Minister, as he went to speak, underlined how the challenge over concentrations stems from globalisation.
“They are heightened by unpredictability and opaqueness. We discovered this more sharply in the covid times but from time to time we’re also reminded when market dominance is recognized for the global South. This is particularly serious given the extent of this dependence,” S Jaishankar said.
“These three phenomena are coming together particularly impact fully when we consider the evolution of critical and emerging technologies. And we all know that this is indeed the era of AI, of EVs, chips, green and clean technologies,” he stated.
Furthermore, S Jaishankar also raised queries on future of global warming.
“What we are confronting is no longer a matter of comparative economic advantage, if it ever was. We are actually talking about the future of the global warming. Where do the solutions are? the External Affairs Minister questioned.
Noting that the country’s goals and ambitions can not be determined by the goodwill of others, Jaishankar said, “There are no easy answers. To create a more safe, secure and cooperative world, we clearly need greater international cooperation. Only that can serve to mitigate only like to advance economic domination of technology associations. For India, this means moving across a broad front domains and all contribute to comprehensive national power. It requires a massive upgrade of our skills space which suggests an environment that promotes startups and pilot. It will benefit from easier to do business and a modern infrastructure, but most of all it demands robust manufacturing that alone can provide the foundation for technology development.”
He said that India, as the most populous country, will be the third largest economy soon.
“Our goals and ambitions can not be determined by the goodwill of others. We must build deep national strengths during the amrit kaal that will drive the transition towards becoming a developed economy and the leading power. This is the vision of Modi Government and our initiatives and programs of the last decade are aimed to this very end,” he said. This is not the first time External Affairs Minister S Jaishankar has praised Prime Minister Narendra Modi’s leadership.
Coming out in wholesome praise of Prime Minister Modi’s leadership and its outreach towards India’s global partners in times of distress, Jaishankar said New Delhi demonstrated to the world that it could not only look after itself but could also ‘save the world’ in times of need.
Jaishankar said at a time when the world was worried about India’s response to the Covid-19 pandemic, the country stood up as a provider for the globe and shipped vaccines and other life-saving drugs to 100 countries.
Calling India the “most digital society in the world”, the External Affairs Minister said, “Earlier, we brought 2G, 3G, and 4G from China. But now, the 5G has been made in our country. We have become the most digital society in the world.” “The world wants India to be successful…” he added.
(with inputs from ANI)
