External Affairs Minister S. Jaishankar on Saturday cautioned that politics is increasingly overshadowing economics on the global stage, urging India to rapidly diversify its supply sources in order to safeguard national interests.
Speaking after receiving an Honorary Doctorate from IIM-Calcutta, the minister said an “uncertain world” demands stronger economic security and a renewed focus on self-reliance.
Politics Over Economics in a Shifting World
He noted that major powers are redefining the rules of engagement, with the United States now prioritising direct, bilateral ties rather than relying on long-established global frameworks. “The United States, long the underwriter of the contemporary system, has set radically new terms of engagement. It is doing so by dealing with countries on a one-on-one basis,” he observed.
India and the US are currently pursuing two separate trade negotiations, one addressing tariff issues under a framework agreement, and another aimed at a broader trade pact.
Jaishankar also pointed out that China has “long played by its own rules”, adding that the resulting complexities have left countries unsure whether to focus on competition or the compromises that accompany it. “Faced with such pulls and pressures of globalisation, fragmentation and supply insecurity, the rest of the world responds by hedging against all contingencies,” he remarked.
India Growing Up To Leading Asian Economies
Highlighting India’s rapid growth, he said the country is narrowing the gap with leading Asian economies through significant investments in infrastructure and technological capabilities. With nearly a third of global production taking place in China, he said, recent conflicts and climate-related disruptions have raised urgent concerns about the resilience and reliability of global supply chains.
“We are now moving ahead, by any standards,” he said, insisting that the world is increasingly recognising India’s advances in roads, railways, ports, aviation, energy and power.
The minister emphasised that trade decisions will continue to reflect India’s people-centric approach, while connectivity initiatives will be guided by both economic and strategic priorities. As the government works towards building a developed India by 2047, he said foreign policy will “steadily expand our footprint beyond its current confines”, strengthened by India’s growing solidarity with the Global South.
Jaishankar underscored that an ambitious nation must build a strong industrial foundation. “Promoting industrial growth and even incentivising it is today a key economic priority,” he said, adding that a decade of ‘Make in India’ reflects a shift in mindset and confidence.
Looking to the future, he stressed the need to lead in advanced technologies, from semiconductors and electric vehicles to drones, space systems, nanotechnology and biosciences. These fields, he added, offer India crucial opportunities to leapfrog and cement its position as a global industrial power.
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