'US set radical new terms of engagement': S Jaishankar
What's the story
External Affairs Minister S Jaishankar on Saturday said that politics now increasingly "trumps" economics in the current times. He was speaking at an event where he was conferred an Honorary Doctorate by IIM-Calcutta. "This is an era where politics increasingly trumps economics...and that is not a pun," he said. In an uncertain world, it is all the more important that we continuously diversify supply sources to guarantee our national needs," Jaishankar said.
Trade dynamics
Jaishankar highlights US's new engagement strategy
Jaishankar also said the United States has changed its approach to trade by engaging with countries individually. He said India and the US are currently negotiating two parallel trade deals, one on tariffs, and another on a comprehensive deal. The minister noted China's unilateral approach to global trade rules, which poses challenges for other nations.
Economic progress
India's strides in infrastructure and technology
Jaishankar noted that India is making huge strides in infrastructure and technology, narrowing the gap with other successful Asian economies. He stated that a third of global production takes place in China, highlighting the need for resilience and reliability of supply chains. "Conflicts and climate events have added to the possibility of that disruption," he added.
Future goals
India aims for developed status by 2047
Looking ahead, Jaishankar said that as India aims to be a developed nation by 2047, its foreign policy will focus on expanding its global presence. He emphasized India's solidarity with the Global South as a foundation for this expansion. The minister also stressed that India's diplomacy is "active rather than passive" in increasing comprehensive national power.
Economic focus
Industrial growth and advanced technologies as key priorities
Jaishankar said promoting industrial growth is a key economic priority for India. He stressed the importance of the 'Make in India' initiative and said attention is being paid to advanced technologies such as semiconductors, electric vehicles, drones, etc. "We are now in the world of chips and semiconductors, electric vehicles and batteries," he said.