Introduction
At the 2024 Asia Economic Dialogue, India's External Affairs Minister, Dr. S. Jaishankar, delivered a clarion call for the nation to concentrate on nurturing robust national strengths and capabilities as it charts its course towards becoming a developed economy and a preeminent global power. Jaishankar's address emphasized the imperative of this focus during the transformative 'Amrit Kaal' under the visionary leadership of Prime Minister Narendra Modi.
Building Resilient Supply Chains: A Geo-Economic Imperative
One of the key geo-economic challenges highlighted by the Minister was the supply-chain conundrum arising from the dynamics of globalization. He underscored the inherent risk posed by the world's perilous dependence on a limited pool of suppliers for finished products, intermediates, and components. To mitigate this vulnerability and "de-risk the global economy," Jaishankar advocated introducing greater resilience and reliability into supply chains, urging nations to collaborate in creating more diverse sourcing options.
Fostering Trust and Transparency in the Digital Era
The digital revolution, while offering immense opportunities, has also introduced new complexities, as Jaishankar astutely observed. Expressing apprehensions about the growing reliance on digital technologies, he emphasized the need for enhanced trust and transparency among technology providers. The Minister highlighted the challenges posed by market dominance and overconcentration, particularly in critical and emerging domains such as artificial intelligence, electric vehicles, semiconductors, and green technologies.
Mitigating Economic Domination and Technological Assertions
Jaishankar's remarks also touched upon the looming threat of global warming and the necessity for international cooperation to address economic domination and technological assertions. He stressed the urgency of collective action to create a more secure and cooperative world, one that can mitigate unilateral demands, economic hegemony, and technology-driven power imbalances.
Charting India's Path to Comprehensive National Power
In his address, Jaishankar outlined the key steps India must take to cultivate comprehensive national strength, a prerequisite for achieving its aspirations as a developed economy and a global power. These include:
1. Massive Skills Upgrade: The Minister underscored the criticality of enhancing India's skills base, recognizing that a highly skilled workforce is the bedrock upon which a nation's economic and technological prowess rests.
2. Nurturing Startups: Fostering an ecosystem that nurtures innovation and entrepreneurship is crucial for India to maintain a competitive edge in cutting-edge industries.
3. Improving Ease of Doing Business: Streamlining regulations, reducing bureaucratic hurdles, and creating a business-friendly environment are essential to attract investments and spur economic growth.
4. Strengthening Manufacturing: Jaishankar emphasized the importance of bolstering India's manufacturing prowess, aligning with the government's 'Make in India' initiative, which aims to transform the country into a global manufacturing hub.
PM Modi's Visionary Leadership: Laying the Foundation for India's Rise
Jaishankar commended Prime Minister Narendra Modi's visionary leadership, acknowledging the transformative initiatives and programs implemented over the past decade to propel India towards developed economy status. He highlighted India's contributions during the COVID-19 pandemic, underscoring the nation's role as a responsible global citizen by providing vaccines and life-saving drugs to over 100 countries.
Furthermore, Jaishankar cited India's strides in digital technologies, including the domestic development of 5G technology, positioning the country as a frontrunner in the burgeoning digital society landscape. These achievements, he asserted, are a testament to the Modi government's unwavering commitment to fostering self-reliance and global leadership.
India's Ambitions and Goals: Self-Determination and Global Influence
Jaishankar's remarks resonated with a profound message of self-determination and global influence. He underscored that as the world's most populous nation and on track to become the third-largest economy by the end of the decade, India's goals and ambitions cannot be determined by the goodwill of others. Instead, the nation must forge its path by building deep national strengths during the 'Amrit Kaal,' the transformative period leading up to the centenary of India's independence in 2047.
"We must build deep national strengths during the 'Amrit Kaal' that will drive the transition towards a developed economy and a leading power," Jaishankar proclaimed, echoing the vision of the Modi government.
Addressing the Supply Chain Challenge: Diversification and Resilience
Elaborating on the supply-chain challenge, Jaishankar painted a vivid picture of the global economy's precarious dependence on a limited number of suppliers for a wide range of products, intermediates, and components. This concentration, he warned, poses a significant risk that must be addressed by introducing greater resilience and reliability into supply chains.
"How to introduce greater resilience and reliability is today central to de-risking the global economy. All of us need more options and must work to create them," Jaishankar asserted, underscoring the need for concerted efforts to diversify supply sources and mitigate the vulnerabilities stemming from overconcentration.
Navigating the Digital Era: Trust, Transparency, and Equitable Access
The Minister's remarks also delved into the complexities of the digital era, where technology has become an intrinsic part of our lives, shaping our decisions and choices in profound ways. Jaishankar emphasized the need for enhanced trust and transparency among technology providers, cautioning against the worrying trend of opaqueness and market dominance in this crucial sector.
"The digital era has given it an altogether 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 choices," he noted, stressing the importance of equitable access to digital technologies and the mitigation of undue influence exerted by a few dominant players.
Overcoming Globalization's Pitfalls: Unpredictability and Opaqueness
Jaishankar also highlighted the challenges posed by the unpredictability and opaqueness inherent in the dynamics of globalization. He drew attention to the vulnerabilities exposed during the COVID-19 pandemic, underscoring the need for greater international cooperation to mitigate the risks associated with market dominance and economic dependence, particularly for nations of the Global South.
"The third is the challenge of over-concentrations stemming from the nature of globalization. They are heightened by unpredictability and opaqueness. We discovered this most sharply during the Covid period," Jaishankar remarked, adding, "For the Global South, this is particularly serious given the extent of dependence."
Fostering International Cooperation: A Pathway to a Safer, Secure World
Jaishankar's address culminated with a call for enhanced international cooperation as the key to creating a more secure, safe, and cooperative global order. He asserted that only through collective action can the world effectively mitigate unilateral demands, economic domination, and technology assertions that threaten to undermine the principles of equity and fairness.
"To create a more safe, secure and cooperative world, we clearly need greater international cooperation. Only that can serve to mitigate unilateral demands, economic domination or technology assertions," Jaishankar declared, underscoring India's commitment to fostering multilateral collaborations that promote shared prosperity and mutual understanding.
As India embarks on its transformative journey towards becoming a developed economy and a leading global power, Jaishankar's address serves as a clarion call for the nation to cultivate comprehensive national strength. By addressing the supply-chain conundrum, fostering trust and transparency in the digital domain, mitigating economic domination, and championing international cooperation, India aims to chart a course that harmonizes its national aspirations with its role as a responsible global citizen committed to a more equitable and sustainable world order.
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