In an address at an event hosted by the CII, Jaishankar also talked about the power of currency and how \u201cthreat of sanctions\u201d are deployed in the \u201ctoolbox\u201d of global diplomacy, in remarks that came days after the US warned of punitive measures after India and Iran sealed a deal on the Chabahar port.
Jaishankar extensively delved into the consequences of the Ukraine conflict, escalation of violence in West Asia and disruption of logistics in view of the geopolitical tensions, sanctions, incidents of drone attacks in the Red Sea and climate events.
\u201cThe world is experiencing a 3F crisis of fuel, food and fertilisers. In Asia, new tensions have emerged in land and sea as agreements are dishonoured and rule of law disregarded,\u201d he said at the annual general meeting of the Confederation of Indian Industries (CII).
\u201cTerrorism and extremism have started to consume those who have long practised it. In many ways, we are actually going through the perfect storm,\u201d he said.
\u201cFor India, the task is to mitigate its impact on itself and contribute to stabilising the world to the extent possible. It is this judicious combination of \u2018Bharat First\u2019 and \u2018Vasudhaiva Kutumbakam\u2019 that defines our image as \u2018Vishwa Bandhu\u2019,\u201d he said.
In remarks seen as a reference to China, Jaishankar also flagged concerned over \u201cweaponisation\u201d of economic activity and how access to raw materials or even stability of tourism are being utilised to exert political pressure.
\u201cA different dimension of the concerns that we harbour is one emanating from a combination of excessive market shares, financial domination and technology tracking,\u201d he said.
\u201cBetween them, they have actually allowed for the weaponisation of virtually any form of economic activity. We have seen how both exports and imports, access to raw materials or even stability of tourism has been utilized to exert political pressure,\u201d he said.
\u201cAt the same time, the power of currency and the threat of sanctions have been deployed in the toolbox of international diplomacy,\u201d he said.
The external affairs minister highlighted challenges of uncertain logistics and supply chains.
\u201cQuite apart from these conscious efforts, there have been collateral consequences of hard currency shortages and uncertain logistics. All these are driving countries to re-look at the working of globalization and devise their own solutions,\u201d he said.
\u201cThis includes exploring new partners, it includes creating shorter supply chains, building inventories and even devising new payment arrangements. Each of these has some consequence for us,\u201d he added.
The external affairs minister said the government is focusing on economic growth and stronger manufacturing besides making efforts to accelerate the flow of requisite capital, technology and best practices.
\u201cOur export promotion efforts, already yielding results, will intensify across the world. The use of credit lines and grants to familiarize the world with our products and capabilities will also deepen,\u201d he said.
Jaishankar said there is the larger branding endeavour of the attractions of today\u2019s India that will make a case to the world of the benefits of partnership.
The current times call for something more than business as usual because trust and reliability have become so important, he said.
\u201cWe must recognize that our economic priorities will have to align with our strategic interests, whether we are speaking of market access, investments, technologies, or even education and tourism. This will be even more so as \u2018Make in India\u2019 gathers more steam in domains like defence, semiconductors and digital,\u201d he said.
\u201cAn economy with India\u2019s prospects also has to look at accessing global resources more seriously if we are to fuel our growth,\u201d Jaishankar said.
\u201cFor long, we have looked at Russia from a political or security perspective. As that country turns eastwards, fresh economic opportunities are presenting themselves,\u201d he said.
Jaishankar said the world is today \u201cparadoxically rebuilding\u201d itself even as it is being disrupted.
\u201cAs new production and consumption centres emerged in the last few decades, there is an accompanying compulsion to create commensurate logistical corridors,\u201d he said<\/p>\n","protected":false},"excerpt":{"rendered":"
In an address at an event hosted by the CII, Jaishankar also talked about the power of currency and how \u201cthreat of sanctions\u201d are deployed in the \u201ctoolbox\u201d of global diplomacy, in remarks that came days after the US warned of punitive measures after India and Iran sealed a deal on the Chabahar port.Jaishankar extensively […]<\/p>\n","protected":false},"author":1,"featured_media":1634,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-2131","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-national"},"yoast_head":"\n