India’s Roadmap to Global Prominence: Strengthening Foundations for Economic Leadership

Pune : External Affairs Minister S Jaishankar has underlined the imperative for India to construct “deep national strengths” during the “Amrit Kaal” as a pivotal step in transitioning towards becoming a developed economy and a leading global power.

The minister’s remarks were conveyed through a recorded video message played at the inaugural event of the 5th Asia Economic Dialogue (AED), a three-day annual geo-economics conference organized jointly by the Ministry of External Affairs and Pune International Centre. This year’s theme, “Geo-economic challenges in the era of flux,” reflects the pressing need to navigate the economic challenges of the contemporary world.

Jaishankar drew attention to three key challenges: the supply chain challenge, technology challenge, and the challenge of over-concentration arising from the dynamics of globalization.

In addressing the supply chain challenge, Jaishankar highlighted the world’s precarious dependence on a limited number of suppliers across various sectors, emphasizing the necessity of building greater resilience and reliability to mitigate risks in the global economy.

Regarding the technology challenge, the minister emphasized the escalating reliance on technology in daily life, calling for enhanced trust and transparency in the digital era. Despite this need, Jaishankar noted a concerning trend of diminishing trust in technology providers.

The challenge of over-concentration, particularly evident during the Covid-19 pandemic, was discussed by Jaishankar. He emphasized the detrimental impact of market dominance being weaponized against the global South, necessitating international cooperation to address this issue.

For India, Jaishankar underscored the importance of developing comprehensive national power across various domains. He stressed the significance of upgrading the skills base, fostering an environment conducive to startups and talent, and establishing a robust manufacturing foundation for technology development.

Highlighting India’s unique position as the most populous country and soon-to-be the third-largest economy, Jaishankar asserted that the nation’s goals and ambitions must not rely on external goodwill. He reiterated the Modi Government’s vision to build deep national strengths during the “Amrit Kaal,” aligning with initiatives and programs of the past decade aimed at propelling India into a developed economy and a leading global power.

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