EAM S Jaishankar Emphasizes Building National Strengths for India’s Transition to Developed Economy

External Affairs Minister S. Jaishankar, in a virtual address at the Asia Economic Dialogue 2024, underscored the need for India to focus on cultivating deep national strengths and capabilities. He highlighted this as crucial for India’s transition towards becoming a developed economy and a leading global power during the Amrit Kaal, a period marked by significant developmental goals under Prime Minister Narendra Modi’s leadership.

Jaishankar identified three major geo-economic challenges that India faces: the supply-chain challenge, the technology challenge, and the challenge of over-concentrations due to the nature of globalization. He pointed out the critical dependence on a limited number of suppliers for various goods, which poses a risk to the global economy. The Minister stressed the importance of introducing greater resilience and reliability into supply chains to mitigate these risks.

On technology, Jaishankar expressed concerns over the increasing reliance on digital technologies, which demands more trust and transparency. He noted the challenges posed by market dominance and the dependence on a few global suppliers, especially in critical and emerging technologies such as AI, electric vehicles, chips, and green technologies.

The External Affairs Minister also raised concerns about the future of global warming and emphasized the need for international cooperation to address economic domination and technological advancements. He outlined the need for India to enhance its skill base, support startups, improve ease of doing business, and bolster manufacturing to lay the foundation for technology development.

Jaishankar praised Prime Minister Modi’s leadership, noting the initiatives and programs implemented in the last decade aimed at making India a developed economy. He recalled India’s response to the COVID-19 pandemic, highlighting the country’s role in providing vaccines and life-saving drugs to over 100 countries. He also mentioned India’s progress in digital technologies, including the development of 5G technology domestically, positioning India as a leading digital society.

The Minister’s remarks reflect a vision of self-reliance and global leadership, emphasizing the importance of building internal strengths and capabilities to navigate the challenges of the 21st century and achieve India’s developmental goals.