Politics increasingly trumps economics: Jaishankar flags global risks, asserts India's self-reliance goal

"The United States, long the underwriter of the contemporary system, has set radically new terms of engagement," India's foreign minister said.

India's External Affairs Minister S Jaishankar on Saturday flagged global risks for economies, and said India is diversifying its supply sources in national interest. Speaking at a event in Kolkata, the senior BJP leader added that New Delhi has been actively working towards “self-reliance”.

While speaking at IIM Calcutta, Jaishankar also cited the progress India has made in infrastructure such as highways, railways, energy, ports and more. As per the EAM, this has helped narrow the gap with leading Asian economies.(ANI)

"This is an era where politics increasingly trumps economics — and that is not a pun," he said, as per news agency PTI.

Jaishankar on US, China

"The United States, long the underwriter of the contemporary system, has set radically new terms of engagement. It is doing so by dealing with countries on a one-on-one basis," Jaishankar further added.

He also said, “In an uncertain world, it is all the more important that we continuously diversify supply sources to guarantee our national needs.”

The minister's remarks come amid ongoing negotiations between India and the US for a trade deal, particularly in light of the 50 per cent tariffs imposed by President Donald Trump on India since August.

Apart from the US, the Indian foreign minister also citied China, stating that Beijing has "long played by its own rules" and continues to do so.

While speaking at an IIM Calcutta event, Jaishankar cited the progress India has made in infrastructure, such as highways, railways, energy and ports. As per the minister, this has helped narrow the gap with leading Asian economies.

"We are now moving ahead, by any standards," he said, maintaining that the world is taking note of the advancements being made by India.

"With these considerations in mind, we are today endeavouring to forge new trade arrangements and promote fresh connectivity initiatives," he further said.

Towards a ‘Viksit Bharat’ goal

Jaishankar added that the government plans for a “developed India (viksit Bharat)” by 2047. "The goal of foreign policy is to steadily expand our footprint beyond its current confines," he said, adding that the solidarity that India has built with the Global South has helped it move ahead.

"A major power, that too with high aspirations like us, must have a significant industrial base," he said. "Promoting industrial growth and even incentivising it, is today a key economic priority," the minister said, asserting that emphasis on 'Make in India' in the last one decade speaks of a "different mindset and greater ambition".

With increasing attention on advanced technologies and advanced manufacturing, the minister added that India does not lag behind.

"We are now in the world of chips and semiconductors, electric vehicles and batteries, drones and space, or that of nanotech and bioscience. Each of them offers opportunity to leapfrog and establish unique capabilities," Jaishankar said.

(With inputs from PTI)