External Affairs Minister S Jaishankar has reassured the world that India can strengthen the global economy that has been hit hard by the Covid-19 pandemic by being part of new supply chains.
The minister was speaking at the Nikkei 'Future of Asia' conference on post-Covid recovery, where he stressed that by building effective partnerships with countries like Japan and Australia, India will help in diversification of supply chains and reduce dependence on China.
Talking about how Covid is reshaping the world, Jaishankar said it has brought out the value of trust and transparency as well as reliable supply chains. Jaishankar said that it is time to "promote decentralised globalisation as a durable solution."
Addressed the 26th ‘Future of Asia’ @NikkeiAsia Conference. Spoke about how Covid-19 is reshaping the world:
Brings out the value of trust and transparency; also reliable supply chains.
Heightens risk aversion and encourages strategic autonomy to address over-dependence. pic.twitter.com/fCFYuPYAHe
— Dr. S. Jaishankar (@DrSJaishankar) May 20, 2021
"What we will now have to conceptualize is re-engineering the way the world works to prepare for and mitigate such cataclysmic events. Covid-19 has certainly triggered debates on issues like supply chains, global governance, social responsibility and even ethics. But for many of us gathered here today, it equally encourages an objective assessment of the contemporary world so that we are better prepared for tomorrow," he added.
Focusing on partnerships and how India can catalyse those, Jaishankar said: "With Japan and Australia, we are working on a supply chain resilience initiative. Where the Quad arrangement that also involves the US is concerned, its agenda today covers vaccine collaboration, critical and emerging technologies, semi-conductors, supply chains, critical materials and connectivity, amongst others. Recent Indian summits with the European Union and the United Kingdom, that saw advancement on FTAs, are also noteworthy in that regard".
The minister was confident that India can make a contribution not just to Asian but to global economic recovery. Here he also mentioned that India would like to make manufacturing globally competitive. He stressed on the fact that for this, India will have to build local capacities. "… so if India is to make a real contribution to Asian and global economic recovery, it can start by helping itself more." He highlighted the fact that India has undertaken reforms in labour, industry, agriculture and education to be able to compete better at the world stage.
The minister highlighted how the India Japan partnership is delivering success in the country. Talking about Japan he said: "… Japan is a valuable partner in these national campaigns that I have spoken about… In fact, Japanese-supported projects are among the most successful infrastructure examples, most recently the Delhi-Mumbai Industrial Corridor and the Dedicated Western Freight Corridor. Its long-standing FDI footprint in India is steadily expanding, covering 1455 companies as of 2021, and more than half of them are in manufacturing."
