He said that in an uncertain world, it is all the more important to “continuously diversify supply sources to ensure — to actually guarantee — our national needs.”
External Affairs Minister S Jaishankar on Saturday said that the growing salience of tariff rates in determining trade prospects has “obviously heightened volatility.”
“As for finance, the prolific application of sanctions, the seizure of assets, and the advent of blockchain-based technologies are today part of new realities,” Jaishankar said after being conferred an Honorary Doctorate by IIM Calcutta at its Joka campus.
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He said that in an uncertain world, it is all the more important to “continuously diversify supply sources to ensure — to actually guarantee — our national needs.”
“The Covid pandemic tested us in that regard when it came to vaccines, just as the Ukraine conflict impacted our energy access. By securing vaccine ingredients and accessing additional energy and fertilizer sources, we demonstrated that a responsive foreign policy can indeed deliver for every citizen,” he said.
“With these considerations in mind, we are today endeavouring to forge new trade arrangements and promote fresh connectivity initiatives. While these certainly represent key facets of our policy priorities, they also reflect the importance the world attaches to its ties with India,” he added.
“As we ascend the global economic hierarchy, the case for such initiatives will only get stronger. These exercises have long-term repercussions and therefore need to be undertaken with great judiciousness. When it comes to trade, we will naturally be guided by our people-centric vision — just as our connectivity plans will be shaped by both strategic and economic considerations,” Jaishankar said.
