Raipur, April 4 External Affairs Minister S Jaishankar said on Saturday that India has emerged strongly from recent global shocks, likely referring to the ongoing military conflict in West Asia.
Addressing the 15th convocation ceremony at the Indian Institute of Management Raipur, Jaishankar said that India has successfully managed both domestic and external challenges.
This statement comes in the context of the ongoing crisis in West Asia, which began on February 28 when the US and Israel attacked Iran, impacting global fuel supplies.
"We are now among the top five economies. No one can deny that multiple global shocks have recently tested our resilience, and India has emerged from that successfully. We have managed both domestic and external challenges fairly successfully," he said.
He added that a more inclusive growth model, representative politics, and decisive leadership have created a new foundation for the country to aspire to greater things.
"We have not only enthusiastically embraced the digital revolution, but we have also purposefully applied it in our lives. Many developed societies have not done so," he said.
Jaishankar emphasized that building robust national capabilities is the most effective way to mitigate risks and gain leverage.
"Building national capabilities has become more critical in light of the global trends I have mentioned. This is particularly true for large nations. You will note that even in the developed world, the earlier mantras of globalization have now given way to a new awareness about self-reliance," he pointed out.
In India, this is expressed as 'Atmanirbhar Bharat', which is evident in areas such as food, health, energy security, and national security, he said.
"We must strive to control as many capabilities as possible. Obviously, some areas will be more challenging than others. In such cases, the solutions lie in reliable partnerships and diverse sourcing. Building robust national capabilities is the most effective way to mitigate risks and even gain leverage," he said.
Jaishankar stated that the global order is changing with visible shifts in the relative power and influence of countries, and the current turbulence is structural in many ways.
"The politics of some societies find it difficult to come to terms with these changes. New developments in technology, energy, military capabilities, connectivity, and resources have encouraged risk-taking in an increasingly competitive environment. Everything today is being leveraged, if not actually weaponized," he said.
The world is then confronted with the prospect of securing itself in an increasingly volatile and unpredictable environment, which has necessitated a greater inclination to hedge, de-risk, and diversify, whether it is a business or foreign policy choice, he said.
Asserting that nation-building is an extremely complex task with many dimensions, he highlighted the role of business and enterprise.
"A key aspect is the strength and dynamism of our businesses. You will note that in our efforts to catch up with the lost decades, a crucial initiative is now making it easier to do business. This is possible when the enabling environment is more positive," he said.
There have been significant improvements in ease of living and access to opportunities, particularly for entrepreneurs, startups, and small businesses. The expansion of educational institutions and increased focus on skill development have further strengthened India's human capital, he added.
He identified the COVID pandemic, conflicts, and climate change as the three major challenges of the decade, which have significantly impacted daily lives. The pandemic has transformed the way everyone works and lives, while conflicts have left a deep impact on even distant societies, which is a testament to how deep globalization has become, he added.
The growing frequency of extreme climate events and the steady erosion of natural habitats pose both short-term and long-term concerns, the EAM emphasised.
Jaishankar said that the graduating class at the event should be proud because it is destined to achieve the goal of 'Viksit Bharat'.
"You are the beneficiaries of a strong decade of progress. You have gained access to technology and information that would have been inconceivable just a generation ago. Today, India is poised to leapfrog in its development journey, and your generation will be among those leading this effort," he said.
The EAM also cautioned that they would be graduating in a period of unprecedented change.
Outlining the evolving role of India's foreign policy, he said that it is increasingly focused on expanding market access for Indian producers, securing critical resources and technologies, and supporting Indian citizens abroad, especially during times of crisis.
He added that this promotes "Brand India" globally, which is essential for the perception of the country as a reliable and trusted partner.
Puneet Dalmia, Chairperson of the Board of Governors at IIM Raipur, and Professor Sanjeev Prashar, Director-in-Charge of the institute, were also present.