Mumbai – In a significant address marking the silver jubilee of the Aditya Birla Group’s scholarship programme, External Affairs Minister S. Jaishankar emphasized the pivotal role of economic diplomacy in reshaping India's foreign policy. Speaking to an attentive audience in Mumbai, he articulated that India's approach to international relations has evolved to fundamentally support national development and security.* Jaishankar highlighted the notion that no country, especially one as large as India, can develop in a unidimensional manner. "We must have some basic self-sufficiency," he asserted, laying the groundwork for a discourse on how India's foreign policy is intricately linked to its domestic growth objectives. He noted that the nation’s appetite for global engagement has surged encompassing tourism, education, and employment opportunities.
"This deeper linkage between the external world and our national endeavors offers us crucial opportunities to accelerate the path towards a 'Viksit Bharat' (Developed India)," Jaishankar stated. He made it clear that the aims of advancing national development and ensuring security are closely intertwined, asserting, "Much of our diplomacy is dedicated to promoting exports, attracting investments, sourcing best practices, identifying technologies, and expanding tourism." The minister stressed the importance of promoting the Indian brand on the global stage and building international confidence in partnerships with India, emphasizing that such efforts must also resonate at the state level, given the country’s diverse landscape.
He underscored that attracting foreign investment is driven by the enabling environment India provides, which is further strengthened by a nuanced understanding of the country's developmental plans. Jaishankar pointed out that the COVID-19 pandemic has underscored the risks associated with relying on a limited geographical area for supply chains, leading to a greater appreciation of the "India story" on the international stage. He noted an increase in foreign interest towards India, as reflected by a steady stream of high-profile visitors and businesses eager to engage. In an era increasingly dominated by artificial intelligence, Jaishankar discussed the significance of data privacy and cybersecurity, which he identified as critical global priorities alongside reliable supply chains. He remarked, “It is incumbent on us to develop the logistics, the infrastructure, and the business environment to promote greater industrial production."
Jaishankar also addressed the concept of Atmanirbhar Bharat (self-reliant India), emphasizing that a nation cannot afford to be vulnerable in an age of weaponized economics. “India must develop deep technology strengths and create the capacity for research, design, and innovation," he stated, reiterating that the expansion of manufacturing and a robust industrial culture are essential for the nation’s progress. Concluding his speech, Jaishankar acknowledged the challenges India faces, particularly in scaling production and enhancing technological capabilities. He emphasized that in navigating these challenges, India must safeguard itself from unfair competition that may carry strategic intent, highlighting the complex interplay between global engagement and national security. As India charts its course towards becoming a developed nation, the focus on economic diplomacy stands out as a foundational element of its foreign policy, aiming to interlink global opportunities with national aspirations.
