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External Affairs Minister S. Jaishankar has underscored the necessity for India, as the world's fifth-largest economy, to cultivate a broad and diverse range of energy partnerships to secure its future energy needs.
Speaking at a Business Today event in Mumbai on Saturday, Jaishankar remarked that after decades of championing globalisation, the world is now witnessing a shift towards industrial policies, export controls, and tariff wars. As per PTI, he asserted that ensuring a favourable energy landscape remains a crucial diplomatic objective for India.
Beyond fossil fuels, India is also focused on expanding its renewable energy capacity and exploring the feasibility of small modular reactors to strengthen its energy mix, the External Affairs Minister (EAM) noted.
"The fifth-largest economy in the world must necessarily develop a broad and diverse set of energy relationships," Jaishankar emphasised. He further highlighted the proactive role of Indian embassies in advancing the country's commercial interests, stating that they now actively inform, advise, and facilitate businesses to thrive globally.
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According to PTI reports, Jaishankar pointed to India's approach to energy procurement following the Ukraine conflict as a significant policy decision with economic implications. Without directly naming any nation, he suggested that while some countries criticised India's decision to continue importing oil from Russia, every nation ultimately acted in its own self-interest.
A large economy like India requires a comprehensive strategy, he asserted. India stands among the few nations capable of engaging with conflicting global players such as Russia and Ukraine, Israel and Iran, as well as major geopolitical blocs like the democratic West, the Global South, BRICS, and QUAD.
BRICS, an economic cooperation platform comprising Brazil, Russia, India, China, and South Africa, focuses on emerging economies, whereas QUAD is a strategic alliance between Australia, India, Japan, and the United States.
Jaishankar further stated that the global landscape is undergoing a major transformation, and adapting to these changes is imperative. As per PTI, he noted that nations are increasingly prioritising de-risking their economies, and the way forward lies in expanding diversified manufacturing, fostering technological innovation, and bolstering trade - particularly in sectors crucial to food and health security.
"The solution is what I call reglobalisation - one that is fairer, more democratic, and less risky than the previous model," he said.
He highlighted that a significant reordering of global economic structures is currently underway, both in terms of geographic distribution and financial flows. India must strive to capitalise on these evolving opportunities to the greatest extent possible, he observed.
Jaishankar also addressed the growing concerns surrounding the digital economy, particularly in an era increasingly driven by artificial intelligence (AI). He emphasised that where data is sourced, how it is processed, and the manner in which it is deployed will be crucial determinants of economic and national security in the future.
(With inputs from PTI)
