The globe is a source of ideas, inspiration and aspirations, says Jaishankar
India is far more international than the one before and its embrace of the world has been strongly facilitated by the technologies of the digital era, External Affairs Minister Dr. S. Jaishankar has told an international audience.
“The globe is not just a marketplace or even a workplace; it is today a source of ideas, inspiration and aspirations,” he told the Third edition of the Deccan Dialogue on 16 Nov 2020.
“There is no doubt that the reform era has made us more connected, more contemporary and more comfortable with the world. They opened up new opportunities, whether it was in trade and investment, or in travel and tourism.”
Dr Jaishankar elaborated in keynote to the Dialogue (abstracts):
“Rural India wants what urban India has and they, in turn, set their benchmarks on global availability.
“Collectively, our greatest gain has been in more open minds. But there is a practical aspect to it as well. In the modern history of the world, few nations have developed rapidly without accessing resources, technologies and best practices from abroad. The issue, therefore, is not whether we should globalize or not. Indeed, presenting it in that manner is to create false choices. This is not a question of going into the future or the past. It is a debate about what kind of future we envision.
“An honest self-assessment of our economic performance must begin with the recognition that it was not our karma to see the state of our manufacturing today.
“Far from being an inevitability, this is the result of policies, preparations, assessments and course corrections; and their lack. The question after 1992 was never of an open or a shut economy. It was one of negotiating an optimal engagement with the world. And success in that regard should not have been determined by GDP growth rate only.
“It should have equally taken into account the sustainability of the processes we had entered, the employment consequences thereof and the all-round development of our society.
“We not only failed to develop the deep strengths that a large industrial economy like ours should have; we actually created an employment challenge by becoming over-dependent on imports. And in doing so, we neglected what is my principal message to you today: adequate awareness of the world.
“In the name of openness, we have allowed subsidized products and unfair production advantages from abroad to prevail. And all the while, this was justified by the mantra of an open and globalized economy. It was quite extraordinary that an economy as attractive as India allowed the framework to be set by others.
“With the passage of time, our predicament became increasingly serious. The choice was to double down on an approach whose damaging consequences were already apparent or to have the courage to think through the problem for ourselves. We chose the latter.
“This is not an issue of just trade or even of economics. As the world of technology applications and global production becomes more integrated, choices today have a much deeper strategic implication.
“The limited progress we have made and the gap with our real potential puts us in an especially difficult position. As it is, the effect of past trade agreements has been to de-industrialize some sectors.
“The consequences of future ones would lock us into global commitments, many of them not to our advantage. Those who argue stressing openness and efficiency do not present the full picture.
“This is equally a world of non-tariff barriers of subsidies and state capitalism. Without exaggeration, what we will be deciding now will determine whether India will become a first-class industrial power or not.
“And that is why, the outlook of Atmanirbhar Bharat is so crucial. This approach, instead of allowing others to decide our future prospects, is a case for building strong national capabilities and deep strengths. It is far from turning our back on the world; in fact, it is to enter the global arena with cards to play, not just to provide a market for others.
“This is really about seriously building comprehensive national power. Our success in doing so will determine future terms of engagement and our standing with the world,” said the Minister. #economy #exports #manufacturing #investments #trade #technologies /fiinews.com
