We firmly believe that India will develop all the requisite national strengths that will make it a leading power in the times to come” – Dr S Jaishankar at CII Annual Business Meet

“We firmly believe that India will develop all the requisite national strengths that will make it a leading power in the times to come” stated Dr S Jaishankar, Hon’ble Minister of External Affairs, Government of India. This view further appreciates the creativity and ambition of the people of India, and promise opportunities to take this forward, the Minister added. “At the global level there is a broader consensus about India being a key source of growth, a valuable addition to supply chains and an important pool of talent”, Dr Jaishankar stated. He was speaking at the Special Plenary Session at the Annual Business Summit 2024 of the Confederation of Indian Industry (CII) with the theme ‘Co-Creating the Future Responsibly: Role of Business’ at New Delhi today.

Speaking on the many global challenges faced by India and the world since the Covid-19 pandemic, Dr Jaishankar stated that India has seen robust growth with the help of sweeping reforms and a sharp focus on capital spending with a focus on infrastructure development. This included a combination of making India self-reliant, Ease of Doing Business reforms, large scale socio-economic programmes, a conducive environment for business growth and start-up culture, among others, he added.

Highlighting some of the geopolitical realities that the word is faced with today – including the Russia-Ukraine conflict, an escalation of the Iran-Israel conflict that can potentially spread to the Middle East, the three F crises of Fuel, Food and Fertilizer, among others, Dr Jaishankar stated that India’s endeavour would be to mitigate the impacts of these crises, while continuing to stabilize the world. It is this judicious combination of ‘Bharat First’ and ‘Vasudhaiva Kutumbakam’ that defines the image of India as “Vishwa Bandhu”, he added.

Dr. Jaishankar emphasized that three critical challenges that India is faced with given the current challenging global environment are that of employment, especially those faced by the MSMEs, technology and national security. He added that policies and initiatives such as the Production Linked Incentive Schemes, financial support for MSMEs, removal of regulatory impediments, the creation of a conducive environment for businesses and a commitment to promote manufacturing, have been continuously undertaken by the Indian Government, that will help India leapfrog to a ‘Viksit Bharat’ or a developed nation status by 2047. The continued focus on reforms requires the support of industry, Dr Jaishankar emphasized.

Elaborating on India’s external engagement endeavours, Dr. Jaishankar stated that while India’s export promotion efforts would continue along with strong partnership building, current times call for something more than business-as-usual where ‘trust’ and reliability’ will become critical factors. These would be particularly important in the areas of de-risking supply sources and enhancing collaboration in sensitive, critical, and emerging technologies.

The Minister added that it was crucial to align India’s economic priorities with strategic interests whether in terms of access to new markets, technology, investments education and tourism. He also emphasized the importance of creating logistical corridors for India as new production and consumption centres emerge across the world along with the need for expanding scale and quality of skilling at home, as a new global workforce emerges. The goal is to make India a hub for innovation, research and design, he added further.

Mr R Dinesh, President, CII, stated that “internationalization and globalization will remain top priorities for industry along with facilitating trust-based partnerships”.

Speaking at the session, Mr Chandrajit Banerjee, Director General, CII stated that building trust will continue to be a top priority for CII as we move from this year to the next, along with a thrust on building strategic partnerships and strengthening the manufacturing sector.

17 May 2024

New Delhi