Dr. Raghunath Mashelkar,
Amb. Gautam Bambawale,
Foreign Secretary,
Distinguished Guests,
Ladies, Gentlemen and dear Students,
I am delighted to address the 8th Asia Economic Dialogue. In the years that have passed, I note that the Dialogue has emerged as a prominent forum on geo-economics.
This edition focuses very appropriately on the ‘geoeconomic challenges’ of our times. Today, these fall broadly into three categories:
One is the supply-chain challenge that arises from a particular economic hardwiring created by the globalization era. Whether it is finished products, intermediates or components, the world is dangerously dependent on a limited number of suppliers. Even as exporters, the production centres have built their own sourcing chains. How to introduce greater resilience and reliability is today central to de-risking the global economy. All of us need more options and must work to create them.
The second is the technology challenge, which grows by the day given our reliance on it for more aspects of our daily life. The digital era has given it an altogether different connotation because it is so intrusive. It is not just our interests that are at stake but often the most personal of our decisions and choices. Such an era demands more trust and transparency. But in fact, we are seeing the reverse where technology providers are concerned.
The third is the challenge of over-concentrations stemming from the nature of globalization. They are heightened by unpredictability and opaqueness. We discovered this most sharply during the Covid period. But from time to time, we are also reminded when market dominance is weaponized. For the Global South, this is particularly serious given the extent of dependence.
These three phenomena come together particularly impactfully when we consider the evolution of critical and emerging technologies. And we all know that this is indeed the era of AI, EVs, Chips, Green and Clean technologies. What we are confronting is no longer a matter of comparative economic advantage, if it was ever that. We are actually talking about the future of the global order.
Where do the solutions lie? There are no easy answers, nor indeed a limited number of them. To create a more safe, secure and cooperative world, we clearly need greater international cooperation. Only that can serve to mitigate unilateral demands, economic domination or technology assertions. For India, this means moving across a broad front of domains that all contribute to comprehensive national power. It requires a massive upgrade of our skills base. It suggests an environment that promotes skills and talent. It will benefit from easier to do business and a modern infrastructure. But most of all, it demands robust manufacturing that alone can provide the foundation for technology development.
As the most populous country that will be third largest economy by the end of the decade, our goals and ambitions cannot be determined by the goodwill of others. We must build deep national strengths during the Amrit Kaal that will drive the transition towards a developed economy and a leading power.
This is the vision of the Modi Government and our initiatives and programmes of the last decade are aimed to this end. Perhaps there is no better audience to appreciate it than one in Pune, which has such a long record of industrial manufacturing.
I thank you for your attention and wish you productive deliberations.