India’s evolving energy needs to develop on a broader and diverse set of relationships, Jaishankar.
External Affairs Minister S. Jaishankar emphasized that as the world’s fifth-largest economy, India must cultivate a wide-ranging and diversified network of energy partnerships.
Speaking at a Business Today event on Saturday, Jaishankar pointed out that while globalization was long considered an economic ideal, today’s reality is shaped by industrial policies, export controls, and tariff wars. In this context, ensuring a stable and advantageous energy landscape for the future remains a key diplomatic priority for India.
India’s energy strategy extends beyond fossil fuels, with a strong focus on large-scale renewable energy deployment and exploring small modular reactors as a potential source of power, he added.
“As the fifth-largest global economy, India must establish a broad and varied range of energy relationships,” Jaishankar asserted.
Jaishankar highlighted that India’s diplomatic missions are now playing a far more proactive role in advancing the nation’s commercial interests. Embassies actively provide information, guidance, and support to ensure Indian businesses thrive in international markets.
He also referenced a significant policy decision in recent years—the assertion of India’s independent energy choices following the Ukraine conflict. India faced criticism from certain Western nations for continuing to import oil from Russia during the conflict. However, Jaishankar pointed out that all nations prioritized their self-interest, despite some claiming otherwise.
A nation of India’s economic stature requires a well-rounded global strategy, Jaishankar noted. India stands out as one of the few countries capable of maintaining simultaneous engagement with diverse geopolitical actors, including Russia and Ukraine, Israel and Iran, the democratic West, the Global South, as well as multilateral platforms like BRICS and QUAD.
While BRICS represents a coalition of major emerging economies, QUAD brings together Australia, India, Japan, and the United States in a diplomatic alliance.
Jaishankar reiterated that the world is now adjusting to a new economic landscape, marked by shifting industrial policies, trade restrictions, and geopolitical realignments. In such times, nations must recognize evolving trends and adapt their strategies accordingly.
With growing concerns about reducing economic risks, Jaishankar proposed that the solution lies in fostering diversified manufacturing, driving innovation and technology, and strengthening trade, particularly in critical areas such as food and health security.
“Ultimately, what we need is a more equitable and resilient form of globalization—one that is fairer, more democratic, and less vulnerable than its previous version,” he said.
He also acknowledged an ongoing global economic restructuring in terms of manufacturing locations and trade flows, emphasizing that India must position itself to maximize the benefits of this shift.
Jaishankar further stressed the heightened concerns surrounding digital security, particularly regarding data sourcing, processing, and deployment in the age of artificial intelligence.
He emphasized that while market dynamics are crucial, they must be balanced with considerations of privacy and national security. In this environment, stronger political relationships will influence economic calculations, integrating factors like efficiency, talent, and trust into decision-making.
India’s diplomatic and economic policies, Jaishankar suggested, must align with these global shifts to secure the nation’s long-term growth and strategic interests.
