External Affairs Minister S. Jaishankar said on Saturday that the Central government’s emphasis on ‘Make in India’ in the last decade speaks of a different mindset and greater ambition and the industry needs to partner wholeheartedly and look beyond the short term to realise the full potential of the initiative.
Speaking at an event at the Indian Institute of Management (IIM), Calcutta, where he was conferred with an honorary doctorate, the Union Minister said, “It (industry) must help build the domestic supply chain even as we seek to participate more in the global market. The ‘Make in India’ initiative is strengthened by research in India, innovate in India, and design in India.”
Jaishankar was awarded the degree in recognition of his “significant contribution to diplomacy, public service, and scholarship”.
He added, “It is sometimes said the best foreign policy is high economic growth. Well, there is truth to it, but the reality is much more complex. It is not just about progressing on the broader front, but also paying attention to specifics that have larger implications. Where a product is made or who offers a service is as important as their price point.”
On other countries and their ways of working with their counterparts, he said, “The United States has radically set the new terms of engagement. Not just that, it is doing so by dealing with countries on a one-on-one basis. China has long played by its own rules and is now doing so even more. In this scenario, other nations are unclear on whether their attention should be on the visible competition or the trade-offs and understandings that punctuate it. Faced with such pulls and pressures of globalisation, fragmentation and of supply insecurity, the rest of the world responds by hedging against all contingencies. Even as they engage the US and China directly, choices are made where feasible and beneficial. Also, other options are explored with greater urgency. One sign of that is the uptick in the enthusiasm today for free trade agreements across geographies.”
Europe and Asia, on the other hand, are reassessing their strategies while the Middle East transforms, he said, adding that new opportunities are being seen in Latin America as well.
On how India is responding to new realities, the Foreign Minister stated , “This is being done by pursuing policies and taking actions that advance our comprehensive national power, reduce our vulnerabilities and promote our influence. The last two clearly constitute the core of our diplomatic activities. As India rises and our economy grows, we are preparing to shoulder more responsibilities in this regard. A major power, that too one with higher aspirations like us, must have a significant industrial base. Unfortunately, this was not an assumption necessarily accepted by policymakers before 2014.”