(Commonwealth_India) India, currently the world’s fifth-largest economy, faces the critical task of establishing a broad and diverse set of energy partnerships to safeguard its energy future. According to External Affairs Minister S. Jaishankar, the country’s approach to securing its long-term energy needs will require a mix of conventional and innovative energy strategies. Speaking at a Business Today event on Saturday, Jaishankar shed light on how the global economic environment is changing and emphasized that India’s diplomatic and economic policies must adapt accordingly.
The global economic landscape has been shifting recently, with nations increasingly adopting industrial policies, export controls, and tariffs in contrast to decades of promoting globalization. This new direction, Jaishankar noted, creates both challenges and opportunities for countries like India. To maintain its competitive edge in this evolving scenario, India must proactively engage in energy diplomacy, building partnerships with various countries to secure a stable and sustainable energy supply.
One of the key diplomatic objectives for India in the coming decades, according to Jaishankar, is ensuring a favorable energy environment. The goal includes not only securing fossil fuel resources but also embracing large-scale renewable energy initiatives and exploring cutting-edge technologies such as small modular reactors (SMRs). SMRs are a promising solution to address India’s energy needs, offering the potential for clean, safe, and reliable energy production with smaller environmental footprints compared to traditional nuclear reactors.
Jaishankar also stressed the role of India’s embassies in advancing the country’s commercial and economic interests abroad. He revealed that these diplomatic missions are no longer merely focused on political and strategic concerns but are now actively involved in helping businesses thrive in international markets. Indian embassies are tasked with advising companies, facilitating their operations, and providing critical insights into market dynamics—thereby significantly contributing to India’s global economic standing.
A key point in Jaishankar’s remarks was India’s continued oil imports from Russia, despite the ongoing conflict in Ukraine. He defended this move, asserting that every country, including India, must prioritize its national self-interest, regardless of global political pressure. India’s decision to maintain trade relations with Russia highlights its pragmatic approach to securing its energy needs without compromising its broader diplomatic objectives. Jaishankar also emphasized India’s ability to navigate complex international relations, pointing out that India is one of the few nations capable of maintaining diplomatic ties with both Russia and Ukraine, as well as with divergent nations like Israel and Iran. This diplomatic flexibility allows India to play a unique and strategic role on the global stage.
In addition to energy and geopolitical challenges, Jaishankar acknowledged the growing importance of “re-globalization” in the world economy. As nations diversify their manufacturing bases, increase innovation, and implement stronger trade policies, particularly in sectors like food security and health security, global economic risks can be mitigated. India, with its vast and dynamic economy, must harness these opportunities to strengthen its position in global trade and industry.
Another key issue Jaishankar touched upon was the evolving digital landscape. With the rise of artificial intelligence and the increasing importance of data security, the need to balance market logic with privacy and security concerns is becoming more pressing. As the digital sphere becomes an ever-greater focus of global trade and governance, India must find ways to safeguard its data security while participating in the global digital economy.
Jaishankar’s message was clear: as global economic and technological reordering unfolds, India must position itself to maximize its benefits. The country’s ability to adapt to shifting global trends, maintain strategic energy partnerships, and leverage its unique diplomatic standing will be essential in securing its future economic and energy security. By staying at the forefront of both traditional and emerging sectors, India can effectively navigate these complex global changes and maintain its position as a leading global player.
