India, as the world’s fifth-largest economy, must cultivate a broad and varied set of energy partnerships to secure its future, External Affairs Minister S. Jaishankar stated at a Business Today event on Saturday.
“The fifth biggest economy of the world must necessarily develop a broad and diverse set of energy relationships,” he emphasized.
Jaishankar highlighted that after decades of promoting globalization, the world is now dealing with industrial policies, export controls, and tariff wars. Ensuring a stable energy landscape for the coming decades is a key diplomatic objective for India, extending beyond fossil fuels to large-scale renewable deployment and exploring small modular reactors.
Discussing India’s energy policies following the Ukraine conflict, he noted, “A policy decision that has significant economic implications in recent years was our assertion of energy choices in the aftermath of the Ukraine conflict. The truth was every nation did what was in their self-interest even (though) some professed otherwise.”
This remark referred to India’s decision to import oil from Russia, which faced criticism from certain Western nations.
Jaishankar also underscored India’s unique ability to engage with multiple global players, saying, “India is among the few nations that can simultaneously engage with Russia and Ukraine, Israel and Iran, the democratic West, the Global South, the BRICS and the QUAD.”
As the world grapples with economic uncertainties, de-risking global trade is a growing concern. Jaishankar stressed that solutions lie in diversified manufacturing, innovation, and robust trade policies, particularly concerning food and health security.
“Put together, what this means is reglobalization that is fairer, more democratic and less risky than its earlier model,” he said.
With an ongoing global reordering in trade and technology, he urged India to capitalize on emerging opportunities. He also pointed to the growing importance of digital security in an AI-driven world, where data sourcing, processing, and deployment will play a crucial role.
“The logic of the market has to be balanced by the compulsions of privacy and security,” Jaishankar noted, adding that stronger political ties will influence decisions in talent acquisition, efficiency, and technological collaboration.
India’s embassies, he said, are now more proactive in advancing commercial interests, providing insights, and facilitating business growth to ensure Indian companies thrive in a competitive global landscape.