The New Indian Express News

Global pecking order has changed; no single power can dominate anymore: EAM Jaishankar

NEW DELHI: The global economic and political pecking order has undergone a very significant change with multiple centres of power emerging, External Affairs Minister S Jaishankar said on Saturday. Jaishankar said no single nation today can dominate global affairs across all issues. No country, however powerful, can impose its will on all issues, he said, adding that this has led to a natural competition among nations and a new global balance. Several centres of power and influence have emerged, he said, and added that power itself has become more complex -- spanning trade, energy, military strength, resources, technology and talent. Global powers are no longer capable of being universal, he said. Jaishankar said globalisation has fundamentally altered how nations and individuals operate. What separates the globalisation era from its predecessors is that when it comes to resources, supply chains, markets or partners, we are operating well beyond our own borders, he said. This, he added, has turned the world not just into a global marketplace but increasingly a global workplace. He was addressing the 22nd convocation of Symbiosis International (Deemed University) in Pune. Nations blocking talent will be net losers, says EAM Jaishankar stressed the need for India to strengthen its manufacturing base alongside services. A large economy like ours must develop substantial and contemporary manufacturing if it is to keep abreast of technology and imbibe an industrial work culture, he said, arguing that manufacturing and services are closely interlinked. He said Indias global image has improved markedly in recent years. How does the world perceive us currently? The short answer is very much more positive and very much more serious than before, he said, attributing this to Indias national brand and the reputation of its people. Indians are increasingly seen as having a strong work ethic, technological aptitude and a family-centric culture, he said. In conversations abroad, I largely hear words of praise for our diaspora, Jaishankar said, adding that improvements in ease of doing business and ease of living are steadily dispelling old stereotypes about India. US has set radically new terms of engagement by dealing with countries on one-on-one basis: EAM Jaishankar Our figures vouch for this transformation, he said, pointing to the growth of global capability centres in India, rising demand for Indian talent abroad and individual success stories. Perhaps more than others, India is today defined by its talent and by its skill. Jaishankar said India now approaches the world with more confidence and with more capability, noting that while most nations assert themselves through trade, investment and services, India is distinguished by the global relevance of its human resources. On global economic shifts, he said decolonisation had allowed many countries to prosper by controlling their own destinies, though outcomes depended heavily on leadership and policy choices. The nation that has gained the most in this era is China, he said, adding that India has also done well, particularly in the post-reform period and even more in the last decade. In contrast, much of the Western world now feels that it has stagnated, a sentiment that has increasingly come to acquire a political meaning, he said, citing offshoring of production, demographic challenges and lifestyle factors as contributors to declining competitiveness. The cumulative result of all these developments is that the global economic and, thereafter, political pecking order has changed very significantly, Jaishankar said. India, Australia shoulder 'greater responsibility' amid global turbulence: EAM Jaishankar