India handled global shocks with resilience, says Jaishankar

External Affairs Minister S. Jaishankar said India has handled recent global shocks with resilience despite conflicts and economic disruptions. Addressing IIM Raipur, he highlighted the need for strong domestic capabilities and noted shifting global power dynamics and rising competition

New Delhi: India has navigated recent global shocks with resilience, External Affairs Minister S. Jaishankar said on Saturday, in a reference to the ongoing conflict in West Asia and its wider economic fallout.

In his address at the convocation ceremony of IIM Raipur, EAM Jaishankar said India has managed both domestic and external challenges “fairly successfully” despite an increasingly turbulent global environment.

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He underlined that the ripple effects of conflicts are now felt far beyond their immediate geographies, reflecting the deep interdependence created by globalisation.

“No one can dispute that multiple global shocks have recently tested our resilience and that India has come through them solidly,” he said.

The minister also noted that the crisis in West Asia, triggered in February following US and Israeli strikes on Iran, has disrupted global fuel supply chains and led to hydrocarbon shortages.

Jaishankar also stated that building strong domestic capabilities remains the most effective way to de-risk and enhance strategic leverage.

He also pointed to a shifting global order, marked by changing balances of power and influence, and said the current turbulence is structural in nature.

Rapid developments in technology, energy, military capability, connectivity and resources have intensified competition among nations, according to him.

Everything today is being leveraged, if not weaponised, he said.

This has led to greater emphasis on hedging risks, diversification, and resilience, both in economic decisions and foreign policy, according to him.

EAM Jaishankar identified the Covid-19 pandemic, ongoing conflicts, and climate change as the defining challenges of the decade. He added that more inclusive growth, representative politics and decisive leadership are helping lay a stronger foundation to deal with these disruptions.