India must develop broad energy ties, adapt to global economic shifts: Jaishankar

Jaishankar highlighted the shifting global economic landscape, where nations are increasingly adopting industrial policies, export controls, and tariffs - contrasting with decades of advocacy for globalisation.

As the world’s fifth-largest economy, India must cultivate a broad and diverse set of energy partnerships to secure its future energy needs, according to External Affairs Minister S Jaishankar.

Speaking at a Business Today event on Saturday, Jaishankar highlighted the shifting global economic landscape, where nations are increasingly adopting industrial policies, export controls, and tariffs - contrasting with decades of advocacy for globalisation.

“Ensuring a favorable energy environment for the coming decades is one of India’s key diplomatic objectives,” he said, adding that this effort extends beyond fossil fuels to large-scale renewable energy adoption and the exploration of small modular reactors.

Jaishankar underscored the proactive role of Indian embassies in advancing the country’s commercial interests, stating they now actively inform, advise, and facilitate businesses to enhance India's economic standing.

Referring to India’s decision to continue oil imports from Russia amid the Ukraine conflict, Jaishankar defended the move, asserting that every nation prioritizes its self-interest despite outward claims to the contrary.

He also pointed out India’s unique diplomatic position, being one of the few nations that can engage simultaneously with Russia and Ukraine, Israel and Iran, as well as with forums like BRICS and QUAD.

Jaishankar noted that the world is witnessing a shift towards “re-globalisation,” where diversification in manufacturing, increased innovation, and stronger trade policies - particularly in food and health security - are essential to reducing global economic risks.

He also stressed the growing insecurities in the digital sphere, where concerns over data sourcing, processing, and deployment are becoming crucial in the era of Artificial Intelligence. Balancing market logic with privacy and security concerns will be a key challenge, he said.

“As global economic and technological reordering unfolds, India must strive to maximise its benefits,” Jaishankar concluded.