India has been resilient, weathered global shocks well: EAM Jaishankar

External Affairs Minister S Jaishankar on Saturday said India has emerged solidly from global shocks that recently tested its resilience, an apparent reference to the ongoing military conflict in West Asia.

Addressing the 15th convocation ceremony at Indian Institute of Management Raipur here, Jaishankar said India has managed both domestic and external challenges fairly successfully.

His remarks come against the backdrop of the ongoing crisis in West Asia, which began on February 28 when the US and Israel attacked Iran, impacting global fuel supply.

"We are now among the top five economies. No one can dispute that multiple global shocks have recently tested our resilience and India has come through that solidly. We have managed both domestic and external challenges fairly successfully," he said.

More inclusive growth, representative politics and decisive leadership have created a new foundation from which the country can now harbour higher aspirations, he said.

"We have not only embraced the digital revolution enthusiastically, but actually purposefully applied it through our lives. Even many developed societies have not done so," the EAM said.

Jaishankar stressed that there is no getting away from building robust national capabilities, which he noted is the most effective way for de-risking and developing leverage.

"Building national capabilities have become more critical in the light of the global trends that I have mentioned. This is particularly so for large nations. You would note that even in the developed world, the earlier mantras of globalization have now given way to a new awareness about self-reliance," he pointed out.

In India, this is expressed as 'Atmanirbhar Bharat', the value of which is obvious when it comes to food, health, energy security or national security, he said.

"We must endeavour to secure within our control as much capacities as we can. Obviously, some domains will be more difficult than others. In such cases, the answers lie in reliable or trusted partnerships and diverse sourcing. Building robust national capabilities is the most effective way of de-risking and indeed even developing leverage," he said.

The global order is changing with visible shifts in relative power and influence of countries, and the turbulence in the world is currently structural in many ways, Jaishankar opined.

"The politics of some societies find it difficult to come to terms with these changes. New developments in technology, in energy, in military capabilities, in connectivity, and in resources have encouraged risk-taking in an increasingly competitive environment. Everything today is being leveraged, if not actually weaponized," he said.

The world is then confronted with the prospect of securing itself in an increasingly volatile and unpredictable environment, which has necessitated a larger inclination to hedge, to de-risk, and to diversify, whether it is a business choice or a foreign policy one, he said.

Asserting that nation-building is an extremely complex task with many dimensions, he highlighted the role of business and enterprise.

"A cross-cutting aspect is the strength and dynamism of our businesses. You will note that in our endeavour to catch up for the lost decades of the past, a crucial initiative is now making it easier to do business. Even that is possible when the enabling environment is more positive," he said.

There has been significant improvements in ease of living and access to opportunities, particularly for entrepreneurs, startups and small businesses, while the expansion of educational institutions and increased focus on skill development have further strengthened India's human capital, he added.

He identified the COVID pandemic, conflicts and climate change as the three challenges in the decade, which impacted daily lives to an unimaginable degree. The pandemic transformed the way everyone worked and lived, while conflicts have left deep impact on even distant societies, which is testimony to how deep globalization has now become, he added.