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India would work towards "de-centralizing and de-risking globalization", EAM Jaishankar said
Pointing out that the case for a ‘Global South sensitive’ model of globalization becomes stronger by the day, External Affairs Minister S Jaishankar has called for a shift from 'self-centered globalization' to 'human-centered globalization'.
Speaking at the Foreign Ministers’ Session of the Voice of Global South Summit on Thursday, he argued that the world was becoming increasingly volatile and uncertain for the South.
"The Covid period showed us the danger of over-centralized globalization and fragile supply chains. The knock-on effects of the Ukraine conflict were a further stress, especially on food, energy and fertilizer security. Capital flows started constricting even as debts mounted," EAM Jaishankar stated.
He went on to say that international financial institutions and multilateral development banks have struggled to assess and address these concerns effectively. "Concerns over a Covid resurgence are further dampening sentiment," he added.
According to EAM Jaishankar, India stands for three fundamental shifts that can create a conducive environment for a shift in the focus of globalization.
1. The model of globalization: From self-centered globalization to human-centered globalization. This means shifting the focus more on development as a whole.
2. A different approach to Innovation & Technology: From being on the receiving end of technological patronage, to deploying Global South-led innovations for societal transformation.
3. Development Cooperation: From debt creating projects to a demand-driven and sustainable development cooperation.
He added that India would also work towards "de-centralizing and de-risking globalization".
"Such a model would offer greater opportunities to many more nations, including to all of you. It would entail a stronger desire to foster localization, improve connectivity, and reconfigure supply chains to ensure economic security," he explained.
During his address, EAM Jaishankar also made the following points:
* On innovation and technology, India stands ready to share its experiences and expertise.
* Indian has implemented development projects in 78 countries that are demand-driven, transparent, empowerment oriented, environment friendly and rely on a consultative approach.
* India has also emerged as an education and healthcare hub for the Global South.
* During Covid, India walked the talk of international cooperation by providing vaccines to over a 100 partners and medicines to over 150 countries.
Speaking at the Foreign Ministers’ Session of the Voice of Global South Summit on Thursday, he argued that the world was becoming increasingly volatile and uncertain for the South.
"The Covid period showed us the danger of over-centralized globalization and fragile supply chains. The knock-on effects of the Ukraine conflict were a further stress, especially on food, energy and fertilizer security. Capital flows started constricting even as debts mounted," EAM Jaishankar stated.
He went on to say that international financial institutions and multilateral development banks have struggled to assess and address these concerns effectively. "Concerns over a Covid resurgence are further dampening sentiment," he added.
According to EAM Jaishankar, India stands for three fundamental shifts that can create a conducive environment for a shift in the focus of globalization.
1. The model of globalization: From self-centered globalization to human-centered globalization. This means shifting the focus more on development as a whole.
2. A different approach to Innovation & Technology: From being on the receiving end of technological patronage, to deploying Global South-led innovations for societal transformation.
3. Development Cooperation: From debt creating projects to a demand-driven and sustainable development cooperation.
He added that India would also work towards "de-centralizing and de-risking globalization".
"Such a model would offer greater opportunities to many more nations, including to all of you. It would entail a stronger desire to foster localization, improve connectivity, and reconfigure supply chains to ensure economic security," he explained.
During his address, EAM Jaishankar also made the following points:
* On innovation and technology, India stands ready to share its experiences and expertise.
* Indian has implemented development projects in 78 countries that are demand-driven, transparent, empowerment oriented, environment friendly and rely on a consultative approach.
* India has also emerged as an education and healthcare hub for the Global South.
* During Covid, India walked the talk of international cooperation by providing vaccines to over a 100 partners and medicines to over 150 countries.
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