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New Delhi: India’s Foreign Minister Dr. S. Amidst the recent global trade tensions, Jaishankar has clearly indicated that in the changing international environment, India will have to make its supply chain stronger and more diverse. He made this comment after receiving an honorary doctorate degree from IIM-Calcutta in Kolkata. Taking a jibe at America without naming him, he described the situation of increasing interference between politics and economy in the world as ‘uncertain times’ and said that countries will now have to be prepared for new risks.

The changing picture of global trade

Jaishankar said that at present political decisions are directly affecting global economies. Its impact is clearly visible on trade policies, tariffs and international partnerships.

His statement has come at a time when trade tension between the two countries has increased after America recently imposed 50% tariff on Indian imports. He pointed out that America’s role in the global system is now changing and it is negotiating new terms with many countries, which is an important change for world trade.

India will have to search for new markets

The External Affairs Minister stressed that India will have to expand all its essential needs to safeguard its national needs. Dependence on a single country increases the risks, hence the need of the hour is for India to look for new partnerships and new markets.

He said that in view of the changed circumstances, this strategy will not only ensure economic security but will also strengthen India’s global strategic position.

Ongoing talks between India and America

India and America are in talks on two issues. The first of which is issues to tariffs and trade fees. The second is the direction of a comprehensive trade agreement. Both countries are engaged in efforts to reduce market barriers and increase bilateral trade. Although tensions have not completely subsided, official figures show that India’s exports to the US have fallen less than expected, leaving room for talks between the two countries.

India and America’s big goal for 2030

India and America have set a target of increasing mutual trade from $191 billion to $500 billion by the year 2030. America wants greater access to India’s agricultural and high-tech markets. India is demanding better mobility for its professionals and clear rules for digital trade.

According to Indian officials, India has managed to avoid the worst impact of the 50% tariff and now looks forward to a better deal, which will strengthen future trade.