Bangalore:
In the name of open economy, we have allowed other countries to get a level playing field in the country and this must stop, External Affairs Minister S. Jaishankar said on Saturday.
S Jaishankar delivered a virtual keynote address at the 8th India Idea Conclave in Bengaluru. This year, the conclave, organized by the India Foundation, will explore the theme of ‘building Brand Bharath’.
“In the name of globalization, we have effectively eroded manufacturing. Small and medium-sized businesses have suffered over the past thirty years as they see unfair competition and subsidized goods entering the country. If we can’t protect them, they can’t compete,” he said. .
According to S Jaishankar, this is being done differently under Modi’s ‘Brand Bharath’ as ’Make in India’ has moved from an ambition to a statement.
“Look at the semiconductor industry. We understand that semiconductors will be a defining factor for a country like India today,” he said, adding that where India, i.e. Bharath, does things differently, taking the hard decisions was necessary.
One such call is to be cautious about foreign direct investment (FDI), S. Jaishankar said.
“I can tell you that we think very long and very hard in every FDI negotiation. We are very concerned about both the social structure and the employment implications of a FDI, as well as its implications for national security,” said the minister.
He added that the Modi government will never sign an FDI if these are not addressed.
“And I think this is a departure from the past,” he said.
The minister also said that since Prime Minister Modi has taken over, if he had to choose a region where India has truly built a Bharath brand, it would be the Middle East.
According to him, the traditional belief is that if a country does well with Israel, it will lose all other players in the region. But he pointed out that over the past decade, India has proven this conventional wisdom wrong.
“Today, Brand Bharath is seen as an aspirational brand. We are not just one of many willing to go with the flow. We will make the hard decisions, deploy resources and we will stay in touch with today’s world. “Under Prime Minister Modi, that was really the big change, and that is why our brand is different,” said S Jaishankar.
The India Idea Concalve ends on November 24.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)