In the name of open economy, we gave unfair advantages to others: EAM Jaishankar

Mr. Jaishankar discusses 'Brand Bharat' at India Idea Conclave, emphasizing protection of SMEs and strategic FDI decisions.

In the name of open economy, we allowed other countries to get an advantageous playing field in the country and this has to stop, said External Affairs Minister S. Jaishankar on Saturday (November 23, 2024).

Mr. Jaishankar was delivering a virtual keynote address at the 8th India Idea Conclave at Bengaluru. This year, the conclave, organised by India Foundation, is exploring the theme, ‘building Brand Bharath’.

“In the name of globalisation, we actually hollowed out the manufacturing. SMEs have been hurting for the last 30 years because they see unfair competition, see subsidised goods coming into the country. If we cannot protect them, they cannot compete,” he said.

According to Mr. Jaishankar, under Modi’s ‘Brand Bharat’, this is being done differently as 'Make in India' has moved from aspiration to an assertion.

“Look at semi conductors industry. We understand today semi conductor will be a make or break for a country like India,” he said, adding that where India that is Bharat is doing things differently is in taking the hard calls were necessary.

One such call is being prudent on foreign direct investments (FDI), said Mr. Jaishankar.

“I can tell you, in every FDI negotiation, we think very long, very hard. We are very concerned both about the social fabric and employment consequences of an FDI, as well as its national security implications,” the Minister said.