Globalisation

India can never permit others to have a veto on its choices: Jaishankar

External Affairs Minister S Jaishankar said on Saturday India can never permit others to have a veto on its choices and will do whatever is right in the national interest and for the global good without being intimidated to conform. In a video message for a function in Mumbai, he said when India is etched more deeply in global consciousness, its repercussions are truly profound. In a world grappling with unhealthy habits, stressed lifestyles or recurring climate events, there is much learning to be gained from India's heritage. But the world will only know when the countrymen take pride in it, he said. In an age of globalisation, technology and tradition must march together, said Jaishankar. Bharat will inevitably progress but it must do so without losing its Bharatiyata. Only then can we truly emerge as a leading power in a multi-polar world, he said. Jaishankar was conferred the 27th SIES Sri Chandrasekarendra Saraswati National Eminence Award. The awards are given in four field

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

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. 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 Jaishankar, under Modi's Brand Bharath', 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 Bharath is doing things differently is in

India may account for 8-10% of global work share to CDMOs by 2033: Report

India could potentially account for 8-10 per cent of work share outsourced to CDMOs globally by 2033, an outcome of a significant amount of work shifting from EU and the US to Asia, a report by McKinsey & Company has said. The global CRDMO (Contract Research Development & Manufacturing Organisation) industry is about to witness a re-distribution of outsourcing work across several Asian countries, with India and Korea emerging as new powerhouses by 2033, the report said. According to a McKinsey analysis, by 2033, India could potentially account for 8-10 per cent share of work outsourced to CDMOs globally. "This growth is largely driven by the evolving geopolitical environment with most Indian CRDMOs expecting 20-40 per cent of their new business to stem from these changes," the survey stated. As per market estimates, the global CDMO industry is estimated at USD 224 billion which is expected to rise to USD 465 billion by 2032. McKinsey & Company Partner Anirudh Roy Popli ...

'Every Indian owes you a debt': Ratan Tata's letter to former PM goes viral

In a letter, philanthropist and industrialist Ratan Tata conveyed his admiration for former Prime Minister PV Narasimha Rao's "outstanding achievement" in initiating vital economic reforms in India

Despite war, pandemic, global trade growth likely to accelerate in 2024

Globalisation reached a record high in 2022 and stayed nearly as high in 2023, despite various global shocks over the past decade, such as the Covid-19 pandemic, wars in Ukraine and Gaza, and the USChina trade conflict, a report said on Wednesday. The "New DHL Global Connectedness Report 2024" by DHL and New York University's Stern School of Business, released here, also said that the share of global output traded internationally was back to a record high level in 2022. After a slowdown in 2023, trade growth is forecast to accelerate in 2024, it said. Trade growth played a crucial role in boosting connectedness. The report tracks how flows of trade, capital, information, and people move around the world and measure the globalisation of 181 countries and territories. The globalisation of information flows has notably surged over the past two decades, even though the latest data show a slowdown in their growth, partly due to less research collaboration between the US and ...

India, Japan global partners in world headed towards re-globalisation: EAM

India and Japan are natural partners in a world headed towards "re-globalisation", External Affairs Minister S Jaishankar said on Thursday, asserting that the two nations also share basic affinities, being democracies and market economies. Jaishankar is in Tokyo for the second leg of his four-day visit to South Korea and Japan. Addressing the first Raisina Roundtable here, the minister said, "The world is heading for re-globalisation with the building of resilient and reliable supply chains and trusted and transparent digital transactions." The minister said the "top 20 or 30 nations today are not what they were two decades ago. Even less so. What they were four or eight decades ago." "Not only are the countries that impact us different but so are relative weight, importance and capability. As a result, new balances are being sought and occasionally achieved," he said. Jaishankar asserted that India and Japan are natural partners in the re-globalisation of the world as democracies

Must build deep national strengths for transition to leading power: EAM

External Affairs Minister S Jaishankar on Thursday said India in the next 25 years must build "deep national strengths" that will drive its transition towards a developed economy and leading power. Flagging the dangers of dependence on a limited number of suppliers, challenges of technology, and "weaponization of market dominance," he asserted that the country's goals and ambitions can not be determined by "the goodwill of others." The minister's recorded video message was played during the inaugural event of the 5th Asia Economic Dialogue, a three-day annual geo-economics conference organised jointly by the Ministry of External Affairs and Pune International Centre. The theme of the conference this year is 'Geo-economic challenges in the era of flux.' Jaishankar said the present geo-economic challenges fall in three categories -- supply chain challenge, technology challenge, and the challenge of "over-concentration stemming from the nature of globalisation". Whether it is finishe

Reconfiguration of global trade and FDI

Third globalisation has seen slow but profound changes

'Discontents' notwithstanding, India has done well in last quarter century

While India should be concerned about disparities, the fact is that whereas three decades ago about half the people had incomes greater than $2.15 a day, today seven out of eight do, writes T N Ninan

Best of BS Opinion: Geopolitical risks, Gen AI needs governance & more

Here is the best of Business Standard's opinion pieces for today

How nearshoring powers globalisation

The Globalization Myth lays out a compelling vision explaining why links to the world and, above all, to neighbours first, are vital for a more competitive and inclusive future

Globalisation of T20 will help India

The popularity of the game in South Asia has meant that the cricket administrations in India, Pakistan, Bangladesh, and Sri Lanka have a greater say in how International Cricket Council runs the game

Role of lawyers has evolved to address myriad global legal challenges: CJI

Chief Justice of India D Y Chandrachud on Saturday said the role of lawyers has evolved to address myriad global legal challenges in an era characterised by ever-increasing globalisation. He said rapid technological advancement has created "complex legal issues", with lawyers leading the way in navigating this landscape. While the judiciary definitely bears the responsibility of administering justice and upholding the rule of law, lawyers play an equally vital role, he stressed. "In an era characterised by ever-increasing globalisation, the role of lawyers has evolved to address myriad global legal challenges," the CJI said while speaking at the inaugural ceremony of the Bar Council of India's (BCI) 'International Lawyers Conference 2023' here. He said lawyers ensure that clients and governments adapt to technological changes while upholding legal rights and regulations, covering areas like cybersecurity, data privacy and intellectual property. "Lawyers also bear significant ...

China asks G20 countries to resolutely advance economic globalisation

Chinese Premier Li Qiang on Saturday underlined the need for unity amongst the G20 members and called for cooperation, inclusion and resolute support for economic globalisation. Li, the number two ranked leader of the ruling Communist Party of China (CPC), is currently in New Delhi, deputing for President Xi Jinping, to attend the annual G20 summit being hosted by India from September 9-10. Addressing the first session of the 18th G20 Summit in New Delhi, Premier Li said the influential grouping needs "unity instead of division, cooperation instead of confrontation, and inclusion instead of exclusion." The G20 member countries represent around 85 per cent of the global GDP, over 75 per cent of the global trade, and about two-thirds of the world population. Li urged the G20 members to resolutely promote economic globalisation and jointly maintain the stability and smoothness of industrial and supply chains, China's state-run Xinhua news agency reported. The G20 members should stick

Human-centric globalisation: Taking G20 to the last mile

India's presidency is a testament to its commitment to fostering unity, bridging divides and making the global table larger to ensure every voice is heard

RBI panel suggests steps for globalisation of rupee, inclusion in IMF's SDR

A Reserve Bank-appointed committee on Wednesday suggested a host of short-term and long-term measures for internationalisation of Indian rupee, including efforts for inclusion of the Indian currency in IMF's Special Drawing Rights (SDR) basket. SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries. It is a potential claim on the freely usable currencies of IMF members. As such, SDRs can provide a country with liquidity. A basket of currencies defines the SDR: the US dollar, euro, Chinese yuan, Japanese yen, and the British pound. The Inter Departmental Group (IDG) headed by RBI executive director R S Ratho in its report said that internationalisation is a process rather than an event, with continuous efforts to build upon all the initiatives that have been taken in the past. Suggesting short-term measures, the panel said, there is a need to design a template and adopt a standardised approach for examining the proposals o

World trade data shows early signs of 'reglobalisation' across countries

The transformation that some are calling "reglobalization" will take years, and trade data is only beginning to offer clues about the scope of the changes, and who's winning and losing

How can Indian firms become strong?

Individuals and firms in India are being inhibited from the required engagement with globalisation

India at helm, G20 eyes common plan on crypto risks: FM Nirmala Sitharaman

Sitharaman is currently visiting the US. Her visit started Tuesday, and she will be there for a week. She will be attending spring meetings and a G20 finance ministers' meeting

In defence of financial globalisation

The argument that a country can be an active participant in global trade but avoid financial globalisation is fundamentally faulty