Speaking at the inaugural Australian Strategic Policy Institute (ASPI) and India's Observer Research Foundation (ORF) Raisina @ Sydney event, Indian Minister S. Jaishankar highlighted the need for derisking the global economy and ensuring trust and transparency in the digital domain.
He said that there is an urgent collective task to derisk the global economy, adding, "Over-dependence on manufacturing, over-dependence on energy, over-dependence on services. So how do we create more reliable and resilient supply chains? In a more digital world, how do we ensure at least minimal trust and transparency? Because the fact is that we cannot be agnostic about data in the manner in which we were mistakenly agnostic about products, you know. Where my data resides? Who processes it? What do they do with it? How do they extrapolate it? It matters deeply to me. So for us to pretend that all nations are the same, and it's none of our business, what happens inside, I think that era is now behind us, and we must not just accept it, we must actually be aware of it, and make plans to deal with this."
Underscoring "great uncertainty, a lot of unpredictability, new players, new behaviour," he said, "if we put together really the cumulative impact of three years of COVID, the damage that it has done to the global socio-economic fabric, the year of the Ukraine conflict, the knock-on effects, the fuel, food, fertiliser, trade disruptions, the shortages it has created, the uncertainties it has enhanced, and then take some of the perennial challenges which pre-existed."
(ANI)