Businesses creating stable supply chains to deal with pandemic level shocks:


India presents a value proposition in three specific areas of new and emerging technologies, an opportunity for global de-risking and diversifying economies and a global promise in helping to combat climate change.
Speaking at a think tank, Public Affairs Forum of India, on Thursday, foreign secretary Harsh Shringla said, the present global environment is “highly complex, multi-layered and multi-dimensional. Binaries and simple equations have been, to use an analogy, replaced by complicated algorithms. We must, in an environment such as this, build the capacities that allow us to maintain decisional autonomy. We must focus on acquiring a leadership role that allows us to both participate in and contribute to the emerging world order.”
Given this environment, India, he said presents a unique opportunity for investment and engagement.
India “with its emphasis on education and innovation is well placed to take advantage of this transformation” to a knowledge economy. “Output in such an economy will be driven as much by new technologies and digital processes as it is driven by agriculture and goods and services.”
The second opportunity, he said, for the world comes from the perceived need for “de-risking and diversifying supply chains” based on trust and transparency.
“Businesses are trying to create secure and stable supply chains that will be able to deal with pandemic level shocks,” he said. “A number of conversations, such as the joint India-Australia-Japan Supply Chain Resilience Initiative, are taking place.” The Quad summit also focused on trusted supply chains being built.
The third area of opportunity that India presents is in climate, Shringla said. “India is amongst the front rank of nations with climate ambition. Despite our development challenges, we have taken major initiatives in the areas of clean energy, energy efficiency, afforestation, and bio-diversity.”
India, he said, would not just meet its Paris commitment targets but exceed them. “According to Climate Action Tracker, India is the only G20 country with “2°C compatible” targets. The Climate Change Performance Index 2021, which tracks climate protection performance, ranks India as a high performing country.”

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