Roving Periscope: Developed nations can’t determine global order, says FM
Virendra Pandit
New Delhi: India’s Finance Minister Nirmala Sitharaman on Thursday said the developed nations can no longer determine the emerging global order, the media reported.
Delivering a key-note address at an event on the theme “The Great Reset: India in a New World Order,” she said that trade and technology will play a crucial role in the emerging New World Order and India would play an important part in it, according to the media reports.
“Global order will not be determined by developed countries,” Sitharaman asserted, adding that developed countries also need technology and talent. “They may have the money to invest, but that may not be sufficient as they will also need talent.”
She said the world is witnessing a churn and reset and India would have to keep its strategic requirements on the top of agenda. “We should put India’s interest first. We can no longer remain stuck in the previous phase of non-alignment.”
About changing patterns in global and bilateral trade, Sitharaman said, “Every country wants to be treated as a special case and make sure that this treatment is not by default given to others. That is the way trade is being refashioned.”
“Your interests and those of your friendly nations will determine the movements of goods,” she said.
On the importance technology will play in on the emerging global order, while recognising that technology is vital, she acknowledged the limitations, such as costs, that India may face. However, she added that talent was not a geographical limitation and that India would need to work on attracting talent.
“There is no way any country can ignore technology. The pace at which it is moving forward, India is well positioned. We need to attract talent and be open-minded about it. We should not be scared that it will take away something from our people.”
Sitharaman’s assertions came when India is working to strengthen its global standing as it navigates complex geopolitical challenges, China’s growing influence, and the potential impact of US President Donald Trump’s reciprocal tariffs.
