Better ease of living, startup ecosystem boost India’s growth: External Affairs Minister Jaishankar

India has emerged as a resilient global power, successfully navigating a series of external shocks that have tested its economic and diplomatic strength, External Affairs Minister S. Jaishankar said on Saturday, in an apparent reference to ongoing tensions in West Asia. 

Addressing the 15th convocation ceremony of the Indian Institute of Management (IIM) Raipur, Jaishankar said the country has seen significant improvements in ease of living and access to opportunities, particularly for entrepreneurs, startups, and small businesses. Expansion in educational institutions and a sharper focus on skill development have further strengthened India’s human capital, he added. 

Disruptions of the decade

Describing the Covid-19 pandemic, global conflicts, and climate change as the “disruptions of the decade”, the minister said these challenges have impacted daily life to an “unimaginable degree”. He pointed to the growing frequency of extreme climate events and the erosion of natural habitats as pressing concerns. 

Despite these shocks, India has held its ground and consolidated its position among the world’s top five economies, he said. “We are now among the top five economies. Multiple global shocks have tested our resilience, and India has come through that solidly. We have managed both domestic and external challenges fairly successfully,” Jaishankar said. 

He said that more inclusive growth, representative politics and decisive leadership have laid a new foundation for higher national aspirations. 

Highlighting India’s embrace of technology, Jaishankar said the country has not only adopted the digital revolution but has applied it purposefully across sectors, often outpacing even developed economies. 

Building robust national capabilities is critical

The minister stressed that building robust national capabilities is critical in an increasingly uncertain global environment, where traditional globalisation is giving way to a renewed emphasis on self-reliance. 

“In India, this is reflected in ‘Atmanirbhar Bharat’. Securing capacities in key areas such as food, health, energy and national security is essential,” he said, adding that trusted partnerships and diversified sourcing remain crucial where self-sufficiency is challenging. 

Jaishankar noted that the global order is undergoing structural changes, with shifts in power, rapid technological advances and increased competition leading to a more volatile and unpredictable environment. 

“Everything today is being leveraged, if not weaponised,” he said, underlining the need for countries and businesses to hedge risks and diversify strategies. 

He also highlighted the role of business and enterprise in nation-building, noting that efforts to improve the ease of doing business are central to India’s growth strategy. 

On foreign policy, Jaishankar said India is increasingly focused on expanding market access for domestic producers, securing critical resources and technologies, and supporting Indian citizens abroad, particularly during crises. 

The minister said promoting “Brand India” globally is key to strengthening the country’s image as a reliable and trusted partner. 

Addressing the graduating class, the minister said they are beneficiaries of a decade of progress and are well-positioned to contribute to the vision of a ‘Viksit Bharat’. “You are poised to lead India’s next phase of growth,” he added.