NEW DELHI: PM Narendra Modi on Wednesday denounced the “might is right culture” and emphasised the need for shared prosperity and optimum utilisation of resources as essential conditions for global progress.
In an interview to Moneycontrol, the PM also warned against supply chain disruptions due to “unilateralism and isolationism”. “Today, the pressure on natural resources and infrastructure is increasing. At such a time, it is vital that the world strongly stands against the ‘might is right’ culture. ...Shared prosperity through optimum utilisation of resources is the only way ahead,” the PM said.
The remark was seen by some as aimed at China’s muscle flexing, coercive use of debt and expansionist policies. “Geopolitics and related factors can have a significant impact on decision-making in international trade. Instances of unilateralism and isolationism driven by such factors can contribute to supply chain disruptions and impact livelihoods, especially in critical sectors. This is why, today, investment in creating reliable global value chains is gaining importance,” he said, adding that countries also need to offer stable policies that encourage businesses and innovation.
Over the past several months, the PM has spoken about the need to build a resilient and reliable supply chain, a concern shared by several countries — from Japan and Australia to the US. The comment on resources came days after he had cautioned against the “new model of colonialism” if countries that were sitting on a pile of critical minerals did not share it with others. While maintaining that the new world order was multipolar, the PM underlined the need to continuously create a consensus on common goals.
Modi also flagged the concern over inflation but said India had done much better in tackling price rise, “but was not resting at that” and was taking pro-poor decisions, such as a cut in cooking gas prices. “Inflation is a key issue that the world faces. First, the pandemic and then the conflict have changed the global inflation dynamics. As a result, both advanced countries and emerging economies are facing high inflation. This is a global issue that needs close cooperation,” he said.
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