In a significant address outlining India's strategic vision, a top government official stated that the nation will champion a rules-based international system while actively building partnerships to secure its national interests. The remarks come against a backdrop of profound changes in global power dynamics.
Navigating a World in Flux
Principal Secretary to the Prime Minister, Shaktikanta Das, delivered these insights on Friday while giving the inaugural Bibek Debroy Memorial Lecture in New Delhi. He emphasized that India is actively adapting to new global alignments and stressed the urgent need to revitalize the multilateral framework.
"Today we stand at an inflection point where shifting geopolitical winds and trade policies are reshaping the global economic order," Das stated. He pointed out that traditional multilateralism, once a cornerstone of global governance, is now under severe strain, being sidelined by geopolitical rivalries, protectionism, and fragmentation. Key international institutions are struggling to fulfill their core mandates, he added, highlighting disruptions in global supply chains and ongoing trade tensions.
India's Reform-Driven Resilience
Despite these challenges, Das argued that India is exceptionally well-positioned to navigate this complex environment. He credited a series of deep structural reforms implemented over the past few years for this strength.
"India stands today at the cusp of a historic journey - from being an 'Incredible India' to a credible India," he proclaimed. While acknowledging that headwinds from known and unknown sources will persist, Das noted India's successful emergence from "perfect storms" caused by multiple global shocks since the COVID-19 pandemic. "With the policies that the country has adopted, the wind is in our sails," he asserted confidently.
The former Governor of the Reserve Bank of India listed a raft of key reforms that have fundamentally transformed the economy, leading to faster expansion. These include:
- The Goods and Services Tax (GST) and its subsequent revamp
- The Insolvency and Bankruptcy Code (IBC)
- The new labour codes
- The Real Estate (Regulation and Development) Act (RERA)
He also highlighted India's successful and timely withdrawal from the expansionary monetary and fiscal policies adopted post-COVID, a move where several other nations faced delays.
Atmanirbharta: A Strategy for Global Leadership
A central pillar of India's strategy, according to Das, is the government's push for 'Atmanirbharta' or self-reliance. He clarified that this is not an isolationist policy but a strategic move to build core competence and resilience.
"Economic Atmanirbharta means developing the capacity to produce critical goods and technologies at home and reducing over-reliance on foreign sources," he explained. Das elaborated that the concept has two complementary dimensions: economic self-reliance and geopolitical autonomy. A strong, self-reliant economy provides greater strength to sustain growth, while an autonomous foreign policy allows India to engage with the external world in its best national interest. "Together, they ensure that India's rise is resilient, sustainable, and beneficial to us and to the world," he said, positioning India to be an "architect of global growth."
Envisioning India's Future
Looking a decade ahead, Shaktikanta Das painted a vivid picture of India's potential. He spoke of a young, digitally-skilled workforce, seamless transactions powered by world-class digital infrastructure, and a significant formalization of economic activity. He also foresaw Indian-led innovations in critical fields like Artificial Intelligence (AI), healthcare, and space technology driving substantial productivity gains across the economy.
This comprehensive vision underscores India's intent to not just adapt to the changing world order but to actively shape it, leveraging domestic reforms and strategic autonomy as its guiding principles.
