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Foreign Minister S. Jaishankar said on Saturday that India has faced recent global shocks strongly. He said this in the context of the ongoing conflict in West Asia and its economic impact.

S. Jaishankar, in his address at the convocation ceremony of IIM Raipur, said that despite the environment of increasing global tension, India has handled both domestic and international challenges ‘largely successfully’.

He said that now the impact of conflict in any region is not limited to that region only, but due to globalization, its impact is felt in other parts of the world as well.

He said, “There is no doubt that in recent times many global shocks have tested our strength and India has come out of them stronger.”

The minister also said that the crisis arising in West Asia after the attacks on Iran by America and Israel in February is affecting the global fuel supply chain and is also leading to shortage of hydrocarbons.

Jaishankar said developing strong domestic capabilities is the most effective way to reduce risks and enhance strategic strength.

He also pointed to the changing global order, where the balance of power and influence is constantly changing, and said the current instability is structural.

According to him, rapid changes in technology, energy, military capability, connectivity and resources have further increased competition among countries.

He said that today everything is being used strategically, and in many cases it is also being used as a weapon.

For this reason, countries and economic policies are now paying more attention to reducing risk, increasing diversification and strength.

Jaishankar described the Covid-19 pandemic, ongoing war and climate change as the biggest challenges of this decade. He said that inclusive growth, representative politics and strong leadership are laying a strong foundation to deal with these challenges.