India’s Purchase Policies Helped Manage Global Inflation: S Jaishankar
London: External Affairs Minister S Jaishankar highlighted India’s significant role in stabilizing the global oil and gas markets through its strategic purchase policies amid the Russia-Ukraine war. Speaking at a conversation hosted by the High Commission of India in London, Jaishankar emphasized that India’s purchase policies have managed “global inflation.”
Jaishankar stated, “So we’ve actually softened the oil markets and the gas markets through our purchase policies. We have, as a consequence, actually managed global inflation. I’m waiting for the thank you.” He explained that India’s approach to oil purchases prevented a surge in global oil prices, thus averting potential competition with Europe in the market.
Furthermore, Jaishankar acknowledged India’s significance in the global markets, particularly in the LNG (liquefied natural gas) sector. He noted that many LNG supplies that traditionally came into Asia were diverted to Europe, leaving smaller countries unable to secure supplies. “They have bigger fish to fry,” he added.
During the conversation, Jaishankar also highlighted India’s pivotal role in the reforms of global institutions such as the G20 and BRICS, stating that India is “partly evolutionary, partly revolutionary.” He emphasized India’s unique position in the evolving global landscape.
Journalist Lionel Barber, who moderated the conversation, questioned Jaishankar about India’s role in reforming global institutions of governance. In response, Jaishankar stated, “We want change without excessive disruption.”
Regarding India’s geopolitical position, Barber noted that India finds itself in a favorable spot between the East and the West. He asked Jaishankar how India plans to exploit this position. Jaishankar explained that there is momentum due to ongoing processes in India, highlighting achievements in various sectors, such as handling COVID, economic changes, boosting exports, and embracing digital technology.
The conversation took place during Jaishankar’s five-day visit to the UK and was held at the Royal Over-Seas League Club.
(Note: This article is based on a syndicated feed and has not been edited by NDTV staff.)
