NEW DELHI: Prime Minister Narendra Modi on Sunday invoked “mutual trust” and “democratic values” to encourage investment in India as he cited supply chain disruptions during Covid-19 to crack down on China.
Without naming China, the prime minister said the pandemic has caused irreversible changes. “A profitable market can be sustained when there is a balance between the interests of producers and consumers. This also applies to nations.” Treating other countries only as a market will never work. Sooner or later it will also harm the producing countries. “Making all equal partners in progress is the way forward,” he said, speaking to industry leaders in attendance at the B20 gathering.
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The statement, issued days after Modi met Chinese President Xi Jinping on the sidelines of the Brics summit in Johannesburg, signals India’s continued unease with its neighbor amid rising border tensions. In recent years, India has attempted to position itself as an attractive investment destination as companies look to diversify their manufacturing bases and reduce their dependence on China.
With China sitting on a global pile of important minerals, Modi also warned that this could lead to a new model of colonialism. “If our focus is self-centered, it will not benefit ourselves or the world. We see this challenge with critical minerals and rare earths. In some places these are present in large quantities, in other places they are absent. But all of humanity needs it. Those who have it and don’t see it as a global responsibility will promote a new model of colonialism,” he said. Additionally, he proposed an “integrated approach” to cryptocurrencies, an issue high on India’s list of priorities for next month’s G20 summit. “We need a global framework that takes into account the interests of all stakeholders,” he added.
Modi also raised concerns about artificial intelligence. “Around the world there is a lot of excitement about AI, but there are also some ethical considerations. These relate to upskilling and reskilling, algorithm bias and their impact on society. We must work together to find a solution. It is important for global business and governments to ensure ethical AI gets the right attention,” he said.