Expressing Indian anxieties over worrying signs of economic protectionism, Finance Minister Arun Jaitley has said that the continued unpredictability in ties between major powers has led to new uncertainties. He also said that new barriers to migration as well as the closing of borders are other elements of such an approach. However, he said that such efforts are unlikely to be able to address the complex issues involved.
Referring to India's economic progress, the minister has said that the country will continue to play its due role in the maintenance of regional and international peace and stability. He also clarified that the country’s rapid growth over the past two decades has also helped uplifting the economic trajectory of its smaller neighbours.
Identifying Asia as the stage for global competition, Jaitley said that economies in the region will be critical for global growth. He also pointed out that for the foreseeable future, Asian economies will continue to be the drivers of global growth. He added that Asia could also be emerging as the stage for competition between large and rising powers.
The finance minister further said that Europe appears pre-occupied with the future of the EU project. He said that they are also witnessing a sharpening of divisions in the European continent not seen since the Cold War. He also stated that economic and diplomatic engagement with the Eurasian region is a top priority for India.