Maximizing Globalization’s Potential: Embracing its Reality, Stresses Jaishankar at Semicon Meet

India’s External Affairs Minister, S. Jaishankar, delivered a compelling address at the Semicon India Conference on Sunday, urging businesses to seize the opportunities presented by the evolving landscape of global supply chains. With supply chains becoming more distributed across the world, the minister emphasized the importance of optimizing globalization to capitalize on its potential for mutual growth and prosperity.

During the Semicon India Conference, India’s top diplomat, S. Jaishankar, acknowledged that the downsides of globalization have been a subject of ongoing debate. However, he emphasized that in the technology and manufacturing sectors, globalization has become an irreversible reality. Instead of rejecting this reality, the focus should be on optimizing globalization to maximize its benefits.

The diplomat pointed out that the world is moving towards an era of “re-globalization” where production centers are becoming more distributed across different regions. This shift allows for a more collaborative approach compared to the past, reducing the risks associated with over-concentration of production in specific areas.

Recognizing the changing global landscape and the growing significance of distributed production, the diplomat emphasized the importance of India’s efforts to develop domestic semiconductor manufacturing capabilities. By manufacturing semiconductors domestically, India can strengthen its position in the global supply chain and reduce dependence on external sources for critical technologies. This move assumes even greater importance in the context of the evolving globalized market, where technology and innovation are pivotal drivers of economic growth and competitiveness.

In addition to emphasizing the significance of domestic semiconductor manufacturing, India’s top diplomat further highlighted the broader vision of their semiconductor mission. The objective is not solely focused on meeting domestic requirements but extends to contributing to the global demand for trusted semiconductor manufacturing.

By nurturing a strong semiconductor industry within its borders, India aims to position itself as a reliable and trustworthy player in the global market. This move aligns with the broader “make in India, make for the world” strategy, which emphasizes India’s commitment to becoming a global manufacturing hub for various industries, including semiconductors.

During his address, Minister Jaishankar highlighted India’s strategic collaborations with trusted international firms in the semiconductor industry. These partnerships are aimed at bolstering India’s semiconductor development capabilities and ensuring supply-chain resilience in the face of intense global competition over advanced technologies.

One of the notable partnerships he mentioned was the Memorandum of Understanding (MoU) signed with the United States on semiconductors. This agreement signifies a commitment between India and the U.S. to collaborate on semiconductor research, development, and manufacturing. Such collaborations enable knowledge sharing, technology transfer, and access to cutting-edge expertise, which are crucial for India’s efforts to strengthen its semiconductor ecosystem.

Furthermore, Minister Jaishankar mentioned another significant MoU signed with Japan on semiconductor supply-chain resilience. This partnership is particularly important in the context of the global race to dominate advanced technologies, where securing robust and resilient supply chains is of utmost importance. By collaborating with Japan, India aims to enhance its capabilities to withstand disruptions and ensure a reliable supply of semiconductor components critical for various industries.

Minister Jaishankar underscored the profound impact of technology on modern society, emphasizing how deeply embedded it has become in all aspects of our lives. The pervasive presence of technology in various spheres, from economic activities to social interactions, has led to a transformative shift in the way we conduct ourselves as a society. Consequently, critical and emerging technologies have now assumed a pivotal role in determining a nation’s power and influence on the global stage.

The minister highlighted that the advancements in critical and emerging technologies are driving a paradigm shift in the dynamics of power among nations. As these technologies become increasingly central to economic growth, innovation, and national security, they have emerged as one of the most important metrics for assessing a country’s prowess and influence in the international arena.

Firstly, the question of “who invents?” has gained significant importance as innovation becomes a driving force in economic growth and technological advancements. Nations that lead in research and development and foster a culture of innovation are better positioned to shape the future and drive progress.

Secondly, the question of “who manufactures?” is essential as the manufacturing capabilities of a country influence its ability to produce and supply critical technologies. Secure and advanced manufacturing facilities are vital for meeting global demand and maintaining a competitive edge.

Thirdly, understanding “market shifts” is crucial in identifying emerging opportunities and adapting to changing consumer demands. Markets with dynamic shifts provide potential avenues for growth and influence in the global economy.

Next, the question of “where are the resources?” gains significance in the context of securing the raw materials and resources required for advanced technologies. Access to crucial resources can impact a nation’s technological independence and resilience.

The availability of skilled workers and talent also plays a vital role in determining a country’s position in the global technology landscape. The question of “who has the skills?” is crucial in developing and leveraging critical technologies effectively.

Minister Jaishankar also emphasized the importance of recognizing the talent pool and asking “where is the talent?” as countries with a skilled workforce have a competitive advantage in driving innovation and staying ahead in the global technology race.

Furthermore, he addressed the term “chip war,” acknowledging that it might be somewhat exaggerated but carries a fundamental truth. The increasing competition and strategic importance of semiconductors and advanced chips in various industries have made it a focal point in international relations.

Akash Shrivastav

My name is Akash Shrivastav, and I am a Blogger. I have 8 years of experience in blogging for Finance, Business, Investment, Stock Market, Cryptocurreny and more. Through my writing, I aim to provide readers with insightful and informative content.