Asserting Bharat’s role in stabilising global oil and
gas markets through its strategic purchase policies amid the Russia-Ukraine
war, External Affairs Minister S Jaishankar noted that the purchase policies of
Bharat managed “global inflation”.
During a conversation hosted by the High Commission of
India in London, titled ‘How a billion people see the world,’ Jaishankar
discussed Bharat’s impactful position in global affairs.
Jaishankar said, “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.”
The minister explained that Bharat’s approach to oil
purchases prevented a surge in global oil prices, preventing potential
competition with Europe in the market.
He elaborated, “When it comes to the purchase… I
think the global oil prices would have gone higher because we would have gone
into the same market to the same suppliers that Europe would have done and as
we discovered Europe would have outpriced us.”
While acknowledging Bharat’s significance in the
global markets, Jaishankar noted, “We saw that in the LNG markets where
actually many supplies which were traditionally coming into Asia were diverted
to Europe and in fact at least Bharat was a big enough country to command some
respect in the markets but there were much smaller countries who didn’t even
get responses to their tender in Paris because the LNG suppliers were no longer
interested in dealing with them.”
“They have bigger fish to fry,” the EAM added.
In addressing Bharat’s stance on the Russia-Ukraine
war, Jaishankar highlighted the balance between principles and interests.
“We have learned the hard way that people speak of
principles…But they are tempered by interest. In this particular case, we
have a very powerful interest to keep our relationship with Russia.”
The conversation, part of Jaishankar’s five-day visit
to the UK, took place at the Royal Over-Seas League Club and was moderated by
journalist Lionel Barber.
In the conversation, the EAM also underscored Bharat’s
pivotal role in reforms of the global institutions like the G20 and BRICS,
saying that “we are partly evolutionary, partly revolutionary.”
Addressing the audience, EAM Jaishankar emphasised
India’s unique position in the evolving global landscape.
Barber questioned Jaishankar, “How do you see India’s
role in trying to either reform the post 1945 global institutions of governance
or building alternatives?”
To this the EAM replied, “We are partly evolutionary,
partly revolutionary. We want change without excessive disruption.”
Barber also noted that “it has become almost
conventional wisdom to say that this is India’s most moment.”
“But also, India seems to find itself in a
geopolitical sweet spot between east and west. So perhaps you could talk a
little is about how India suddenly appears to be top of the heat, and then how
is India going to exploit that position?” he asked Jaishankar.
In response, the EAM said, “I would say there’s a
momentum because there’s a certain process which we are in the middle of at
this point of time.”
He went on to elucidate several notable recent
achievements of Bharat ranging from handling of “Covid to the economic changes,
the recapitalisation of banks, the effort to boost exports, the renewed
business confidence, the socioeconomic changes, and a massive embrace of
digital technology.”
ANI
