We need to strengthen ‘Economic Diplomacy’ for India’s overall development, stresses V K Singh

Hyderabad, May 7: “Economic diplomacy can strengthen the manufacturing sector, which is the most stable part of any economy,” said Minister of State for External Affairs V.K. Singh at a conference on Economic Diplomacy for Development at the first Deccan Dialogue, held at International School of Business on Sunday. 

Indian School of Business (ISB), in partnership with Ministry of External Affairs, organised the maiden edition of Deccan Dialogue focusing on the theme ‘Economic Diplomacy for Development’.

Addressing the press conference, V.K. Singh said “Global labour mobility is in India’s interest. There is a need to carve out what we need as part of economic diplomacy, as opposed to a plain trade and tariff regime.”

“Progress in ease of doing business (EoDB) is just a start and much more needs to be done,” he said.

On the manufacturing sector, Singh further emphasized on the need for growth as this sector is the most stable and has created niche competitiveness.

He said there needs to be greater coordination between different ministries at the Centre and the states.

Telangana IT minister K.T. Rama Rao said, “India has a stereotypical image in many parts of the world. It is seen as a land of snake charmers, elephants and cattle walking on the streets, but we have many other things to offer the country and the world.”

Reiterating that India cannot be looked at as one entity or through “the prism of World Bank reports” owing to the country's diverse and heterogeneous nature, Rao said, “In my opinion, India is the United States of India, a continent and not a country.”

He called upon foreign diplomats to engage with India not just in Delhi but at the state level.

Meanwhile, India’s former permanent representative at the UN, T.P. Sreenivasan observed that Jawaharlal Nehru’s foreign policy of solidarity and promoting the aspirations of developing countries has lost steam in Prime Minister Narendra Modi’s reign.

He said this has become evident in the way Indian missions abroad operate now, as the MEA has a new mandate to conduct economic diplomacy and seek partnerships that are transactional, cooperative and put India first.