External Affairs Minister S. Jaishankar delivered a significant address in Kolkata, highlighting a fundamental shift in global dynamics where political considerations are increasingly overriding economic logic in international relations.
Politics Over Economics: A New Global Reality
While receiving an honorary doctorate from IIM Calcutta on November 30, 2025, Jaishankar made a pointed observation about contemporary global affairs. "This is an era where politics increasingly trumps economics and that is not a pun," the minister stated, in what appeared to be a veiled reference to ongoing trade tensions with the United States.
Jaishankar emphasized that in today's uncertain world, nations must adapt to this new reality by taking proactive measures to protect their national interests. His comments gain particular significance against the backdrop of recent trade disputes between India and the US.
Trade Tensions and Supply Chain Security
The External Affairs Minister stressed the urgent need for supply chain diversification as a crucial strategy for navigating current global uncertainties. "In an uncertain world, it is all the more important that we continuously diversify supply sources to guarantee our national needs," he told the audience at the prestigious business school.
This strategic advice comes at a time when President Donald Trump's administration has imposed steep tariffs on Indian imports, including a significant 50 percent duty on certain goods. These measures have created substantial trade tensions between the two democracies.
Changing Global Engagement Patterns
Jaishankar also noted a fundamental shift in how the United States, traditionally the underwriter of the global system, now approaches international relations. He observed that the US now sets new terms of engagement by dealing with countries individually, marking a departure from established multilateral approaches.
This change in American foreign policy strategy has significant implications for global trade dynamics and requires nations like India to recalibrate their economic and diplomatic strategies accordingly.
The minister's address at IIM Calcutta underscores India's growing concerns about supply chain security and its determination to build economic resilience in the face of increasing geopolitical uncertainties and protectionist trade measures from traditional partners.
