External affairs minister S Jaishankar said the recent experience has taught India neither to be dependent on a single supply chain or a single market, and suggested diversification as a hedging strategy for industry.
His comment at the ET World Leaders Forum comes amid the steep tariffs imposed on Indian exporters by the US and weaponisation of supply chains by China for importers.
When asked about the India-US ties, he said conversations are ongoing as two big countries need to have conversations. "...the lines are not cut, people are talking to each other, and we will see where that goes," he said.
While US trade negotiators have put on hold their visit to India scheduled for this week, he said the two sides are in touch with each other over a trade deal, but India's position is firm. "We have red lines in the negotiations, and we have to be clear about them," he said. "What we are concerned about is that red lines are primarily the interest of our farmers and, to some extent, our small producers. So, when people pronounce that we have succeeded or failed, we as a government are committed to defending the interests of our farmers and small producers. We are determined on that. That's not something we can compromise on," Jaishankar said. "The issue of decisions which we make in our national interest is our right. And I would say that's what strategic autonomy is about."
Right now, there are issues in India-US times, he said. "It is pretty open, but it is not like we never had issues before. Other parts of the relationship are strong."
He recalled Bill Clinton's India visit in 2000 as a major inflection point in the India-US nuclear deal. "...then probably PM Modi's visit in 2014 was the next one. I would say the overall trend has always been net net positive."
Trump 's foreign policy, Russian oil
"We have not had a US President who has conducted foreign policy as publicly as the current one. That itself is a departure that's not limited to India," Jaishankar said. "President Trump's way of dealing with the world is a very major departure... the application of tariffs in this manner even for trade is novel... the application of tariffs on non-trade is even more so." Referring to imposition of tariff citing India's import of Russian oil, he said: "...this (tariff) is being presented as an oil issue. But why I say 'being presented' is because the same arguments that have been used to target India have not been applied to the largest oil importer (from Russia), which is China, and have not been applied to the largest LNG importer, which are the European nations." Jaishankar pointed to the "inconsistency" in the West's stance, saying Europe trades far more with Russia than India. "And when people say we are funding the (Russia-Ukraine) war and putting the money... Russia-European trade is bigger than India-Russia trade. So is Europe not putting money in Russia's coffers," he asked. To a question whether India has profiteered from the purchase and sale of Russian crude, the minister said: "If you have a problem buying oil or refined products from India, don't buy it. Nobody forces you to buy it. Europe buys, America buys, so you don't like it, don't buy it."
"It's funny to have people who work for a pro-business American administration accusing other people of doing business," Jaishankar said. He recalled that when oil prices surged as the Russia-Ukraine conflict began, there was global concern. "That time, it was said that if India wants to buy Russian oil, let them, because that would stabilise prices," Jaishankar said, adding: "The fact that you devised the price cap meant that you accept that there's an oil trade going on with Russia."
India did not have any conversations with the Trump administration on buying Russian oil since January, he said.
On Trump's claims that he brokered India-Pakistan ceasefire, Jaishankar said: "For more than 50 years now, there is a national consensus in our country that India will not accept mediation in our relations with Pakistan".
When asked about Washington's new ambassador to India, Jaishankar avoided comment, saying: "Look, I am the foreign minister, I don't comment on ambassadorial appointments of other countries."
India-China relations
He dismissed observations that India's relations with China are improving in view of the strain in New Delhi-Washington ties.
"I think it would be a mistaken analysis to try and crunch everything and make it into an integrated response to a very specific situation," he said. "What's happening with China now had its preparation done from October 2024. India-US and India-China ties are different situations and timelines. We have historical problems with China and a stable border is still a prerequisite for development of ties, but trade and relations are important for our industries here." "We have always maintained that ... if the border is stable, predictable, free of incidents, then there is a natural improvement in the rest of the relationship. So, the border has been for some time now, and as the disengagement was completed, naturally there was a logic that there would be an improvement..."
Jaishankar said talks during his Russia visit focused on the annual bilateral summit. "We'd like to increase trade with Russia. There's been some mobility of people. We would like to see that increase. We want more market access in Russia."
He said India's position on the Ukraine conflict is clear. "...we want an early end to the Russia-Ukraine issue."
His comment at the ET World Leaders Forum comes amid the steep tariffs imposed on Indian exporters by the US and weaponisation of supply chains by China for importers.
When asked about the India-US ties, he said conversations are ongoing as two big countries need to have conversations. "...the lines are not cut, people are talking to each other, and we will see where that goes," he said.
While US trade negotiators have put on hold their visit to India scheduled for this week, he said the two sides are in touch with each other over a trade deal, but India's position is firm. "We have red lines in the negotiations, and we have to be clear about them," he said. "What we are concerned about is that red lines are primarily the interest of our farmers and, to some extent, our small producers. So, when people pronounce that we have succeeded or failed, we as a government are committed to defending the interests of our farmers and small producers. We are determined on that. That's not something we can compromise on," Jaishankar said. "The issue of decisions which we make in our national interest is our right. And I would say that's what strategic autonomy is about."
Right now, there are issues in India-US times, he said. "It is pretty open, but it is not like we never had issues before. Other parts of the relationship are strong."
He recalled Bill Clinton's India visit in 2000 as a major inflection point in the India-US nuclear deal. "...then probably PM Modi's visit in 2014 was the next one. I would say the overall trend has always been net net positive."
Trump 's foreign policy, Russian oil
"We have not had a US President who has conducted foreign policy as publicly as the current one. That itself is a departure that's not limited to India," Jaishankar said. "President Trump's way of dealing with the world is a very major departure... the application of tariffs in this manner even for trade is novel... the application of tariffs on non-trade is even more so." Referring to imposition of tariff citing India's import of Russian oil, he said: "...this (tariff) is being presented as an oil issue. But why I say 'being presented' is because the same arguments that have been used to target India have not been applied to the largest oil importer (from Russia), which is China, and have not been applied to the largest LNG importer, which are the European nations." Jaishankar pointed to the "inconsistency" in the West's stance, saying Europe trades far more with Russia than India. "And when people say we are funding the (Russia-Ukraine) war and putting the money... Russia-European trade is bigger than India-Russia trade. So is Europe not putting money in Russia's coffers," he asked. To a question whether India has profiteered from the purchase and sale of Russian crude, the minister said: "If you have a problem buying oil or refined products from India, don't buy it. Nobody forces you to buy it. Europe buys, America buys, so you don't like it, don't buy it."
"It's funny to have people who work for a pro-business American administration accusing other people of doing business," Jaishankar said. He recalled that when oil prices surged as the Russia-Ukraine conflict began, there was global concern. "That time, it was said that if India wants to buy Russian oil, let them, because that would stabilise prices," Jaishankar said, adding: "The fact that you devised the price cap meant that you accept that there's an oil trade going on with Russia."
India did not have any conversations with the Trump administration on buying Russian oil since January, he said.
On Trump's claims that he brokered India-Pakistan ceasefire, Jaishankar said: "For more than 50 years now, there is a national consensus in our country that India will not accept mediation in our relations with Pakistan".
When asked about Washington's new ambassador to India, Jaishankar avoided comment, saying: "Look, I am the foreign minister, I don't comment on ambassadorial appointments of other countries."
India-China relations
He dismissed observations that India's relations with China are improving in view of the strain in New Delhi-Washington ties.
"I think it would be a mistaken analysis to try and crunch everything and make it into an integrated response to a very specific situation," he said. "What's happening with China now had its preparation done from October 2024. India-US and India-China ties are different situations and timelines. We have historical problems with China and a stable border is still a prerequisite for development of ties, but trade and relations are important for our industries here." "We have always maintained that ... if the border is stable, predictable, free of incidents, then there is a natural improvement in the rest of the relationship. So, the border has been for some time now, and as the disengagement was completed, naturally there was a logic that there would be an improvement..."
Jaishankar said talks during his Russia visit focused on the annual bilateral summit. "We'd like to increase trade with Russia. There's been some mobility of people. We would like to see that increase. We want more market access in Russia."
He said India's position on the Ukraine conflict is clear. "...we want an early end to the Russia-Ukraine issue."
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