Acceptance remarks by EAM Dr. S. Jaishankar at the conferment of Honorary Doctorate Award by IIM Calcutta (November 29, 2025)

Shri Shrikrishna Kulkarni, Chairman, Board of Directors, IIM Calcutta,

Prof. Alok Kumar Rai, Director,

Prof. Bhaskar Chakrabarti, Dean, Academic Programmes,

Prof. Sumanta Basu, Dean, D&ER,

Faculty, dear students,

It is an enormous privilege to be awarded the Degree of Doctor of Philosophy, honoris causa, that too from such a prestigious institution like the Indian Institute of Management, Calcutta.

2. As the first Institute of Management of independent India, IIM Calcutta really has a unique standing. Your triple crown accreditations are an attestation of your stature. As for your alumni, and that was a conversation we had yesterday evening, I readily recall Indra Nooyi, a friend of many years, T V Narendran, who was my colleague in my brief business career, which was not mentioned in my Curriculum Vitae, with the Tata Group, and Ambassador Ajay Bisaria, who was with me for many years in the Foreign Service. Of course, there are many more who have brought fame to their alma mater. And all of you, I know, will continue to uphold these standards of excellence.

3. Now, my own life has been spent in the study of international relations and the pursuit of diplomacy. This was initially as a student, then for more than 4 decades as a diplomat, briefly as I said on the global side of business, and currently, as the Minister with the responsibility for the conduct of our foreign policy.

4. In the course of this journey, my own understanding of this subject has evolved and perhaps, the sharpest realization is of the intricate connect between national capabilities and external aspirations. This is clearly not rocket science, but the complexity of that linkage and its relationship to policy options is something that is really brought home by experience. It is, therefore, natural that on an occasion like this - that too at an institution so deeply associated with our economic growth - that this should be the subject of my address.

5. For many decades now, this connect that I have referred to has been conceptually articulated as comprehensive national power. A complex aggregation of multiple dimensions, it is a measure of a country's strength, of its quality of life and of its ability to shape the world. Some aspects like military or economic capacities are more obvious; others like natural resources, niche technologies or cultural impact perhaps much less so. Occasionally, developing exceptional capabilities provide an added source of power. Now conversely, allowing crucial vulnerabilities, such as neglect of the border infrastructure or indifference to industrialization, can be a great weakness.

6. Now, it is sometimes said that the best foreign policy is high economic growth. While there is much truth to it, reality is actually more complicated than that. It is not just about progressing on a broad front, but also paying attention to specifics which have a larger implication. Let me illustrate that. Contemporary debates today about chips, rare earths or connectivity illustrate this point. More than that, there is actually the question of fostering an underlying culture, which determines a society's attitude, habits and temperament. For all the talk about services, it is only by manufacturing that we can actually really appreciate technology, spread an industrial culture and encourage innovation.

7. And that is precisely why, in an extremely competitive world, the state of entrepreneurship at home is intrinsically related to the pursuit of interests abroad. It is central to how we relate to the world and equally, a beneficiary of what we draw from it. In that sense, my world and yours are really not that far apart.

8. Let us turn to the global landscape and begin by recognizing the profound changes underway. This is an era where politics increasingly trumps economics, and that's not a pun. Decisions are now being made not merely on cost, but taking into account ownership and security. Where a product is made, or who offers a service, is as important as their price points. When de-risking overrides the logic of efficiency, the mantra of 'just in time' actually gives place to the caution of 'just in case'. Of course, globalization still exists - because it is too far gone to be rolled back - but with powerful counter-forces today brought into play. Far from being an aberration, these trends have only just started and will probably pick up pace in times to come.

9. Now, let's turn our attention to some key elements of this transformation which actually makes for a less rule-bound and more fragmented world. The United States, long the underwriter of the contemporary system, has set radically new terms of engagement. Not just that; it is doing so by dealing with countries on a one-on-one basis, rather than through regimes. China has long played by its own rules and is now doing so, even more. In the ensuing scenario, other nations are unclear on whether their attention should be on their visible competition, or the tradeoffs and understandings that punctuate them.

10. Faced with such pulls and pressures of globalisation, of fragmentation and of supply insecurity, the rest of the world responds by hedging against all contingencies. Even as it engages the United States and China directly, choices are avoided where feasible and choices are made when beneficial. Simultaneously, other options between themselves are explored with greater urgency. One sign of that is the uptick in the enthusiasm today for Free Trade Agreements across geographies.

11. Now while all of this is happening, the global picture is by no means static. Europe and Asia are reassessing their respective strategic predicaments. The very landscape in the Middle East has undergone a transformation. The importance of partnering Africa's growth is more widely recognized. And as distances become less relevant, new opportunities are visualized in Latin America.

12. Now, please also bear in mind that the relative weight of nations in different domains is also undergoing a major change. Whether it is manufacturing, energy, trade, finance, technology, natural resources, connectivity or mobility, the world is not what it was, say, just a decade ago.

13. A third of global production currently takes place in China. This has put the spotlight on the resilience and reliability of supply chains. Conflicts and climate events have added to the possibility of their disruption. When it comes to energy, the US has gone from being a major importer to a significant exporter of fossil fuels. At the same time, China dominates the world of renewables. Where trade is concerned, supply-side risks are aggravated by demand-side uncertainty. The salience of tariff rates to trade prospects has obviously heightened volatility. As for finance, the prolific application of sanctions, the seizure of assets and the advent of blockchain based technologies are today part of the new realities.

14. And what can we even say about technology when the mother of all changes - Artificial Intelligence moving towards Artificial General Intelligence - is at our very doorstep? Understandably, it has a direct impact on the competition for natural resources, especially rare earths and critical minerals.

15. Now even as these developments unfold, we are revisiting history by reinventing connectivity. The hardwiring designed by the vested interest of imperialism needed to change as new centers of production and consumption came up. While some of it was organic and some of it was market-driven, others appear to also have a strategic intent. Indeed, the very concept of dual-purpose connectivity challenges the orthodox assumptions and definitions that many of us hold.

16. Another dimension worth recognizing is the importance of the mobility of talent. The flow may be driven by demands of technology, but they are actually made possible by a globalized economy. Over a period, it was not just the talent that is moving; so too is the tasking. And we see that in the rise of Global Capability Centers.

17. Demographics is at work too, not only technology and economics. In many societies, the maintenance of basic social services require skills from abroad, as do their economic production. The cumulative result is the need today to prepare for a global workforce.

18. So this is the global landscape, and you may ask - how does India respond to these new realities? Well obviously, by pursuing policies and taking actions that one, advance our comprehensive national power, two, reduce our vulnerabilities and three, promote our influence. Now the last two clearly constitute the core of our diplomatic activities. But even when it comes to increasing comprehensive national power, our role in diplomacy is active rather than passive.

19. This is done amongst others by facilitating the flow of technology and ease of manufacturing, by shaping external sentiment about investing in India, by opening markets for our producers and work opportunities for our skills, and by ensuring the steady and predictable supply of our requirements from the world. As India rises and our economy grows, we are preparing to shoulder more responsibilities in this regard.

20. A major power, that too one with higher aspirations like us, must have a significant industrial base. Unfortunately, this was not an assumption necessarily accepted by policy-makers before 2014. Promoting industrial growth, and even incentivizing it, is today a key economic priority. The emphasis on 'Make in India' in the last decade speaks of a different mindset and greater ambition.

21. For its full potential to be realized, industry has to partner wholeheartedly and look beyond the short-term. It must help build the domestic supply chain, even as we seek to participate more in the global one. As it strikes roots, make in India is strengthened by research in India, innovate in India and design in India. Not all missed opportunities of the lost decades of the last century can be recovered. But there is considerable scope, believe me, to play catch up, especially in selected domains.

22. At the same time, attention is being paid to advanced technologies, to advanced manufacturing so that India does not perpetually lag behind. We are now in the world of chips and semiconductors, electric vehicles and batteries, drones and space, or that of nano-tech and bio-science. Each of them offers opportunity to leapfrog and establish unique capabilities. Which is why they feature today so strongly in the Government's policy support.

23. Where foreign affairs is concerned, technology and trade are among the metrics of our 3Ts performance evaluation, along with tourism. It is a measure of seriousness that our diplomats are so focused on constantly exploring opportunities and solving problems in these domains.

24. For all this to happen, it has also been imperative to rectify the shortcomings in our infrastructure. In fact, that was the crucial differentiator in many ways with respect to the more successful Asian economies. But in the last few years, that gap is narrowing, in fact it is narrowing before our very eyes. Whether it is highways or railways, aviation or ports, energy or power, we are now moving ahead by any standards. And, I can tell you by personal experience that the world is indeed taking note.

25. Getting across the India Story to investors is a responsibility that we also take seriously in the diplomatic routine. That involvement can at times also extend to handholding in respect of important projects.

26. While the physical environment may be improving, it is also equally important that the enabling one for entrepreneurship does so. Making it easier to do business has been a consistent refrain over this last decade. This ranges from abolishing outdated rules and simplifying compliance procedures to limiting discretionary powers and encouraging de-regulation. Side-by-side, a determined effort is underway to improve the ease of living for the average citizen. That is reflected in more efficient administration and better governance.

27. But the game-changer here really has been our digital public infrastructure. It has not only facilitated optimal use of resources and drastically reduced leakage, but also expanded the reach of social welfare measures. The role of digitally enabled governance in the transformation of India cannot be overstated. Whether it is nutrition support for two-thirds of our population, health facilities for more than half, social housing on a mass scale, benefit schemes for farmers or unprecedented financial inclusion - none of this could have happened without the digital backbone. Significantly, our achievements in this sector are gaining increasing recognition abroad. We have started actually partnering with the Global South on similar initiatives.

28. A crucial consequence of these developments has been that the human resources sector at large is now getting the attention that it has long deserved. It starts at the bottom of the pyramid, where there is far more effective delivery of basic needs, including nutrition, health, housing and connectivity. As literacy and education rates in our society improve, there are direct implications for the quality of our workforce. Educational institutions have actually doubled in the last decade but there is obviously much more work to be done. Skills enhancement has also become a focus in itself, both as policy and on the ground. Whether it is skills or education, there is much to be gained by international collaboration, as in fact the history of this very institution can testify. We have consequently been active in assisting foreign universities and skills institutions to establish their collaborative or other presence in India. The initial results are already visible.

29. As international demand for talent and skills increase across professions, we are obviously today in a much better position to meet it. In fact, addressing the needs of the global workplace is a major diplomatic goal for us. It is reflected in the mobility agreements that we have reached with many countries. Moreover, as more Indians go out into the world, we must arm them with greater confidence. Ensuring their welfare through evacuation in conflict situations, or indeed the manner in which we looked after them during the Covid pandemic, these send a very strong message to our citizens who go out in the world.

30. Now, just as power has a comprehensive definition, so too does the concept of security. Nations, again I stress especially the large ones, need to be reassured when it comes to energy security, food security, health security; or for that matter, even fertilizer security. That means ensuring the smooth working of supply chains and negotiating long-term arrangements and understandings. The Covid pandemic tested us in that regard when it came to vaccines, just as the Ukraine conflict impacted our energy access. By securing vaccine ingredients and accessing additional energy and fertilizer sources, we actually demonstrated that a responsive foreign policy can indeed deliver for every citizen. In an uncertain world, it is all the more important that we continuously diversify supply sources to ensure, to actually guarantee our national needs.

31. With these considerations in mind, we are today endeavoring to forge new trade arrangements and promote fresh connectivity initiatives. While they certainly represent key facets of our policy priorities, it also speaks for the importance that the world attaches to ties with India. As we ascend the global economic hierarchy, the case for them will only get stronger. These exercises have long-term repercussions and therefore, need to be embarked upon with great judiciousness. When it comes to trade, we will naturally be guided by our people-centric vision, just as our connectivity plans will be by strategic as well as economic considerations.

32. Among the methods of promoting India abroad is through extending Lines of Credit and offering grant assistance, and you could ask me why is that so important. So I would like to share with you, because this is a core activity of my Ministry, that many projects that have resulted from these efforts, in our neighbourhood especially, have been crucial for connectivity with our partners. There are other instances where such support has helped to introduce Indian companies and their products to new markets. And not least, as our own capabilities have forged ahead in domains like power grids, water infrastructure, highway building or railways, we have actually been able to offer cost-effective solutions abroad. Showcasing this New India is very much at the centre of the diplomatic mandate.

33. The link between national development and foreign policy will only get deeper as the world globalizes and as we all embrace technology. To a considerable extent, our prospects must take into account access abroad, whether to markets, to resources, to technologies, or even to work opportunities. At the same time, some of our solutions emerge through collaborations with global partners. They hold the potential of leapfrogging our growth in many domains. In a competitive environment, our well-being and progress are best assured by creating a benevolent external environment. That involves understandings and calculations as they do give and take, which are what diplomacy is all about.

34. At one level, we have to optimize our positioning vis-à-vis key global players and regions. Agenda-based smaller groups are also being created. At another, stronger linkages need to be nurtured with our immediate and with our extended neighbourhood. And as we plan for Viksit Bharat in 2047, the goal of foreign policy is also to steadily expand our footprint beyond its current confines. The solidarity that we have built with the Global South creates a basis for doing so. As India develops, the world will definitely seek to engage with us more intensively.

35. While the key to our future lies in growth and modernization, a civilizational state must also draw on its history and culture. Technology and tradition must march together. Indeed, one reinforces the other. It is, therefore, essential that we think through the challenges ahead for ourselves, rather than seek to emulate the models of others. We will be most competitive, friends, we will be most competitive when we find solutions that resonate with who we are. At the end of the day, Atmanirbhar Bharat is a mindset that a confident society will apply to every domain. And as we do so increasingly at home, I can assure you today that it will empower our diplomacy abroad.

36. So, with those words today, let me thank IIM Calcutta for this enormous honour. Let me thank you all for joining me today, and I can only say that for me, it is a matter of enormous pride to be part of your alumni.

Thank you very much. Jai Hind! Jai Bharat!

Kolkata
November 29, 2025