And for a Friday after the BRICS Foreign Ministers conference, some thoughts….. some hopes…..
The whole world is licking its wounds (except China), the economies in shambles, each country groping its way out of the crisis and having to fight wave after wave of the pandemic. India had a minus 7.1 % GDP last FY, worst in decades. In the current second wave, the tier two and three cities and our hinterland villages are also impacted. These tough times need us to plan and be committed to lives and livelihood. Our politicians have to shed the old socialistic redistributive policies. Squeezing the tax paying middle class to feed our poor cannot work any more. We must develop long term strategic initiatives. Fortunately a good monsoon is forecasted. With higher levels of Vaccination and Testing, India needs to move out of current crisis mode. A new dynamic unique strategy of playing along with the Chinese for short term, whilst long term strengthening FTAs with EU and USA. No friends, no enemies. Only economic revival, job creation, investments, growth, Green chemistry … renewable energy and climate change technology in the long term to beat the Chinese in their own game. Integrate our manufacturing and trade with Germany and US, availing 3D printing, green and nano technology etc. etc.
China, post the spread of Wuhan virus, has realised the need to recast strategy and is attempting to fool the world by befriending some of its adversaries. President Xi Jinping has now urged his officers to create a “trustworthy, lovable and respectable” image. Chinese Foreign Minister Wang Yi praised India at the BRICS inaugural summit this Tuesday, offering Beijing support to India. Discretion is the better part of valour. Let’s seize the opportunity. Every major industrial manufacturer in India needs critical inputs from China. We must leverage our IT and Human Resources strength and stay focused on building our Economy and ensure we get positioned favourably in the Global Supply chain. Our chemical and Pharma industry must strengthen its backward integration. We must harness precision farming, AI based value addition, strides in capital markets and Blockchain technologies.
Fighting the pandemic, saving lives, vaccinating at one level and strategising our long term global opportunities, is the challenge we face. Let’s all resolve to be part of the solution, the cooperative way, the innovative way, the SEEGOS way.