
Indian Prime Minister Narendra Modi on Sunday appealed for “mutual trust” and "democratic values",while speaking of supply chain disruptions during the Covid19 pandemic, indirectly pointing at China, The Times of India reported.
The PM claimed that the Covid-19 pandemic brought about permanent changes in the world, without specifically referring to China. Addressing a B20 meeting, PM Modi pointed out that a market can only be profitable when the interests of producers and consumers are balanced. He further emphasised that the same is true for countries, saying that nations cannot be treated solely as markets.
“It will harm even the producing countries sooner or later. Making everyone equal partners in progress is the way forward,” The Times of India quoted him as saying.
PM Modi's statement, ,coming days after his meeting with China's Xi Jinping on the margins of the BRICS conference in Johannesburg, indicated India’s unease with its eastern neighbour amid rising tensions at the Line of Actual Control.
As businesses want to diversify their manufacturing bases and lessen their reliance on China, India has recently tried to present itself as an appealing investment destination.
Modi also warned of a new form of colonialism over the control of critical and rare minerals.
“We are experiencing this challenge in critical minerals, rare earth. These are available in large quantities in some places and are missing in other places. But the entire mankind needs it. Those who have it and do not see it as a global responsibility, then it will promote a new model of colonialism,” he said.
He advocated for taking an “integrated approach” to cryptocurrencies, a topic that India has prioritisedfor the upcoming G20 summit in September. He also touched upon the need for a global framework on cryptocurrency, which would cater to the interests of all stakeholders.
PM Modi also raised issues about artificial intelligence, adding thatsome ethical questions needed to be addressed. In order to discover a solution, the Indian PM maintained that governments and the international business community must ensure proper attention towards ethical AI.
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