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India is an emerging economic force at global level: Jaishankar at SCO meet

News Agencies | Updated on: 26 November 2021, 0:41 IST
External Affairs Minister, S Jaishankar (File Photo)

Noting that India is today an emerging economic force at the global level, External Affairs Minister S Jaishankar said the country stands ready to share its experience in the startup sector with the other SCO member states through its initiative to set up a Special Working Group on Startups and Innovation.

Speaking at the 20th Meeting of the Shanghai Cooperation Organisation (SCO) Council of Heads of Government, Jaishankar said India's agile response in fighting the COVID-19 pandemic and ensuring economic stability has been noteworthy.

"India today is an emerging economic force at the global level. The International Monetary Fund (IMF) has forecast a 9.5 per cent growth in the Indian economy in 2021. Our trade performance has also been strong, growing by more than 20% this year. Despite COVID, India attracted record FDI inflows of USD 77 billion in 2020-21 and another $22 billion in the first three months of this year. WIPO has ranked India number one in the Global Innovation Index 2021 in the Central and South Asian region. Indian Startups have so far created 65 unicorns, out of which 28 unicorns were added during 2021 alone," he said.

"We stand ready to share our experience with the other SCO Member States through our initiative to set up a Special Working Group on Startups and Innovation," he added.
Jaishankar noted that the meeting took place in a rapidly changing global and regional environment.

"In these times of unprecedented upheaval, it is heartening to note that SCO continues to play a significant role in promoting peace and stability in the region. India remains committed to contributing constructively to the implementation of the mandate of SCO," he said.

The recent meeting of COP 26 in Glasgow has sharpened the realization that for many developing countries, climate change remains the biggest existential threat. Fighting climate change calls for resources, innovation, cooperation and lifestyle modifications to make the changes that the world needs, he said.

"As we move towards practical implementation of the trade and economic agenda of SCO, we must simultaneously, pay heed to the climate change impact of our joint activities," he said.
Jaishankar said that the world acknowledges that India is among the few large economies that have delivered in letter and spirit on the Paris Agreement.

"A developing country like India that is working to lift millions out of poverty, has not spared any effort to fulfil its global environment obligations. In parallel, we have surged ahead in developing renewables and today India ranks 4th in the world in installed renewable energy capacity," Jaishankar said.

"India's non-fossil fuel energy has increased by more than 25% in the last 7 years and now it has reached 40% of our energy mix. Along with this, India has also given institutional solutions to cooperate with the world at the international level. As a revolutionary step in solar power, we co-initiated the International Solar Alliance that now has more than 100 Member States," he added.

Jaishankar also noted India is ready to share its experience in climate change mitigation and adaptation in the SCO format.


First published: 26 November 2021, 0:41 IST