In investment pitch, Modi invokes ‘mutual trust’, takes aim at China

INTERNATIONAL DESK: Prime Minister Narendra Modi on Sunday invoked “mutual trust” and “democratic values” to pitch for investments in India, as he cited disruptions in the supply chain during Covid-19 to hit out at China.

Without naming China, the PM said the pandemic had caused irreversible changes. “A profitable marketcan be sustained when there is a balance in the interests of producers and consumers.

This also applies to nations. Treating other countries only as a market will never work. It will harm even the producing countries sooner or later. Making everyone equal partners in progress is the way forward,”he said while addressing the B20 meet with industry leaders in attendance.

The statement, which came days after Modi’s meeting with Chinese President Xi Jinping on the sidelines of the Brics summit in Johannesburg, signals India’s continued discomfort with its neighbour amid heightened tensions at the borders. In recent years, India has been seeking to position itself as an attractive investment destination as companies look to diversify their production bases and reduce their dependence on China.

With China sitting on a pile of critical minerals across the globe, Modi also cautioned that it could lead to a new model of colonialism. “If our focus is self-centred, then it will neither benefit ourselves nor the world. 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. Besides, he suggested an “integrated approach” towards cryptocurrency, an issue which is high on India’s priority list for the G20 leaders’ summit next month. “We need a global framework, keeping in mind the interests of all stakeholders,” he added.

Modi also flagged concerns around artificial intelligence. “World over, there is a lot of excitement about AI, but there are also some ethical considerations. These relate to skilling and re-skilling, algorithm bias and its impact on society. We need to work together to find a solution. It is important for the global business community and governments to ensure that ethical AI gets the right attention,” he said. (TOI)