The global economy is heading towards a much rougher period than in recent decades, and India is gearing up for it, Union minister Ashwini Vaishnaw said on Wednesday.
“These things take a long time to build. Do we have that luxury of time? Addressing the Bloomberg New Economy Forum 2026 in the Capital, Vaishnaw said challenges are likely to arise on two fronts: technology and finance. Other countries needed about 20 years.
Artificial intelligence (AI) is likely to disrupt jobs and the services sector, and an even bigger shock could follow if the debt of rich countries starts to unravel, he said. “Difficult times ahead,” he added. No,” Vaishnaw said, adding India must put in extra effort.
He also said big global companies have worked in India for 40 years without any problems over intellectual property. He pointed to chip design of the 2nm and 3nm chips of big firms like Nvidia, Qualcomm and AMD that are designed in India.
Vaishnaw said technology has always run on global supply chains, and India wants to be deeply involved in them and add value where it does best.
Vaishnaw said a lot of the world’s older chip production – from 28nm to 90nm – is becoming concentrated in a few places. He said that when a product comes from a country, buyers look for trust and not just low cost. Cybersecurity matters more than before, he said, adding that India wants to be seen as a trusted partner.
