New Delhi: Speaking about how India helped to stabilize the world’s gas and oil markets during the conflict between Russia and Ukraine, External Affairs Minister S Jaishankar noted that India’s strategic purchasing policies had a significant effect on global inflation.
During a conversation titled “How a billion people see the world,” which was organized by the Indian High Commission in London, Jaishankar spoke about India’s significant role in world affairs.
According to a report in ANI, Jaishankar said: “So we’ve actually softened the oil and the gas markets through our purchase policies. We have, as a consequence, actually managed global inflation. I’m waiting for the thank you.”
According to Jaishankar, India’s strategy for buying oil avoided a spike in world oil prices during the interview, averting possible market competition from Europe.
“In terms of the purchase…According to Jaishankar in the interview, “I believe the global oil prices would have gone higher because we would have entered the same market and gone to the same suppliers that Europe would have done and as we discovered Europe would have outpriced us,” ANI said.
Speaking of the CNG market, Jaishankar stated that India had observed that many suppliers in the global LNG market had previously been going into Asia but had been redirected to Europe. Since the LNG suppliers were no longer interested in working with them, several smaller countries didn’t even receive responses to their tender in Paris. In reality, India was at least a large enough nation to command some respect in the markets.
The foreign minister went on, “They have bigger fish to fry.”
Jaishankar, in discussing India’s position regarding the Russia-Ukraine conflict, emphasized the delicate balance between principles and interests.
He highlighted the reality that while principles are often articulated, they are frequently influenced by national interests. “We’ve learned through difficult experiences that while people talk about principles, they’re often moderated by our interests. In this specific case, maintaining our relationship with Russia aligns with our significant national interest.”
This conversation occurred as part of Jaishankar’s five-day visit to the UK, held at the Royal Over-Seas League Club and moderated by journalist Lionel Barber.
During the discussion, the External Affairs Minister (EAM) also stressed India’s significant role in reforming global institutions like the G20 and BRICS, describing India’s approach as a blend of evolutionary and revolutionary strategies.