‘Waiting for the thank you’: Jaishankar on India’s role in managing global inflation, softening oil markets

External Affairs Minister S Jaishankar, who is on a five-day visit to the UK, said that he expects a “thank you” for India’s role in managing global inflation. In a conversation titled ‘How A Billion People See The World’, hosted by High Commission of India in London, Jaishankar asserted India’s role in stabilising global oil and gas markets through its strategic policies amid the Russia-Ukraine war.

"So we've actually softened the oil markets and the gas markets through our purchase policies. We have, as a consequence, actually managed global inflation. I'm waiting for the thank you,” said the minister, as mentioned in a report in news agency, ANI.

The minister elaborated that India’s approach to oil purchases prevented a surge in global oil prices, which in turn prevented a potential competition with Europe in the market. He said that the global oil prices would have soared if India too had gone to the same suppliers that Europe would have gone, and that India realised that Europe would have outpriced it.

Giving an example of LNG markets, Jaishankar said that many supplies that were coming into Asia were diverted to Europe. “...At least India was a big enough country to command some respect in the markets but there were much smaller countries who didn't even get responses to their tender in Paris because the LNG suppliers were no longer interested in dealing with them,” he revealed.

EAM Jaishankar said that people speak of principles but are tempered by interest. “In this particular case, we have a very powerful interest to keep our relationship with Russia,” acknowledged the minister.

The conversation took place at the Royal Over-Seas League Club, where he also spoke about India’s relationship with Canada. Jaishankar said that India has no qualms about assisting in the investigation but has asked Canada to provide evidence to support Prime Minister Justin Trudeau’s allegations.

"If you have a reason to make such an allegation, please share the evidence because we are not ruling out an investigation," Jaishankar said, adding that Canada has, so far, not shared any evidence with India.

The EAM also highlighted India’s recent achievements, from the handling of the COVID-19 pandemic, recapitalisation of banks, efforts to boost exports, socioeconomic changes, as well as the massive adoption of digital technology.

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