Jaishankar said that these bodies have failed to properly handle concerns arising from rising debt and market volatility.

“In recent years we have witnessed a rise in debt, often as a result of a combination of reckless decisions, impartial lending and opaque projects,” the minister noted, adding that smaller economies with a narrow shopping basket have had difficulties managing the market volatility.

He also assured that unipolarity in international relations is a distant history and that a large part of the analysis must overcome the burden of past constructions and the direct disruptive impact of climate change on the international economy.

“There has been a long debate about the fact that climate challenges, as a trend, undermine the well-being of the planet; however, as weather patterns change, as a result of them, they can affect production loads as well as the supply chains”, he explained and called for incorporating the risk of increasing frequency of weather events into future economic calculations.

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