“The world that we’re in now is one where we don’t quite know what we’ve settled down to, and that creates an enormous amount of geopolitical uncertainty and indeed danger,” Sunak said.
India could benefit from supply chain shift
Sunak also warned about the risks of dependence on China for critical minerals and key ingredients used in medicines. He said efforts by the US, UK and other countries to reduce these vulnerabilities could make India a “massive beneficiary” as they look for trusted partners to diversify their supply chains.
“If you want a trusted partner like India that can provide that resilience for you. That to me seems the right type of avenue to pursue,” Sunak said.
Don't Miss: 'We grow with the world, not at anyone's cost': PM Modi on India's economic growth
Sunak, who remains a UK lawmaker, said India could play a larger role as countries seek to diversify their supply chains and reduce their dependence on China.
Sunak also said technology companies are on track to become larger net issuers of long-term debt than the US government in 2027.
Modi pitches India as a reliable trade partner
Prime Minister Narendra Modi, who also spoke at the Bloomberg Economic Forum on Tuesday, said India's economic growth was based on strong economic fundamentals and sustained reforms. He said India seeks to expand its global economic influence through shared prosperity rather than at the expense of other countries.
“We do not grow at anyone's cost. We grow with the world. And for the world,” Modi said.
Modi pointed to India's 7.8% economic growth in the April-June quarter and over $700 billion in foreign exchange reserves. He also cited reforms in taxation, insolvency and labour laws as signs of India's economic resilience.
“In this world full of uncertainties, India inspires reliability and stability,” he said. “This year, in the April to June quarter, India's economic growth was 7.8%. And this growth is taking place on a strong foundation.”