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Held on June 06, 2026, at Taj Bengal, Kolkata
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Report on the Annual Calcutta Dialogue 2026 on Prevailing Global Situation & Impacts on India he Annual Calcutta Dialogue 2026, jointly organised by the Indian Chamber of Commerce (ICC) —in its centenary year — and CENERS-K, was held on June 06, 2026, in Kolkata on the themeT“Prevailing Global Situation & Impacts on India”. The seminar brought together eminent thought leaders from government, industry, defence and academia for deliberations on the implications of global developments for India’s strategic, economic and technological future. The programme was graced by Chief Guest His Excellency Shri R. N. Ravi, Hon’ble Governor of West Bengal. It featured addresses by Air Chief Marshal (Retd.) Arup Raha, former Chief of the Indian Air Force; Gen. M. M. Naravane (Retd.), former Chief of the Army Staff; Mr. Brij Bhushan Agarwal,
President, ICC; and Dr. Rajeev Singh, Director General, ICC. The security affairs panel, moderated by Maj. Gen. Arun Roye, AVSM, VSM (Retd.), President, CENERS-K, included strategic thinker Mr. Bharat Karnad, Dr. Srikant Kondapalli of JNU and defence analyst Mr. Nitin Gokhale, while the economic session heard from Dr. Ajitava Raychaudhuri former Professor and Head of the Department of Economics, Jadavpur University; Prof. Prabhat Patnaik formerly of the Centre for Economic Studies and Planning, Jawaharlal Nehru University; Mr. Koushik Chatterjee Executive Director & Chief Financial Officer and Member of the Board, Tata Steel and Prof. Alok Ray former Professor, University of Calcutta & IIM Calcutta. The discussions focused on India’s vision for Viksit Bharat 2047, its response to global uncertainties, and its economic and technological trajectory.
Addressing as Chief Guest in a distinguished gathering of policymakers, industry leaders, defence experts, academicians and researchers, Hon’ble Governor of West Bengal, Shri R.N. Ravi, underscored the importance of national vision, technological self-reliance and civilisation confidence in achieving the goal of Viksit Bharat 2047. Highlighting the need to sustain this momentum, Shri Ravi emphasised that economic growth must be broad- based and equitable while strengthening India’s resilience against evolving global challenges. He stressed that science, technology and indigenous innovation will be central to India’s future, noting the country’s remarkable progress in research, startups, intellectual property creation, artificial intelligence, semiconductors and emerging technologies. The Governor also called for greater self-reliance in defence production and strategic capabilities, pointing to the rapid expansion of domestic manufacturing and defence exports. He remarked that a strong military and technological base is essential for safeguarding national interests and ensuring long-term security. He called for enhanced defence self-reliance, strategic capabilities, and societal priorities such as empowering youth and fostering inclusive civilisation
values and identity rooted in unity and Vasudhaiva Kutumbakam—the belief that the world is one family. He argued that these values position India to play a constructive role in shaping an equitable and sustainable global order. Referring to contemporary geopolitical and economic shifts, Shri Ravi said that while global developments present significant challenges, they also offer India unprecedented opportunities to emerge as a leader in creating a more inclusive and balanced international framework. He cited India’s contributions in areas such as renewable energy, digital public infrastructure and global cooperation as examples of responsible leadership. He observed that India’s rapid transformation is attributed to a clear national vision and collective resolve. The country has emerged as one of the world’s fastest-growing major economies, leading to significant strides in poverty reduction, innovation, and inclusive development. Sustaining economic growth requires it to be broad-based and equitable, while strengthening India’s resilience against evolving global challenges. According to him, science, technology, and indigenous innovation are central to India’s future, with notable progress in research, startups, AI, and semiconductors. The Governor also called for greater self-reliance in defence production, and said strategic capabilities are crucial for national security. Preserving India’s youthful population through supportive, family- friendly policies and fostering entrepreneurship are key demographic and societal priorities. He further emphasised that India’s unique civilizational identity, rooted in unity and inclusiveness, positions it to play a constructive role in shaping a global order. He praised initiatives that have empowered millions of individuals, particularly through access to finance and innovation-driven opportunities. Concluding his address, the Hon’ble Governor urged experts, institutions and active citizens alike to contribute actively toward building awareness, fostering innovation and strengthening national capabilities so that India can successfully realise its vision of becoming a fully developed nation by 2047 i.e. Viksit Bharat 2047.
Indian Chamber of Commerce President Brij Bhushan Agarwal highlighted India’s emergence as a global economic and innovation leader, leveraging digital transformation, global partnerships, and manufacturing initiatives such as Make in India for strategic growth. He stressed India’s
demographic strength, resilience, and the historic opportunity presented by global supply chain shifts to enhance manufacturing, logistics, and investment attractiveness. Mr. Agarwal identified initiatives like PM Gati Shakti and the PLI scheme as key to upgrading manufacturing and boosting India’s global economic influence.
Ex-Indian Air Force Chief Arup Raha underscored the need for India to reinforce strategic resilience in a volatile geopolitical environment, emphasising maritime security, energy independence, next-generation warfare tech, and indigenous defence capabilities- highlighting the importance of informed dialogue and strategic thinking. He recommended accelerated development of strategic infrastructure, expanding indigenous manufacturing, and leveraging diaspora talent for technological leadership to support long-term national security. Chief Raha concluded that strategic foresight and national power integration are critical to navigating global uncertainties effectively. Air Chief Marshal Raha stressed that preparing for next-generation warfare requires enhanced capabilities in drones, missile systems, integrated air defence, and space-based assets. He emphasised that bridging the gap with leading nations in technological competitiveness involves attracting the Indian diaspora and reforming higher education with a focus on research and innovation. He pointed out that the lessons from ongoing conflicts emphasise the significance of controlling strategic maritime choke points and developing the Andaman and Nicobar Islands as a major hub. He further emphasised that Energy security necessitates reducing dependence on imported energy through thorium-based nuclear technologies, expanding renewables, and increasing strategic reserves. Further, he mentioned that strengthening India’s military-industrial ecosystem and expanding production capacities are vital for sustained defence preparedness. Concluding his address, Air Chief Marshal Raha reiterated that India is well-positioned to lead in digital technologies, IT, cyber capabilities, AI, robotics, and space and that enhancing comprehensive national power requires integrating hard and soft power.
Dr. Rajeev Singh of ICC highlighted India’s resilience amidst global upheavals, emphasizing leadership’s decisive measures in pandemic response, global diplomacy, and economic reforms aimed at achieving Viksit Bharat by
2047. He remarked that every stakeholder—including industry, institutions, and citizens—has an important role to play in achieving the vision of Viksit Bharat. He appreciated West Bengal’s development potential and expressed the ICC’s commitment to supporting the state’s growth efforts. He suggested that raising the state’s per capita income substantially over the coming years should be a shared objective and reiterated the Indian Chamber of Commerce’s commitment to partnering with the state in its development journey.
a. Retd. Army Chief Gen. M. M. Naravane reaffirmed India’s strategic
autonomy in global engagements, emphasising decision-making based on national interest and cautious participation in multilateral forums like Quad and BRICS. Gen. M. M. Naravane (Retd.) reiterated that policy decisions must be dynamic and responsive to changing circumstances, with pragmatic decision-making being key.
b. Strategist Bharat Karnad advocated for realistic foreign policy rooted
in national interests instead of overdependence on external alliances, especially with the US, emphasising the importance of self-reliance and pragmatic geopolitics. He expressed concern about over-reliance on partnerships with the West and stressed the need for confidence in India’s own capabilities. Mr. Karnad advocated for pragmatic strategic autonomy rooted in national interest, cautioning against complacency and strategic illusions in a competitive international order.
c. Dr Srikant Kondapalli characterised India’s calibrated responses
to conflicts such as in West Asia as active diplomacy aligned with sovereignty, humanitarian concerns, and regional stability. Dr. Kondapalli further explained that India’s “strategic silence” on conflicts is a deliberate strategy rooted in national interests, humanitarian considerations, and principled diplomacy, balancing strategic autonomy, diaspora welfare, and energy security.
d. Mr Nitin Gokhale emphasised the importance of ethics, strategic
communication, and national interest in foreign policy, noting that India has never traditionally sought a mediatory role and prioritises safeguarding its national interests. Commenting on the current geopolitical climate, Mr. Gokhale observed that the evolving nature of
India’s relationship with the present administration in Washington and the unpredictability surrounding global developments make caution a sensible course of action. He concluded that India was justified in refraining from inserting itself into uncertain mediation efforts and should instead continue to pursue a policy guided by strategic autonomy, pragmatism, and the protection of its long-term national interests.
Maj. Gen. Arun Roye discussed the changing nature of warfare, the importance of maritime security, and the complex regional geopolitics, including India’s balancing act between global powers like the US and Iran. In this evolving environment, he echoed the importance of resilience and self-reliance as key pillars for India’s future strategic posture. Turning to the political map of the region, he remarked that the traditional Westphalia concept of sovereign nation-states and inviolable borders is facing unprecedented challenges as states increasingly disregard established boundaries in pursuit of strategic objectives. Focusing on India’s geopolitical position, he observed that the country’s neighbourhood has become progressively more complex and demanding. Highlighting the changing geopolitical landscape, Maj. Gen. Roye suggested that the notion of uncontested superpowers is under strain and that the global security environment is undergoing a profound transformation. He emphasized that these are momentous times in which the very character of conflict and international power equations is being reshaped. He also pointed out that disruption of critical sea lanes of communication could severely impact global trade, energy supplies and national interests, with potentially far-reaching consequences for economies around the world. Maj. Gen. Roye referred to India’s measured response following the U.S.-Israeli strikes on Tehran and posed a key strategic question- how should India balance its expanding partnership with Washington while preserving its longstanding historical ties with Iran? He framed the issue as an examination of the Modi government’s careful navigation between strategic partnerships, intelligence-driven diplomacy and the imperatives of national interest.
a. Prof. Alok Ray noted India’s need for fiscal prudence, structural reforms,
and improving the investment climate to sustain growth, addressing challenges like low savings and foreign capital uncertainties. He attributed
this to AI and semiconductor industry investments elsewhere, expensive Indian equity markets, and currency hedging costs. Discussions stressed that India’s large domestic market, demographic dividend, and technological ambitions are key assets but require sustained high growth and structural improvement for global competitiveness. Structural impediments to FDI, such as bureaucratic procedures and regulatory uncertainty, remain a concern. Achieving a comparable standard of living to advanced economies requires sustained high growth rates for over two decades. He further mentioned that ongoing geopolitical tensions, supply chain disruptions, energy dependence, and currency vulnerabilities are challenges India must navigate carefully to maintain macroeconomic stability and strategic autonomy. Overall, according to him, India aims to enhance military strength, innovation, economic resilience, and strategic independence to emerge as a developed and influential nation by 2047.
b. Dr. Ajitava Raychaudhuri highlighted short-term economic challenges
(price stability, employment, welfare of lower-income groups) and long- term growth imperatives (investment driven by savings) stressing the importance of investment, diversification, and structural reforms. He noted the shift from demand stimulation to addressing both demand and supply constraints, with rising prices of petroleum products and fertilisers posing concerns. Attracting foreign capital through FDI and portfolio investment is crucial, despite global financial volatility.
c. Prof. Prabhat Patnaik argued that conflicts are symptoms of deeper
structural weaknesses in the global economy, including sustained slowdown due to rising income inequalities and the US’s indebted position. He characterised some US policy developments as attempts to address structural economic challenges and warned of an increasingly adverse international environment for India, citing long-term rupee depreciation.
d, Mr Koushik Chatterjee emphasised a profound structural transformation
in the world economy, moving from collaboration to deliberate fragmentation, with geopolitical tensions and supply chain disruptions as key features. He identified the West Asia conflict, the Russia-Ukraine war, and US-China strategic competition as major disruptive theatres with long-term implications. Opportunities for India lie in supply chain
diversification and emerging as a manufacturing hub, but vulnerabilities include heavy dependence on imported energy. Prof. Prabhat Patnaik and Mr. Koushik Chatterjee both highlighted global structural issues like slow growth, US debt dependency, and fragmentation, urging India to strengthen its economic fundamentals and strategic resilience amidst global shifts.
In the concluding remarks of the Annual Calcutta Dialogue 2026, Lt Gen JR Mukherjee, PVSM, AVSM, VSM, stated that the contemporary global environment is marked by turbulence and uncertainty, with geopolitical conflicts, technological transformations, and regional upheavals reshaping the strategic landscape. For India, these developments carry significant implications for energy security, defence preparedness, foreign policy, and internal stability. Lt Gen J.R. Mukherjee’s observations highlight the urgent need for India to recalibrate its strategies in response to these challenges. As Lt Gen J.R. Mukherjee observed, the Strait of Hormuz has been blocked. Fuel and LPG shortages have driven up prices. US has imposed sanctions on India for buying Russian oil and imposed high tariffs. India has been forced to diversify its oil sources. The extensive use of drones in Ukraine and Iran, the deployment of missiles, and the adoption of naval strategies to choke ports reflect a new paradigm of conflict. These developments are further reinforced by information warfare, cyber operations, electronic measures, and artificial intelligence. AI has changed the pattern of warfare. India must adapt its military doctrines and operational concepts to align with these evolving realities, ensuring that its defence objectives remain credible and effective. Extensive use of drones by Ukraine, Iran, use of missiles by Iran and changes in naval strategy to choke ports, along with information, cyber, electronic, India must also change its concepts in keeping with its objectives. Closer to India’s neighbourhood, revolution in Nepal, Sri Lanka, Bangladesh and civil war in Myanmar, has resulted in China allying with all of them. China’s alignment with these states, coupled with the influence of external actors such as the USA, has intensified India’s strategic concerns. These upheavals directly affect India’s North‑Eastern Region, necessitating a recalibration of government policies in Manipur, Nagaland, and Assam. Addressing fundamentalism and countering external support to insurgent groups are critical to safeguarding national unity and security. Lt Gen Mukherjee emphasised that the United States cannot be
fully trusted in matters of foreign policy. India must therefore revise its external engagements with realism, prioritising strategic autonomy and national interest. The annual dialogue discussions thus underscored India’s commitment to self-reliance, strategic autonomy, and robust economic growth, while acknowledging the complexities of the evolving global landscape and the need for continuous adaptation and preparedness.
Dr Atreyee Mitra completed her Bachelor’s and Master’s in Political Science and International
Relations at Jadavpur University, Kolkata, respectively, specialising in Southeast Asia. She completed her MPhil at the Institute of Foreign Policy Studies, University of Calcutta. She is a Doctorate in Political Science with specialisation in International Relations. As a researcher/academician, she has contributed articles on strategy, focusing on geopolitical studies, international relations, and maritime security issues. She has participated in and presented papers in national and international seminars and has publications in journals and edited books
Currently, she is Director, Internship Program, & Life Member of CENERS-K.
She is also an Honorary Research Fellow at the Institute for Contemporary Chinese Studies (ICCS), Mahatma Gandhi University, Kottayam, Kerala.