New Delhi: Stressing the importance of supply chains, External Affairs Minister S Jaishankar said that being 'Atmanirbhar' (self-reliant) is very important for a large economy like India.

He also called the businesses the "engine for India's progress" calling upon the business leaders to contribute towards building supply chains.

The EAM was speaking at the 96th Annual General Meeting (AGM) of the Federation of Indian Chambers of Commerce and Industry (FICC).

Addressing the event, Jaishankar said, "I am not in any way, diminishing the importance of international trade, and I am not oblivious to the global supply chain. But I think it's important, especially for big business in India, to help build Indian supply chains, to support Indian vendors because, at the end of the day, no country will be strong."

"If it doesn't have its supply chain, if it doesn't have its basic requirements, certainly a large economy, a big nation like India, a nation with the kind of ambitions, and future that we have, it is very, very important that we are 'Aatmanirbhar'," he added.

He further stated that today the role of business is much broader and it also serves the role of leading the country's modernity and progress

"Business, today is something very much bigger than just business. All of you who are sitting here, in many ways, are leaders of modernity and progress. Because when you build the economy, when you build industry, as you expand services, as you propagate and spread technology, it is the ideas, the concepts, the projects that you do, and the mindsets that you have created as a result. I think that in many ways is the engine for India's progress," he stated.

The EAM added that it is in India's collective interest to build deep strengths at home focusing on achieving self-reliance.

"You are also builders of national strength...that is the largest responsibility that must be in your mind. One of our concerns in the post-reform period has been that while we have concentrated a lot on growth...the fact is it is in our collective interest would argue in your interest that we build deep strengths at home. How many other economies, many other economies all of you admire, have done at their homes," Jaishankar added.