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- Jaishankar spoke at 62nd Munich Security Conference on global powers.
- Advocated diversification and stronger partnerships amid US-China rivalry.
- Described 'Goldilocks scenario' for balanced international relations.
External Affairs Minister (EAM) S Jaishankar on Sunday outlined how emerging and middle powers can navigate a world increasingly shaped by the US-China rivalry. Jaishankar emphasised that the countries should focus on diversification, reducing risks and building stronger partnerships instead of depending too heavily on any single power.
Jaishankar's 'Goldilocks' Reference
Speaking at the 62nd Munich Security Conference, Jaishankar said the growing US-China rivalry is creating a “Goldilocks scenario” for emerging and middle powers. He explained that countries do not want the rivalry to become “too hot” or relations to become “too good” but instead seek a balance that allows them to protect their interests.
#WATCH | Delhi: Speaking at the 62nd Munich Security Conference, External Affairs Minister Dr. S. Jaishankar says, "The question in an interdependent world is: who leverages what? In any transaction, does the supplier have leverage? Does the consumer have leverage? Do you get leverage by dominating production? Do you get leverage by having a great market share or having purchasing power? The answer is the player with greater command over various factors; one with greater commitment and determination is the player who is able to leverage better. Where the world is concerned, particularly in the context of US-China rivalry, I think we are looking at what is often called the Goldilocks scenario. You don't want it to be too hot; you don't want it to be too good; you want it somewhere in between at the right temperature..."
— ANI (@ANI) October 4, 2026
“Where the world is concerned, particularly in the context of US-China rivalry, I think we are looking at what is often called the Goldilocks scenario. You don't want it to be too hot; you don't want it to be too good; you want it somewhere in between at the right temperature,” the EAM said as quoted by news agency ANI.
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Jaishankar On Agenda For Middle Powers
He further noted that countries are working to make supply chains more resilient and are creating new forms of cooperation based on specific areas of common interest. Jaishankar asserted that countries outside the biggest global powers can work together on a wide range of issues. This can include resource pooling, support each other’s diplomatic efforts, and cooperate when conflicts and tensions arise.
“What could be the agenda for emerging and middle powers? I would share my thoughts in terms of a few ideas... One would be international peace and security: if there are conflicts, frictions, tensions, other than the biggest countries, can other nations pool their resources, back each other's diplomacy up, try to do something out there. Another area is investment and trade itself. A good example is what happened this year between India and the European Union, where we had almost 25 years of negotiation... But there are, in different domains, I would argue, enough causes for middle and emerging and middle countries to come together,” Jaishankar said.
What Is Goldilocks Scenario?
A Goldilocks scenario means a situation that is considered just right and not too extreme in either direction. In economics, it generally refers to steady growth that is strong enough to support the economy but not so rapid that it creates excessive inflation. Economist David Shulman is widely credited with coining the term “Goldilocks economy” in a March 1992 strategy report for Salomon Brothers titled “The Goldilocks Economy: Keeping the Bears at Bay.”
In Jaishankar’s context, the phrase describes a balance in which US-China rivalry does not become much confrontational. It also refer to a situation where countries can maintain productive relationships and pursue their own interests.
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