Modi says B20 has emerged as a robust platform among businesses
Prime Minister Narendra Modi has acknowledged the role of the industry in the successful Chandrayaan Mission as many components of the space craft were provided by the private sector and MSMEs.
“This is a success of both science and industry,” he said on 27 Aug in his address to the B20 Summit India which is theme R.A.I.S.E – Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses. It is being attended by over 1,500 delegates from about 55 countries.
Chandrayaan landed on the moon on 23 Aug 2023, a success story of ISRO in leading the Lunar mission.
He continued that along with India, the entire world is celebrating and this celebration is about running a responsible space programme.
The Prime Minister said that the celebrations are about responsibility, acceleration, innovation, sustainability and equality, the theme of today’s B20. He further added that it is about humanity, and about ‘One Earth, One Family and One Future’
Speaking about the B20 theme ‘R.A.I.S.E.’, the Prime Minister said that even though the ‘I’ represents innovation but he pictures another ‘I’ of inclusiveness, and added that the same vision has been applied when inviting the African Union to permanent seats at the G20.
Even in B20, the Prime Minister said that the economic development of Africa is identified as a focus area.
“India believes that the inclusive approach of this forum will have a direct impact on this group,” said Modi, noting that the successes of the decisions taken here will have a direct impact in dealing with global economic challenges and creating sustainable growth.
Emphasizing the attractiveness of partnership with India for the global business community, the Prime Minister mentioned India’s young talent pool and its digital revolution. “The more your friendship deepens with India, the more prosperity accrues to both,” Modi added.
He said, “Business can transform potential into prosperity, obstacles into opportunities, aspirations into achievements. Whether they are small or big, global or local, business can ensure progress for everyone.”
Therefore, he said, “the future of global growth is dependent upon the future of business”.
The Prime Minister noted the irreversible change of disruptions in the global supply chain. Questioning the efficiency of the global supply chain that ceased to exist when the world required it the most, he underlined that India is the solution to the disruptions that the world is dealing with today.
Modi highlighted India’s position in creating a trusted supply chain in the world today and emphasized the contributions of global businesses.
Expressing happiness that B20 has emerged as a robust platform among businesses of G20 nations, PM Modi stressed the need to focus on sustainability. He asked global business to move forward as sustainability, in itself, is an opportunity as well a business model.
He elaborated this by giving an example of millet which is a superfood, environment friendly as well as good for small farmers making it a win-win model from the angle of both economy and lifestyle. He also mentioned the circular economy and green energy.
India’s approach of taking the world along is visible in steps like the International Solar Alliance.
The Prime Minister underlined that a profitable market can be sustained when there is a balance in the interests of producers and consumers, and it also applies to nations. He stressed that treating other countries only as a market will not work but harm even the producing countries sooner or later.
He emphasized that the way forward is to make everyone equal partners in this progress. He urged the business leaders present on the occasion to give thought to making businesses more consumer-centric where these consumers could be individuals or countries.
He said that their interests need to be taken care of and suggested coming up with a yearly campaign for this. “Every year, can global businesses come together to pledge themselves for the good of the consumers and their markets?”
Noting the presence of the world’s business leaders, the Prime Minister raised significant questions and said that the future of business and humanity will be decided by the answers to these questions.
Regarding the answers, Modi said that mutual cooperation is necessary to answer them. He underlined issues like climate change, energy sector crisis, food supply chain imbalance, water security, cyber security etc. have a big impact on business, and stressed on increasing the efforts to counter this.
He also touched upon issues that no one could have thought of 10-15 years ago and gave the example of challenges related to cryptocurrencies. The Prime Minister stressed the need for a more integrated approach in this matter and suggested creating a global framework where issues of all stakeholders can be addressed. He also spoke about a similar approach needed regarding artificial intelligence.
Highlighting the buzz and excitement around AI, the Prime Minister drew attention to some ethical considerations regarding skilling and re-skilling, and concerns regarding algorithm bias and its impact on society.
“Such issues have to be resolved together. Global business communities and governments will have to work together to ensure that Ethical AI expands,” the Prime Minister asserted and stressed on sensing the potential disruptions in different sectors.
He noted that businessmen at the summit have successfully gone beyond borders and boundaries but added that it is now time to take businesses beyond the bottom-line.
He said that it can be carried out by focusing on supply chain resilience and sustainability.
Modi expressed confidence that the B20 Summit has paved the way for a collective transformation. “Let us remember that a connected world is not just about connection through technology. It is not only about shared social platforms but also about a shared purpose, shared planet, shared prosperity and a shared future.”
The Business 20 (B20) is the official G20 dialogue forum with the global business community. Established in 2010, B20 is among the most prominent Engagement Groups in G20, with companies and business organizations as participants. The B20 works to deliver concrete actionable policy recommendations to spur economic growth and development.
The three-day summit is being held from 25-27 August. Fiinews.com
