Highlight:
- “India’s lunar mission is a success of both science and industry”
- “In B-20’s theme – RAISE, ‘I’ represents Innovation. But along with innovation, I also see another ‘I’ in it – Inclusiveness”
- “Thing that needs most of our investment is ‘mutual trust’”
- “Future of global growth is dependent upon the future of business”
- “India has an important place in building an efficient and trusted global supply chain”
- “Sustainability is both an opportunity as well a business model”
- “India has prepared a framework of green credit for business, which focuses on ‘planet positive’ actions”
- “Businesses should focus on improving the purchasing power of more and more people as a self centric approach will harm everyone”
- “We should definitely think about a system for ‘International Consumer Care Day.’ This will help in strengthening trust between businesses and consumers”
- “There is a need for a more integrated approach regarding crypto currencies”
- “Global business communities and governments will have to work together to ensure that Ethical AI is promoted”
- “A connected world is about shared purpose, shared planet, shared prosperity and a shared future”
The Prime Minister of India, H.E. Mr. Narendra Modi addressed the B20 Summit India 2023 in New Delhi on August 27, 2023. B20 Summit India brings policymakers, business leaders and experts from across the world to deliberate and discuss the B20 India Communique. The B20 India Communique includes 54 recommendations and 172 policy actions for submission to G20.
Addressing the gathering, the Prime Minister emphasized the celebratory moment that was ushered in by the successful Chandrayaan Mission landing on 23rd August. He said India’s festive season has advanced, and society as well as businesses are in a celebratory mood. Noting the role of ISRO in the successful Lunar mission, the Prime Minister also acknowledged the role of the industry in the mission as many components of Chandrayaan were provided by the private sector and MSMEs. “This is a success of both science and industry”, he said.
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. He informed 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”, the Prime Minister said. He noted that the successes of the decisions taken here will have a direct impact in dealing with global economic challenges and creating sustainable growth.
Talking about the lessons learnt from the once in a century calamity i.e. the Covid-19 pandemic, Shri Modi said that that the pandemic taught us that the thing that needs most of our investment is ‘mutual trust’. The Prime Minister said that as the pandemic shattered the edifice of mutual trust, India stood with confidence and humility raising the banner of mutual trust. India, the Prime Minister said, made medicines available to more than 150 countries, living up to its status as the pharmacy of the world. Similarly, vaccine production was increased to save crores of lives. The Prime Minister said that India’s democratic values show in its action and its response. He said, “India’s democratic values show in G20 meetings in more than 50 cities of India.”
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 accrue to both”, PM 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, the Prime Minister said, “the future of global growth is dependent upon the future of business”.
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, Shri Modi said that mutual cooperation is necessary to answer them. He underlined that 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 crypto currencies. 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.
Concluding the address, the Prime Minister said that businesses have successfully gone beyond borders and boundaries but 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. Shri 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 Prime Minister remarked.