Finance
On Sunday, Prime Minister Narendra Modi spoke at the B20 Summit India 2023 in Delhi, claiming that India has become the face of the Industry 4.0 revolution and that the future of global prosperity was dependent on the future of business.
He also claimed that India was the answer to the worldwide problems that had arisen as a result of the Covid-19 pandemic. He went on to say that India will lead the way in revamping the global supply chain following the pandemic.
“The world can never look at the global supply chain in the same way. Can a supply chain be called efficient when it gets disrupted during the time of need? India is the solution to this problem. India has an important role to play in efficient and trusted global supply chain,” he said.
Modi further asked, “Treating other countries as markets will never work, it will harm producing countries sooner or later. Making everyone equal partners is the way forward. Can we give more thought to making business more consumer-centric? These consumers can be individuals or counties? Their interest needs to be thought of as well.”
He said, “Once we start celebrating International Consumer Care Day, imagine just how much the environment will change. As the talk increases on consumer care, discussions on their rights will also happen.”
Modi also discussed cryptocurrency in his address, and said there was a need for an integrated approach to deal with the issues arising out of it.
Earlier, External Affairs Minister Dr S Jaishankar has addressed the Summit and said that the developments in India “solve 1/6th of the world’s problems” and “provide replicable models for the rest of the global south”.
“Today’s India is the one where the world simultaneously witnesses experimentation, scaling up, deployment, innovation, & breakthroughs. I stress these developments not only because they solve 1/6th of the world’s problems, but because they provide replicable models for the rest of the global south,” Jaishankar said.
Jaishankar also said, “We have also stepped forward as the first responder in disaster, emergency & conflict situations ranging from Fiji and Myanmar to Mozambique, Yemen & Turkiye.”
According to the Prime Minister’s Office (PMO), the Summit brought together policymakers, business leaders, and experts from around the world to deliberate and discuss the B20 India Communique, which includes 54 proposals and 172 policy measures to be submitted to the G20.
Established in 2010, the Business 20 (B20) is the official G20 communication platform with the global business community. It is one of the most visible engagement groups in the G20, including enterprises and business organizations as members.
The B20, according to the PMO, seeks to produce concrete actionable policy suggestions to stimulate economic growth and development.
Over 1,500 delegates from approximately 55 nations are attending the three-day B20 Summit, which began on August 25 with the theme “R.A.I.S.E – Responsible, Accelerated, Innovative, Sustainable, and Equitable businesses.” The Confederation of Indian Industry (CII) organized the Summit.
On the Summit’s second day, August 26, United Kingdom-based energy giant BP’s Chief Executive Officer Bernard Looney called for a “rapid yet orderly” energy transition roadmap, while emphasizing the importance of maintaining necessary investments in existing energy systems dominated by the oil and gas sector.
His views were aligned with those of energy-hungry growing nations such as India, which is hastening the shift to clean energy while remaining highly reliant on fossil fuels.
Source:IE
