B20 Summit India 2023
B20 India Summit to be held in New Delhi from 25-27 August 2023. It was attended by Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal, External Affairs Minister S Jaishankar and Education Minister Dharmendra Pradhan.
In this inaugural address of B20 Summit India 2023, B20 India Chairperson N Chandrasekaran said that India's development journey has emerged as a symbol and is positively making its presence felt in the global economy. Mr. Chandrasekaran, Executive Chairman, Tata Sons, said that the world is currently passing through three important fundamental changes. First the digital and artificial intelligence transformation, second the energy transformation and third the global value supply chain transformation, India is well positioned to lead all three.
Will make global institute in the country
N. Chandrasekaran said that B20 Global Institute will be set up in the country. Its purpose will be to prepare business leaders full of knowledge and ideas, who will work for B20 countries. This will be a global institute which will be based in India. This institute will track the recommendations related to business and help in implementing them properly.
Theme of B20 Summit India 2023
The B20 Summit India's theme (RAISE) is based on the theme of Responsible, Accelerated, Innovative, Sustainable, Equitable Business. RAISE is based on the belief that the G20 business community should raise the bar for equitable growth by committing to business practices rooted in responsible and sustainable practices.
Highlights of B20 Summit India 2023
- 'People's Presidency' of G20 by India:
1. India assumed the presidency of the G20 with the goal of inclusiveness, decisiveness and action.
2. The Presidency was extended to all Indian states and hosted in 60 cities, making it a 'People's Presidency'.
3. The focus during India's G20 presidency is on strong, sustainable, inclusive and balanced growth.
4. Digital inclusion is a priority, leveraging India's unique Digital Public Infrastructure (DPI). - The Importance of Responsible AI Deployment (Brad Smith):
1. Emphasizing responsible AI development and deployment, drawing parallels with past social media threats.
2. To encourage excitement about AI opportunities while acknowledging and addressing the associated risks. - Adoption of Digital Technology and AI (N. Chandrasekaran):
1. Advocating for the adoption of digital technology and AI.
2. AI's potential to create jobs in India and the importance of a techno-legal approach to data privacy. - Rearranging the Global Financial Structure (Amitabh Kant):
1. A proposal to restructure the global financial structure to support development in the Global South.
2. The current financial structure is tilted against developing countries, which needs to change. - Multilateral Development Bank and the Global South (Amitabh Kant):
1. Multilateral development banks were urged to move from direct financing to indirect lending to increase resources for the global south. - Lifestyle for Sustainability (Amitabh Kant):
1. Highlighting the challenge of achieving consensus among countries at different stages of development.
2. Conceptualizing "lifestyles for sustainability" and focusing on significant greenhouse gas reduction potential through behavioral changes. - Africa's Potential and Initiatives (Sunil Bharti Mittal):
1. Africa's untapped potential and the need to draw attention to the continent.
2. Considering Africa's abundant arable land and opportunities for agricultural development. - Priorities and Financing Focus (Uday Kotak):
1. Identifying priorities: climate change, energy, biodiversity and ocean pollution.
2. Recommend capacity building in the domestic financial sector and align it with social development goals. - Financing the Global Economic Reform (Uday Kotak):
1. Suggesting that companies contribute 0.2% of profits to a development fund for priority fulfillment.
2. Highlighted the need for $4.5 trillion over the next 7 to 10 years to finance the B20 goals. - Digital Financial Services Post-Covid (Dinesh Khara):
1. Keeping in view the increase in adoption of digital financial services due to COVID-19.
2. To identify 11 priority areas for financial inclusion efforts.
What is Business 20 (B20)?
Business 20 (B20) is the official G20 dialogue forum with the global business community. Established in 2010, the B20 is one of the most prominent partnership groups in the G20, with companies and business organizations as partners. The B20 aims to provide concrete actionable policy recommendations on the priorities of each rotating presidency to promote economic growth and development. The B20 has scheduled a total of 100 meetings, of which 65 are in-person meetings and 35 are hybrid meetings. The B20 leads the process of soliciting the views of global business leaders on global economic and trade governance issues and speaks with one voice for the entire G20 business community.