B20 Summit: PM Modi pitches India as a solution to supply chain woes
Prime Minister Modi also called for a reconsideration of the traditional approach to business
While addressing the B20 Summit in New Delhi, Prime Minister Narendra Modi on Sunday said India could be the solution to the disruptions that the world is currently facing on the trusted supply chain front.
He highlighted India’s position in creating a trusted supply chain in the world today and emphasized the contributions of global businesses.
He asked global business to move forward as sustainability in itself is an opportunity as well a business model.
The Prime Minister asked for a reconsideration of the traditional approach to business. He said that there is a need to go beyond brand and sales.
He said, “As a business, we also have to focus on creating an ecosystem that will benefit us in the long term. Now, Due to the policies implemented by India in the past few years, 13.5 crore people have come out of poverty in just 5 years. These people are the new consumers. This neo-middle class is also giving momentum to India's growth. That is, the net beneficiary of the work done by the government for the poor is our middle class as well as our MSMEs.”
The Prime Minister stressed that businesses should focus on improving the purchasing power of more and more people as a self-centric approach will harm everyone.
Referring to a similar challenge of uneven availability and universal need in critical material and rare earth metals, Prime Minister Modi said, “If those who have them do not look at them as global responsibility then it will promote a new model of colonialism.”
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,” the Prime Minister asked.
He elaborated that consumers are not confined to retail consumers within a particular geography but also the nations that are consumers of global trade, global goods and services.
Regarding the answers, PM 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 and cyber security 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 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 Prime Minister remarked.
He also talked about circular economy and green energy and India’s approach of taking the world along is visible in steps like the International Solar Alliance.
He also noted that people are looking ahead to the futuristic impact of any such activity. Giving strength to this belief, the Prime Minister said that businesses and the society should have a similar approach towards the planet and analyze the impact of their decisions on the planet.
“The well-being of the planet is also our responsibility”, the Prime Minister added. Speaking about Mission LiFE, the Prime Minister said that the objective of this mission is to create a group or a collective of Pro Planet People.
He underlined that half of the issues will be reduced when both the lifestyle and the businesses are pro planet.
He emphasized adapting life and business according to the environment and informed about India preparing a framework of green credit for business, which emphasizes on planet positive actions. The Prime Minister urged all the stalwarts of global business to join hands and make it a global movement.
“This is a success of both science and industry,” he said.
On the occasion, he also emphasized that 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’
He informed that the same vision has been applied when inviting the African Union to permanent seats at the G20. He said 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.
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.”