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NEW DELHI: Prime Minister Narendra Modi on Sunday delivered a keynote address at the 2023 Business 20 (B20) Summit, the official dialogue platform between the G20 and the global business community.

During his speech, Prime Minister Modi remarked that India’s festive season was set in motion with the successful lunar landing of Chandrayaan-3 on August 23 “You (business leaders) have come to India at the time where there is a celebration mode in the country,” PM Modi said while addressing the summit. “We have invited the African Union to become a permanent member of G20,” he added.

It’s noteworthy that PM Modi’s address came in the context of India handing over the B20 presidency to Brazil, marking a transition in the leadership of this influential dialogue platform.

Below are the critical points of Modi’s address:

PM Modi began his address with the success of Chandrayaan. “This time the festive season in India started on 23rd August. This celebration is Chandrayaan-3’s landing on the surface of the moon. ISRO played an important role in the success of India’s lunar mission. Along with this India’s industries have also played an important role. This celebration is to accelerate India’s growth. This celebration is about innovation. This celebration is about bringing in sustainability & equality with the help of space technology.”
PM Modi spoke on the Covid pandemic and said, “2-3 years ago, we went through the biggest pandemic which gave a lesson to every country, society, business house, and corporate entity that we need to invest the maximum in mutual trust. India gave mutual trust to the world during Covid, India provided medicines to more than 150 countries.”
“India has the largest youth talent. India has become the face of the digital revolution during Industry 4.0. Business can transform potential into prosperity, obstacles into opportunities & aspiration into achievements. Whether small or big, global or local business can ensure progress for everyone,” he said.
Stressing the need for an equal market for all, PM Modi said, “A profitable market can be sustained when there is a balance in the interest of producers and consumers. Treating other countries only as a market will never work. It will harm the producing countries sooner or later. Making everyone equal partners in progress is a way forward. Can we all give more thought to how to make business more consumer-centric?”
PM Modi asked businesses to focus on consumer care rather than just celebrating consumer rights day.

Here are some key points from the summit:

1. G20’s ‘People’s Presidency’ by India:

India has held the G20 presidency, aiming for inclusivity, decisiveness, and action.
The presidency was taken to all Indian states and hosted in 60 cities, making it a ‘People’s Presidency.’
The focus during India’s G20 presidency is on strong, sustainable, inclusive, and balanced growth.
Digital inclusion is a priority, leveraging India’s unique digital public infrastructure (DPI).

2. Importance of Responsible AI Deployment (Brad Smith):

Emphasizing responsible AI development and deployment, drawing parallels with past social media pitfalls.
Encouraging excitement about AI opportunities while acknowledging and addressing associated risks.

3. Embracing Digital Technology and AI (N. Chandrasekaran):

Advocating for embracing digital technology and AI.
AI’s potential to create jobs in India and the importance of a techno-legal approach to data privacy.

4. Realigning Global Financial Structure (Amitabh Kant):

Proposing the realignment of the global financial structure to support growth in the global South.
Current financial architecture tilts against developing countries, necessitating a change.

5. Multilateral Development Banks and Global South (Amitabh Kant):

Urging Multilateral Development Banks to move from direct funding to indirect lending, increasing resources for the global South.

6. Lifestyle for Sustainability (Amitabh Kant):

Highlighting the challenge of achieving consensus among countries at different stages of development.
Focusing on the concept of “lifestyle for sustainability” and the significant greenhouse gas reduction potential through behavioral changes.

7. Africa’s Potential and Initiative (Sunil Bharti Mittal):

Africa’s untapped potential and the need to direct attention to the continent.
Noting Africa’s abundant arable land and the opportunity for agricultural growth.

8. Priorities and Financing Focus (Uday Kotak):

Identifying priorities: Climate change, energy, biodiversity, and ocean pollution.
Recommending capacity building in the domestic financial sector and alignment with social development goals.

9. Financing for Global Economic Recovery (Uday Kotak):

Suggesting that companies contribute 0.2% of profits to a development fund for priority fulfillment.
Highlighting the need for $4.5 trillion over the next 7 to 10 years to finance B20 goals.