B20 India has identified priorities for deliberations under the theme “R.A.I.S.E – Responsible, Accelerated, Innovative, Sustainable, and Equitable Businesses. About 100 business policy initiatives will be organized by Confederation of Indian Industry (CII) under the B20 calendar across the country during the G20 Presidency year.
B20 India’s agenda focuses on integration into global value chains and building trade resilience, innovation and R&D, and skilling and mobility of workers, amongst others. It will also prioritize financing growth and sustainable infrastructure, and financial inclusion. Energy, climate change and efficiency in utilization of resources will be an important part of the agenda, along with digital transformation. B20 India aims to catalyze business responsibility for sustainability, integrity & compliance, and work towards business participation in Africa’s growth story as additional priorities.
Prime Minister of India, Narendra Modi has said that India’s G20 Presidency will be inclusive and action oriented and the world is looking to India with hope and priority will be given to women led development. The novel ideas include the addition of a new engagement group Startup 20 to spur innovations across borders and facilitate in achieving the SDG targets and the Lifestyle for Future (LiFE) campaign for the future of the planet. The G20 Presidency would showcase India’s strengths in digital infrastructure, direct benefits transfer, digital health and pharmaceuticals. As part of the inclusive G20 approach, the Indian Presidency would examine the challenges in realizing the 2030 Agenda for Sustainable Development and the Addis Ababa Action Agenda in a timely manner.
Several key takeaways from the Bali Summit 2022 would continue to be relevant to the Indian Presidency. Global Economy, Food Security and Climate change, establishment of the Pandemic Fund, operationalization of the Resilience and Sustainability Trust in the International Monetary Fund and the Energy Transition Mechanism for Indonesia featured prominently in the Leaders’ Declaration.
The Business 20 (B20) is the official G20 dialogue forum representing the global business community. Established in 2010, B20 is among the most prominent Engagement Groups in G20, with companies and business organizations as participants. The B20 leads the process of galvanizing global business leaders for their views on issues of global economic and trade governance and speaks in a single voice for the entire G20 business community.
The Government of India has appointed Confederation of Indian Industry (CII), who assumed charge as the B20 India Secretariat on December 1, 2022 and will lead the B20 India process. B20 India will host a series of discussions and policy advocacy forums, across India, covering the identified industry priorities, with the aim to realize the B20 strategic vision and translating it into concrete and actionable policy recommendations.
Chairman of Tata Sons, N Chandrasekaran was recently got appointed as the chair of B20 India which represents the entire G20 business community. Chandrasekaran will lead the business agenda during India’s G20 Presidency and as per the media reports he has said that as India commenced its leadership of B20 amid multiple global developments and transformations, the participation of businesses in global economic decision-making has never been more critical and added that that a renewed strategy for businesses to strengthen global collaborations will foster economic stability, progress, and growth that is inclusive and sustainable.
The B20 aims to deliver concrete actionable policy recommendations on priorities by each rotating presidency to spur economic growth and development. The B20 bases its work on Task Forces (TFs) and Action Councils (ACs) entrusted to develop consensus-based policy recommendations to the G20 and to international organizations and institutions. The B20 officially conveys its final recommendations to the G20 Presidency on the occasion of the B20 Summit.
B20 India will operate through Task Forces and Action Councils in streamlining the B20 strategic vision and translating it into policy deliverables on key topics of the global economic agenda. The priority areas will be discussed and deliberated during B20 India under seven Task Forces in the areas of Inclusive GVCs for Resilient Global Trade and Investment, Future of Work, Skilling and Mobility, Digital Transformation, Financing for Global Economic Recovery, Financial Inclusion for Economic Empowerment, Energy, Climate Change and Resource Efficiency, Tech, Innovation and R&D.
Recent developments in the global arena have accentuated the vulnerabilities of supply chains and highlighted the imperative for a smooth and efficient flow of goods and services that is impervious to localized disruptions. Unexpected choke points in supply chains, volatile prices, and unavailability of goods impact the development trajectories of economies across the world. Keeping trade open across borders and establishing coordinated mechanisms for risk monitoring and crisis foresight will be crucial to preventing future roadblocks. The mission of development, particularly for least developed countries which are most at risk with limited access to critical assets, must aim at building the resilience to structural economic shocks arising from supply chain disruptions. Nations must focus on ensuring that trade and integration into global value chains acts as a potent instrument of growth for all countries.
Infrastructure that is socially, economically, and environmentally sustainable throughout its lifecycle is a key driver of economic growth and social progress and a critical enabler of the UN SDGs. Additionally, ensuring access to affordable financing means and reducing investment barriers is critical for infrastructure development. The pandemic has offered investors a powerful lesson, emphasizing the relevance of responsible and forward-looking approaches and the importance of achieving a more sustainable economic recovery.
Starting in 1999 as a meeting for the finance ministers and central bank governors, the G20 has evolved into a multilateral platform connecting the world’s major developed and emerging economies. It plays a strategic role in securing future global economic growth and prosperity.
(The author is a regular columnist and can be mailed at [email protected])
