Ladies and gentlemen,                                                                                             

Distinguished delegates,

Namaskar!

Welcome to India.

Friends,

All of you, the business leaders, have come to India at a time when there is a festive atmosphere throughout our entire country. The annual long festival season in India, in a way, has been preponed. This festive season is the time when our society as well as our businesses celebrate. And this time, it has started from August 23^rd itself. And this celebration marks the arrival of Chandrayaan on the moon. Our space agency ISRO has played a significant role in the success of India's lunar mission. But at the same time, Indian industry has also provided immense support. Many components used in Chandrayaan have been developed by our industry, private companies, and MSMEs, and made available within the necessary timeframe. In a way, this success belongs to both science and industry. What's also important is that this time the whole world is celebrating it along with India. This celebration is about running a Responsible Space Program. This celebration is about accelerating the country's development. This celebration is about innovation. This celebration is about bringing sustainability and equality through space technology. And this is also the theme of the B20 Summit – RAISE. It is about Responsibility, Acceleration, Innovation, Sustainability and Equality. And, it is about Humanity. It is about One Earth, One Family, One Future.

Friends,

While the B-20 theme "RAISE" contains ‘I’ which represents Innovation. However, I also see another 'I' alongside Innovation. And that 'I' is Inclusiveness. We have invited the African Union with the same vision to become a permanent member of the G-20. In B-20 too, there is a focus area dedicated to Africa's economic development. India believes that the more inclusive this forum is in its approach, the greater impact it will have. This approach can help handle global economic challenges, make growth sustainable, and ensure greater success in implementing the decisions taken here.

Friends,

It is often said that any crisis or adversity brings with it some lessons, teaching us something valuable. Just two or three years ago, the world faced the biggest pandemic, the greatest crisis in a century. This crisis has taught every country, every society, every business house, and every corporate entity a lesson. And the lesson being that what we need to invest the most now is in mutual trust. The Corona pandemic has shattered this mutual trust around the world. And in this atmosphere of mistrust, the country that stands before you, with utmost sensitivity, humility, and the banner of trust, is India. Amidst the greatest crisis of 100 years, India has given the world something invaluable and that is trust, mutual trust.

When the world needed it during the period of Corona, India, being the Pharmacy of the World, provided medicines to more than 150 countries. When the world needed vaccines for Corona, India increased vaccine production and saved the lives of millions of people. India's democratic values are evident in its actions and responses. India’s democratic values are visible in the G-20 meetings held in over 50 cities across the country. That's why your partnership with India is of great importance. Today, India is home to the world's youngest talent. Today, India stands as a face of the digital revolution in the era of 'Industry 4.0'. The stronger your friendship with India, the greater the prosperity both will achieve. You all know that businesses can transform potential into prosperity, obstacles into opportunities and aspirations into achievements. Whether they are small or big, global or local, businesses can ensure progress for everyone. Therefore, the future of global growth is dependent on the future of business.

Friends,

The world has undergone significant changes both before and after COVID-19. We are witnessing irreversible changes in many aspects. Now, global supply chains cannot be seen the same way as before. It used to be said that as long as the global supply chain is efficient, there is no need to worry. However, such a supply chain can break precisely when the world needs it the most. Therefore, today when the world is grappling with this question, I assure you, my friends, that India is the solution to this problem. India holds a crucial position in building an efficient and trusted global supply chain. Therefore, global businesses need to step up their responsibility to make this happen, and together, we must.

Friends,

I am pleased that the Business-20 has emerged as a vibrant forum for debates and dialogues among the G20 nations. Therefore, as we discuss solutions to global challenges on this platform, sustainability is a highly critical topic. We all need to remember that sustainability shouldn't be confined to mere rules and regulations; it should become an integral part of our daily lives. My appeal is for global businesses to take an additional step forward in this direction. Sustainability is both an opportunity and a business model in itself. To illustrate this, let me give you a small example and that is millets. This year is being observed by the UN as the International Year of Millets. Millets are not only super food but also environmentally friendly and supportive of small farmers. Additionally, there is tremendous potential in the food processing business. In other words, it is a win-win model for both lifestyle and the economy. Similarly, we see this concept in the circular economy, which presents enormous opportunities for businesses. In India, we are focusing significantly on green energy. Our aim is to replicate the success we've achieved in solar energy capacity in the field of Green Hydrogen. India's effort is to take the world along with it and this effort is also visible in the form of International Solar Alliance.

Friends,

In the post-Corona world, we can observe that people have become very conscious about their health. Health consciousness is visible not only at the dining table but also when we make purchases, choose our meals, and engage in various activities. We carefully consider how each choice will impact our health. Everyone worries about avoiding discomfort and potential difficulties in the long term. It's not just about the present; we also consider its future implications. My belief is that both businesses and society should have the same mindset regarding our approach towards the planet. Just as I am concerned about my health and how it influences my everyday life, it is also our responsibility to consider how our actions impact the health of the planet. Before making any decision, we must think about its impact on our Earth. The Mission LiFE, which stands for Lifestyle for Environment, is driven by this philosophy. Its purpose is to create a community of pro-planet individuals worldwide, to initiate a movement. Every lifestyle decision has some impact on the business world. When both lifestyles and businesses become pro-planet, many problems will naturally diminish. We must focus on aligning our lives and businesses with environmental considerations. India has developed a framework for Green Credit in the business sector. While we've been tangled in the concept of Carbon Credits for a long time, there are others who are also enjoying the benefits of the Carbon Credit. I have brought the issue of Green Credit in front of the world. Green Credit which emphasizes 'planet positive' actions. I urge all the stalwarts of global business to join this and make it a global movement.

Friends,

We need to consider a traditional business approach as well. We should not limit ourselves to just our products, brands, and sales; that's not enough. As a business, we also need to focus on building an ecosystem that provides benefits in the long term. For instance, due to the policies implemented by India in recent times, more than 13 crore people have been lifted out of poverty over the course of just 5 years. Those who have moved above the poverty line, the neo middle class, are some of the biggest consumers because they come with new aspirations. This neo middle class is contributing to India's growth momentum. In essence, the government's pro-poor governance has not only benefited the poor but also the middle class and our MSMEs (Micro, Small, and Medium Enterprises). Imagine, with a focus on pro-poor governance, how significant the growth of the middle class will be in the next 5-7 years. Therefore, every business should focus on catering to more and more people, especially as the purchasing power of the middle class continues to rise. As this purchasing power grows, it directly impacts businesses significantly. We must learn how to equally balance our focus on both these aspects. If our focus remains self-centric, I believe we won't be able to benefit ourselves or the world. We are experiencing this challenge in critical materials, rare earth materials, and several other metals. These materials are in abundance in some places and not there in some places, but are needed by the entire human race. Whoever has it, if he does not view it as a global responsibility, then it will promote a new model of colonialism. This is a serious warning I'm issuing.

Friends,       

A profitable market can be sustained when there is a balance in the interests of producers and consumers. This also applies to nations. Treating other countries only as a market will never work. It will harm even the producing countries sooner or later. Making everyone equal partners in progress is the way forward. There are many global business leaders here. Can we all give more thought to how to make businesses more consumer-centric? These consumers could be individuals or countries. Their interests need to be taken care of as well. Can we think of some sort of a yearly campaign for this? Can global businesses come together to pledge themselves for the good of the consumers and their markets every year?

Friends,

Can businesses worldwide come together to establish a dedicated day in the year for consumers? Unfortunately, we talk about consumer rights and the world also observes Consumer Rights Day. Can we change this cycle by moving from carbon credit to green credit? Instead of the compulsory Consumer Rights Day, we can take the lead in talking about consumer care. Imagine initiating a Consumer Care Day and the significant positive impact it could have on the environment. If the focus shifts to consumer care, many issues related to rights could automatically resolve themselves. Therefore, I urge you all to think about something within an International Consumer Care Day framework. Such an initiative would strengthen trust between businesses and consumers. We must remember that consumers are not confined to a specific geographic area; they represent various countries engaged in global trade, consuming global goods and services.

Friends,

Today, as the world's prominent business leaders gather here, we face more significant questions that determine the future of business and humanity. Collaborative efforts are essential to find answers to these questions. Whether it's about climate change, the energy sector crisis, imbalances in the food supply chain, water security, or cyber security, these are subjects that significantly impact businesses. To address these challenges, we must enhance our joint efforts. Over time, new issues are emerging that were unimaginable 10-15 years ago. For instance, the challenge posed by cryptocurrencies. It requires a highly integrated approach. I believe a global framework needs to be established, considering the concerns of all stakeholders.

An approach similar to this is also needed for Artificial Intelligence (AI). The world is currently brimming with excitement about AI, but within this excitement, there are ethical considerations as well. Concerns are being raised about skilling and re-skilling, algorithmic bias, and the societal impact of AI. We all need to come together to address these issues. Global business communities and governments must collaborate to ensure the expansion of Ethical AI. We must analyze potential disruptions in different sectors. Disruption is becoming more profound, pervasive, and significant with every instance. This challenge requires a solution under a global framework. And friends, it is not that these challenges have come before us for the first time. When the aviation sector was growing, when the financial sector was advancing, the world established frameworks to address such challenges. Therefore, today, I call upon the B-20 to engage in discussions and contemplation on these emerging topics.

Friends,

Businesses have successfully gone beyond borders and boundaries. Now is the time to take businesses beyond just the bottomline. This can only be done by focusing on supply chain resilience and sustainability. I am sure 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.

Thank you.

Thank you very much!

DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered in Hindi.

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DS/VK/AK