Driving the global business agenda
In an era of instability, B20 India has focused on supporting businesses to reach their potential and meet the
high expectations placed upon them in fostering economic growth
India’s G20 presidency this year is playing a central role in achieving global stability and presents immense scope and an exceptional opportunity for the country in spearheading international coordination towards inclusive growth and development. With the theme of Vasudhaiva Kutumbakkam or One Earth, One Family, One Future, India has steered the G20 over the past year with a commitment to addressing global challenges in an effective manner through a collective approach.
India embarked upon its G20 presidency at a time when the global economy was faced with unprecedented challenges that disrupted economic and business activity across the world. While the world was still combating the Covid-19 pandemic and enterprises were adapting to the new normal, geopolitical developments led to the disruption of global supply chains. The increase in food and energy prices resulted in a deceleration in global growth.
As major central banks resorted to increasing interest rates to combat rising inflation, this increased costs of doing business while slowing down investments, and presented businesses with several extraordinary challenges.
The rapidly evolving technological trends and technical developments in the aftermath of the pandemic required businesses to innovate constantly and adapt quickly as organisations faced the complexities of phasing out outdated systems and cybersecurity threats. The digital era has also brought the critical challenge of bridging the skills gap for businesses and enterprises in order for them to be more efficient and sustainable in the long run. Organisations were further placed at risk given today’s climate change crisis and the imperative of addressing broader sustainability issues.
In flux
In this environment of flux, as the voice of the G20 business community B20 India identified key priorities and brought together global business leaders to share their views on global economic issues with the aim of delivering concrete and actionable policy recommendations and spurring economic growth and development for all.
A series of initiatives was undertaken across identified priority areas under B20 India’s theme of R.A.I.S.E. or Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses, to facilitate responsible and sustainable business practices and strategies that could be adopted and fostered by G20 members for advancing the economic, environmental and social progress of all while being financially viable.
To realise the B20’s strategic vision, we constituted seven task forces and two action councils in consultation with the government and stakeholders. B20 India’s work during the year focused on seven areas: inclusive global value chains for resilient global trade and investments; the future of work, skilling and mobility; energy, climate change and resource efficiency; the digital transformation; financing for global economic recovery; technology, innovation, and research and development; and financial inclusion for economic empowerment.
The B20 also constituted two action councils to deliberate and undertake actions in the areas of environmental, social and governance in business and of African economic integration.
The role of industry
Indian industry has actively participated through the B20 India platform throughout India’s G20 presidency. It has contributed to the G20 global dialogue by initiating over 100 policy advocacy initiatives to give the voice of business to the relevant government and non-government institutions and organisations. The B20’s International Advisory Council has also contributed significantly to these deliberations and policy recommendations. For advancing global priorities, B20 India will submit policy recommendations for the consideration of the G20 leaders based on inputs from hundreds of members of the task forces and action councils, representing industry leaders, small and medium enterprises, think tanks, and international organisations. Thoughtful and valuable suggestions were incorporated into the policy papers, which can help to offer consensus-based outcomes to the G20 across the key identified areas.
Hive mind
The B20 Summit India, on 25–26 August in New Delhi, brings together global experts, leading industrialists and thought leaders from India and around the world. It is a vital platform to share and exchange ideas on the most pressing global issues facing the world today. It also presents an important opportunity for voicing a common business narrative and driving the global business agenda forward with all relevant partners. It
has been a privilege for India to lead the B20 at a time when the world has high expectations from business and to present impactful policy solutions to the policymakers of the leading global economies.
