Prime Minister Narendra Modi addressed the B20 Summit India 2023 in Delhi on Sunday as he spoke about different aspects of business in the country, focusing on green energy while he also called for a global framework on cryptocurrencies and an ethical usage of artificial intelligence (AI). The prime minister also called for observing 'International Consumer Care Day' once a year and switching over to 'green credit' from the current practice of carbon credit trading.
During his speech, PM Modi also said India has become the face of the digital revolution in the era of Industry 4.0. He also mentioned that the country has reached a crucial position in building an efficient and trusted global supply chain.
Importance of business in India
PM Modi spoke about the importance of business at the summit, he said, "Businesses can transform potential into prosperity, obstacles into opportunities, aspirations into achievements, whether they are small or big." Further, he explained, "ISRO played an important role but along with it, the Indian industry, MSMEs and private companies also contributed to this mission. This is a success of both science and industry."
Then he mentioned that business decisions should be taken with the motive of being pro-planet and only then will the existing problems be solved. He said, "It is our responsibility to think about what impact our decisions will make on our Earth. When our lifestyle and business will be pro-planet then many of our problems will be solved."
PM Modi also spoke about India's role in the global market, he said, "Can a supply chain be called efficient when it gets disrupted during the time of need? India is the solution to this problem. India has an important role to play in efficient and trusted global supply chain."
PM Modi on green energy
PM Modi in his address said, "We are focusing on green energy in India. We aim to replicate the success of solar energy in the green hydrogen sector."
PM Modi also suggested the switch over to 'green credit' from the current practice of carbon credit trading.
PM Modi on global framework on cryptocurrencies
"There is a challenge associated with cryptocurrencies. In this matter maximum integrated approach is needed. I think there is a need for preparing a global framework which should take care of interests of all stakeholders," the prime minister said.
PM Modi on ethical usage of Artificial Intelligence
PM Modi further said that the ethical use of Artificial intelligence should be approached further. He further said, "Today, the world is showing a lot of excitement regarding AI. But amidst the excitement there are also some ethical considerations. Regarding skilling and re-skilling, concern is being raised about algorithm bias and its impact on the society. Such issues also have to be resolved together."
Modi called business communities and governments to work together to ensure usage of ethical AI as "we have to sense the potential disruptions in different sectors. This problem has to be solved under the global framework."
PM Modi on consumer rights
PM Modi asked a question to the business community, "Every year, can global businesses come together to pledge themselves for the good of the consumers and their markets?”
He suggested that a day in a year should be observed as 'international consumer care day' and said that the global business to fix a day to talk about the interests of the consumer.
"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," he added.
Speaking about inclusiveness, PM Modi announced, "We have a vision of inclusiveness and with that vision, we invited African countries for #G20Summit for their permanent membership."
