An India-headquartered global business institute has been proposed to ensure the implementation of recommendations made at the B20 Forum, which is the official G20 dialogue platform representing the global business community.
Declaring that India’s growth story will be shaping the world’s future, Natarajan Chandrasekaran, Chair B20 India & Chairman, Tata Sons, said, “This global business institute based in India will ensure the recommendations made by B20 are tracked as also aligned with any changes.”
Chandrasekaran was speaking at the opening plenary session of the three-day summit that got underway in New Delhi on Friday.
The proposed finance organisation would be part of the institutional architecture to support G20 and would comprise highly experienced evangelists and thought leaders.
Commending the country’s achievement with the Chandrayaan-3 probe’s successful landing on the Moon’s surface, Chandrasekaran told delegates, “It’s a pleasure to address you the same week that India successfully landed a spacecraft on the Moon… The Moon has, therefore, changed from a symbol of aspiration to one of achievement.”
He said India today was an exception in an economic environment where most economies were facing headwinds.
“We in India stand as the beacon of growth to achieve 7 percent growth over this decade.”
Noting that the summit was a result of seven months of hard work to forge ties between global business leaders, he said three key areas for transformative action viz., digital, energy and global supply chains, had been identified.
He said that 110 public advocacy sessions held in India and overseas had led to 55 policy recommendations made around nine identified themes, including inclusion, financing of Sustainable Development Goals (SDG)s, energy transition, formalisation of frameworks for environmentally sustainable services and prioritising the development of the Global South.
Saying that financing for Sustainable Development Goals (SDG)s particularly required concerted global action, a support fund would also evaluate the best ways to utilise private money to support public services.
Based on the most pressing issues concerning businesses globally by B20 India, seven task forces were created for India’s G20 Presidency in the areas of Inclusive Global Value Chains (GVC)s for Resilient Global Trade and Investment; Future of Work, Skilling, and Mobility; Digital Transformation; Financing for Global Economic Recovery; Energy, Climate Change & Resource Efficiency; Tech, Innovation and R&D and Financial Inclusion for Economic Empowerment.