+ Business 20 (B20) India: The Road to Development - CII Blog

The past few years have significantly transformed the global economic landscape.  The world continues to face several complex challenges and other complications from these global events. 

These economic shocks have impacted the global economic recovery process as the world continues to face a multitude of economic challenges including rising energy and commodity prices and the accompanying inflation, raw material and labor shortages and continued supply chain disruptions, among others. These disturbances have also impacted the international business community and its operations. It is in times like these that global alliances and collaboration and the role of international institutions will be pivotal in infusing a global response to these global challenges. 

Convergence of the Global Business Community

Business 20 (B20) as the voice of the G20 business community leads the process of bringing together global business leaders for their views on global economic issues and aims to deliver concrete and actionable policy recommendations on priorities of each rotating G20 presidency, to spur economic growth and development. 

India took over the G20 Presidency for 2023, and CII will be the B20 Secretariat and will undertake series of initiatives, cutting across the identified priority areas, on the Theme R.A.I.S.E: Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses. The B20 has identified industry priorities and accordingly has constituted 7 task forces and 2 action councils given below:

B20 India also constitutes of two Action Councils responsible for deliberating on the larger structural agenda. The key focus areas being ESG in business and African Economic Integration. 

The G20 nations together are responsible for around 75% of the total GHG emissions and the supply sector being responsible for 37%. The need of the hour is for 

accelerating transitions to net-zero while addressing issues such as enhancing the quantum, predictability, and ease of financing flows, supporting technology innovation, and ensuring a just transition.

In this ambiguous global economic environment, nations must strategically navigate their monetary policy paths to restore price stability and ease the cost pressures. Given this backdrop, the Inception meeting will be an ideal guide to suggest policy priorities to support and nurture global economic recovery and growth.

Post-pandemic, bridging the global digital divide has become increasingly important since several aspects such as healthcare, transactions, education, and banking have seen an increased dependency on digital tools. Enhancing digital literacy is key towards narrowing the digital divide. The inception meeting will foster a digitally ready and inclusive society, reducing connection inequalities, and promoting trust in the global digital ecosystem.

B20 India Inception Meeting

The new year 2023 will mark the beginning of the B20 with its Inception Meeting, which will include discussions primarily focused on Task Forces and Action Councils and work towards preparing the final set of recommendations to be submitted at the G20 Summit Meeting in 2023. 

Spanning over 3 days, it will bring together several policy makers, thought leaders, business leaders, CEOs and senior representatives of the G20 countries and senior officials from multilateral organisations to deliberate on identified industry priorities that would help in shaping just and equitable growth and development for all, in a sustainable, responsible, and inclusive manner. 

The inception meeting will open with the inaugural session featuring eminent speakers sharing their perspective on the role and importance of B20, and how they are aligned with the broader G20’s agenda and the themes that will be taken for strategic visioning and translating the same into policy deliverables key for overall global economic development and growth. Other various sessions will cover global issues like climate action, unlocking economic recovery, redefining digital global cooperation, building resilient GVCs and Rethinking & revitalizing innovation to drive inclusive impact.

The meeting will showcase the rich cultural heritage of Gujarat with discussions involving the setting of the agenda of the Taskforces and Action Councils and will conclude with a tour of the business delegations to the Gujarat International Finance Tec- City (Gift City) – the greenfield smart city and international financial services center, promoted by the Government of Gujarat. The Inception meeting will help G20 nations combine strengths to rethink and revitalize innovation that will help drive sustained cross-sectoral collaboration and thereby result in an all-inclusive economic, social and environmental growth.

The inaugural meeting will be held in Gandhinagar, Gujarat, India, on January 22-24, 2023.

Register Now: https://www.b20india2023.org/eventregistration/6