The B20 India business agenda is aligned to India’s G20 presidency of taking all countries forward.
With India assuming G20 presidency from December 1, the premier international forum’s engagement groups have also been handed over to India. India has, thus, taken over the baton of B20, the business engagement group of G20 that brings together enterprises from the G20 member nations to contribute to the global dialogue.
With this new role, India finds itself in a global economy at the cusp of transformation, driven by multiple developments including the lingering impact of the pandemic, geopolitical conflicts, acceleration of technology adoption and shifting global value chains. Climate change is a mounting challenge that no country can escape, and that necessitates a new way of doing business as well. The participation of businesses in global economic decision-making has never been so critical. Given the current transformations underway, a renewed strategy for businesses to come together will catalyse global economic stability, progress and growth that is inclusive and sustainable.
B20 India is committed to strengthen the partnership between businesses of the world’s largest economies. Its aim is to converge businesses from all sectors, segments and regions, including both large and small enterprises, forconstructive solutions that world governments can consider, not just for the G20economies but smaller ones as well. It would leave an indelible impression in shaping the actions demanded by today’s challenges.
B20 India has strategised its agenda and priorities based on the dialogues already held under the previous chairs, along with charting a path ahead for both governments and businesses. The group’s policy recommendations would be an important input for the final G20 India summit declaration.
Our agenda is conceptualised under the theme of RAISE – Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses. A global business sector that prioritises responsibility to society, accelerates the needs ofdevelopment, builds on innovation and ensures sustainable development will be the right catalyst for growth – equitable and inclusive growth that embraces all sections of society.
Turning the Growth Levers
B20 India has identified the priorities for industry action over the coming year under India’s presidency in consultation with government and other stakeholders. The agenda proposed is to drive through seven task forces and two action councils that will take forward these priorities for the year. The seven taskforces:
citizens, and businesses across the world and digital technologies can help in this effort.
Action on Development
The action councils have been devised to drive business cooperation in two new, important areas for B20:
With this, B20 India would have a comprehensive business agenda for global growth.
Business is an accelerator for growth and, as B20, India must jointly ensure it is a force of inclusive development and contributes to solutions for challenges that the world faces today. B20 India looks forward to shaping the agenda for business over the year and synergising with G20 deliberations with all partners on the platform.
The article was contributed by Mr N Chandrasekaran, Chair, B20 India, and Chairman, Tata Sons and was first published in The Economic Times, 19 December 2022