Over the past one year, the global economy battled several adverse circumstances that added to a series of supply shocks. Pandemic related disruptions continued in several parts of the world, combined with increased uncertainty due to other geopolitical developments, most notably the Russia-Ukraine war. The world economy, which was on a path of recovery, is now faced with significant risks with respect to overall economic prospects, with volatile commodity and energy prices leading to inflationary pressures and further supply chain disruptions slowing down economic activity.
Importantly, the move towards global cooperation and international solidarity has been a critical feature of the last few years, as global policymakers have prioritized the need for decisive, timely and coordinated global action to address the plethora of challenges arising due to the changing global environment.
Despite the ongoing global economic developments and disturbances, India with a growth rate of 8.7 per cent for 2021-22 has today become an island of macroeconomic stability and a new horizon of opportunities, with a predictable and progressive policy environment. Total trade crossed USD 1 trillion while inward investments touched new peaks, as countries seek to diversify supply chains and seek favorable investment climates.
The Indian economy has made rapid strides owing to the many significant initiatives of the Government of India and solid structural reforms. Ease of doing business, infrastructure policies and initiatives, reduction in corporate tax rates, FDI policy reforms, and Production Linked Incentive schemes for 14 sectors, among others are some of the initiatives that have contributed to making India a leading investment and manufacturing destination in the world, with one of the most open and investment friendly economies.
India has also greatly stepped up its external engagement over the last few years and has signed trade agreements with Australia and UAE, with several others in the negotiation phases. These, in turn, are expected to fuel economic growth by boosting trade and investments and creating jobs for participating economies. The country is likely to continue on its trajectory of investment driven export-led growth and further strengthen economic interaction with the rest of the world.
Given this backdrop, the Confederation of Indian Industry (CII) is organizing the CII Partnership Summit 2023 that will provide an excellent platform for thought leaders, global policymakers and businesses to exchange ideas and perspectives and consolidate partnerships for leveraging emerging opportunities.
This edition of the CII Partnership Summit gains a new salience as India assumes the G20 Presidency. The Business 20 (B20) is the official G20 dialogue forum with the global business community. Established in 2010, B20 is among the most prominent Engagement Groups in G20, with companies and business organizations as participants. The B20 leads the process of galvanizing global business leaders for their views on issues of global economic and trade governance and speaks in a single voice for the entire G20 business community.
The B20 aims to deliver concrete actionable policy recommendations on priorities by each rotating presidency to spur economic growth and development. B20 bases its work on Task Forces (TFs) and Action Councils (ACs) entrusted to develop consensus-based policy recommendations to the G20 and to international organizations and institutions. The B20 officially conveys its final recommendation to the G20 Presidency on the occasion of the B20 Summit, which takes place back-to-back with the G20 Summit.
CII is tasked to be B20 India Secretariat and will be convening task forces and action councils on identified issues. The discussions at the task forces and action councils will shape the policy papers to be submitted during the G20 India Summit in 2023.
The CII Partnership Summit, held annually since 1995, has been regularly partnered by Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India. The Partnership Summit 2021 convened 250+ speakers from more than 40 countries for a global audience of over 7,000 delegates on the virtual platform. The CII Partnership Summit 2023 will focus on how India’s growth story, its reform process and external engagement will help to rebalance the world and impart stability to growth processes. It will also capture global business ideas under the aegis of B20 India.
This year’s Partnership Summit will hold high level discussions broadly along the tracks of the global and Indian economy, G20/B20, competitiveness, resilient supply chains, investments, sustainability, start-ups and entrepreneurship, technology and the social dimension. It will focus on the opportunities and imperatives for countries and businesses to drive future strategies for growth, competitiveness, and sustainable and inclusive development.
Participate in the CII Partnership Summit 2023 to get expert insights on the way ahead for a better and brighter future.
Register now: https://bit.ly/3jVYeTD