With the emergence of newer challenges, Prime Minister Narendra Modi on Sunday said that businesses need to think beyond the bottom line and this can be done through focusing on supply chain resiliency and sustainability.
“B20 should think on new issues. Businesses have successfully gone beyond borders and boundaries. Now it is time to take businesses just beyond the bottom line. This can only be done by focusing on supply chain resilient and sustainability,” he said at the valedictory session of the B20 or Business 20 Summit India 2023, organised by CII which is the B20 Secretariat.
“Connected work is not just about connecting technologically…it is also about our shared purpose, shared planet, shared prosperity and shared future,” he underlined.
Noting that a number of global business leaders are attending the B20 Summit, the Prime Minister said that there is a need for cooperation on a number of issues such as climate change, energy sector crisis, water crisis, food supply chain imbalance, cyber security that have a big impact on businesses. Further, newer issues such as cryptocurrency and Artificial Intelligence require an integrated approach by businesses and governments across the world.
He called for an integrated approach to the challenge of cryptocurrency, where a global framework is needed and where all stakeholders are kept in mind. A similar approach needs to be followed for AI, he said highlighting ethical considerations regarding skilling and re-skilling, and concerns regarding algorithm bias and its impact on society and global business communities and governments have to ensure that ethical AI expands, he said.
“This is not the first time such challenges have come up. When aviation and financial sector were expanding, then also the world has found such frameworks. So I request the B20 to look at new issues,” the Prime Minister said.
He also highlighted that the future of global growth is dependent on the future of business. We all know business can transform potential into prosperity, obstacles into opportunities, and aspirations into achievements. Whether they are small or big, global or big, business can ensure progress for everyone. Therefore, the future of global growth is dependent on the future of global business,” he said.
Highlighting opportunities presented by India, he said India has become the face of a digital revolution in the era of Industry 4.0. With the pandemic bringing irreversible changes in the global supply chain, he further noted that India holds an important role in setting up an efficient and trusted global supply chain.