New Delhi: Focusing on inclusive growth in India, Prime Minister Narendra Modi on Sunday called for a global framework on cryptocurrencies and an ethical usage of artificial intelligence (AI).
He also highlighted a slew of issues, including the importance of consumer-centric growth, the digital revolution, green credit, the global supply chain, ISRO's Chandrayan-3 success, and the poor and middle class, among others.
In his address, the Prime Minister proposed observing "International Consumer Care Day" once a year. He also said that industries should switch over to "green credit" from the current practice of carbon credit trading.
"India has become the face of the Industry 4.0 revolution; the future of global growth is dependent on the future of business," he said.
Speaking at the concluding day of the B-20 summit, organised by CII in the national capital, the Prime Minister called for a global framework for ethical use of artificial intelligence (AI).
"Business leaders need to brainstorm on issues like cryptocurrency and AI, as a global framework is required for cryptocurrency. Also, technology disruption is happening at a rapid speed and there is a need to focus on 'ethical AI'. Besides, there are some ethical considerations regarding skilling and re-skilling and concerns regarding algorithm bias and its impact on society, Mr Modi said, adding, "Such issues have to be resolved together. Global business communities and governments will have to work together to ensure that ethical AI expands in different sectors."
Mr Modi also said that India has become the face of the digital revolution in the era of the Industry 4.0 revolution and also holds an important place in building an efficient and trusted global supply chain. "Business can transform potential into prosperity, obstacles into opportunities and aspirations into achievements, whether they are small or big, global or local... Sustainability is an important issue," the Prime Minister said.
Calling for a consumer-centric approach, Mr Modi also urged industry giants to move beyond their focus on bottomlines, as a balance between producers and consumers’ interests is vital to sustaining a profitable market. He also asked them to give more thought on how to make business more consumer-centric. "Can we think of some sort of yearly campaign where global businesses come together to pledge themselves for the good of the consumer? We speak of consumer rights, but can we start speaking about consumer care? Can we start observing a consumer care day every year?" the Prime Minister asked.
Talking about the large growth of the neo-middle class in the last few years, Mr Modi said that India will have the biggest middle class in the coming years because of our government's pro-poor policies. "Now, due to the policies implemented by India in the past few years, 13.5-crore people have come out of poverty in just 5 years. These people are the new consumers. This neo-middle class is also giving momentum to India's growth. That is, the net beneficiary of the work done by the government for the poor is our middle class as well as our MSMEs," he said.
Linking industry with science, Mr Modi said that all business leaders have come to India at a time when there is a celebratory mood in the country. "The festive season has been preponed. Our celebrations began on August 23, with the Chandrayaan-3 mission landing on the moon. Isro played a big role in Chandrayaan-3, but the industry played a key role too. Our industry, including MSMEs, made sure components were delivered in time for the lunar mission. The whole world is celebrating the success of India's lunar mission, a responsible space programme," he said.
On green credit, the Prime Minister said that India has launched a green credit system -- a pro-planet approach that every nation should adopt. "We need to create an ecosystem that will make the planet healthy. Being conscious of one's health is important, but one should also be concerned about the planet's health. India will try to repeat the success of solar energy in the green hydrogen sector as well. In the global supply chain, India will play a significant and efficient role," he said.
On global growth, the Prime Minister said that the future of global growth is dependent on the future of business. "Solutions to global supply chain issues lie in India, where it is playing an important role in forming a resilient and trusted supply chain. Sustainability now has to be part of our daily lives. We should be as worried about the health of the planet as we are about our health. Before making any decision, we must think about how it will impact the planet. The purpose of 'Mission LiFE' is to create a community of pro-planet people," he added.
On mutual trust, Mr Modi also said that India has invited the African Union to be a part of the G-20 in line with our inclusive vision. "The pandemic has been a lesson for everyone. The Covid-19 pandemic has destroyed mutual trust among nations and we need to focus on mutual trust. India was a symbol of mutual trust during the pandemic... We provided vaccines to more than 150 nations. India increased the production of vaccines when the world needed vaccines during the pandemic. Stronger friendships with India will lead to greater prosperity," he said.
