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PM Modi addresses B20 Summit, urges businesses to become more consumer-centric, calls for framework of cryptocurrencies and ethical use of AI

PM Modi argued that yesteryear’s theory of treating other countries as a market will never work and a profitable market can only be sustained when there is a balance in the interest of producers and consumers.

On Sunday (27 August), Prime Minister Narendra Modi delivered a keynote address at the Business 20 (B20) Summit 2023 which is organised by CII. Notably, B20 is the official G20 dialogue forum with the global business community. Through his address, PM Modi laid a strong pitch for inviting business leaders and investors to become a part of India’s development story. He asserted that India has the largest youth talent and has become the face of the digital revolution at the time of Industry 4.0. 

In his address, PM Modi emphasised that India is the solution for all problems and it holds an important place in building an efficient and trusted global supply chain. 

PM Modi began his 30-minute-long address by lauding ISRO’s successful Chandrayaan-3 mission. He radiantly stated that the success of Chandrayaan-3 has preponed the long festive season in the country. He pointed out that during our festive season, not only our people but also our businesses are immersed in celebrations. 


PM Modi said, “This time the festive season in India started from 23rd August. This celebration is Chandrayaan-3’s landing on the surface of the moon. ISRO played an important role in the success of India’s lunar mission. Along with this India’s industries have also played an important role. This celebration is to accelerate India’s growth. This celebration is about innovation. This celebration is about bringing in sustainability & equality with the help of space technology.”

He stressed that there is an urgent need to create an equal market for all. PM Modi argued that yesteryear’s theory of treating other countries as a market will never work and a profitable market can only be sustained when there is a balance in the interest of producers and consumers.

Urging business leaders to make everyone equal partners in progress, he asked, “Can we all give more thought to how to make business more consumer-centric?”

Going further, the Prime Minister also called for observing ‘International Consumer Care Day’ once a year. He urged everyone to switch over to ‘green credit’ from the current practice of carbon credit trading. He also called for the establishment of a global framework for cryptocurrencies and the ethical application of artificial intelligence (AI). 

Prime Minister said, “There is a challenge associated with cryptocurrencies. In this matter maximum integrated approach is needed. I think there is a need for preparing a global framework which should take care of the interests of all stakeholders.”

Highlighting the dark period of the Covid pandemic, PM Modi highlighted that back then it was India that gave mutual trust to the world and provided medicines to more than 150 countries.

He said, “When the world needed medicines, during the Covid pandemic, India, as the ‘Pharmacy of the World’, provided life-saving drugs to more than 150 countries. When the world needed a Covid drug, India enhanced production of its own vaccines to save the precious lives of millions across the globe.”  

What is the B20 summit?

The Business 20 (B20) serves as the official dialogue forum within the G20 for the global business community. Since its establishment in 2010, B20 has been one of the most prominent Engagement Groups in G20, with companies and business organisations as its participants. It aims to deliver concrete actionable policy recommendations to accelerate economic growth and development.

This year’s B20 summit started on August 25 in India and it continued for three days. This year’s theme is ‘R.A.I.S.E – Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses’. Over 1,500 delegates from 55 countries participated in B20 Summit 2023.  

On the third day, the summit culminated with India handing over the B20 presidency to Brazil to host next year’s G20 Presidency in 2024. 

It is pertinent to note that B20 Summit India brought policymakers, business leaders, and experts from across the world to deliberate and discuss the B20 India Communique. The B20 India Communique includes 54 recommendations and 172 policy actions to be presented to the G20.

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