The inception meeting of the three-day-long Business 20 (B20) India summit began at Gandhinagar, Gujarat, on Sunday, amid the presence of business leaders and senior executives of companies from G20 countries. Union ministers Piyush Goyal and Ashwini Vaishnaw, Chief Minister Bhupendra Patel, India’s Sherpa for the G20, Amitabh Kant, and Tata Sons Chairman N Chandrasekaran also attend the plenary session.
India currently holds the presidency of the G20, a group of major developed and developing countries of the world. In September this year, India will host the 18th G20 summit. Before this, meetings of several major groups of G20 are going to be held, including B20.
Piyush Goyal, the minister of commerce and industry, noted during his remarks that the Indian economy had expanded by a factor of 12 during the past three decades. He said that India, the only G20 member to achieve this ranking, is among the top five countries in the world for accomplishing climate objectives.
The Minister reaffirmed India’s commitment to fostering inclusive and sustainable growth. He urged firms and sectors throughout the world to embrace sustainable and green business practices.
Ashwini Vaishnaw, India’s minister of railways, gave a briefing on the most significant economic strategies the government used during the Covid epidemic to achieve strong growth and low inflation.
The minister emphasized the PPP model’s accomplishment in popularizing digital payments in India. He said that 1.5 trillion dollars’ worth of digital transactions occur annually in India.
N Chandrasekaran, chairman of Tata Sons, is in charge of B20. As part of the gathering, seven task forces and two action groups have been established to discuss a range of international challenges, such as financial inclusion, sustainability, digital transformation, and climate change.
A unique task force for Africa will be present at the meeting for the first time. Amitabh Kant, the G-20 sherpa from India, emphasized the need for creating an inclusive and resilient global supply chain and exhorted companies to adopt green technologies.
Business 20 (B20) is one of the most prominent official groups of this organization. This group also includes companies, trade unions, and multilateral organizations. The Government of India formally designated the Confederation of Indian Industry (CII) as the B20 Secretariat to lead and host the B20 during India’s Presidency.
“The inaugural conference will bring together a number of politicians, thought leaders, business leaders, CEOs, and senior executives representing firms of the G20 nations together with the attendance of the representatives of many international organizations,” stated CII in a statement.
Throughout the presidency, B20 India will host a series of discussions and policy advocacy initiatives across the country, covering the identified industry priorities, with the goal of realizing the B20 strategic vision and translating it into concrete and actionable policy recommendations, according to the statement.
The G20 group includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union (EU). Huh.
What is the structure of Business 20?
B20 India will work through seven task forces and two task councils. The G20 Presidency appoints a B20 President each year, who is a prominent business figure from the G20 host nation and is assisted by the B20 Sherpa and the B20 Secretariat. The purpose of the group is to provide concrete actionable policy recommendations in alignment with priorities set by each rotating presidency to promote economic growth and development.
In addition, the B20 works with Task Forces (TFs) and Action Councils (ACs). He is tasked with developing consensus-based policy recommendations for the G20 and international organizations and institutions. Furthermore, after the completion of its discussions, the B20 officially communicates its final recommendations to the G20 Presidency on the sidelines of the B20 Summit.