Questioning the efficiency of the global supply chain that ceased to exist when the world required it the most during Covid-19, Prime Minister Narendra Modi on Sunday declared that India is the solution to the disruptions that the world is dealing with today.
He highlighted India’s position in creating a trusted supply chain in the world and emphasised the contributions of global businesses.
Addressing the B20 Summit India 2023 in New Delhi today, Mr Modi threw light on the transformations in life that have occurred with the onset of the pandemic and noted the irreversible change of disruptions in the global supply chain.
Talking about the lessons learnt from the pandemic, Mr Modi said it taught the global community that the thing that needs most investment is ‘mutual trust’. The PM said that as the pandemic shattered the edifice of mutual trust, India stood with confidence and humility, raising the banner of mutual trust.
India, he said, made medicines available to more than 150 countries, living up to its status as the pharmacy of the world. Similarly, vaccine production was increased to save crores of lives. ”India’s democratic values show in its action and its response. India’s democratic values show in G20 meetings in more than 50 cities of India,” he added.
Emphasising the attractiveness of partnership with India for the global business community, the PM mentioned India’s young talent pool and its digital revolution. “The more your friendship deepens with India, the more prosperity accrues to both,” he added.
He said: “business can transform potential into prosperity, obstacles into opportunities, aspirations into achievements. Whether they are small or big, global or local, business can ensure progress for everyone.” Therefore, the PM said, “the future of global growth is dependent upon the future of business”.
In the post Covid world, the PM observed that every individual has become extra conscious about his health and its impact is clearly visible in day-to-day activities. He also noted that people are looking ahead to the futuristic impact of any such activity.
Giving strength to this belief, the PM said that businesses and the society should have a similar approach towards the planet and analyse the impact of their decisions on the planet. “The well-being of the planet is also our responsibility,” he said.
The PM asked for a reconsideration of the traditional approach to business. He said there is a need to go beyond brand and sales.
“As a business, we also have to focus on creating an ecosystem that will benefit us in the long term. 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.
The PM stressed that businesses should focus on improving the purchasing power of more and more people as a self-centric approach will harm everyone. Referring to a similar challenge of uneven availability and universal needs in critical material and rare earth metals, Mr Modi said, “If those who have them do not look at them as global responsibility then it will promote a new model of colonialism.”
Mr Modi asked the global business to fix a day to talk about the interest of the consumer. “When we talk about consumer rights, should we also not be mindful of consumer care as it will automatically take care of many consumer rights issues?” he asked.
Expressing happiness that B20 has emerged as a robust platform among businesses of G20 nations, PM Modi stressed the need to focus on sustainability. He asked global business to move forward as sustainability, in itself, is an opportunity as well a business model.