Uday Kotak on August 25 stressed on the need for $4.5 trillion in financing over the next 7-10 years to support the B20 recommendations, adding that every company in India contributes 2 percent of the net profit in corporate social responsibility (CSR).
Kotak, the B20 Chair for India Task Force on Financing for Global Economic Recovery, was addressing the opening session of the three-day B20 Summit in New Delhi.
The managing director and chief executive officer of Kotak Mahindra Bank added that every Indian company should voluntarily, or through regulation should contribute 0.2 percent of their profits to the G20 goals.
The veteran banker said we have zeroed down on four priority areas such as climate change, energy, biodiversity, and ocean pollution. The key focus will be on financing these four priority sectors.
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B20 Chair Natarajan Chandrasekaran expressed his optimism in India's progress. “India's growth journey will shape the world's future,” he said.
The Tata Sons chairman said India is committed to sustainability and climate change and that the country is "super committed" to equitable growth in the global south. He said India is on track to achieve 7 percent average growth in 10 years and is well-placed for a key role in the global value chain.
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Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal, External Affairs Minister S Jaishankar, and Education Minister Dharmendra Pradhan attended the summit.
The Policy Next summit on India’s G20 Presidency comes a fortnight before New Delhi hosts the G20 Leaders’ Summit. B20 is the official G20 dialogue forum with the global business community.
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