Prime Minister Narendra Modi’s exclusive interview with Moneycontrol about how he envisions India’s role in a multi-polar world, just days before the G20 Leaders’ Summit in New Delhi, has won praise and inspired some of the country’s top business leaders, market gurus and technocrats.
Bharti Enterprises Chairman Sunil Mittal said the interview underlines the fact that India’s Presidency of the G20 has been remarkable.
"The Hon'ble Prime Minister's initiatives are a testament to translating intent to action in the realm of inclusivity. Whether it is in the lineup of Special Invitees chosen by India, or the one-of-a-kind Action Council in the Business 20 drafted to push a long-term African Economic Integration Agenda, the resolute focus on leading more equitable multilateral systems is crystal clear," he said. He further congratulated the Prime Minister and the the country for a terrific innings in the G20 Presidency.
Infosys Chairman and Aadhaar architect Nandan Nilekani described the interview as being very comprehensive.
On his part, Infosys co-founder and Axilor Ventures Chairman Kris Gopalakrishnan said that the Prime Minister championing the digitalisation of the economy through innovations and new models will accelerate their adoption. He added that this will also encourage startups to embrace and build products.
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A ‘statesman’s approach’
Sunil Munjal, Chairman, Hero Corporate Services, said that the Prime Minister has taken a “statesman’s approach” while describing the G20’s relevance in the world today. “He has rightly made a case for additional voices to be included from the global south. India’s unique approach and efforts have been well articulated by Mr Modi and it’s clear how these can turn the G20 into an even more important grouping. I also endorse his view on an inclusive approach, which makes it relevant for today’s world and for a New India,” Munjal said.
Digital commerce platform ONDC’s MD and CEO T Koshy said he was grateful to the Prime Minister for “his words of encouragement and continued vision and guidance to build a democratic digital commerce in service of an Atmanirbhar VocalforLocal Bharat”.
“His support will stimulate the industry and India’s startup ecosystem to innovate rapidly, and enable every shopkeeper, weaver, farmer, trader, MSME and citizen to benefit from digital commerce, no matter what language they speak or where they live,” Koshy added.
Anand Lunia, a founding Partner at India Quotient, said there was a need for an app store to be part of the Open Network for Digital Commerce (ONDC). This came in response to PM Modi’s comment that ONDC would revolutionise the tech field by creating a level playing field on digital platforms.
According to ENAM Group co-founder Vallabh Bhansali, the interview gives people “a clear idea of global views on the country and how grounded PM Modi is about its welfare”.
The market veteran also added that the world would benefit from the decisions India is taking on growth and reform. Citing the example of India’s G20 Presidency, which contains three members of the Global South—Indonesia, India and Brazil—for the first time, Bhansali said, “PM Modi could have made the socio-economic event about India, but he chose to say that G20 is not only for the country, but for the whole world.”
ReNew Power Chairman and CEO Sumant Sinha said Modi's vision for the G20 summit is "clear and widely accepted", even in the prevelant challenging geopolitical period.
"He has rightly called for a global shift in climate strategy, as we need to accelerate action and mobilise significant amounts of capital for it. We must seriously re-imagine alternatives to current institutions and their setups at both international and domestic levels, to plan, monitor, mobilise capital and quickly recalibrate our approaches when needed. This G20 Summit under India’s visionary leadership may just be the start of that process," Sinha added.
Solutions for global issues
Prime Minister Narendra Modi said in the interview that when India laid out the agenda for G20, it was welcomed universally as people knew the country would bring a “proactive and positive approach to help find solutions for global issues.”
The Prime Minister also talked about how different countries need to work together to combat inflation, the damage from freebies and fiscally irresponsible policies, how climate change is a shared reality for the world, and much more.
Neelkanth Mishra, Head of Global Research and Whole Time Director of Axis Capital, said a country sets the agenda when it hosts a G20 summit.
“While there may be resistance or disagreements, these meetings drive change faster than our markets are used to,” Mishra noted. “India’s leadership at this level allows us to influence global issues like regulating crypto assets and climate financing. These long-term changes will likely impact our economy in the near future,” he said, adding that India’s global appeal to investors stems from its five years of relative stability.
“This stability includes a reasonably stable rupee, controlled inflation, steady interest rates, and no sudden policy disruptions. This macroeconomic stability is a goal of the Monetary Policy Committee (MPC) and the government,” he added.
An oasis of hope in a VUCA world
Naveen Munot, Managing Director, HDFC Asset Management, said India is widely looked up to as an “oasis of hope” in a highly challenging global environment.
“As a citizen of the world, I feel inspired by the prime minister’s vision of shaping the global agenda with the ethos of Vasudhaiva Kutumbakam at the centre. The brilliant idea of hosting meets across all corners of this vast country has allowed world leaders to witness its civilisational heritage as well as the promising future of India first-hand,” he said.
Kailash Kulkarni, CEO, HSBC Asset Management (India), said they are bullish on India's growth trajectory.
"In this decade, India is poised to ascend as the world’s third-largest economy, making it one of the biggest opportunities for growth. Several parts of the economy are likely to benefit from India's rapid growth...The robust financial health of India’s corporate sector will play a pivotal role in propelling the country’s economic output. India stands firmly at the forefront of global economic growth," he said.
Anil Ghelani, Head of Passive Investments & Products, DSP Mutual Fund, said that inflation is a key issue that the world faces, and the pandemic and the conflict have changed the global inflation dynamics.
"This is a global issue that needs close cooperation...As far as India is concerned, we have taken a number of steps to control inflation. Even in the face of adversities and global dynamics, India’s inflation was two percentage points lower than the global average inflation rate in 2022," he said.
The wide-ranging interview with the Prime Minister comes days before world leaders descend on the Indian capital to talk about the global economy, climate action and digital technology.
The government has said that the G20 has made significant strides to get on the same page on matters such as digital public infrastructure, cybersecurity and digital skilling.
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