B20 Summit: Availability of rare earth metal should be seen as global responsibility, says PM Modi

Prime Minister Narendra Modi in his special address at the Business 20 summit on August 27 cautioned that if the availability of rare earth metals is not looked at as a global responsibility it will encourage a new model of colonialism.

He said, “If those who have them do not look at them as global responsibility then it will promote a new model of colonialism.”

The PM noted that some countries have these metals in abundance, while some don’t have them at all, however, every country requires these metals for their progress, hence it assumes a lot of significance.

Global framework for crypto and AI:
PM Modi called for developing a global framework to govern both crypto and Artificial Intelligence (AI). He noted that while there is a lot of excitement surrounding AI, there is also a lot of concern, especially on skilling and de-skilling, he further called for the development of ethical AI.
He said “Developing a global framework for a sector is not new for us. In the past, we have developed a global framework for both aviation and finance.”

Green credit:
Noting that awareness about health has increased after the pandemic, PM urged citizens and businesses to adopt an approach that considers the impact of their decisions on the planet. “The wellbeing of the planet is also our responsibility”, he said. Noting that many of the issues facing the environment will be reduced when both the lifestyle and the businesses are pro-planet, he said “India has prepared a framework of green credit for business, which focuses on 'planet positive' actions.”

Neo middle class driving growth:
The Prime Minister said “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. “

Modi thus called for businesses to focus on improving the purchasing power of more and more people, he noted that a self-centric approach would only harm the growth of the nation.

Consumer-centric approach:
PM Modi urged businesses to adopt a consumer-centric approach by contemplating more about consumer cases. He said, “When we talk about consumer rights, should not we also be mindful of consumer care as it will automatically take care of many consumer rights issues.”

He noted that to sustain a profitable market there should be a balance in the interests of producers and consumers. Noting that the same balance applies to nations as well, he said “Treating other countries only as a market will not work but harm even the producing countries sooner or later.” Focus on sustainability:
The PM stressed the need to focus more on sustainability. He said, “Sustainability is both an opportunity and a business model.” Modi cited the example of millet for sustainability and noted that since it is a super food at the same time benefits the farmers who cultivate it.

Lessons from the pandemic:
PM Modi remarked that the pandemic has brought many changes to the world, especially with respect to investing more in trust. He said “India has given mutual trust to the world during the pandemic. We have supplied medicines and vaccines to more than 125 countries. We have saved crores of lives by increasing vaccine production.”