B20 Summit: N Chandrasekaran hails India's growth momentum, announces B20 Global Institute

N Chandrasekaran also hailed India as a beacon of growth during his address at the B20 Summit in New Delhi.

Addressing the inaugural session of the three-day B20 Summit in New Delhi, which commenced on August 25, B20 Chair Natarajan Chandrasekaran expressed his optimism in India's progress, highlighting that "India's growth journey will shape the world's future".

The Tata Sons chairman, who was announced the B20 Chair for 2023 last December, also noted that there are several factors currently driving the nation's growth, including the PM Gati Shakti scheme, Product Linked Incentive (PLI) schemes, lower corporate taxes, solid digital infrastructure, and the emerging startup ecosystem. He stated that these growth drivers are helping India sustain the bullish momentum among the G20 nations.

"All of us are committed to sustainability and innovation. India's growth journey will shape the world's future," further added Chandrasekaran.

Also Read: India on growth momentum while world faces slowdown: B20 Chair Chandrasekaran

On the success of historic Chandrayaan-3 mission

The B20 Chair, during his address, also lauded the success of India's historic mission to the Moon - Chandrayaan-3. He applauded the Indian Space Research Organisation (ISRO) for the grand success of the nation's most revolutionizing lunar mission.

He said that following this, India will see the Moon in a different light. "For many Indians, the landing of Chandrayaan-3 has made the moon a symbol of achievement and not just aspiration. It shows us what we have achieved as a nation and what we are capable of achieving in the future," Chandrasekaran said.

India - Emerging economic leader

The B20 Chair, speaking at the summit, also said that at present, the world is undergoing three key transitions - digital, energy, and global value supply chain. He expressed his delight in how India is leading all three categories.

Speaking about India's policy strategy, the Tata Sons chairman said, "We have had about 110 policy advocacy sessions. I am delighted to say we have a very strong set of recommendations - 54 recommendations, 172 policy actions across nine teams".

He further said that the first theme that emerged was the concept of inclusion - of access to finance, equitable development, and education. He also projected notable progress in gender diversity in the near future.  "We have recommended financing for global recovery, providing support to MSMEs so that they can contribute to global growth," said the B20 Chair.

"As we navigate the challenges of the present, it is important to remember that our actions can make the world more inclusive", added Chandrasekaran. He also stressed on the significance of ensuring economic success as well as deeper prosperity for all.

Also Read: B20 has important role to play; can be value adding for world, says N Chandrasekaran

B20 Global Institute

Chandrasekaran also announced the proposal of establishing a B20 Global Institute in India.

"We would like to announce a B20 Global Institute. Its purpose is to be an evangelist, a change agent, the knowledge base, a thought leader, a thinktank with highly experienced people who will work with B20 nations every year."

Chandrasekaran stated that the proposed institute will provide continuity in a bid to ensure all recommendations are tracked and kept alive.

About the B20 Summit 2023

B20 is the official G20 dialogue forum with the global business community. Established in 2010, B20 is among the most prominent engagement groups in G20 with companies and business organisations as participants.

The theme for the B20 India 2023 is Responsible, Accelerated, Innovative, Sustainable, Equitable (R.A.I.S.E) Businesses. R.A.I.S.E is rooted in the belief that the G20 business community should raise the bar for equitable growth by committing to business practices that are responsible and rooted in sustainable practices. Such businesses generate profit while advancing economic and social development without negatively impacting people and the planet.

Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal, External Affairs Minister S Jaishankar, and education minister Dharmendra Pradhan are other dignitaries attending the summit in India's capital city.