Prime Minister Narendra Modi stated on Sunday that businesses need to think beyond the bottom line due to the advent of new problems. This can be done by putting an emphasis on supply chain sustainability and resiliency.
“B20 should consider fresh issues. Borders and limits are no longer a barrier for business. It’s time to move enterprises a little bit past the bottom line. This can only be accomplished by emphasizing supply chain sustainability and resilience, he stated during the closing session of the B20 or Business 20 Summit India 2023, which was organized by CII, the B20 Secretariat.He emphasized that “connected work is not just about connecting technologically but also about our shared purpose, planet, prosperity, and future.”
The Prime Minister stated that there is a need for cooperation on a number of issues like climate change, the crisis in the energy sector, the water crisis, the imbalance in the food supply chain, and cyber security that have a significant impact on businesses. He noted that many global business leaders are attending the B20 Summit. Additionally, governments and corporations around the world need to take an integrated strategy to contemporary concerns like bitcoin and artificial intelligence.
He urged an integrated solution to the cryptocurrency dilemma, one that takes into account all stakeholders and calls for a worldwide framework. He emphasized ethical issues with skilling and re-skilling, worries about algorithm bias and its effects on society, and the need for global business groups and governments to ensure that ethical AI expands, saying that a similar strategy must be used for AI. This is not the first time that such difficulties have arisen. The globe has discovered such frameworks at the same time that the aviation and banking sectors were growing. Therefore, I ask that the B20 consider fresh concerns, the Prime Minister remarked.
He also emphasized how the future of business will determine how quickly the world grows. We are all aware of how business can turn potential into wealth, challenges into chances, and goals into successes. Businesses, whether little or large, national or international, can guarantee progress for all. Thus, the future of global business will determine the future of global growth, he stated. He emphasized the prospects India offers and claimed that in the era of Industry 4.0, India has taken the lead in the digital revolution. He added that India is crucial to creating an effective and reliable global supply chain since the epidemic has brought about irrevocable changes in the global supply chain.