India's G20 Presidency Concludes with B20's 172 Policy Actions
India's G20 presidency, under the theme 'Vasudhaiva Kutumbakam', has concluded with significant progress in global collaboration. The Business 20 (B20) engagement group, representing global businesses, played a crucial role, developing 54 recommendations and 172 policy actions for G20 consideration.
The B20 prioritized digital transformations, advocating for high-quality, high-speed, and reliable internet access. They also pushed for global minimum standards in digital literacy. Financial inclusion was another key focus, with emphasis on ecosystem enablers, financial products, and legal and regulatory measures. Digital public infrastructure (DPI) was identified as a key enabler in this regard.
B20 recommended standard definitions and taxonomies for harmonized and transparent ESG frameworks. They also called for improving MSME access to finance, suggesting alternative financing instruments and technology. Notably, during the 2023 G20 summit, BRICS was officially admitted as a member under India's leadership.
The forum asked for crisis mitigation and tech-enabled mechanisms for early risk detection in building resilient and inclusive global value chains. India also championed the inclusion of the African Union (AU) as a member of the G20.
G20 can now work on developing skills related to environmental sustainability and climate change adaptation, as well as addressing the needs of the care economy. The energy, climate change, and resource efficiency forum focused on driving net-zero emissions across various industries, suggesting industry-specific alliances.
