Prime Minister Narendra Modi on Sunday called upon global chief executives to take businesses beyond bottom-lines by adopting an inclusive, consumer-centric approach while focusing on sustainability, and invited them to invest in India as the country is significantly positioned to create an “efficient and trusted” global supply chain.

Addressing the B20 Summit India 2023 in New Delhi, the Prime Minister also alluded to the theme of the event: “R.A.I.S.E: Responsible, Accelerated, Innovative, Sustainable, Equitable Businesses”. B20, or Business 20, is the official G20 dialogue forum with the global business community.

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Modi said that the partnership of global businesses with India is significant because of a strong trust factor. India emerged as a trustworthy nation even during the time of grave crisis like the Covid-19 pandemic which devastated the global economy, he said.

The pandemic taught a lesson to all, Modi said. “The lesson is that we now have to invest most on the mutual trust” taking cue from the pandemic that shattered the edifice of mutual trust among many nations, globally. “Even, in this environment of distrust, the country that stands in front of you as flagbearer of trust — with all sensitivities and humility — is India.”

Irreversible changes have taken place in many spheres globally after the pandemic, including in the global supply chain, Modi stressed. “Earlier, it was said that nothing to worry till the time the global supply chain was efficient,” he said, asking the audience if such supply chains could be called efficient which would get disrupted at a time when it was required the most. “Today, when the world is struggling with this question, friends, I assure you, the solution to this problem is India.”

The Prime Minister told businesses to focus on sustainability.

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“Sustainability must not be confined to rules and regulations, it should be the part of day-to-day life. Sustainability in itself is an opportunity as well as a business model,” the Prime Minister said, giving the example of millets which is an environment-friendly superfood that also supports small farmers besides providing additional opportunities to the food-processing sector.

Again alluding to the impact of the pandemic, Modi said people are now more conscious than before about their health, and this is visible in day-to-day activities. “Health-consciousness is immediately visible on the dining table… When we buy something, eat something… in everything we definitely assess how it would impact our health… we are not just concerned about today, but we also evaluate how it would impact in the long-run. It is my belief that businesses must have the same thinking about society and planet,” he said.

“Before taking every decision, it must be assessed, how the decision would impact the earth. This is the objective of Mission LiFE, or lifestyle for environment,” he said, calling for a movement of “pro-planet people”. Many problems will be automatically resolved when life-style and businesses both become pro-planet, he said, pointing out that India is preparing a framework that looks beyond “carbon credit” at “green credit”.

Besides providing environment of trust in the time of the Industry 4.0, India is the face of digital revolution, Modi said. “The more your friendship deepens with India, the more prosperous both would be… You all know, business can transform potential into prosperity, obstacles into opportunities, aspirations into achievements. Whether they are small or big, global or local, business can ensure progress for everyone. Therefore, the future of global growth is dependent on the future of business.”

The PM, therefore, asked businesses to think beyond brands and sales, and create an ecosystem for long-term gains. “Now, due to the policies implemented by India in the past few years, 13.5 crore people have come out of poverty in just five years. These people are the new consumers. This neo middle-class is also giving momentum to India’s growth,” he said.

Modi told global businesses to focus on inclusive growth; on improving the purchasing power of more and more people as a “self-centric approach will eventually harm everyone”. In this vein, he cautioned against the uneven availability of critical materials such as rare earth metals. “If those who have them do not see it as a global responsibility, then it will promote a new model of colonialism,” Modi said.

Emphasising on inclusive growth, he said a profitable market can be sustained when there is a balance in the interests of both producers and consumers. “This also applies to nations. Treating other countries only as a market will never work. It will harm even the producing countries sooner or later. Making everyone equal partners in progress is the way forward,” he said.

“There are many global business leaders here. Can we all give more thought to how to make businesses more consumer-centric? These consumers could be individuals or countries. Their interests need to be taken care of as well. Can we think of some sort of a yearly campaign for this? Every year, can global businesses come together to pledge themselves for the good of the consumers and their markets?” he said, giving a call for celebrating an international consumer care day.

Speaking about India’s successful lunar mission — the landing of Chandrayaan-3 on August 23 — he said it was also an accomplishment of the industry as many of its components were supplied by private sector and micro, small and medium enterprises (MSMEs). “This is a success of both science and industry. This is the celebration of running a responsible space programme,” he said adding that it signifies innovation, sustainability and equality and it augurs well with the theme of B20 — R.A.I.S.E.

PM emphasised that the letter “I” in the middle of “RAISE” could also represent “inclusiveness” along with “innovative”, and this reflected in India’s approach when it invited the African Union as a permanent member of the G20.

B20 has placed 54 policy suggestions and 172 specific recommendations before the G20, which were “built on a consensus process” with more than 1,500 chief executives and experts from 55 countries attending more than 100 events in the last seven months since the first conference was held in January this year in Gandhinagar, N Chandrasekaran, chair of the B20 India and executive chairman, Tata Sons, said.

Summarising the achievements of B20, Chandrasekaran said B20 has a four-pronged approach — Global B20 Institute based out of India, action plans for decarbonisation, creation of a private-sector fund for SDG goals especially focused on developing economies, and a global compendium of technical case studies that can be replicated by all other nations.