New Delhi, August 27
Prime Minister Narendra Modi on Sunday warned corporates and businesses of the emergence of a new form of colonialism if supply chains are not made more resilient and sustainable.
“This is the time to take business beyond the bottom line. This can only be done by focusing on supply chain resilience and sustainability,” he said while speaking at a B20 summit.
Speaking at the B20 Summit India 2023. https://t.co/dC5P5CH0ti— Narendra Modi (@narendramodi) August 27, 2023
The PM pointed out that this phenomenon is being acutely experienced in the area of critical materials and rare earths. “At some places there are too many of these and at some they are simply not there. But the need is felt by all. If we don’t see this from a global perspective, we will promote a new form of colonialism, this is my serious warning,” said the PM.
Achieving a better balance between producers and consumers also applies to nations. “Treating other nations as markets will never work. It will harm the producer country sooner or later. Making equal partners in progress is the way forward,” he said while urging business leaders to be more consumer-centric towards individuals as well as nations.
The PM also wanted the G20 and B20 to consider new approaches such as green carbon as well as effectively take on new developments such as AI and cryptocurrency.
The PM began his address by pointing out the B20 conclave is taking place in India during an atmosphere of celebration due to India’s successful moon mission. “The long festival season that is about to begin, has been preponed in a manner of speaking,” he said while pointing out that besides ISRO, the credit also goes to MSMEs, and private and state-run companies.
Pointing out that the most important lesson left behind by the pandemic was the loss of trust as supply chains broke down, the PM said, “India, full of compassion and humility, is standing before you waiving the flag of trust.”
“In the biggest pandemic of the last 100 years, India gave the world trust; mutual trust. During Covid when the world required it, the pharmacy of the world gave medicines to over 150 countries. When the world needed Covid vaccines, India increased its vaccine production and saved crores of lives. That is why your partnership with India is very important. As your friendship with India intensifies, greater prosperity will accrue to both,” the PM observed.
The irreversible material change post Covid has been in global supply chains (GSCs). “Earlier it was said, till the GSC is efficient, there is no cause for worry. But can such a supply chain be said to be efficient if it breaks down, especially when the world needs it the most? That is why when the world is battling this (supply chain) crisis, the solution to this problem is India,” he said while stating that India has a prominent place in the emerging efficient and trustworthy GSC and that is why global businesses must take up the initiative.
The PM also pointed to an emerging neo middle class due to the Government’s pro-poor programs. “Their new aspirations are giving momentum to India’s growth. Imagine what a big middle class is being prepared,” he said while giving one more reason for global businesses to invest in India.
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