Business action is critical for the G20 to meet its larger objectives

The B20 recommendations that found place in the G20 leaders' declaration should drive new government-industry synergies

- CHANDRAJIT BANERJEE

India’s G20 presidency came at a time when the world economy was beset with new challenges in meeting the sustainable development goals. The G20 Leaders’ Declaration under Prime Minister Narendra Modi’s astute navigation represents momentous progress, with the Indian presidency setting new benchmarks for global collaboration under the G20 India theme of ‘Vasudhaiva Kutumbakam’ or ‘One Earth, One Family, One Future.’ It was under the same theme that the Business 20 (B20) engagement group of the G20, representing global businesses, developed a wide range of recommendations to the G20 over the year. Hosted by the Confederation of Indian Industry (CII), the B20 platform brought together about 1,500 members from G20 and invitee countries, and numerous other stakeholders from across the globe. The sub-theme of RAISE—Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses—articulates the current and future priorities identified in B20 deliberations.

The B20 task-forces focused on industry priorities aligned with larger G20 issues. In all, the B20 platform converged on 54 recommendations and 172 policy actions for G20 consideration. It is immensely gratifying to note the close synergy between B20 India proposals and the New Delhi declaration.

One, for financing a global economic recovery, B20 has called for improving MSME access to finance and ensuring funds for sustainable and resilient infrastructure through alternative financing instruments, blended finance and the use of technology and digital platforms. The G20 trade ministers proposed strengthening of an MSME information portal.