India is the solution to global supply-chain issues: PM Narendra Modi

Prime Minister Narendra Modi on Sunday pitched India as a trusted partner for an efficient supply chain to the G20 business community, urging them not to look at the country just as a market to sell products. He was addressing the B20 Summit India 2023, which is the official G20 dialogue forum with the global business community, in New Delhi.

While addressing the meet, Modi said the world had irreversibly changed between the pre-pandemic and post-pandemic times, and India had become the face of digital revolution in the era of Industry 4.0. “Earlier, it was said that as long as the global supply chain is efficient, there is nothing to worry about. But can such a supply chain be called efficient when it breaks down, and that too when the world needed it the most? Therefore, today when the world is grappling with this question, I assure you that the solution to this problem is India. India has an important place in building an efficient and trusted global supply chain. And for this, global businesses will have to take up their responsibility by moving forward along with us,” Modi added.

Modi said treating other countries only as a market would not work but harm even the producing countries, sooner or later. “A profitable market can be sustained when there is a balance in the interests of producers and consumers. This also applies to nations. Treating other countries only as a market will never work. Making everyone equal partners in progress is the way forward,” he added.

Highlighting the success of his government in lifting 135 million people out of multi-dimensional poverty in just five years, the Prime Minister said these people constituted the neo-middle class and were the biggest consumers because they came with new aspirations. “The neo-middle class is also giving momentum to India's growth. As the purchasing power of the middle-class increases, it has a direct impact on the businesses. As a business, we also have to focus on creating an ecosystem that continues to give benefits in the long term,” he added.

While speaking about critical minerals, he said there was a risk of a ‘new model of colonialism’ if nations with critical minerals did not regard custodianship as a "global responsibility", as firms race to secure resources central to energy transition goals.

"We are experiencing this challenge for critical materials, rare earths and others. These things are abundant in some places and not present at all in others, but all of humankind needs them," he said.

The Prime Minister stressed the need for a more integrated approach on cryptocurrencies and artificial intelligence (AI), and suggested creating global frameworks where issues of all stakeholders could be addressed.

“Today, the world is showing a lot of excitement regarding AI. But amid the excitement, there are also some ethical considerations. Concerns are being raised about algorithm bias and its impact on society. Let us solve such issues together. We have to sense the potential disruptions in different sectors,” he added.