The Green Credit Line

Prime Minister Narendra Modi pitches for green credit while addressing the B 20 summit in New Delhi today. He also suggests a day in a year should be observed as ‘international consumer care day’.

PM Modi says while the world is still discussing carbon credit, India has launched a green credit system – a pro-planet approach that every nation should adopt. “India will try to repeat the success of solar energy in the green hydrogen sector also. In the global supply chain, India will play a significant and efficient role,” he says.

He urged to make a sustainable business ecosystem which will also benefit in the long term. “We need to create an ecosystem that will make the planet healthy. Being conscious about one’s health is important but one should also be concerned about the planet’s health,” he adds.

Speaking at the event, PM Modi urged businesses to focus on consumer care rather than celebrating consumer rights only. “A profitable market can be sustained when there is a balance in the interest of producers and consumers…Treating other countries only as a market will never work. It will harm the producing countries sooner or later. Making everyone equal partners in progress is a way forward. Can we all give more thought to how to make business more consumer-centric,” he says.

PM Modi also asked business leaders to think on cryptocurrency and Artificial Intelligence (AI) issues. He further states that a global framework is required for cryptocurrency. Talking about AI, he says technology disruption is happening at a rapid speed and there is a need to focus on “ethical AI”.

The PM says India has become the face of the digital revolution. “India has the largest youth talent. India has become the face of the digital revolution at the time of Industry 4.0…Business can transform potential into prosperity, obstacles into opportunities & aspiration into achievements. Whether they are small or big, global or local business can ensure progress for everyone…”

On India’s response to Covid, PM says, “2-3 years ago, we went through the biggest pandemic…this pandemic gave a lesson to every country, society, business house and corporate entity…that is we need to invest maximum in mutual trust…India gave mutual trust to the world during the pandemic…during Covid, India provided medicines to more 150 countries.”

“The stronger the friendship you will keep with India, the more prosperous your economy will get,” PM Modi tells B20 Summit leaders.

The Business 20 (B20) is the official G20 dialogue forum with the global business community. Established in 2010, B20 is among the most prominent Engagement Groups in G20, with companies and business organisations as participants. The B20 works to deliver concrete actionable policy recommendations to spur economic growth and development.

The three-day summit, which included 54 recommendations and 172 policy actions for submission to G20, started on August 25 and will end today. The theme of B20 Summit is R.A.I.S.E – Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses. It is being attended by over 1,500 delegates from about 55 countries. The B20 presidency will be handed over to Brazil at the end of the summit on Sunday.

India is going to host a two-day G20 summit in Delhi on September 9-10, which will bring together G20 member countries along with guest nations to engage in discussions about diverse economic reforms.

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Chitranjan Kumar