PM: India solution to supply chain worries

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

- Rajeev Jayaswal

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.

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.

"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.