Modi urges B20 delegates lifestyle and enterprises should be eco-friendly

NEW DELHI: Prime Minister Narendra Modi on Sunday exhorted business leaders attending the B20 summit to advocate for a green credit programme.

Green Credit Programme, put forward by the Ministry of Environment and Forests, aims at “incentivising environmentally conscious practices and promoting a sustainable lifestyle known as ‘LiFE’ (Lifestyle for Environment).”

Both Lifestyle and businesses should be pro-planet, Modi said.

“Half of the issues faced by us will be reduced when both the lifestyle and the businesses are pro-planet. India is preparing a framework of green credit for business, which emphasizes on planet positive actions. I would urge all stalwarts of global business to join hands and make it a global movement,’’ said PM Modi, addressing the B20 Summit which is the official G20 dialogue forum with the global business community.

The PM also underlined that a profitable market can be sustained when there is a balance in the interests of producers and consumers, and it also applies to nations.

“Treating other countries only as a market will not work but harm even the producing countries sooner or later. The way forward is to make everyone equal partners in this progress. Business leaders approach should be more consumer-centric. Every year, can global businesses come together to pledge themselves for the good of the consumers and their markets?’’  Modi added.

During the course of his speech, the PM, asked for a reconsideration of the traditional approach to business. He said there was a need to go beyond brand and sales.

“As a business, we also have to focus on creating an ecosystem that will benefit us in the long term. Now, Due to the policies implemented by India in the past few years, 13.5 crore  people have come out of poverty in just 5 years. These people are the new consumers,’’ he added.

Modi also spoke about the challenges related to crypocurrencies and AI and stressed the need for a more integrated approach in this matter and suggested creating a global framework where issues of all stakeholders could be addressed.

“Such issues have to be resolved together. Global business communities and governments will have to work together to ensure that Ethical AI expands,’’ PM added.

Meanwhile, External Affairs Minister, Dr S Jaishankar, speaking on `The Role of Glbal South in an emerging World 2.0’ pointed out that globalisation should be diversified and democratic with multiple centres of production where businesses could make a difference.

“The current focus on the global South emanates from the conviction that these countries deserve special care. These societies are also under exceptional stress which if left unaddressed would become a serious issue in the world economy,’’ Dr Jaishankar added.

The B20 India summit has been organised for three days, beginning on August 25, with the theme R.A.I.S.E- Responsible, Accelerated, Innovative, Sustainable and Equitable businesses. It is being attended by over 1,500 delegates from 55 countries.