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PremiumB20 Summit Day 1 Highlights: Finance Minister Nirmala Sitharaman, on Friday, attended the three-day long B20 Summit in Delhi. External Affairs Minister S Jaishankar, and education minister Dharmendra Pradhan will also join the summit.
During her address, Finance Minister Nirmala Sitharaman shared her insight private investment, performance of Indian economy at global level, and the importance to curb inflation by keeping in mind of investment.
It is the official G20 dialogue forum for the global business community. It was founded in 2010 and till now, is considered as a key engagement group of G20.
In his B20 address, Union Minister Piyush Goyal, called MSMEs a true gem for economy and said that they contribute significantly to economic activities.
The summit is being organised by CII, the Secretariat for the B20 India.
Chandrajit Banerjee, Head, of B20 India Secretariat and Director General, CII said that the summit was being attended by more than 1,500 delegates from 55 countries.
B20 Summit 2023: In the ongoing session of B20 Summit, Bangladesh Commerce Minister Tipu Munshi said, "As we move towards becoming a middle income country in 2026, we are very interested to see how our collaboration with India works out."
B20 Summit 2023: In the ongoing session of B20 Summit, Brazil Trade Minister Marcio Elias Rosa said, "Sustainability is the future of the present and coming generations and the energy we use would be a key component of sustainability. The next G20 presidency will focus on it with emphasis on transition to clean energy, preservation of natural resources & foster sustainable economic growth."
B20 Summit 2023: In the ongoing session of B20 Summit, Swiss State Secretary for Economic Affairs Helene Budliger Artieda said, "We believe that Switzerland can collab with India to become a premiere manufacturing and service place in the world. Swiss companies are here to empower people and give them quality jobs- and this is the value proposition from Switzerland."
B20 Summit 2023: In the ongoing session of B20 Summit, Oman Trade Minister Qais bin Mohammed al Yousef said, "One of the major goal of G20 is to facilitate trade and India can attain that through FTAs, both bilaterally and in near future perhaps through GCC as well."
B20 Summit 2023: In the ongoing session of B20 Summit, UAE Trade Minister Dr Thani bin Ahmed Al Zeyoudi said, "The UAE and India partnership looks at the bigger picture and we look at our people and how we can add more value to both our nations. We do not let small things stop the bigger picture. Transparency and trust between both nations have been the key drivers in the signing of the FTA between India and UAE."
B20 Summit 2023: In the ongoing session of B20 Summit, USTR Katherine Tai said, "What India and US have done together is the alignment of political will. The point of a dispute settlement system is to get the parties to a point where they will commit to each other and resolve the issues. "
B20 Summit 2023: In the ongoing session of B20 Summit, European Commissioner for Trade Valdis Dombrovskis said, "The EU has a political will to work together as one market, we wish to strengthen our ties with reliable and resilient supplychains to ensure successful growth. The Russian aggression against Ukraine increased consensus with EU states the need to strengthen its ties with partners around the world to ensure resilient supply chains."
B20 Summit 2023: In the ongoing session of B20 Summit, Korea Trade Minister Dukgeun Ahn said, "we want to build an Industry ecosystem in the green and renewable sector, semiconductor area, EVs, and even the aerodynamics sector."
B20 Summit 2023: In the ongoing session of B20 Summit, Canada Trade Minister Mary NG said, "Canada is an extraordinarily multi-cultural country and we welcome immigrants and the talent that comes from around the world to contribute to our workforce. It is in fact a strength we wear proudly on our sleeves. We have a wonderful Indian diaspora in Canada and it is has been a tremendous source of strength for us.
B20 Summit 2023: In the ongoing session of B20 Summit, Indonesia Trade Minister Dr Zulkifli Hasan said, "Indonesia is very happy and excited for India’s G20 presidency, we have a strong will to forge a strong relationship with India to bridge the trade barriers. ASEAN is the epicentre of growth and as Indonesia has assumed the presidency of ASEAN this year, we are eagerly looking at India’s support."
B20 Summit 2023: In the ongoing session of B20 Summit, Australia Trade Minister Tim Ayres said, "India's hosting of the G20 Trade and Investment Ministers meeting has been absolutely fantastic. India's leadership on focusing the G20 discussion as we approach the challenging WTO discussions has been absolutely terrific."
B20 Summit 2023: In the ongoing session of B20 Summit, Chinese Trade Minister Wang Shouwen said, "India and China's trade relationship has been growing very fast. Last year our bilateral trade reached 130 Billion US dollars. The potential for trade is much more and can benefit both the people of both the countries. The doors of RCEP is always open to India."
B20 Summit 2023: In the ongoing session of B20 Summit, Union Minister Piyush Goyal said, “MSMEs contribute significantly to economic activities around the world, provide jobs to millions and are truly the gem of most economies. We believe that the MSMEs, due to sheer inability, small size, and lack of information are not able to encash several opportunities as we would like them to. We shall strengthen the databases that will help in greater participation of the MSMEs in international trade and economic activity."
He added, “I feel truly redeemed when I see the enthusiasm that the #B20 has been able to generate across continents, the high quality of dialogue and discussion, and the serious interest in the India story that we see around the world. It's a moment of pride for all of us."
Finance Minister Nirmala Sitharaman on 25 August, while speaking at the to reporters at sidelines of the B20 Summit in New Delhi said taht there is no such proposal before her to lower import duty on electric vehicles.
"No proposal is before me to lower import duty on electric vehicles," MoneyControl quoted Sitharaman as saying.
B20 Summit 2023: In the ongoing session of B20 Summit, CBI Chairman Lord Karan Bilimoria said, “Encouragement of growth can be facilitated through attractive taxonomy, increased percentage of GDP in R&D, Innovation, Green finance to tackle climate change and collaboration of educational institutions."
B20 Summit 2023: In the ongoing session of B20 Summit, World Bank CFO Anshula Kant said, “Countries need to be financially resilient when faced with natural disasters and other kinds of crises. World Bank has put up a crisis tool kit with three powerful instruments: catastrophe insurance product, debt-pause clauses, and rapid response options."
B20 Summit 2023: In the ongoing session of B20 Summit, Temasek CEO Dilhan Pillay Sandrasegara said, “Our role is to ensure that every generation prospers not just in Singapore but in countries we operate in by building courage, investing in human potential, and catalyzing solutions through financial, human, and natural capital."
B20 Summit 2023: In the ongoing session of B20 Summit, CDPQ Global Head Marc-Andre Blanchard said, “B20India has been extraordinary with its desire and focus on implementing economic reforms, urging nations and organizations to collaborate in a way that has never been seen before along with ramping up climate finance at just and equitable prices."
B20 Summit 2023: In the ongoing session of B20 Summit, CitiBank MD Charles Rick Johnston said, "Private capital is important to accelerate global economic recovery solutions. Innovative approaches are required for #investments, and governments across the globe should actively work on derisking the capital.
B20 Summit 2023: In the ongoing session of B20 Summit, Chairman, 15th Finance Commission of India – NK Singh – said, “The world faces unique challenges one of which is to achieve high rates of sustainable economic growth in a manner that addresses the enveloping crises."
B20 Summit 2023: In the ongoing session of B20 Summit, Microsoft's President Brad Smith said, “A substantial portion of the world's cybersecurity challenges could be mitigated if each organization adheres to five key practices for achieving robust cyber defense. These encompass enabling multifactor authentication, applying zero trust principles, implementing extended anti-malware solutions, keeping up-to-date software, and protecting data."
In the ongoing session of B20 Summit, Currimjee Group of Companies' MD Azim Currimjee said, "The growth of Africa is dependent on how well it integrates itself within the region and with the global economy. Africa is a collection of 54 countries and it is important that they connect.
The role of Mauritius is to enable regional as well as global integration for Africa. From its position in the Indian Ocean, Mauritius can facilitate this economic growth and integration. The four key connections where we can help are- people, goods and services, trade and money flows and data."
B20 Summit in India: In the ongoing session of B20 Summit, Chairman of Bharti Enterprise Sunil Bharti Mittal said, “Africa should and must one day become a completely free trading zone, allowing them to negotiate the power of over a billion young people with the best blocs including India, EU, US, and many other parts of the world."
B20 Summit 2023: In the ongoing session of B20 Summit, CEO of Bloomberg NEF, Jon Moore called Climate change as the biggest challenge for the globe. In addition to that he called it as the biggest investment opportunity as well. It is important to ensure the inclusion of Africa in it with simultaneous resolution of their energy crisis.
India's finance minister Nirmala Sitharaman concluded the B20 summit. She said, "This is a moment for India. We want to make sure opportunities for all."
B20 Summit in India LIVE Updates: Finance Minister Nirmala Sitharaman targeted the western media for claiming curb on free speech in India. She said, "A lot of people speaking against govt continue to do it, and we don't mind." She also said that she has no problem with it.
B20 Summit in India 2023 LIVE Updates: Finance Minister Nirmala Sitharaman said that India's economy speaks for itself, when we see a global picture.
"We need to quickly diversify our supplychains. Well-functioning international markets with resilient and efficient supply chains are the ones that can help us sustain our growth. We need to cushion ourselves sufficiently against any shock that can happen.
B20 Summit in India 2023 LIVE Updates: Green shoots of private capital expenditure upcycle can be felt now because of high budget capex, said FM Nirmala Sitharaman at B20 Summit.
B20 Summit 2023 Latest Countries: India among countries, which funded their own climate commitments given in Paris, said Finance Minister Nirmala Sitharaman. Few countries, including India, have funded their own commitments given in Paris, and fulfilled their nationally determined commitments with their own resources, said Nirmala Sithraman.
B20 Summit 2023 LIVE Update: Finance Minister Nirmala Sitharman also said that India has showcased an accelerated pace of economic reforms in past nine years. Central Banks need to keep in mind growth related priorities, equally looking at controlling inflation, she added.
B20 Summit latest updates: Finance Minister Nirmala Sitharaman said, tendency to use interest rates as only solution to deal inflation has own downside. She also expressed her hope that India's upcoming GDP numbers will be good.
B20 Summit 2023 in India: Tata Sons Chairman N Chandrasekaran, quoting WEF President said that India will contribute 16% of global growth this year.
B20 Summit in India Latest Updates: Finance Minister Nirmala Sitharaman will address B20 summit on Friday.
B20 Summit 2023 LIVE Updates: Chief Executives of the Australian Industry Groupm Innes Willox, said that economies across the globe are undergoing the 5 interlinked D’s: disruption, significant decarbonization, nature diversification, massive digitalization, and a significant demographic change.
B20 Summit 2023 LIVE Updates: "There is a significant opportunity to increase global manufacturing in India," said FedX CEO Raj Subramaniam on B20 Summit on Friday. He also said thatn manufacturing go hand in hand, there is an opportunity to increase it in India.
“There is a significant opportunity that while we double or triple manufacturing in India, there is an opportunity to reduce the cost of logistics," he added
B20 Summit 2023 in India: CEO of Adobe, Shantanu Narayan said, “Digital literacy today is a great equalizer and enabler and India is at the forefront of that and we should embrace it. The opportunity is tremendous for every person with access to #AI to be more creative, more productive and efficient."
B20 Summit 2023: Gomes Neto, CEO of Embraer, a Brazilian multinational aerospace corporation expressed that India is a good opportunity for aviation industry. He said that India has cheap labour and potential for engineering.
B20 Summit 2023: India's G20 Sherpa Amitabh Kant on Friday, said that geopolitical conflicts like the Russia-Ukraine war are best addressed by the United Nations as G20 is an economic body to promote global growth.
B20 in India Summit 2023 latest: Chair of B20 India Task Force on Energy, Climate Change and Resource Efficiency, Sajjan Jindal reminded everyone of the urgency to take action in climate change.
He said that climate change is not just a headline but a reality and while the world sees this reality unfolding, paradoxically the dependence on fossil fuel is on the rise.
"We are in a race against time navigating geopolitical challenges and energy crisis and striving to uphold our commitments under the Paris Agreement," the JSW Group Chairman said at the B20 Summit India 2023 in the national capital.
B20 summit India LIVE updates: KotaK Mahindra Bank Chairman, Uday Kotak said that countries would recquire around $4.5 trillion over the next 7-10 years to finance their development goals.
He is also heading B20 India Task Force on Financing for Global Economic Recovery.
The task force in its recommendation also suggested ways for businesses and finance it. It also advised for the establishment of a 'global acceleration fund' where every business globally contributes 0.2 per cent of profit to social development goals.
“The money required in the next 7-10 years is about USD 4.5 trillion (to meet the priorities of development goals)," Kotak said at the B20 Summit India 2023.
B20 Summit in India 2023 Latest Updates: Tata Sons Chairman N Chandrasekaran said that it would be important for a country to have enough infrastructure to realise the power of generative AI.
B20 Summit 2023 LIVE Updates: Microsoft's Brad Smith said that Generative AI is more powerful in a country that speaks many languages. He also said that generative AI can also bridge the skill gaps in many countries. This tool can close gap for scientists and other people who are looking to work in their regional languages.
B20 Summit in India 2023: CEO of MasterCard, Michael Miebach said that generative AI hass huge potential in India and for its medium and small scale businesses. He also said that at this time, it is important to “balance the excitement with risk of generative AI."
B20 Summit in India: Expressing confident on AI in creating more jobs in India, N Chandrasekaran said that it will empower people with less skills with information and skills. It will also reduce workload.
B20 Summit 2023 LIVE Update: The second session of the ongoing B20 Summit, is based on ‘AI for Business and Societies: Opportunities and Regulations’. In the theme, N Chandrasekran, Chairman of Tata Sons said that the opportunity to make an impact with AI is of different scale with Generative AI.
B20 Summit 2023 LIVE Updates: The moon has been a “symbol of aspiration for a long time," said B20 Chair N Chadrasekaran in the ongoing summit on Friday.
“We say shoot for the moon when we want to strive for the impossible. For a millennia, India's greatest poets have gazed up at the moon and wondered at the unfathomable distance between us and the moon," he added.
B20 Summit in India 2023: The Union Minister Rajeev Chandrashekhar on Thursday, said that the government will soon commence consultation on Digital India legislation that will outline the framework for regulation of emerging technologies.
"We will soon be commencing our consultation on Digital India Act where the framework on how we believe user harm and emerging technologies will be regulated, will be laid out for consultation...that is a good time for everybody to come in and participate," the minister told PTI on the sidelines of Economist Impact B20 Forum.
B20 Summit in India LIVE: During the summit, it expected that around 54 recommendations and over 170 policy actions will be released. There will be the unveiling of B20 India Communique during the summit.
B20 Summit 2023 Latest Updates: Prime Minister Narendra Modi will address the three-day long summit in Delhi on Sunday. Other than Prime Minister, several senior Cabinet Ministers and Trade Ministers from the G20 countries would also address the delegates during the Summit.
