Business action is essential for the G20 to achieve its larger goals

The B20 task force focused on industry priorities that align with the larger issues of the G20. Overall, the B20 platform converged on 54 recommendations and 172 policy actions for consideration by the G20. It is very gratifying to note the close synergy between the B20 India proposal and the New Delhi Declaration.

First, as financing for global economic recovery, B20 will improve access to finance for MSMEs and provide financing for sustainable and resilient infrastructure through alternative financing instruments, blended finance, and the use of technology and digital platforms. We are seeking to ensure that G20 trade ministers proposed strengthening the MSME information portal.

Second, on building resilient and inclusive global value chains, the Forum called for technology-enabled mechanisms for crisis mitigation and early detection of risks. Trade in services was forced into recommendations related to good data, better definition and transparency of compliance information and procedures. Trade facilitation through technology at scale across borders can help improve efficiency. All of this is well addressed in the Trade Ministers' outcome document, with the G20 Declaration highlighting the need to build inclusive, sustainable and resilient global value chains and promote ease of doing business. ing.

Third, the priority of financial inclusion was emphasized through ecosystem enablers, financial products, and legal and regulatory measures. Digital public infrastructure (DPI) enables a unique, single-number digital identity for MSMEs and individuals that is recognized across countries, helping to promote financial inclusion. DPI was a key item in the G20 document and was modeled on India's experience.

Fourth, the G20 can work on developing skills related to environmental sustainability and climate change adaptation, as well as the needs of the care economy. Facilitating global labor mobility requires removing policy barriers and using technology to enable cross-border labor mobility. This is reflected in leaders' declarations on well-managed skills-based migration pathways and mapping the global skills gap.

The fifth was the Energy, Climate Change and Resource Efficiency Forum, which focused on driving the achievement of net-zero emissions across a range of industries and proposed industry-specific alliances. The G20 focused on expanding the capacity of multilateral development banks to support energy transitions where concessional financing to emerging economies can work. The document's focus on adaptability and resilience resonated with his B20 perspective on climate change, with a strong focus on countries' differentiated actions.

Sixth, the group has given a high priority to digital transformation, including efforts to ensure high quality, fast and reliable access to the internet. Developing global minimum standards for digital literacy will enable international portability, while internationally accepted digital toolkits and frameworks can support the digital transformation of his MSMEs. Countries should also work together to foster digital trust by developing harmonized cybersecurity standards and frameworks.

Seventh, we will create a rich repository of projects on technology, innovation, and research and development that will help G20 countries learn, adopt, scale, and collaborate. The G20 could also consider a common patent protection mechanism and establish a centralized patent management mechanism with one application for all G20 countries. A G20 technology cooperation platform could be established to enable technology transfer and R&D transfer across industry, research institutions, start-ups and civil society.

8. As ESG is a key imperative of the future, the B20 recommended a standard definition/taxonomy to ensure a harmonized and transparent ESG framework for disclosure, reporting and ratings .

9. It was very encouraging that India defended its membership in the African Union (AU) and secured its membership in the G20. The B20 recommendations also include support for education, agricultural transformation, industrialization, trade facilitation, and infrastructure development. Going forward, these movements will receive a major boost from the AU's participation in her G20 deliberations.

Apart from the inputs for the G20 to consider, B20 India also raised key business actions to strengthen the industry's contribution to global growth.

First, B20 India proposed the establishment of a global body to track recommendations and ensure their implementation, providing continuity across the B20 Presidency.

Second, B20 India aims to align sector-specific decarbonization pathways for key sectors.

Third, B20 India recommends the establishment of a Global SDG Acceleration Fund to attract private capital to projects towards achieving the 2030 goals. It is proposed as a pure credit enhancement fund to bridge the funding gap between developed and developing countries.

Fourth, the Forum has compiled an overview of best practices for innovation use cases to launch a continuous portal for the use of technology in development.

The G20 leaders' declaration has many implications, especially for businesses in the Global South, and the B20 will continue to work with them to develop effective policies for inclusive development.

Mr. Chandrajit Banerjee is the Secretary General of the Confederation of Indian Industry and the Head of the B20 India Secretariat.