In a momentous stride towards international economic cooperation, India has gracefully passed the mantle of B20 presidency to Brazil, signifying the gradual shift towards the upcoming G20 summit scheduled for 2024.
The B20, a consortium representing the global business community within the G20 summit, assumed a central role during India’s stewardship in influencing policies and fostering dialogues encompassing a spectrum of critical worldwide issues. Under the guidance of N. Chandrasekaran, the Indian-led B20 presidency centered its efforts around the theme “Vasudeva Kutumbakam” – a concept emphasizing our interconnectedness as One Earth, One Family, and One Future.
From August 25th to 27th, India hosted the three-day B20 summit, distinguished by the theme “R.A.I.S.E.” – an acronym encapsulating the ideals of Responsible, Accelerated, Innovative, Sustainable, and Equitable Business. This thematic framework encapsulates the fundamental principles that the B20 endeavors to advocate and prioritize. The summit convened over 1,500 delegates representing approximately 55 nations, fostering an environment conducive to insightful deliberations and multifaceted discussions.
Culminating the summit, Prime Minister Narendra Modi of India delivered a keynote address underscoring the paramount importance of collaboration between the business sector and governments in confronting global challenges. This address not only marked the conclusion of the event but also reaffirmed India’s unwavering dedication to nurturing unity and cooperation to propel sustainable economic progress.
On August 27th, Prime Minister Narendra Modi officially transferred the B20 presidency to Brazil, emblematic of the cooperative spirit inherent in the B20 platform. This seamless transition across borders and leadership changes underscores the platform’s steadfast commitment to pursuing policies that invigorate economic growth.
Founded in 2010, the B20 stands as one of the premier engagement groups within the G20 framework. Comprising representatives from diverse enterprises and business organizations, the B20’s chief objective lies in formulating actionable policy recommendations aimed at fostering economic expansion and development. These recommendations take shape through the collaborative efforts of Task Forces (TFs) and Action Councils (ACs), collectively crafting consensus-driven proposals.