Indian PM calls for global standards for crypto


India’s Prime Minister, Narendra Modi, has called for a global framework on cryptocurrencies, and an ethical usage of artificial intelligence (AI).
In a wide-ranging address to the B20 Summit India 2023, the PM also called for a switch over to ‘green credit’ from the current practice of carbon credit trading.
“There is a challenge associated with cryptocurrencies. In this matter maximum integrated approach is needed. I think there is a need for preparing a global framework which should take care of interests of all stakeholders,” the prime minister said.
Modi further said a similar approach is needed regarding artificial intelligence. Highlighting the buzz and excitement around AI, the Prime Minister drew attention to some ethical considerations regarding skilling and re-skilling, and concerns regarding algorithm bias and its impact on society.
“Such issues have to be resolved together. Global business communities and governments will have to work together to ensure that ethical AI expands.”
Modi also said India holds an important place in building an efficient and trusted global supply chain. “Businesses have successfully gone beyond borders and boundaries. Now is the time to take businesses beyond just the bottom line. This can only be done by focusing on supply chain resilience and sustainability,” he added.
Emphasizing the attractiveness of partnership with India for the global business community, the Prime Minister pointed to India’s young talent pool and its digital revolution. “The more your friendship deepens with India, the more prosperity accrue to both,” Modi told the assembled delegates.
He said: “Business can transform potential into prosperity, obstacles into opportunities, aspirations into achievements. Whether they are small or big, global or local, business can ensure progress for everyone. Therefore the future of global growth is dependent upon the future of business.”
PM Modi also stressed the need to focus on sustainability. He asked global business to move forward as sustainability, in itself, is an opportunity as well as a business model.
He underlined that a profitable market can be sustained when there is a balance in the interests of producers and consumers. He stressed that treating other countries only as a market will not work but harm even the producing countries sooner or later. He said that the way forward is to make everyone equal partners
Modi also urged business leaders to make businesses more consumer-centric, whether these consumers were individuals or countries. He said that their interests need to be taken care of and suggested coming up with a yearly campaign for this. “Every year, global businesses [should] come together to pledge themselves for the good of the consumers and their markets,” the Prime Minister said.
He said: “When we talk about consumer rights, should not we also be mindful of consumer care as it will automatically take care of many consumer rights issues? We should definitely think about a system for ‘International Consumer Care Day’. This will help in strengthening trust between businesses and consumers.”
Concluding his address, the Prime Minister said that businesses have successfully gone beyond borders and boundaries but it is now time to take businesses beyond the bottom line. He said that it can be carried out by focusing on supply chain resilience and sustainability.
Modi expressed confidence that the B20 Summit has paved the way for a collective transformation. “Let us remember that a connected world is not just about connection through technology. It is not only about shared social platforms but also about a shared purpose, shared planet, shared prosperity and a shared future”, he said.
• The Business 20 (B20) is the official G20 dialogue forum with the global business community. Established in 2010, B20 is among the most prominent Engagement Groups in G20, with companies and business organizations as participants. The B20 works to deliver concrete actionable policy recommendations to spur economic
Its theme for 2023 is R.A.I.S.E – Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses. It was attended by more than 1,500 delegates from about 55 countries.