Union Minister Smriti Irani Unveils B20 Global Institute at WEF Davos, Pledging to Advance Global Economic Resilience

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Union Minister Smriti Irani Unveils B20 Global Institute at WEF Davos, Pledging to Advance Global Economic Resilience
19 Jan 2024
4 min read

News Synopsis

During the World Economic Forum (WEF) in Davos, Union Minister Smriti Irani announced the establishment of the B20 Global Institute, aligning with India’s commitment made at the G20 summit in Delhi the previous year. This significant initiative, born out of the B20 Summit 2023 in New Delhi, is set to play a pivotal role in shaping global economic strategies and fostering collaborations for sustainable development.

Key Announcements and Objectives:

Creation of B20 Global Institute:

  • Smriti Irani, through a social media post, shared the launch of the B20 Global Institute, a concept conceived during the B20 Summit 2023. The institute is poised to be a driver for global economic resilience and collaboration.

Building a Brighter Future: The B20 Global Institute's Mission

Rooted in the R.A.I.S.E. principles of responsible, accelerated, innovative, sustainable, and equitable business practices, the B20 Global Institute will focus on:

  • Strengthening global value chains: Building resilience and fostering collaboration across borders.

  • Leveraging digital innovation and AI: Harnessing technology for societal benefit and sustainable development.

  • Promoting ESG principles: Embracing environmental, social, and governance values for ethical and responsible business practices.

  • Supporting sustainability and energy transition: Driving solutions for a greener future and achieving energy security.

  • Fostering innovation and inclusion: Encouraging creativity and ensuring equitable participation in economic growth.

B20 Global Institute's Focus Areas:

  • The B20 Global Institute, led by businesses, will focus on strengthening global value chains, harnessing digital innovations and artificial intelligence (AI) for societal benefit, championing ESG (Environmental, Social, Governance) principles, and actively supporting sustainability and energy transition.

RAISE Initiative:

  • Rooted in the principles of R.A.I.S.E. — Responsible, Accelerated, Innovative, Sustainable, and Equitable businesses — the B20 Global Institute signifies a commitment to fostering partnerships that address the emerging economies of the Global South.

Involvement of N Chandrasekaran, Executive Chairman, Tata Sons:

  • N Chandrasekaran, Executive Chairman of Tata Sons, highlighted that the institute was envisioned for global collaborations on the B20 platform, emphasizing its potential as a knowledge hub for research, policy advocacy, and global enterprise support.

B20 India's Role:

  • Under India's G20 Presidency, B20, as the official G20 dialogue forum for the global business community, facilitated discussions on global economic and trade governance. Key initiatives outlined during B20 India's activities included the establishment of the B20 Global Institute.

Global Impact of B20 Global Institute:

  • The institute aims to be an evangelist, a change agent, and a think tank, working with B20 nations globally. It seeks to collaborate with businesses worldwide to drive opportunities and contribute to the development of resilient global value chains and sustainable practices.

N Chandrasekaran's Vision for B20 Global Institute:

Speaking during the B20 summit session in August 2023, N Chandrasekaran expressed the vision for the B20 Global Institute, stating, "It will be a global business institute based in India," emphasizing its role as an influential entity fostering innovation, sustainability, and social good.

Conclusion:

The unveiling of the B20 Global Institute at WEF Davos underscores India's commitment to shaping global economic strategies and fostering collaborative efforts for sustainable development. Led by businesses and rooted in principled initiatives, the institute is poised to be a beacon for driving positive change on the international stage.

TWN Special