business priorities in a changing world
Essential business priorities in a changing world
In advanced and emerging economies,
- inclusive growth
- and development can become a reality if there is a focus on key policy actions that have been identified
दुनिया की इकोनॉमी अब खतरों को झेलने के बाद पटरी पर आ रही
global economy
appears to have stabilised this year, albeit with geopolitical risks remaining on the horizon.
The G-20 economies
displayed different growth rates in the first quarter of the year, with some growing more rapidly than expected, while others experienced setbacks.
The B-20
South Africa later this year, an unprecedented agenda for the Global South has been catalysed.
Focus on inclusive development
What is Inclusive development ?
It is a development approach that aims to ensure that all people have the same rights and opportunities, regardless of their social or financial standing
The tools for enabling this include
skill development and education
which will work towards empowering workers and building their capacity to adapt to changing industrial scenarios.
We should create programmes for skilling and upskilling workers — particularly women — including through on-the-job training, working with academic institutions and developing curricula suited to evolving industry needs.
Financial access and tailored credit solutions
along with diversity and inclusion policies have been highlighted by B-20 Brazil.
In India, the convergence of
- Unified Payments Interface
- and digital access has transformed financial transactions,
- with over 530 million accounts opened under the landmark Jan Dhan Yojana.
Africa’s inclusion in the G-20 during the India presidency
opens up a wealth of new opportunities in the continent.
It is important for global businesses to expand their footprint in Africa
- For its rapid growth
- young demographics
- support the continent’s inclusion in global value chains.
Ensuring better food security
Sustainable food systems and boosting food and nutrition security
. Myriad factors including the impact of extreme weather events have exacerbated the global food crisis.
The use of technology and other digital tools
in promoting sustainable agricultural practices, reducing waste, and ensuring equitable access to nutritious food for all would be imperative.
Businesses can play a pivotal role in addressing food security by advocating
- sustainable practices,
- investing in infrastructure
- agricultural technologies such as precision farming
- fostering collaborations with governments and international organisations for amplifying efforts on food security.
Second but some concern for trade
national security concerns and unfair trade practices are leading to rising tariffs and other hurdles that constrain the efficacy of trade.
Organisations such as the World Trade Organization should be strengthened to identify and counter unfair trade practices
while agreed interoperable taxonomies for environmental measures can bring in more clarity for businesses in industrial and trade policies aimed at sustainability.
3 rd
digital transformation and innovation
The third priority that businesses must lead is digital transformation and innovation including Artificial Intelligence (AI) for the common good.
Businesses must harness AI for responsible use in health care, climate change and resource management.
It is also important for businesses to engage youth in developing innovative solutions to pressing contemporary issues and drive positive societal impact.
Investments and mentoring
for social tech startups, digital platforms for research and development collaborations and developing science, technology, engineering and mathematics (STEM) talent should be taken up by corporates in mission mode.
The sustainability mission is the fourth priority for businesses
Net zero
As the world accelerates towards net-zero transition, fair and just climate policies can enable businesses to work towards carbon mitigation.
Availability of finance is required
for all enterprises, and particularly for small and medium enterprises, to align with net zero targets.
Building renewable energy capacity
and greater use of biofuels and green hydrogen can be promoted by businesses.
circular economy options
circular economy
is a model of production and consumption that aims to reduce waste and environmental impact by reusing, repairing, and recycling products and materials
Industry should also be conscious about circular economy options and strive to inculcate sustainable business practices in their usual operations across the board.
Aiming for the highest standards
corporate governance
of the highest standards must be prioritised by businesses, and this includes large global corporates and small and medium enterprises.
It is the responsibility of the private industry to go beyond established best practices in compliances and regulatory systems to continually drive ethical operations.
This will facilitate building trust between different stakeholders including the community, governments and businesses.
These are some of the issues that we would be working on through the B20 Global Institute that was envisaged during India’s B20 leadership and is now taking off.
With the participation of successive G-20 presidency countries, the institute will maintain alignment in policy suggestions, undertake action agendas to facilitate business competitiveness in the above areas and monitor outcomes.
As the B20 recommendations are presented to the G-20 group, businesses of the world must take a key role in ensuring that our common global aspirations are catalysed to fruition.
source the hindu
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