| 8 | India’s engagement in the World Economic Forum’s annual gathering at Davos has played an instrumental role in shaping global economic conversations for decades. Over time, its growth trajectory, sustainability initiatives and innovative capacities have captivated the attention of global stakeholders. The Confederation of Indian Industry (CII) has played an integral role in this narrative, contributing valuable insights and experiences in India’s developmental journey to the global business community for over 35 years. In the year 2023, India’s G20 Presidency served as a significant milestone in its global leadership narrative. Throughout its tenure, India steered discussions and spearheaded initiatives among major world economies, aiming to address multifaceted global challenges. Prioritizing inclusive growth, sustainability and fostering digital public goods, India made substantial progress. Collaboration efforts, exemplified by institutions like the Global Biofuels Alliance and the India-Middle East-Europe Economic Corridor, underscored India’s commitment to international cooperation for shared progress. As the Secretariat of B20, the business engagement group of G20, CII assembled a diverse coalition of business leaders and experts. With approximately 1500 members from G20 and invitee countries, alongside numerous global stakeholders, this collaborative effort reached new heights. B20 India’s impact transcended formal discussions, encompassing over 110 policy advocacy and outreach initiatives that engaged more than 20,000 delegates. The meticulous efforts of B20’s Task Forces and Action Councils yielded actionable recommendations across World Economic Forum: Shaping global economies multiple themes. These encompassed financing for global economic recovery; inclusive GVCs for resilient global trade and investment; financial inclusion for economic empowerment; digital transformation; tech, innovation and R&D; future of work; skilling and mobility; energy, climate change & resource efficiency and ESG in business. Notably, B20 India established a dedicated action council on Africa, aiming to enhance human capital outcomes, bolster agricultural and industrial transformation, and fortify digital and physical infrastructure across the continent. These concerted endeavours culminated in groundbreaking ideas encapsulated in 54 recommendations and 172 policy enablers. Remarkably, nearly 80 per cent of these proposals have been considered and adopted by the G20. Achievements included comprehensive studies on accelerating services trade, deploying digital public infrastructure and promoting digital trust through standardized cybersecurity protocols. Additionally, the recommendations focused on addressing sustainability and climate change imperatives by advocating for net-zero transitions, standardized ESG reporting and harmonized international carbon markets. The G20 leaders’ declaration emphasized the pivotal role of private sector involvement in addressing global challenges. Many of the suggestions put forth by B20 found resonance in these discussions and official announcements. The inclusion of the African Union as a G20 member was a significant step toward representing the perspectives and needs of the Global South. India’s B20 presidency provided an opportune platform to showcase its growth narrative to the global Chandrajit Banerjee Director General, Confederation of Indian Industry (CII) EXCLUSIVE ARTICLE | 9 | business community. Driven by digital innovation, a burgeoning startup ecosystem and strategic governmental interventions, India prioritizes inclusive growth, digital innovation, climate resilience and equitable global health access. Landmark initiatives like the Digital Public Infrastructure (DPI) and robust support for a dynamic startup culture underscore India’s commitment to shaping a future defined by innovation and progress. Looking forward, India aims to leverage emerging technologies, prioritize research and development and embrace structural reforms to harness unprecedented opportunities driven by its market scale and young demographic profile. Initiatives such as increased R&D spending, enhanced research-oriented educational institutions and business-friendly policies to attract investments are propelling India toward greater economic influence, unlocking avenues for sustained growth and prosperity. India maintains its position as the fastest-growing large economy and is projected by the IMF to become the world’s third-largest economy by 2027, contributing approximately 15% to global growth. The CII estimates India’s economy to grow between 6.5 to 6.7% in the current fiscal year. Coordinated efforts of the Government and the Reserve Bank of India have helped control retail inflation within the central bank’s tolerance band, amidst globally elevated inflation levels. This accelerated growth, supported by domestic consumption, investment, and government spending, coupled with rising business confidence, is steering the nation closer to its goal of becoming a developed economy by 2047. International collaborations will play a pivotal role in India’s economic transformation. With trade agreements signed with 13 countries and ongoing FTA negotiations with key economies like the UK, EU, and the Gulf Cooperation Council (GCC), India’s progressive Foreign Direct Investment (FDI) policies continue to attract global investors across diverse sectors. India has notably improved its Ease of Doing Business, consistently reducing compliance burdens, integrating technology into government-industry interfaces, and simplifying legal provisions to attract investments and bolster business confidence. The Government’s focus on promoting the digital economy, fintech, technology-enabled development, energy transition and climate action is evident through targeted policies in logistics, infrastructure, digital accessibility, welfare measures and more. Emerging industry sectors in India, including digital transformation, advanced manufacturing, smart infrastructure and electric vehicles, are creating numerous opportunities. Sustainable development stands as a top priority for the Government, with ambitious targets like achieving a non-fossil energy capacity of 500 GW by 2030 and net zero carbon emissions by 2070. India already ranks fourth globally in renewable energy installed capacity, particularly in wind and solar power. Efforts are underway to develop green hydrogen as a viable energy source for transportation and hard-to-abate sectors. Given the significant global challenges and shifts, consensus-building has become increasingly urgent. Davos 2024 will undertake the essential task of addressing transformational forces and nurturing collective agency under the theme of ‘Building Trust’. Recognizing this need for consensus-building, CII has established a task force dedicated to fostering trust within the Indian Industry. CII aims to present the Indian perspective at Davos 2024 and actively contribute to meaningful global discussions and collaborations. •
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