India Inc hails ‘Delhi Declaration’ triumph at G20 Summit

Corporate India and business leaders have hailed India’s diplomatic victory at the G20 Leaders’ Summit, particularly the inclusion of the African Union in the G20 grouping.

Business Leaders noted that the ‘Delhi Declaration’ highlights the importance of collaboration with the private sector for global economic development and sustainability.

Key initiatives like the Global Biofuels Alliance and India-Middle East-Europe Economic Corridor promise new opportunities for Indian industry, they added.

N Chandrasekaran, Chairman, Tata Sons

Commenting on the “New Delhi Leaders’ Summit Declaration”, N Chandrasekaran, B20 Chair & Executive Chairman, Tata Sons, said it is a momentous milestone of “our Presidency of the G20 under Prime Minister Narendra Modi. The G20 Declaration embodies the One Family, One Earth, One Future vision”.

B20 India warmly welcomes the inclusion of the African Union in the G20 grouping, Chandrasekaran said. “With Africa’s voice as part of the global economic forum, partnership with the continent will be greatly intensified”, he added.

Chandrasekaran said that human capital development, agricultural and industrial transformation, trade facilitation to make Africa a common market are inclusive aspects of the Declaration.

“The Digital Public infrastructure and the headroom for additional capital raising are pioneering aspects of the Declaration. The focus on Climate Change and the commitment of major economies to phase down fossil fuel power generation is a large step in the right direction to protect the Earth,” he added.

R Dinesh, President, Confederation of Indian Industry (CII) congratulated the Prime Minister Narendra Modi on achieving such strategic and wide ranging global outcomes through the G20 dialogue for major global outcomes. 

“India’s G20 Presidency effectively reorients the global economic approach towards inclusive and sustainable growth to meet the needs of the Global South while addressing economic challenges,” he said.

Important points in the Declaration such as the reforms of multilateral banks, skills-migration, climate finance, financial inclusion, digital transformation and so on will catalyze global initiatives and enhance the role of the private sector in growth, Dinesh added.

‘Visionary document’

 The initiatives of Global Biofuels Alliance and India-Middle East-Europe Economic Corridor as well as the bilateral meetings held in conjunction with the G20 Summit would bring many new opportunities for Indian industry in trade, investment, green economy and infrastructure projects, the CII President said.

Rajiv Memani, CEO, EY-India, said that the G20 New Delhi Leaders Declaration is a consequential and visionary document. 

“My compliments to Prime Minister Narendra Modi for leading the effort, ably supported by G20 Sherpa Amitabh Kant, and to all other world leaders for collaborating and successfully arriving at a consensus on all matters. The New Delhi Leaders Declaration symbolises the world’s desire to speak in one voice on the big issues confronting it”, Memani said.

Sanjeev Krishan, Chairperson, PwC in India, said the G20 Summit positions India as a strong consensus builder on a varied set of thematics critical “for our sustainable future”.

Specific actions on Global Bio-fuel Alliance, enabling cities of Tomorrow and India-Middle East-Europe Corridor are just a few great examples of sowing  the seeds for a cleaner, sustainable, inclusive and a connected world, Krishan added.