India Inc hails triumph of ‘Delhi Declaration’ at G20 summit

Indian companies and business leaders have welcomed India’s diplomatic victory at the G20 leaders’ summit, particularly the admission of the African Union to 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 such as the Global Biofuels Alliance and the 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 Chairman and Chairman of Tata Sons, said it was a significant milestone of ‘our G20 Presidency under Prime Minister Narendra Modi’. The G20 Declaration embodies the vision of “One Family, One Earth, One Future”.

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, the partnership with the continent will be significantly strengthened,” he added.

Chandrasekaran said human capital development, agricultural and industrial transformation and trade facilitation to make Africa a common market were comprehensive aspects of the declaration.

“Digital public infrastructure and scope for additional capital raising are landmark aspects of the declaration. “Focusing on climate change and committing major economies to phase out electricity generation from fossil fuels is a big step in the right direction to protect the planet,” he added.

R Dinesh, President, Confederation of Indian Industry (CII), congratulated Prime Minister Narendra Modi for achieving such strategic and far-reaching global outcomes through the G20 dialogue for important global outcomes.

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

Key points in the statement such as multilateral banking reforms, skill migration, climate finance, financial inclusion, digital transformation, etc. will drive global initiatives and strengthen the private sector’s role in growth, Dinesh added.

“Visionary document”

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

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

“My compliments go to Prime Minister Narendra Modi for leading the effort, which was strongly supported by G20 Sherpa Amitabh Kant, and to all other world leaders for working together and successfully reaching consensus on all issues.” The New Delhi leaders’ statement symbolizes the world’s desire to speak with one voice on the major issues it faces,” Memani said.

Sanjeev Krishan, chairman of PwC in India, said the G20 summit positions India as a strong consensus builder on a wide range of issues that are “critical to our sustainable future”.

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