Page 5 - B20 Summit News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Countries worldwide require approximately $4.5 trillion in the next 7-10 years to support their development goals, said Uday Kotak, Chair of B20 India Task Force on Financing for Global Economic Recovery. The task force recommends the establishment of a 'global acceleration fund' where businesses would contribute 0.2% of their profits toward social development objectives. Kotak also suggests that Indian companies should allocate 0.2% of their overall CSR contributions to the global acceleration fund.

“The three pillars identified by the B20 India Task Force on Financial Inclusion for Economic Empowerment were ecosystem and enablers, products legal and regulatory requirements. We developed a framework for financial inclusion and economic empowerment, defined priorities for financial inclusion, and made policy recommendations,” Khara informed.

The B20 Chair noted that key growth drivers, including the PM Gati Shakti scheme, PLI schemes, lower corporate taxes, solid digital infrastructure, and the emerging startup ecosystem are helping India sustain a bullish momentum among all G20 nations

There is an urgent need to reform the Customs clearance framework in India if the country wants to become an export hub according to Sultan Ahmed Bin Sulayem, Group Chairman and Chief Executive Officer, at DP World.

The B20 India Task Force on Energy, Climate Change, and Resource Efficiency has recommended a just and equitable transition to clean energy that is inclusive and resilient. The task force calls for global cooperation to achieve net zero transitions and emphasizes the need for collaboration, innovation, and financing options that benefit everyone, especially in the global south. The recommendations also promote a circular economy and highlight the urgency of addressing climate change while reducing dependence on fossil fuels.