B20 summit: PM Modi calls for framework on crypto, ethical use of AI

Modi also said India has become the face of digital revolution in the era of Industry 4.0, and also holds an important place in building an efficient and trusted global supply chain

Prime Minister Narendra Modi on Sunday called for a global framework for ethical use of Artificial Intelligence (AI) as he flagged concerns surrounding bias in such modern technologies and their impact on the society.

Days ahead of the G20 Summit, the prime minister also made a strong case for developing an integrated approach to deal with issues concerning cryptocurrencies.

Modi, addressing B20 Summit India 2023 organised by CII, said India is preparing a global framework for Green Credit and urged industry leaders to adopt life and businesses with emphasis on planet positive actions.

Highlighting issues concerning climate change, energy sector crisis, food supply chain imbalance, water security, Modi said such matters have a big impact on business and to combat these challenges, there is a need to increase common efforts.

"Now, there is a challenge related to cryptocurrencies. There is a need for more and more integrated approach in this matter. I think, a global framework should be created for this, in which all stakeholders are taken care of," Modi said at the gathering attended by global and domestic business leaders.

A similar approach, he said, is needed regarding artificial intelligence as well.

"Today, the world is showing a lot of excitement regarding AI. But amidst the excitement there are also some ethical considerations. Regarding skilling and re-skilling, concern is being raised about algorithm bias and its impact on the society. Such issues also have to be resolved together," he added.

Modi called business communities and governments to work together to ensure usage of ethical AI as "we have to sense the potential disruptions in different sectors. This problem has to be solved under the global framework." The prime minister asked for a reconsideration of the traditional approach to business, stating they should go beyond brand and sales.

He said, “as a business, we also have to focus on creating an ecosystem that will benefit us in the long term".

Modi stressed that businesses should focus on improving the purchasing power of more and more people as a self-centric approach will harm everyone.

Referring to a similar challenge of uneven availability and universal need in critical material and rare earth metals, Modi said, “If those who have them do not look at them as global responsibility then it will promote a new model of colonialism.” He also underlined that a profitable market can be sustained when there is a balance in the interests of producers and consumers, and it also applies to nations.

He said treating other countries only as a market will not work, and added it will eventually harm the producing countries sooner or later. The way forward is to make everyone equal partners in this progress.

Modi urged business leaders to give thought to making businesses more consumer-centric.

“Every year, can global businesses come together to pledge themselves for the good of the consumers and their markets?”, the prime minister asked.

Modi suggested the global business to fix a day to talk about the interest of the consumer.

“When we talk about consumer rights, should not we also be mindful of consumer care as it will automatically take care of many consumer rights issues? We should definitely think about a system for 'International Consumer Care Day. This will help in strengthening trust between businesses and consumers”, he said.

He elaborated that consumers are not confined to retail consumers within a particular geography but also the nations that are consumers of global trade, global goods and services.

Referring to the success of the Chandrayaan-3 mission, he said India's festive season advanced to August 23, and the country is in a celebratory mood.

He also acknowledged the role of the industry in the mission as many components of Chandrayaan-3 were provided by the private sector and MSMEs.

“This is a success of both science and industry”, he said.

Referring to G20, he said they have invited the African Union for a permanent seat at G20.

Talking about lessons learnt from Covid-19 pandemic, Modi said it has taught a lesson that there is a need to increase investment in "mutual trust".

Emphasizing the attractiveness of partnership with India for the global business community, the prime minister mentioned India's young talent pool and its digital revolution. “The more your friendship deepens with India, the more prosperity will accrue to both”, he said.

Questioning the efficiency of the global supply chain that ceased to exist when the world required it the most, Modi underlined that India is the solution to the disruptions that the world is dealing with today.

He said half of the issues will be reduced when both the lifestyle and the businesses are pro-planet.

He added businesses have successfully gone beyond borders and boundaries and now it's time to take businesses beyond the bottomline. It can be carried out by focusing on supply chain resilience and sustainability.

The Business 20 (B20) is the official G20 dialogue forum with the global business community.B20 Summit India brings policymakers, business leaders and experts from across the world to deliberate and discuss the B20 India Communique.

The B20 India Communique includes 54 recommendations and 172 policy actions for submission to G20. The G20 summit is scheduled for September 9-10 here.