Addressing the B20 Summit in Delhi, Prime Minister Narendra Modi highlighted the transformative potential of the government’s pro-poor policies, projecting the imminent emergence of a substantial middle-class population that will propel India’s economic progress. He emphasized that the shift from poverty to what he termed as the “neo middle class” signals the effectiveness of poverty-alleviation measures.
The Prime Minister underscored that individuals transitioning from poverty constitute a dynamic consumer force within the neo middle class. Their burgeoning aspirations contribute significantly to India’s economic momentum. He elaborated that after uplifting the impoverished, the focus now extends to benefiting the middle class and the Micro, Small, and Medium Enterprises (MSMEs). Anticipating the outcome of today’s pro-poor strategies, he projected a notable expansion of the middle class over the next five to seven years.
PM Modi articulated the importance of balancing the interests of businesses and consumers to sustain a thriving market. He cautioned against self-centered approaches and advocated for global cooperation that promotes equitable progress. Stressing the significance of fair partnerships between nations, he proposed that a prosperous market must harmonize with the well-being of producing countries.
In a robust plea, the Prime Minister championed “consumer care” and proposed the observance of an “International Consumer Care Day” by global businesses, underscoring the value of customer-centric practices.
At a crucial juncture marked by historic economic shifts and geopolitical uncertainties, India’s G20 Presidency holds significant relevance. The Business 20 (B20) group within the G20 framework serves as a pivotal platform, fostering collaboration among the international business community, G20 decision-makers, and governments.
Within this context, the B20 has presented a comprehensive set of 54 recommendations and 172 policy actions to guide the G20’s endeavors.