The 7 task forces worked on specific issues of financing for economic growth; inclusive global value chains for resilient trade and investment; financial inclusion for economic empowerment; digital transformation; tech, innovation and R&D; future of work, skills, and mobility; and energy, climate crisis and resource efficiency. In addition, B20 India set up two action councils on the critical issues of environmental, social and governance (ESG), and integration of the African continent. B20 innovated by shifting the discourse strategically towards new areas, including the resilience of supply chains, financial inclusion and mobility of workers, among others.

For each of these priorities, the businesses of the world’s leading economies came together to evolve a wide and comprehensive range of well-considered recommendations. The B20 India groups – organised by the Confederation of Indian Industry (CII) – brought together 1,400 business and international experts, who elaborated on 172 policy actions across 54 recommendations. Five key themes ran through these suggestions.

First, B20 had a strong focus on sustainable development. The green economy found extensive mention in the deliberations of the various groups, including sustainability of global value chains, skills for sustainable actions, innovation and technology for sustainability.

Second, the imperatives of accelerating the development of the Global South were covered intensively. With consecutive G20 presidencies from emerging economies and the landmark Voice of the Global South summit in January, the template under B20 India prioritised the participation of the Global South in the global economy. Issues of funding infrastructure, financial inclusion, digital inclusion, and financing the equitable transition to a low-carbon economy focused on how to obtain maximal outcomes for emerging economies. The shift of workers from contracting industries to growing sectors and higher incomes was a key focus area. The integration of Africa, the continent with the highest number of least developed economies (LDCs), will be central to the rise of the Global South. B20’s action council explored how to leverage its human capital, agricultural resources, industrial transformation and physical and digital connectivity.

Third, many discussion groups highlighted digital public infrastructure as a key instrument for driving inclusive growth. The example of the IndiaStack digital platforms can be replicated at scale in other economies to empower citizens. Fourth, a common theme was the empowerment of women. Solutions were devised to facilitate women’s access to entrepreneurship options, global trade integration, skills and digital tools. The policy suggestions in these areas will help to accelerate the participation of women in the global economy.

Fifth, the use of advanced technologies for solving global challenges found robust mention. Shaping digital transformation for businesses and leveraging emerging technologies for global societal goodwill gain from fostering strategic innovation and R&D. As the 3-day B20 Summit India comes to a conclusion, the work of businesses must accelerate to drive future progress towards inclusive and sustainable growth and development. Together, we must raise the bar.

Chandrajit Banerjee is director general, CII. The views expressed are personal