Indian Prime Minister Narendra Modi during his address to B20 Summit, said that there was a need for a global framework for cryptocurrency and Artificial Intelligence. The prime minister appealed business leaders to brainstorm on themes like artificial intelligence and cryptocurrency. He said there was a need to focus on "ethical" AI.
Business 20 or B20 is one of the forums of G20 that represents the global business community. The summit was attended by over 1700 business leaders and experts from across the world. B20 was set up in 2010.
The three-day B20 Summit started on Friday (August 25).
Addressing the industry leaders, PM Modi said that business can "transform potential into prosperity, aspirations into achievements, whether they are small or big."
PM Modi said that 'pro-poor policies' of his government would mean that India will have the biggest middle class in coming years.
In his address, PM Modi asked business leaders to brainstorm on issues like cryptocurrency and Artificial Intelligence and stressed on the need for a global framework. He further said that technology disruption is happening at a rapid speed and there is a need to focus on 'ethical' AI.
“India has launched a green credit system-- a pro-planet approach which every nation should adopt. We need to create an ecosystem that will make the planet healthy. Being conscious about one's health is important but one should also be concerned about the planet's health," he said while stressing on tackling climate change.
The theme of the B20 Summit this time is R.A.I.S.E. which represents Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses. B20 Summit has been organised by the Confederation of Indian Industry (CII).
Those in attendance include India's Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal, External Affairs Minister S Jaishankar, and Education Minister Dharmendra Pradhan.
In addition, global business leaders who were scheduled to participate in the summit were Brad Smith, President and Vice Chairman of Microsoft, IBM CEO Arvind Krishna and Michael Miebach, Chief Executive Officer among other prominent names.
The big names in attendance also included Sultan Ahmed Bin Sulayem, Chairman and CEO of UAE-based DP World Group, Bernard Looney, CEO of BP, HSBC Holdings Group Chairman Mark E Tucker.
Allen Blue, Co-founder of LinkedIn was also scheduled to be present in addition to Abdulrahman Al Fageeh-Al, CEO of Saudi Arabia's SABIC
At the end of the summit on Sunday, the presidency of B20 will be handed over to Brazil.
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