B20 Summit India: PM Modi Warns Against Protectionism Of Critical Materials; Calls It ‘New Colonialism’
Treating other countries only as a market will never work. It will harm even producing countries sooner or later, Modi said.
Prime Minister Narendra Modi has cautioned that protectionism of critical materials, and rare-earth minerals would lead to a new colonialism model as the world faces an increasing need of these resources.
He added that countries have a global responsibility to share these resources and treat each other as equal partners, in an address at the B20 Summit gathering in New Delhi on Sunday.
“A profitable market can be sustained when there is a balance in the interest of producers and consumers, and this also applies to nations. Treating other countries only as a market will never work. It will harm even producing countries sooner or later,” he said.
The Prime Minister also called upon countries to join in designating a ‘consumer care day’, replacing the consumer-rights model to encourage more pro-planet product building and lifestyle choices on an individual level.
This comes at a time when India as part of its G20 priorities has launched the LiFE mission which aims to mobilize over a billion people to take individual actions and consumer decisions to protect the environment in the period between 2022-28.
He asked countries to also consider a ‘green credit framework’, instead of the carbon credit framework that measures and rewards planet positive action.
Modi also underscored the importance of building resilient supply chains and prioritising sustainability. He noted that global supply chains have changed post Covid-19 pandemic and broke down at time of great need and called on to improve the resilience of these supply chains and highlighted India’s role, going forward.
Similarly, he highlighted that talks on sustainability must not be limited to rules and regulations but become a part of everyday life by everyone. He added that this would in-turn be an opportunity and a business model for businesses.
“Business has successfully gone beyond borders and boundaries, it needs to go beyond bottom lines,” he added further stating that this can be achieved only when countries focus on building resilient supply chains and prioritize sustainability.
The Prime Minister's address concluded the three day B20 Summit held between August 25-27, 2023.
The B20 is a grouping under the G20 umbrella that brings together policymakers, business leaders and experts from across the world to deliberate and discuss the B20 India Communique.
India's B20 communique includes 54 recommendations and 172 policy actions for submission to G20.
Tata Sons Chairman N Chandrasekharan noted that four key submissions of the above include building a global business institute that will provide institutional framework, efforts towards expediting decarbonization, building an accelerator fund for sustainable development goals and a compendium of use cases that will serve as a guide for businesses for converging technology and business.
