| Introduction: Contextual Introduction Body: Role of business in inclusive development, food security, and sustainability issues. Conclusion: Way forward |
Businesses play a crucial role in fostering inclusive development by ensuring that economic growth benefits all segments of society, including marginalized groups.
Role of Businesses in Promoting Inclusive Development
- Skill Development and Education: Tailored programs for skilling and upskilling workers are critical to promoting inclusive development. Businesses should collaborate with academic institutions and governments to provide on-the-job training, particularly for underrepresented groups like women. The B-20 agenda emphasizes the importance of education as a tool for empowerment, urging businesses to integrate practical industry needs into academic curricula.
- Financial Access and Inclusion: Financial access is essential to reducing inequality. As demonstrated by India’s Jan Dhan Yojana and the convergence of the Unified Payments Interface (UPI) with digital financial tools, businesses can foster financial inclusion at scale. Expanding these initiatives globally, especially in Africa, where the continent’s inclusion in the G-20 offers a unique opportunity, is essential.
Addressing Food Security and Sustainability Issues
- Promoting Sustainable Agricultural Practices: The global food crisis, exacerbated by extreme weather events, underscores the need for businesses to engage in sustainable food systems. Businesses can advocate for precision farming, invest in agricultural infrastructure, and utilize digital tools to enhance food production and reduce waste.
- Enhancing Resilient Trade Flows: As national security concerns and unfair trade practices disrupt global trade, businesses must collaborate with institutions like the World Trade Organization (WTO) to strengthen trade rules and reduce barriers such as tariffs. Businesses must support policies that ensure transparent trade practices, and work with governments to align industrial and trade policies with environmental sustainability goals, ensuring clarity and consistency in global supply chains.
- Harnessing Digital Transformation and Innovation: Digital transformation presents immense opportunities for addressing global food security and sustainability challenges. Businesses must harness technologies like Artificial Intelligence (AI) for responsible use in fields such as healthcare, agriculture, and resource management.
- Advancing Sustainability Mission: Businesses must commit to achieving net-zero targets through renewable energy investments, promoting the use of biofuels and green hydrogen, and adopting circular economy principles that minimize waste and optimize resource use.
Conclusion
Global businesses have a pivotal role in fostering inclusive development and addressing food security and sustainability challenges. Through proactive engagement, businesses can help achieve equitable growth, enhance food security, and contribute meaningfully to a sustainable future.
