By Sanjeev Joshipura for the Hindustan Times
As global dignitaries and delegates touch down in India for the G20 Leaders’ Summit, we at Indiaspora were delighted to host 300 prominent and diverse members of the diaspora from 26 countries. Participants included ambassadors, cabinet secretaries, investors, entrepreneurs, corporate titans, philanthropists, academics, artists, health care practitioners, next generation torchbearers, Artificial Intelligence (AI) savants and environmental experts, who discussed a broad range of topics.
Here are eight key takeaways gleaned from our Indiaspora G20 Forum that was held just prior to the summit in New Delhi.
One, cultivate the Indian diaspora. Engaging the diaspora is the best way to cement ties. The diaspora comprises highly skilled and enterprising individuals whose networks offer bridges to India. Two, facilitate knowledge transfer. As India’s economic clout expands, knowledge travels to and from India in many fields: technology, academics, health care, and the arts, among many others. These should be nurtured through dialogue and sharing of information.
Three, utilise India’s perspectives on AI. Few issues will guide the future of our planet and the human race as much as AI promises to do. India’s vast array of technological talent and its participation in various international forums make it a sought-after voice on this subject. Human-centric AI design and ethical considerations for its deployment are areas in which India can contribute enormously.
Four, use philanthropic capital towards achieving Sustainable Development Goals (SDGs). Most G20 countries are committed in principle to achieving SDGs. However, there is a huge funding gap between what it will take to accomplish these goals and the available resources. To help bridge a portion of this gap, governments should use philanthropic capital. Corporations need to continue stepping up to the plate to bolster the available funding and expertise.
Five, encourage venture capital investments to drive innovation. Venture capital investments by many leading global firms are fuelling innovation and entrepreneurship in India, which benefits the world at large. With the third largest number of startups of any country, opportunities to invest profitably abound in India. For instance, 108 Indian startups were unicorns (i.e. a billion US dollars or more in valuation) as of May 2023. Contrary to widely held perceptions, entrepreneurship is blossoming not just in India’s big urban centres but also in second and third tier cities. Several health care, climate tech, financial services, consumer goods and services, and software as a service (SAAS) startups envisage a bright future.
Six, seize opportunities in the education sector. In a knowledge-driven world, the importance of quality education is increasing. The enactment of India’s National Education Policy has led to a surge of interest among international universities looking to expand in India. Indiaspora’s G20 forum witnessed representatives of highly regarded institutions from different countries discussing their plans for collaborations with Indian universities. This presents an ideal opportunity for global brands to help educate ambitious Indian youth.
Seven, engage in public-private partnerships (PPPs). The Indian government is a significant player in national economic activity. Government spending has averaged 15% of the Gross Domestic Product over the past 50-plus years. Engaging in successful PPPs such as India’s space programme or the India digital stack shows that the government should continue to be a key part of the equation.
Eight, learn about frugal innovation. Attendees at the Indiaspora G20 Forum were enthralled and energised by the Chandrayaan 3 landing, shown live on big screens. Spontaneous applause was followed by discussions about how the diaspora leaders could take India’s spirit of frugal yet effective innovation back to their countries, not only in space but also in other sectors such as fintech.
In summary, the Indiaspora G20 Forum provided a fruitful stage for ideating and catalysing initiatives between the diaspora and Indian leaders. We trust that these takeaways will help global leaders utilise the diaspora to make the world a better place.
MR Rangaswami and Sanjeev Joshipura are, respectively, the founder and chairman, and executive director, at Indiaspora. The views expressed are personal
Check out the full story here: The diaspora agenda for the G20 summit – Hindustan Times