Treating other countries only as a market will never work says PM Narendra Modi

New Delhi : Prime Minister Narendra Modi on Sunday said a profitable market can be sustained where there is a balance in the interests of producers and consumers, adding treating other countries only as a market will never work.

"A profitable market can be sustained where there is a balance in the interest of producers and consumers. This also applied to nations, treating other countries only as a market will never work. It will even harm the producing countries sooner or later," Modi said while addressing the B20 Summit here.

He said, "Making everyone equal partners in the progress in the way forward. There are many global business leaders here, can we all give more thought on to how to make business more consumer centric. These consumers could be individuals or countries, their interest need to be taken care of as well ."

"Can we think of a yearly campaign for this? Every year, can global business leaders come together to dedicate themselves for the good of the consumers and their markets. We talk about consumer rights. The Consumer Rights Day is also celebrated across the world. Can we take the initiative for consumer care?," Modi asked the delegates.

"Once we start celebrating the Consumer Care Day, the environment will change with a positive signal. If we talk about the consumer care, then the issues related to rights, will automatically be solved. Therefore International Consumer Care Day, I want you all to think on this. This will further strengthen trust between the consumer and the business," he said.

India holds an important place in building an efficient and trusted global supply chain, Modi added. Referring to climate change, water security, cyber security, among others, the Prime Minister said, "These all puts an impact on business. To tackle this , we have to increase our initiatives."

Talking about issues of crypto currency, Modi said, "More and more integrated approach is required. For this, a global framework should be made in which all the stakeholders should be taken care of."

Mentioning about the Artificial Intelligence (AI), the Prime Minister said, "Today the world is seeing excitement for AI. But, there are some ethical consideration, skilling and re-skilling. We have to unitedly solve this ."

"Global business communities and governments, together have to ensure that ethical AI gets expansion," Modi added.