G20 India 2023: What’s there for Technology & Tech people? 

Utpal Chakraborty

AI & Quantum Scientist, Gartner Ambassador-AI, Top Generative AI Expert, CTO @Inteltie, AI Global Ambassador, CDO-ADSL, Former Head of AI @YES BANK, Top 50 AI Influencer, Top 20 CDO, Top 20 AI KOL, TEDx, 7 Books75 articles

A New Dawn in Technological Advancements:

The bustling city of Delhi, India, became the epicentre of ground-breaking discussions and decision-making between September 9th and 10th, as global leaders gathered for the much-anticipated G20 Summit of 2023. This summit marked a significant milestone, notably accentuating the futuristic realms of Artificial Intelligence (AI), Fintech, and digital technologies, paving the way for a technologically advanced global society.

In the Spotlight: AI and Fintech Innovations

At the core of the summit was a profound focus on the transformative potentials of AI and Fintech. Leaders ventured into deep discussions, exploring how AI is not just reshaping industries but is also forecasted to revolutionize everyday life through automation, predictive analytics and machine learning.

AI Initiatives:

The summit bore witness to a unanimous recognition of AI’s role in spearheading innovation, productivity, and competitiveness across various sectors. The leaders collectively highlighted the necessity of laying down ethical guidelines and establishing regulatory frameworks to foster responsible deployment of AI technologies, ensuring that the advancements are inclusive and respect human rights. Prominently featured discussions on the economic and societal implications of Artificial Intelligence (AI), especially generative AI. Concerns were raised regarding the impact of AI on white-collar jobs, necessitating further research and data to evaluate the technology’s potential consequences on the job market and economy. Additionally, industry stakeholders expressed concerns regarding AI regulations, urging policymakers to devise rules that encourage innovation instead of stifling it.

Fintech Facets:

Fintech discussions traversed the modern solutions that are reshaping the financial landscape globally, including India’s UPI, mobile payments and blockchain technology. A significant emphasis was placed on leveraging these fintech solutions to augment financial inclusion, aiming to bridge the gap in access to banking services, especially for underserved populations.

During the G20 Summit, world leaders were introduced to India’s digital payment system, the Unified Payments Interface (UPI), which offers a seamless experience in conducting digital transactions. Key figures like US Secretary of the Treasury Janet Yellen and Bangladesh Prime Minister Sheikh Hasina personally experienced live demonstrations of UPI transactions. The G20 India mobile app was launched to aid delegates, offering them access to the UPI during the summit. Additionally, representatives from various countries including Brazil and the African Union engaged in transactions utilizing the UPI system.

Cryptocurrency: The New Frontier

As a testament to the evolving financial ecosystem, cryptocurrencies had their moment in the spotlight. Though the intricate details of the discussions were not outlined, it can be inferred that leaders engaged in dialogues about fostering a regulated and secure environment for the growth of digital currencies, considering their burgeoning influence in the financial markets.

Collaborative Efforts and Decision-Making:

One of the standout aspects of the summit was the evident push for collaboration and innovation. The participating nations exhibited a unanimous understanding of the transformative potential of digital technologies.

Digital Public Infrastructure (DPI):

A historic agreement was reached on the development and utilization of DPI, which encompasses interoperable digital elements like payment and identification systems that are crucial for facilitating digital services and enhancing online economic activities. This initiative, championed by India, highlighted the role that digital technologies can play in hastening sustainable development, with a strong emphasis on inclusivity, interoperability and scalability.

Cybersecurity Roadmap:

Another commendable outcome was the consensus on new principles to bolster business preparedness against cyber threats, along with a roadmap to facilitate the measurement of digital skills across countries, promoting uniform terminology and metrics.

Looking Ahead: Brazil’s 2024 Summit:

As India handed over the leadership baton to Brazil, the next host of the G20 summit in 2024, the focus remains steadfast on advancing connectivity, digital governance, AI, and fostering trust and integrity in the information sphere, indicating a persistent trend of tech-centric dialogues in the years to come.

The G20 India 2023 summit marked a pivotal chapter in the global technological narrative, fostering a climate of collaboration and innovation. The decisions taken echo a global commitment to harnessing the power of technology, ensuring that the advancements usher in a period of inclusive growth and sustainable development, paving the path for a promising and technologically enriched future.

About Utpal Chakraborty

Utpal brings about the various aspects and facets of DeepTech impacting the entire spectrum of business and living today, in a matter-of-fact manner, for easy understanding and assimilations of its impact in entirety. Very pointed and futuristic, Utpal shows us the lite into the ‘Things to Come In Future’ 

Utpal is a highly accomplished thought leader and futurist. He is a profound proponent of AI & Quantum Scientist. A Gartner Ambassador-AI, Top Generative AI Expert, CTO @Inteltie, AI Global Ambassador, CDO-ADSL, Former Head of AI @YES BANK, Top 50 AI Influencer, Amongst the Top 20 CDO, Top 20 AI KOL, TEDx, He boasts of publishing 7 Books75 articles