India’s set to make a groundbreaking move at the G20 summit by proposing to create an Artificial Intelligence (AI)-based portal. This innovative platform aims to assist Micro, Small, and Medium Enterprises (MSMEs) in the developing world by providing comprehensive data on global supply chains. With the potential to revolutionize information access and boost business-to-business cooperation, this initiative promises to empower MSMEs and foster growth. Let’s delve into the details of India’s proposal and its potential impact on the global trade landscape.
Complete Visibility for Small Businesses
This portal would offer businesses concise information with geospatial mapping about various practices and requirements of a particular country, all in one place. Currently, this information is scattered or not flowing freely in many countries. Small businesses can make informed decisions about business-to-business cooperation and scaling up by providing complete visibility – including the availability of raw materials, location of suppliers, and local regulations.
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Correcting Information Asymmetry
The idea behind the portal is to facilitate the diversification of value chains. A senior government official says, “The portal can help lift growth in many parts of the world and correct information asymmetry.” An international body such as the United Nations Conference on Trade and Development (UNCTAD) could house the AI portal.
Paperless Trade and Standardization of E-Certificates
In addition to the proposed portal, India is also pushing for paperless trade and the standardization of e-certificates and mutually recognizable standards. These initiatives could substantially ease trade and boost growth in the developing and least developed world. New Delhi sees itself as the voice of the global south and believes that these measures could bring efficiency to logistics services, streamline processes, and support skill development.
PM GatiShakti: A Template for Effective Execution
India has already set an exemplary template in logistics with PM GatiShakti. The National Logistics Policy aims to bring efficiency to logistics services, human resources and streamline processes, regulatory framework, & skill development. PM GatiShakti could help scale up logistics infrastructure supporting trade by mainstreaming logistics in higher education and adopting suitable technologies.
India’s G20 Presidency: A Culmination of Meetings
In December 2022, India took over the G20 presidency. The Leaders’ Summit in New Delhi will culminate all the G20 processes and meetings held throughout the year among ministers, senior officials, and civil societies.
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Our Say
The proposed AI-based portal for MSMEs could revolutionize how small businesses operate by providing complete visibility about supply chains. In addition, paperless trade and standardization of e-certificates could make doing business easier and boost growth in developing countries. With PM GatiShakti as a template, India is leading the way in logistics infrastructure development. As India hosts the G20 summit, it remains committed to promoting initiatives that support global growth and benefit all nations.
Sabreena Basheer is an architect-turned-writer who's passionate about documenting anything that interests her. She's currently exploring the world of AI and Data Science as a Content Manager at Analytics Vidhya.
