New Delhi: External Affairs Minister S Jaishankar on Sunday said the core mandate of the G20 is to promote economic growth and development and it cannot be advanced unless concerns of the Global South are addressed.

Addressing the B20 Summit India, 2023 in the national capital, Jaishankar said, "The core mandate of the G20 is to promote economic growth and development and that cannot be advanced unless the crucial concerns of the Global South are addressed."

"Having said that, let me put some structural issues that have been at the heart of the predicament of Global South. Key among them are the concentration of various kinds, created by the last three to four decades of globalisation. For a variety of reasons that range from scale, subsidy, technology, human resources and strategic choices. The Global South was reduced to being a consumer rather than a producer. Their contribution very often was to provide resources, for manufacturing elsewhere. They not only did not reap the full benefits of economic change but often ended by being saddled with unviable emanating from opaque initiatives," he added.

The Business 20 (B20) is the official G20 dialogue forum with the global business community. The theme for the summit this year is 'R.A.I.S.E: Responsible, Accelerated, Innovative, Sustainable, Equitable Businesses'.

Further, addressing the summit, Jaishankar said when India assumed the G20 Presidency in December 2022, New Delhi was acutely conscious that the majority of the Global South would not be at the table when the meeting took place, but "they mattered very much as they are one who faced the problems".

To discuss concerns of the Global South without providing them with a fair hearing appeared extremely unfair, he added.

"India, itself so much a part of Global South would not stand by and let that happen. Therefore, Prime Minister Narendra Modi decided to convene the Voice of the Global South Summit in January this year. We heard about their challenges and priorities and on their behalf, these have been made central to the G20 agenda and different aspects of these fundamental challenges have been discussed," Jaishankar said.

Later on Sunday, PM Modi will also address the summit in the national capital.

Taking to his official handle on X, formerly Twitter, Prime Minister Narendra Modi on Saturday said, "At 12 noon, 27th August, I will be addressing the B20 Summit India 2023. This platform is bringing together a wide range of stakeholders working in the business world."

Prime Minister Modi said that B20 is among the most important G20 Groups, with a clear focus on boosting economic growth.

The three-day summit in the national capital started on August 25. The event this year has seen the participation of over 1,500 delegates from 55 countries.