PM Modi proposes Global Development Compact at Voice of the Global South Summit
Prime Minister Narendra Modi urged for unity of the Global South to tackle common challenges like terrorism, and extremism and proposed creating a “Global Development Compact” based on priorities set by developing countries. He was speaking at a Global South Summit conclave on Saturday in New Delhi. PM Modi said the Global Development Compact will focus on trade for development, capacity building for sustainable growth, technology sharing, concessional finance, and grants for projects. India will start a special fund of $2.5 million to strengthen trade promotion activities and another fund of $1 million to provide training in trade policy and trade negotiation.
After listening to suggestions at the inaugural session of the virtual summit that featured heads of state and government, Modi proposed the Global Development Compact, to be based on India’s own development and experiences in development partnerships with other countries. It will also focus on development priorities set by countries in the Global South. “It will be human-centric and multi-dimensional for development and will promote a multi-sectoral approach. It will not burden needy countries with debt in the name of development finance. It will help in the balanced and sustainable development of partner countries,” he said, speaking in Hindi.
Modi’s remarks appeared to create an alternative to China’s Belt and Road Initiative (BRI), which has been blamed for creating “debt traps” in countries across Asia and Africa by pouring billions of dollars into unsustainable projects. India is also cooperating with the SDG Stimulus Leaders Group for financial stress and development funding in the Global South. This group includes Barbados, Brazil, Canada, France, India, Italy, Jamaica, Kenya, South Africa and Spain.
“We will work to make affordable and effective generic medicines available to the Global South. We will also assist in training drug regulators. We will be happy to share our experience and technology of natural farming in the agricultural sector,” Modi said.
Pointing to concerns related to tensions and conflicts raised by states in the Global South, Modi said this is a “serious issue” and the solution to these concerns depends on “just and inclusive global governance” and institutions that give priority to developing countries. “Steps should be taken to reduce the gap between the Global North and the Global South. The Summit of the Future to be held in the UN next month can become an important milestone for all this,” he said.
“It is the need of the hour that the countries of the Global South unite, stand together in one voice, and become each other’s strength. Let us learn from each other’s experiences and share our abilities. Together, let’s take our resolutions to fruition,” Modi said.
The summit, he said, is being held amid “an atmosphere of uncertainty,” with the world still grappling with the impact of COVID-19 and new challenges to development due to wars. “We are already facing the challenges of climate change…Terrorism, extremism, and separatism continue to pose serious threats to our societies,” he said.
India created the Voice of Global South platform after taking over the G20 presidency in 2022 to ascertain the needs of developing countries so that they could be included in the agenda of the bloc of the 20 largest economies. India virtually hosted two such summits during its G20 presidency and incorporated suggestions from the Global South in the G20 Summit in September 2023.
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