PM Modi proposes 'Global Development Compact' to assist partner countries in balanced, inclusive growth

New Delhi [India], August 17 : Prime Minister Narendra Modi on Saturday proposed a comprehensive 'Global Development Compact', that will assist partner countries in the Global South in achieving balanced and inclusive growth using India's experience in development journey and development partnerships.
India will start a USD 2.5 million special fund to assist in trade promotion activities and will also provide USD 1 million fund for capacity building and trade promotion, Prime Minister Modi announced in his closing remarks at the third edition of the Voice of Global South Summit.
PM Modi emphasised that the Global Development Compact will be inspired by development journeys decided by countries of the Global South and won't crush poor nations under huge debt.
India today hosted in a virtual format the third Voice of Global South Summit, which envisages bringing together countries of the Global South to share their perspectives and priorities on a common platform across a whole range of issues.
PM Modi said, "Today I want to propose a comprehensive Global Development Compact, it will be based on the experience of India's development journey and development partnerships."
"This compact will be inspired by development journeys decided by Global South nations. It will be human-centric, multi-dimensional for development, and will take forward the multi-sectoral approach. It will not crush needy countries under debt in the name of development finance. It will assist in balanced and inclusive growth of partner countries," he said.
"We will focus on trade for development, capacity building for sustainable growth, technology sharing, project specific concessional finance, and grants. India will start a USD 2.5 million special fund to lay stress on trade promotion activities. Trainings will be provided in trade policy and trade negotiation for capacity building, for which USD 1 million fund will be provided," he said.
"India is providing support at the SDG Stimulus Leaders' Group. We will work for making cheap, effective and generic medicines available in Global South countries. We will also assist in the training of medicine regulators. We will be delighted to share our experience and technology in natural farming," he said.
Speaking on the concerns raised by Global South amid multiple conflicts, the Prime Minister said only "just and inclusive" global governance can help in addressing today's situation.
"Our concerns can be addressed only by just and inclusive global governance. Institutions, where Global South gets a place in the priority list. Where developed nations also fulfil their commitments. We will take steps to bridge the gap between Global North and South. Summit of the Future at UN next month, can prove to be a game changer in this regard," PM Modi further said.
Earlier today, in his opening remarks Prime Minister Modi said the Voice of Global South Summit is providing a voice to the needs and aspirations of those who had remained unheard till now.
The Prime Minister highlighted how India has shared its experience and progress with partner countries which has boosted cooperation between them in the field of infrastructure, digital and energy connectivity.
"Voice of Global South Summit is a platform where we are giving voice to the needs and aspirations of those who were kept unheard. I believe, our strength lies in our unity, and we will move in a new direction," PM Modi said.
He further stressed that global governance and financial institutions established in the previous decade have fallen short in dealing with today's issues, as the world grapples with uncertainty in the aftermath of Covid and faces the challenges of terrorism and climate change.
"In 2022, when India took over the G20 presidency, we took the resolve to give a new structure to G20. Voice of Global South Summit became a platform, where we openly discussed problems and priorities related to development. And India prepared G20 agenda based on hopes, aspirations and priorities of Global South," he said.
"We took G20 ahead with an inclusive and development-oriented approach. The biggest example of this was the historic moment when the African Union received permanent membership of G20," the PM said.
He further called on Global South nations to come together and work as each other's strength in today's strength.
India had hosted the 1st Voice of Global South Summit (VOGSS) on January 12-13, 2023, and the second Voice of Global South Summit on November 17, 2023, both in virtual format. Both the previous editions of the Summit saw participation of over 100 countries from the Global South.
The inputs and feedback received from the leaders of the developing countries in these two Summits was appropriately reflected in the agenda and discussions of the G-20 Summit under India's presidency last year, including in the G-20 New Delhi Leaders' Declaration.
The third VOGSS, with the overarching theme of "An Empowered Global South for a Sustainable Future", aims to act as a platform to expand discussions held in the previous summits on a range of complex challenges that continue to affect the world, such as conflicts, food and energy security crises, climate change - all of which disproportionately affect developing countries in a severe manner.
At the Summit, the countries of the Global South would continue deliberations on challenges, priorities, and solutions for the Global South, particularly in the developmental domain.
The theme of the Inaugural Leaders' Session is the same as the overarching theme of the Summit, ie, "An Empowered Global South for a Sustainable Future".