PM Modi Proposes 'Global Development Compact' at Voice of Global South Summit

Prime Minister Narendra Modi introduced a 'Global Development Compact' at the Voice of Global South Summit, aiming for balanced, inclusive growth for Global South nations. India will initiate funds totaling USD 3.5 million for trade promotion and capacity building, emphasizing sustainable development and collaborative governance.

Prime Minister Narendra Modi on Saturday introduced a comprehensive 'Global Development Compact' aimed at supporting balanced and inclusive growth for partner countries in the Global South, leveraging India's development experience. Modi announced the formation of a USD 2.5 million special fund for trade promotion activities and an additional USD 1 million for capacity building and trade development, in his closing remarks at the third Voice of Global South Summit.

The Prime Minister highlighted that the Global Development Compact would be driven by the development goals of Global South countries, ensuring financial assistance without burdening these nations with unsustainable debt. The third summit, held virtually, aims to unite Global South countries, enabling them to share their priorities across various issues.

Modi emphasized the Compact's human-centric and multi-dimensional approach, assuring that it wouldn't financially strain needy countries. The initiative will focus on trade for development, sustainable growth, technology sharing, and specific concessional finance. Additionally, India will support the SDG Stimulus Leaders' Group, make affordable medicines available, assist in training medicine regulators, and promote natural farming technologies. Addressing global governance, Modi opined that only 'just and inclusive' governance could address today's conflicts and global concerns.

(With inputs from agencies.)